CLERX FRERES: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
CLERX FRERES
Largest movements
- Tangible fixed assets +€278,484
up €278,484 (+61.9%), from €449,746 to €728,231
of which Leasing and similar rights: +€274,502
- Cash -€39,829
down €39,829 (-47.2%), from €84,328 to €44,499
mainly Investment in fixed assets (net) (-€402,513) and Net result for the year (-€62,579)
- Current investments +€30,000
new in 2025: €30,000
- Debts after one year +€196,053
up €196,053 (+59.5%), from €329,308 to €525,361
- Trade debts +€117,196
up €117,196 (+179%), from €65,302 to €182,498
- Current portion of long-term debt +€69,816
up €69,816 (+71.5%), from €97,617 to €167,433
- Profit (loss) carried forward -€62,579
down €62,579 (-77.7%), from €80,527 to €17,949
- Tax, wage and social debts -€50,534
down €50,534 (-55.7%), from €90,766 to €40,232
of which Taxes: -€35,998
- Gross operating margin -€66,057
down €66,057 (-17.6%), from €375,592 to €309,536
- Staff costs +€65,233
up €65,233 (+51.3%), from €127,227 to €192,460
- Depreciation +€44,459
up €44,459 (+55.9%), from €79,569 to €124,029
- Provisions -€30,000
down €30,000 (-100%), from €30,000 to €0
- Financial charges +€10,296
up €10,296 (+53.7%), from €19,174 to €29,470
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €823,717 | €1,083,437 | +€259,720 | +31.5% |
| Fixed assets | 21/28 | €451,946 | €730,431 | +€278,484 | +61.6% |
| Tangible fixed assets | 22/27 | €449,746 | €728,231 | +€278,484 | +61.9% |
| Plant, machinery and equipment | 23 | €949 | €1,714 | +€765 | +80.6% |
| Furniture and vehicles | 24 | €2,849 | €6,067 | +€3,218 | +113% |
| Leasing and similar rights | 25 | €445,949 | €720,450 | +€274,502 | +61.6% |
| Financial fixed assets | 28 | €2,200 | €2,200 | = | 0.0% |
| Current assets | 29/58 | €371,770 | €353,006 | -€18,764 | -5.0% |
| Amounts receivable within one year | 40/41 | €258,417 | €259,769 | +€1,352 | +0.5% |
| Trade receivables | 40 | €248,357 | €254,041 | +€5,683 | +2.3% |
| Other amounts receivable | 41 | €10,059 | €5,728 | -€4,331 | -43.1% |
| Current investments | 50/53 | - | €30,000 | +€30,000 | |
| Cash at bank and in hand | 54/58 | €84,328 | €44,499 | -€39,829 | -47.2% |
| Deferred charges and accrued income | 490/1 | €29,025 | €18,738 | -€10,287 | -35.4% |
| Total equity and liabilities | 10/49 | €823,717 | €1,083,437 | +€259,720 | +31.5% |
| Equity | 10/15 | €190,385 | €127,807 | -€62,579 | -32.9% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €44,858 | €44,858 | = | 0.0% |
| Tax-exempt reserves | 132 | €44,858 | €44,858 | = | 0.0% |
| Profit (loss) carried forward | 14 | €80,527 | €17,949 | -€62,579 | -77.7% |
| Investment grants | 15 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €30,000 | €30,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €30,000 | €30,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €30,000 | €30,000 | = | 0.0% |
| Amounts payable | 17/49 | €603,331 | €925,630 | +€322,299 | +53.4% |
| Amounts payable after more than one year | 17 | €329,308 | €525,361 | +€196,053 | +59.5% |
| Financial debts | 170/4 | €329,308 | €525,361 | +€196,053 | +59.5% |
| Amounts payable within one year | 42/48 | €265,115 | €400,269 | +€135,154 | +51.0% |
| Current portion of amounts payable after more than one year | 42 | €97,617 | €167,433 | +€69,816 | +71.5% |
| Financial debts | 43 | €11,430 | €0 | -€11,430 | -100% |
| Credit institutions | 430/8 | €11,430 | €0 | -€11,430 | -100% |
| Trade debts | 44 | €65,302 | €182,498 | +€117,196 | +179% |
| Suppliers | 440/4 | €65,302 | €182,498 | +€117,196 | +179% |
| Taxes, remuneration and social security | 45 | €90,766 | €40,232 | -€50,534 | -55.7% |
| Taxes | 450/3 | €54,589 | €18,592 | -€35,998 | -65.9% |
| Remuneration and social security | 454/9 | €36,176 | €21,640 | -€14,537 | -40.2% |
| Other amounts payable | 47/48 | €0 | €10,106 | +€10,106 | |
| Accrued charges and deferred income | 492/3 | €8,908 | €0 | -€8,908 | -100% |
| Non-recurring operating income | 76A | €46,445 | €0 | -€46,445 | -100% |
| Remuneration, social security and pensions | 62 | €127,227 | €192,460 | +€65,233 | +51.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,569 | €124,029 | +€44,459 | +55.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €30,000 | €0 | -€30,000 | -100% |
| Other operating charges | 640/8 | €32,317 | €25,338 | -€6,980 | -21.6% |
| Gross operating margin | 9900 | €375,592 | €309,536 | -€66,057 | -17.6% |
| Operating profit (loss) | 9901 | €106,479 | -€32,291 | -€138,769 | |
| Financial income | 75/76B | €1,533 | €0 | -€1,533 | -100% |
| Recurring financial income | 75 | €1,533 | €0 | -€1,533 | -100% |
| Financial charges | 65/66B | €19,174 | €29,470 | +€10,296 | +53.7% |
| Recurring financial charges | 65 | €19,174 | €29,470 | +€10,296 | +53.7% |
| Profit (loss) for the period before taxes | 9903 | €88,837 | -€61,761 | -€150,598 | |
| Income taxes | 67/77 | €8,902 | €818 | -€8,084 | -90.8% |
| Profit (loss) for the period | 9904 | €79,935 | -€62,579 | -€142,514 | |
| Transfer to tax-exempt reserves | 689 | €44,858 | €0 | -€44,858 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €35,077 | -€62,579 | -€97,656 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.