CLICTOP: 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.
CLICTOP
Largest movements
- Financial fixed assets +€31.3m
up €31.3m (+575%), from €5.4m to €36.7m
- Tangible fixed assets -€2.2m
down €2.2m (-37.8%), from €5.9m to €3.7m
of which Assets under construction and advance payments: -€2.4m
- Stocks and contracts +€894,196
up €894,196 (+224%), from €400,000 to €1.3m
- Receivables within one year +€462,106
up €462,106 (+23.6%), from €2.0m to €2.4m
of which Other amounts receivable: +€471,010
- Contributions +€31.3m
up €31.3m (+1,669%), from €1.9m to €33.2m
- Debts after one year -€1.1m
down €1.1m (-45.1%), from €2.5m to €1.4m
of which Financial debts: -€1.2m
- Advances received +€1.1m
new in 2025: €1.1m
- Other debts +€803,870
up €803,870 (+15.5%), from €5.2m to €6.0m
- Short-term financial debts -€582,000
no longer reported in 2025 (was €582,000)
- Gross operating margin -€1.5m
down €1.5m (-96.7%), from €1.6m to €53,027
- Taxes -€262,012
no longer reported in 2025 (was €262,012)
- Financial charges +€63,317
up €63,317 (+20.5%), from €309,200 to €372,518
- Depreciation +€42,680
up €42,680 (+40.2%), from €106,158 to €148,838
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,974,132 | €44,711,981 | +€30.7m | +220% |
| Fixed assets | 21/28 | €11,305,969 | €40,368,313 | +€29.1m | +257% |
| Tangible fixed assets | 22/27 | €5,868,600 | €3,651,853 | -€2.2m | -37.8% |
| Land and buildings | 22 | €3,499,992 | €3,651,853 | +€151,862 | +4.3% |
| Assets under construction and advance payments | 27 | €2,368,608 | - | -€2.4m | |
| Financial fixed assets | 28 | €5,437,369 | €36,716,460 | +€31.3m | +575% |
| Current assets | 29/58 | €2,668,164 | €4,343,668 | +€1.7m | +62.8% |
| Amounts receivable after more than one year | 29 | €210,980 | €410,980 | +€200,000 | +94.8% |
| Other amounts receivable | 291 | €210,980 | €410,980 | +€200,000 | +94.8% |
| Stocks and contracts in progress | 3 | €400,000 | €1,294,196 | +€894,196 | +224% |
| Stocks | 30/36 | €400,000 | €1,294,196 | +€894,196 | +224% |
| Amounts receivable within one year | 40/41 | €1,958,968 | €2,421,073 | +€462,106 | +23.6% |
| Trade receivables | 40 | €8,904 | - | -€8,904 | |
| Other amounts receivable | 41 | €1,950,064 | €2,421,073 | +€471,010 | +24.2% |
| Current investments | 50/53 | - | €27,625 | +€27,625 | |
| Cash at bank and in hand | 54/58 | €98,216 | €188,667 | +€90,451 | +92.1% |
| Deferred charges and accrued income | 490/1 | - | €1,127 | +€1,127 | |
| Total equity and liabilities | 10/49 | €13,974,132 | €44,711,981 | +€30.7m | +220% |
| Equity | 10/15 | €4,888,728 | €35,719,452 | +€30.8m | +631% |
| Contributions | 10/11 | €1,876,511 | €33,195,201 | +€31.3m | +1,669% |
| Reserves | 13 | €3,006,222 | €2,524,251 | -€481,972 | -16.0% |
| Tax-exempt reserves | 132 | €791,695 | €737,115 | -€54,580 | -6.9% |
| Distributable reserves | 133 | €2,214,528 | €1,787,136 | -€427,392 | -19.3% |
| Profit (loss) carried forward | 14 | €5,995 | - | -€5,995 | |
| Provisions and deferred taxes | 16 | €263,898 | €245,705 | -€18,193 | -6.9% |
| Deferred taxes | 168 | €263,898 | €245,705 | -€18,193 | -6.9% |
| Amounts payable | 17/49 | €8,821,506 | €8,746,824 | -€74,682 | -0.8% |
| Amounts payable after more than one year | 17 | €2,528,185 | €1,387,658 | -€1.1m | -45.1% |
| Financial debts | 170/4 | €2,516,505 | €1,350,778 | -€1.2m | -46.3% |
| Other amounts payable | 178/9 | €11,680 | €36,880 | +€25,200 | +216% |
| Amounts payable within one year | 42/48 | €6,270,383 | €7,345,135 | +€1.1m | +17.1% |
| Current portion of amounts payable after more than one year | 42 | €360,077 | €167,624 | -€192,452 | -53.4% |
| Financial debts | 43 | €582,000 | - | -€582,000 | |
| Credit institutions | 430/8 | €582,000 | - | -€582,000 | |
| Trade debts | 44 | €58,375 | €5,085 | -€53,290 | -91.3% |
| Suppliers | 440/4 | €58,375 | €5,085 | -€53,290 | -91.3% |
| Advances received on contracts in progress | 46 | - | €1,089,639 | +€1.1m | |
| Taxes, remuneration and social security | 45 | €85,191 | €94,177 | +€8,986 | +10.5% |
| Taxes | 450/3 | €85,191 | €94,177 | +€8,986 | +10.5% |
| Other amounts payable | 47/48 | €5,184,740 | €5,988,610 | +€803,870 | +15.5% |
| Accrued charges and deferred income | 492/3 | €22,938 | €14,032 | -€8,907 | -38.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,158 | €148,838 | +€42,680 | +40.2% |
| Other operating charges | 640/8 | €53,242 | €37,831 | -€15,411 | -28.9% |
| Gross operating margin | 9900 | €1,584,172 | €53,027 | -€1.5m | -96.7% |
| Operating profit (loss) | 9901 | €1,424,771 | -€133,642 | -€1.6m | |
| Financial charges | 65/66B | €309,200 | €372,518 | +€63,317 | +20.5% |
| Recurring financial charges | 65 | €309,200 | €372,518 | +€63,317 | +20.5% |
| Profit (loss) for the period before taxes | 9903 | €1,115,571 | -€506,160 | -€1.6m | |
| Transfer from deferred taxes | 780 | €12,129 | €18,193 | +€6,064 | +50.0% |
| Income taxes | 67/77 | €262,012 | - | -€262,012 | |
| Profit (loss) for the period | 9904 | €865,687 | -€487,966 | -€1.4m | |
| Transfer from tax-exempt reserves | 789 | €36,387 | €54,580 | +€18,193 | +50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €902,074 | -€433,386 | -€1.3m |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.