CLEAR-VIEWS: what changed
CLEAR-VIEWS
Largest movements
- Deferred charges and accrued income +€148,931
up €148,931 (+9.5%), from €1.6m to €1.7m
- Receivables within one year +€110,787
up €110,787 (+65.8%), from €168,362 to €279,149
of which Trade receivables: +€108,627
- Cash -€65,521
down €65,521 (-44.6%), from €146,780 to €81,259
mainly Accrued charges and deferred income (-€316,140) and Deferred charges and accrued income (-€148,931)
- Accrued charges and deferred income -€316,140
down €316,140 (-24.7%), from €1.3m to €961,313
- Profit (loss) carried forward +€256,320
no longer reported in 2025 (was -€256,320)
- Short-term financial debts +€210,897
up €210,897 (+70.3%), from €300,100 to €510,997
- Reserves -€108,048
down €108,048 (-62.8%), from €171,923 to €63,875
- Trade debts +€98,450
up €98,450 (+58.5%), from €168,350 to €266,800
- Staff costs -€124,132
down €124,132 (-74.8%), from €165,888 to €41,756
- Gross operating margin -€91,907
down €91,907 (-24.6%), from €373,367 to €281,460
- Other operating charges +€62,747
up €62,747 (+2,585%), from €2,427 to €65,174
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,893,588 | €2,086,550 | +€192,962 | +10.2% |
| Fixed assets | 21/28 | €3,701 | €2,466 | -€1,235 | -33.4% |
| Tangible fixed assets | 22/27 | €3,341 | €2,106 | -€1,235 | -37.0% |
| Plant, machinery and equipment | 23 | €627 | €350 | -€276 | -44.1% |
| Furniture and vehicles | 24 | €2,714 | €1,756 | -€958 | -35.3% |
| Financial fixed assets | 28 | €360 | €360 | = | 0.0% |
| Current assets | 29/58 | €1,889,887 | €2,084,084 | +€194,197 | +10.3% |
| Amounts receivable within one year | 40/41 | €168,362 | €279,149 | +€110,787 | +65.8% |
| Trade receivables | 40 | €161,364 | €269,992 | +€108,627 | +67.3% |
| Other amounts receivable | 41 | €6,998 | €9,158 | +€2,160 | +30.9% |
| Cash at bank and in hand | 54/58 | €146,780 | €81,259 | -€65,521 | -44.6% |
| Deferred charges and accrued income | 490/1 | €1,574,745 | €1,723,676 | +€148,931 | +9.5% |
| Total equity and liabilities | 10/49 | €1,893,588 | €2,086,550 | +€192,962 | +10.2% |
| Equity | 10/15 | -€65,797 | €82,475 | +€148,272 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €171,923 | €63,875 | -€108,048 | -62.8% |
| Distributable reserves | 133 | €171,923 | €63,875 | -€108,048 | -62.8% |
| Profit (loss) carried forward | 14 | -€256,320 | - | +€256,320 | |
| Amounts payable | 17/49 | €1,959,386 | €2,004,075 | +€44,690 | +2.3% |
| Amounts payable within one year | 42/48 | €681,933 | €1,042,762 | +€360,830 | +52.9% |
| Financial debts | 43 | €300,100 | €510,997 | +€210,897 | +70.3% |
| Credit institutions | 430/8 | €300,100 | €510,997 | +€210,897 | +70.3% |
| Trade debts | 44 | €168,350 | €266,800 | +€98,450 | +58.5% |
| Suppliers | 440/4 | €168,350 | €266,800 | +€98,450 | +58.5% |
| Taxes, remuneration and social security | 45 | €13,482 | €64,965 | +€51,483 | +382% |
| Taxes | 450/3 | €492 | €55,126 | +€54,634 | +11,100% |
| Remuneration and social security | 454/9 | €12,990 | €9,840 | -€3,150 | -24.3% |
| Other amounts payable | 47/48 | €200,000 | €200,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,277,453 | €961,313 | -€316,140 | -24.7% |
| Non-recurring operating income | 76A | - | €16,067 | +€16,067 | |
| Remuneration, social security and pensions | 62 | €165,888 | €41,756 | -€124,132 | -74.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,955 | €1,235 | -€720 | -36.8% |
| Other operating charges | 640/8 | €2,427 | €65,174 | +€62,747 | +2,585% |
| Gross operating margin | 9900 | €373,367 | €281,460 | -€91,907 | -24.6% |
| Operating profit (loss) | 9901 | €203,098 | €173,295 | -€29,803 | -14.7% |
| Financial income | 75/76B | €298 | €1,087 | +€788 | +264% |
| Recurring financial income | 75 | €298 | €1,087 | +€788 | +264% |
| Financial charges | 65/66B | €27,016 | €26,109 | -€907 | -3.4% |
| Recurring financial charges | 65 | €27,016 | €26,109 | -€907 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | €176,380 | €148,272 | -€28,108 | -15.9% |
| Income taxes | 67/77 | -€528 | - | +€528 | |
| Profit (loss) for the period | 9904 | €176,908 | €148,272 | -€28,636 | -16.2% |
| Profit (loss) for the period to be appropriated | 9905 | €176,908 | €148,272 | -€28,636 | -16.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.