CLUTCH: 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.
CLUTCH
Largest movements
- Receivables within one year +€511,437
up €511,437 (+260%), from €196,436 to €707,872
- Tangible fixed assets +€225,484
up €225,484 (+68.2%), from €330,416 to €555,900
- Cash -€87,424
down €87,424 (-95.5%), from €91,572 to €4,149
mainly Receivables within one year (-€511,437) and Investment in fixed assets (net) (-€225,484)
- Other debts +€646,524
up €646,524 (+138%), from €468,359 to €1.1m
- Trade debts +€16,026
up €16,026 (+698%), from €2,297 to €18,323
- Gross operating margin -€71,714
down €71,714, from €61,004 to -€10,710
- Financial income +€13,477
up €13,477 (+123%), from €10,999 to €24,476
- Financial charges +€2,018
up €2,018 (+12.4%), from €16,330 to €18,348
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 | €623,191 | €1,272,191 | +€649,001 | +104% |
| Fixed assets | 21/28 | €330,416 | €555,900 | +€225,484 | +68.2% |
| Tangible fixed assets | 22/27 | €330,416 | €555,900 | +€225,484 | +68.2% |
| Land and buildings | 22 | €330,416 | €555,900 | +€225,484 | +68.2% |
| Current assets | 29/58 | €292,775 | €716,292 | +€423,517 | +145% |
| Amounts receivable within one year | 40/41 | €196,436 | €707,872 | +€511,437 | +260% |
| Other amounts receivable | 41 | €196,436 | €707,872 | +€511,437 | +260% |
| Cash at bank and in hand | 54/58 | €91,572 | €4,149 | -€87,424 | -95.5% |
| Deferred charges and accrued income | 490/1 | €4,767 | €4,271 | -€496 | -10.4% |
| Total equity and liabilities | 10/49 | €623,191 | €1,272,191 | +€649,001 | +104% |
| Equity | 10/15 | -€34,921 | -€41,667 | -€6,746 | -19.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€55,381 | -€62,127 | -€6,746 | -12.2% |
| Amounts payable | 17/49 | €658,112 | €1,313,858 | +€655,747 | +99.6% |
| Amounts payable after more than one year | 17 | €166,710 | €158,955 | -€7,755 | -4.7% |
| Financial debts | 170/4 | €166,710 | €158,955 | -€7,755 | -4.7% |
| Amounts payable within one year | 42/48 | €477,375 | €1,140,877 | +€663,502 | +139% |
| Current portion of amounts payable after more than one year | 42 | €6,451 | €7,403 | +€952 | +14.8% |
| Trade debts | 44 | €2,297 | €18,323 | +€16,026 | +698% |
| Suppliers | 440/4 | €2,297 | €18,323 | +€16,026 | +698% |
| Taxes, remuneration and social security | 45 | €268 | €268 | = | 0.0% |
| Taxes | 450/3 | €268 | €268 | = | 0.0% |
| Other amounts payable | 47/48 | €468,359 | €1,114,883 | +€646,524 | +138% |
| Accrued charges and deferred income | 492/3 | €14,027 | €14,027 | = | 0.0% |
| Other operating charges | 640/8 | €2,193 | €2,164 | -€29 | -1.3% |
| Gross operating margin | 9900 | €61,004 | -€10,710 | -€71,714 | |
| Operating profit (loss) | 9901 | €58,811 | -€12,874 | -€71,685 | |
| Financial income | 75/76B | €10,999 | €24,476 | +€13,477 | +123% |
| Recurring financial income | 75 | €10,999 | €24,476 | +€13,477 | +123% |
| Financial charges | 65/66B | €16,330 | €18,348 | +€2,018 | +12.4% |
| Recurring financial charges | 65 | €16,330 | €18,348 | +€2,018 | +12.4% |
| Profit (loss) for the period before taxes | 9903 | €53,479 | -€6,746 | -€60,226 | |
| Profit (loss) for the period | 9904 | €53,479 | -€6,746 | -€60,226 | |
| Profit (loss) for the period to be appropriated | 9905 | €53,479 | -€6,746 | -€60,226 |
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 15 October 2026 via checked.be.