CLUE: 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.
CLUE
Largest movements
- Stocks and contracts -€111,265
down €111,265 (-40.7%), from €273,302 to €162,037
- Receivables within one year -€22,833
down €22,833 (-29.9%), from €76,336 to €53,503
of which Trade receivables: -€18,094
- Tangible fixed assets -€8,260
down €8,260 (-41.5%), from €19,892 to €11,632
of which Furniture and vehicles: -€7,323
- Short-term financial debts -€100,000
no longer reported in 2026 (was €100,000)
- Profit (loss) carried forward -€33,394
down €33,394 (-1,357%), from -€2,462 to -€35,856
- Trade debts -€16,502
down €16,502 (-73.3%), from €22,520 to €6,018
- Other debts +€5,325
up €5,325 (+3.4%), from €158,087 to €163,412
- Gross operating margin -€22,855
down €22,855 (-81.3%), from €28,112 to €5,257
- Financial charges +€2,755
up €2,755 (+26.3%), from €10,480 to €13,235
- Other operating charges -€2,336
down €2,336 (-12.1%), from €19,323 to €16,987
- Depreciation -€2,116
down €2,116 (-20.4%), from €10,376 to €8,260
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €377,025 | €232,946 | -€144,079 | -38.2% |
| Fixed assets | 21/28 | €19,892 | €11,632 | -€8,260 | -41.5% |
| Tangible fixed assets | 22/27 | €19,892 | €11,632 | -€8,260 | -41.5% |
| Plant, machinery and equipment | 23 | €1,261 | €324 | -€937 | -74.3% |
| Furniture and vehicles | 24 | €18,631 | €11,308 | -€7,323 | -39.3% |
| Current assets | 29/58 | €357,133 | €221,314 | -€135,820 | -38.0% |
| Stocks and contracts in progress | 3 | €273,302 | €162,037 | -€111,265 | -40.7% |
| Stocks | 30/36 | €273,302 | €162,037 | -€111,265 | -40.7% |
| Amounts receivable within one year | 40/41 | €76,336 | €53,503 | -€22,833 | -29.9% |
| Trade receivables | 40 | €56,227 | €38,134 | -€18,094 | -32.2% |
| Other amounts receivable | 41 | €20,109 | €15,369 | -€4,739 | -23.6% |
| Cash at bank and in hand | 54/58 | €7,204 | €5,205 | -€1,999 | -27.8% |
| Deferred charges and accrued income | 490/1 | €292 | €570 | +€278 | +95.1% |
| Total equity and liabilities | 10/49 | €377,025 | €232,946 | -€144,079 | -38.2% |
| Equity | 10/15 | €38,089 | €4,695 | -€33,394 | -87.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €21,951 | €21,951 | = | 0.0% |
| Distributable reserves | 133 | €21,951 | €21,951 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,462 | -€35,856 | -€33,394 | -1,357% |
| Amounts payable | 17/49 | €338,936 | €228,251 | -€110,685 | -32.7% |
| Amounts payable after more than one year | 17 | €50,000 | €50,000 | = | 0.0% |
| Other amounts payable | 178/9 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €288,936 | €178,251 | -€110,685 | -38.3% |
| Current portion of amounts payable after more than one year | 42 | €3,611 | - | -€3,611 | |
| Financial debts | 43 | €100,000 | - | -€100,000 | |
| Credit institutions | 430/8 | €100,000 | - | -€100,000 | |
| Trade debts | 44 | €22,520 | €6,018 | -€16,502 | -73.3% |
| Suppliers | 440/4 | €22,520 | €6,018 | -€16,502 | -73.3% |
| Advances received on contracts in progress | 46 | - | €1,000 | +€1,000 | |
| Taxes, remuneration and social security | 45 | €4,718 | €7,820 | +€3,102 | +65.8% |
| Taxes | 450/3 | €4,718 | €7,820 | +€3,102 | +65.8% |
| Other amounts payable | 47/48 | €158,087 | €163,412 | +€5,325 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,376 | €8,260 | -€2,116 | -20.4% |
| Other operating charges | 640/8 | €19,323 | €16,987 | -€2,336 | -12.1% |
| Gross operating margin | 9900 | €28,112 | €5,257 | -€22,855 | -81.3% |
| Operating profit (loss) | 9901 | -€1,586 | -€19,990 | -€18,404 | -1,160% |
| Financial income | 75/76B | €7 | €1 | -€6 | -86.8% |
| Recurring financial income | 75 | €7 | €1 | -€6 | -86.8% |
| Financial charges | 65/66B | €10,480 | €13,235 | +€2,755 | +26.3% |
| Recurring financial charges | 65 | €10,480 | €13,235 | +€2,755 | +26.3% |
| Profit (loss) for the period before taxes | 9903 | -€12,059 | -€33,224 | -€21,165 | -176% |
| Income taxes | 67/77 | €184 | €170 | -€14 | -7.7% |
| Profit (loss) for the period | 9904 | -€12,243 | -€33,394 | -€21,151 | -173% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,243 | -€33,394 | -€21,151 | -173% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.