CLUSTER INVEST: 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.
CLUSTER INVEST
Largest movements
- Tangible fixed assets -€34,724
down €34,724 (-2.8%), from €1.3m to €1.2m
of which Land and buildings: -€22,429
- Deferred charges and accrued income -€19,092
down €19,092 (-88.8%), from €21,507 to €2,416
- Debts after one year -€65,481
down €65,481 (-7.4%), from €886,386 to €820,905
- Profit (loss) carried forward +€18,988
up €18,988 (+13.6%), from -€139,129 to -€120,141
- Gross operating margin +€13,376
up €13,376 (+15.3%), from €87,437 to €100,813
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 | €1,284,239 | €1,227,978 | -€56,261 | -4.4% |
| Fixed assets | 21/28 | €1,258,397 | €1,223,673 | -€34,724 | -2.8% |
| Tangible fixed assets | 22/27 | €1,258,397 | €1,223,673 | -€34,724 | -2.8% |
| Land and buildings | 22 | €920,859 | €898,430 | -€22,429 | -2.4% |
| Other tangible fixed assets | 26 | €337,538 | €325,243 | -€12,295 | -3.6% |
| Current assets | 29/58 | €25,841 | €4,304 | -€21,537 | -83.3% |
| Amounts receivable within one year | 40/41 | €600 | €0 | -€600 | -100% |
| Trade receivables | 40 | €600 | €0 | -€600 | -100% |
| Cash at bank and in hand | 54/58 | €3,734 | €1,889 | -€1,845 | -49.4% |
| Deferred charges and accrued income | 490/1 | €21,507 | €2,416 | -€19,092 | -88.8% |
| Total equity and liabilities | 10/49 | €1,284,239 | €1,227,978 | -€56,261 | -4.4% |
| Equity | 10/15 | €34,197 | €53,185 | +€18,988 | +55.5% |
| Contributions | 10/11 | €12,200 | €12,200 | = | 0.0% |
| Reserves | 13 | €161,126 | €161,126 | = | 0.0% |
| Distributable reserves | 133 | €161,126 | €161,126 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€139,129 | -€120,141 | +€18,988 | +13.6% |
| Amounts payable | 17/49 | €1,250,042 | €1,174,793 | -€75,249 | -6.0% |
| Amounts payable after more than one year | 17 | €886,386 | €820,905 | -€65,481 | -7.4% |
| Financial debts | 170/4 | €886,386 | €820,905 | -€65,481 | -7.4% |
| Amounts payable within one year | 42/48 | €363,656 | €353,887 | -€9,769 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €65,320 | €66,092 | +€772 | +1.2% |
| Trade debts | 44 | €12,228 | €11,687 | -€541 | -4.4% |
| Suppliers | 440/4 | €12,228 | €11,687 | -€541 | -4.4% |
| Other amounts payable | 47/48 | €286,109 | €276,109 | -€10,000 | -3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,745 | €51,017 | +€272 | +0.5% |
| Other operating charges | 640/8 | €11,338 | €11,768 | +€430 | +3.8% |
| Gross operating margin | 9900 | €87,437 | €100,813 | +€13,376 | +15.3% |
| Operating profit (loss) | 9901 | €25,353 | €38,027 | +€12,674 | +50.0% |
| Financial charges | 65/66B | €18,889 | €19,039 | +€150 | +0.8% |
| Recurring financial charges | 65 | €18,889 | €19,039 | +€150 | +0.8% |
| Profit (loss) for the period before taxes | 9903 | €6,464 | €18,988 | +€12,524 | +194% |
| Profit (loss) for the period | 9904 | €6,464 | €18,988 | +€12,524 | +194% |
| Profit (loss) for the period to be appropriated | 9905 | €6,464 | €18,988 | +€12,524 | +194% |
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 28 October 2026 via checked.be.