CLEUSEN: 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.
CLEUSEN
Largest movements
- Current investments +€100,000
new in 2025: €100,000
- Cash -€53,425
down €53,425 (-28.2%), from €189,318 to €135,893
mainly Current investments (-€100,000) and Investment in fixed assets (net) (-€62,247)
- Tangible fixed assets +€51,232
up €51,232 (+1,374%), from €3,729 to €54,961
of which Leasing and similar rights: +€46,876
- Receivables within one year +€17,860
up €17,860 (+96.6%), from €18,484 to €36,343
of which Other amounts receivable: +€9,402
- Profit (loss) carried forward +€71,316
up €71,316 (+60.9%), from €117,123 to €188,439
- Debts after one year +€33,519
new in 2025: €33,519
- Current portion of long-term debt +€14,587
up €14,587 (+357%), from €4,083 to €18,670
- Gross operating margin -€93,775
down €93,775 (-47.5%), from €197,301 to €103,526
- Staff costs -€31,999
no longer reported in 2025 (was €31,999)
- Taxes -€13,944
down €13,944 (-42.3%), from €32,952 to €19,008
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 | €212,336 | €327,814 | +€115,479 | +54.4% |
| Fixed assets | 21/28 | €3,729 | €54,961 | +€51,232 | +1,374% |
| Tangible fixed assets | 22/27 | €3,729 | €54,961 | +€51,232 | +1,374% |
| Plant, machinery and equipment | 23 | €383 | €1,279 | +€896 | +234% |
| Furniture and vehicles | 24 | €1,517 | €4,977 | +€3,460 | +228% |
| Leasing and similar rights | 25 | €1,829 | €48,705 | +€46,876 | +2,563% |
| Current assets | 29/58 | €208,607 | €272,853 | +€64,246 | +30.8% |
| Amounts receivable within one year | 40/41 | €18,484 | €36,343 | +€17,860 | +96.6% |
| Trade receivables | 40 | €70 | €8,527 | +€8,457 | +12,039% |
| Other amounts receivable | 41 | €18,413 | €27,816 | +€9,402 | +51.1% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €189,318 | €135,893 | -€53,425 | -28.2% |
| Deferred charges and accrued income | 490/1 | €805 | €617 | -€188 | -23.4% |
| Total equity and liabilities | 10/49 | €212,336 | €327,814 | +€115,479 | +54.4% |
| Equity | 10/15 | €191,797 | €263,113 | +€71,316 | +37.2% |
| Contributions | 10/11 | €2,040 | €2,040 | = | 0.0% |
| Reserves | 13 | €72,634 | €72,634 | = | 0.0% |
| Distributable reserves | 133 | €72,634 | €72,634 | = | 0.0% |
| Profit (loss) carried forward | 14 | €117,123 | €188,439 | +€71,316 | +60.9% |
| Amounts payable | 17/49 | €20,539 | €64,701 | +€44,162 | +215% |
| Amounts payable after more than one year | 17 | - | €33,519 | +€33,519 | |
| Financial debts | 170/4 | - | €33,519 | +€33,519 | |
| Amounts payable within one year | 42/48 | €20,539 | €31,182 | +€10,643 | +51.8% |
| Current portion of amounts payable after more than one year | 42 | €4,083 | €18,670 | +€14,587 | +357% |
| Trade debts | 44 | €3,476 | €535 | -€2,941 | -84.6% |
| Suppliers | 440/4 | €3,476 | €535 | -€2,941 | -84.6% |
| Taxes, remuneration and social security | 45 | €12,981 | €11,978 | -€1,003 | -7.7% |
| Taxes | 450/3 | €12,981 | €11,978 | -€1,003 | -7.7% |
| Remuneration, social security and pensions | 62 | €31,999 | - | -€31,999 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,302 | €11,014 | -€1,287 | -10.5% |
| Other operating charges | 640/8 | €3,246 | €2,062 | -€1,184 | -36.5% |
| Gross operating margin | 9900 | €197,301 | €103,526 | -€93,775 | -47.5% |
| Operating profit (loss) | 9901 | €149,754 | €90,450 | -€59,304 | -39.6% |
| Financial income | 75/76B | €767 | €1,743 | +€976 | +127% |
| Recurring financial income | 75 | €767 | €1,743 | +€976 | +127% |
| Financial charges | 65/66B | €446 | €1,868 | +€1,422 | +319% |
| Recurring financial charges | 65 | €446 | €1,868 | +€1,422 | +319% |
| Profit (loss) for the period before taxes | 9903 | €150,075 | €90,325 | -€59,750 | -39.8% |
| Income taxes | 67/77 | €32,952 | €19,008 | -€13,944 | -42.3% |
| Profit (loss) for the period | 9904 | €117,123 | €71,316 | -€45,806 | -39.1% |
| Profit (loss) for the period to be appropriated | 9905 | €117,123 | €71,316 | -€45,806 | -39.1% |
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 17 October 2026 via checked.be.