CLIVO: 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.
CLIVO
Largest movements
- Current investments -€300,000
no longer reported in 2025 (was €300,000)
- Stocks and contracts +€193,407
up €193,407 (+43.2%), from €448,124 to €641,531
- Receivables within one year +€189,370
up €189,370 (+30.4%), from €623,103 to €812,474
of which Trade receivables: +€147,929
- Cash +€37,869
up €37,869 (+29.1%), from €130,126 to €167,994
mainly Other debts (+€462,231) and Net result for the year (+€332,832)
- Other debts +€462,231
up €462,231 (+374%), from €123,621 to €585,852
- Reserves -€252,068
down €252,068 (-23.9%), from €1.1m to €803,975
- Debts after one year -€53,226
down €53,226 (-14.6%), from €365,231 to €312,005
- Tax, wage and social debts -€19,499
down €19,499 (-25.9%), from €75,270 to €55,771
of which Taxes: -€23,881
- Gross operating margin +€160,774
up €160,774 (+27.8%), from €579,265 to €740,039
- Taxes +€47,900
up €47,900 (+47.6%), from €100,651 to €148,552
- Depreciation +€7,773
up €7,773 (+14.5%), from €53,547 to €61,320
- Staff costs -€7,627
down €7,627 (-4.3%), from €175,776 to €168,149
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 | €1,747,390 | €1,869,526 | +€122,136 | +7.0% |
| Fixed assets | 21/28 | €221,741 | €221,004 | -€737 | -0.3% |
| Intangible fixed assets | 21 | €3,969 | €5,391 | +€1,423 | +35.8% |
| Tangible fixed assets | 22/27 | €217,772 | €215,612 | -€2,160 | -1.0% |
| Land and buildings | 22 | €136,583 | €106,285 | -€30,298 | -22.2% |
| Plant, machinery and equipment | 23 | €8,300 | €21,508 | +€13,208 | +159% |
| Furniture and vehicles | 24 | €72,889 | €87,819 | +€14,930 | +20.5% |
| Current assets | 29/58 | €1,525,650 | €1,648,522 | +€122,873 | +8.1% |
| Stocks and contracts in progress | 3 | €448,124 | €641,531 | +€193,407 | +43.2% |
| Stocks | 30/36 | €448,124 | €641,531 | +€193,407 | +43.2% |
| Amounts receivable within one year | 40/41 | €623,103 | €812,474 | +€189,370 | +30.4% |
| Trade receivables | 40 | €622,925 | €770,854 | +€147,929 | +23.7% |
| Other amounts receivable | 41 | €178 | €41,620 | +€41,442 | +23,304% |
| Current investments | 50/53 | €300,000 | - | -€300,000 | |
| Cash at bank and in hand | 54/58 | €130,126 | €167,994 | +€37,869 | +29.1% |
| Deferred charges and accrued income | 490/1 | €24,297 | €26,523 | +€2,226 | +9.2% |
| Total equity and liabilities | 10/49 | €1,747,390 | €1,869,526 | +€122,136 | +7.0% |
| Equity | 10/15 | €1,056,043 | €803,975 | -€252,068 | -23.9% |
| Reserves | 13 | €1,056,043 | €803,975 | -€252,068 | -23.9% |
| Distributable reserves | 133 | €1,056,043 | €803,975 | -€252,068 | -23.9% |
| Amounts payable | 17/49 | €691,347 | €1,065,551 | +€374,204 | +54.1% |
| Amounts payable after more than one year | 17 | €365,231 | €312,005 | -€53,226 | -14.6% |
| Financial debts | 170/4 | €365,231 | €312,005 | -€53,226 | -14.6% |
| Amounts payable within one year | 42/48 | €313,928 | €741,359 | +€427,430 | +136% |
| Current portion of amounts payable after more than one year | 42 | €51,392 | €53,226 | +€1,835 | +3.6% |
| Trade debts | 44 | €63,646 | €46,510 | -€17,136 | -26.9% |
| Suppliers | 440/4 | €63,646 | €46,510 | -€17,136 | -26.9% |
| Taxes, remuneration and social security | 45 | €75,270 | €55,771 | -€19,499 | -25.9% |
| Taxes | 450/3 | €37,983 | €14,103 | -€23,881 | -62.9% |
| Remuneration and social security | 454/9 | €37,286 | €41,668 | +€4,382 | +11.8% |
| Other amounts payable | 47/48 | €123,621 | €585,852 | +€462,231 | +374% |
| Accrued charges and deferred income | 492/3 | €12,188 | €12,188 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €175,776 | €168,149 | -€7,627 | -4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,547 | €61,320 | +€7,773 | +14.5% |
| Other operating charges | 640/8 | €14,659 | €16,660 | +€2,001 | +13.7% |
| Gross operating margin | 9900 | €579,265 | €740,039 | +€160,774 | +27.8% |
| Operating profit (loss) | 9901 | €335,283 | €493,910 | +€158,627 | +47.3% |
| Financial income | 75/76B | €11,222 | €3,854 | -€7,368 | -65.7% |
| Recurring financial income | 75 | €11,222 | €3,854 | -€7,368 | -65.7% |
| Financial charges | 65/66B | €17,985 | €16,381 | -€1,603 | -8.9% |
| Recurring financial charges | 65 | €17,985 | €16,381 | -€1,603 | -8.9% |
| Profit (loss) for the period before taxes | 9903 | €328,521 | €481,383 | +€152,862 | +46.5% |
| Income taxes | 67/77 | €100,651 | €148,552 | +€47,900 | +47.6% |
| Profit (loss) for the period | 9904 | €227,870 | €332,832 | +€104,962 | +46.1% |
| Profit (loss) for the period to be appropriated | 9905 | €227,870 | €332,832 | +€104,962 | +46.1% |
Source: filed annual accounts (NBB), financial years ended 31 July 2024 and 31 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.