CYCLES CLEMENT: 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.
CYCLES CLEMENT
Largest movements
- Stocks and contracts +€24,021
up €24,021 (+5.6%), from €427,883 to €451,904
- Tangible fixed assets -€22,466
down €22,466 (-9.7%), from €231,872 to €209,406
- Receivables within one year +€22,360
up €22,360 (+121%), from €18,529 to €40,889
of which Trade receivables: +€31,702
- Short-term financial debts -€106,513
down €106,513 (-45.8%), from €232,452 to €125,939
- Debts after one year +€61,960
up €61,960 (+113%), from €54,871 to €116,831
- Profit (loss) carried forward +€24,725
up €24,725 (+17.8%), from €138,649 to €163,374
- Trade debts +€20,862
up €20,862 (+18.2%), from €114,612 to €135,473
- Tax, wage and social debts +€15,518
up €15,518 (+42.0%), from €36,938 to €52,456
of which Taxes: +€10,204
- Gross operating margin +€88,839
up €88,839 (+132%), from €67,190 to €156,029
- Staff costs +€22,282
up €22,282 (+55.5%), from €40,165 to €62,448
- Other operating charges -€10,669
down €10,669 (-44.6%), from €23,899 to €13,230
- Financial charges -€7,414
down €7,414 (-27.6%), from €26,872 to €19,458
- Financial income +€3,660
up €3,660 (+269%), from €1,359 to €5,019
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 | €700,718 | €722,646 | +€21,928 | +3.1% |
| Fixed assets | 21/28 | €233,222 | €212,390 | -€20,832 | -8.9% |
| Intangible fixed assets | 21 | €1,349 | €2,983 | +€1,634 | +121% |
| Tangible fixed assets | 22/27 | €231,872 | €209,406 | -€22,466 | -9.7% |
| Land and buildings | 22 | €155,300 | €150,000 | -€5,300 | -3.4% |
| Plant, machinery and equipment | 23 | €39,124 | €29,680 | -€9,444 | -24.1% |
| Furniture and vehicles | 24 | €37,448 | €29,726 | -€7,722 | -20.6% |
| Current assets | 29/58 | €467,497 | €510,256 | +€42,760 | +9.1% |
| Stocks and contracts in progress | 3 | €427,883 | €451,904 | +€24,021 | +5.6% |
| Stocks | 30/36 | €427,883 | €451,904 | +€24,021 | +5.6% |
| Amounts receivable within one year | 40/41 | €18,529 | €40,889 | +€22,360 | +121% |
| Trade receivables | 40 | €8,562 | €40,264 | +€31,702 | +370% |
| Other amounts receivable | 41 | €9,967 | €625 | -€9,342 | -93.7% |
| Cash at bank and in hand | 54/58 | €19,722 | €16,647 | -€3,075 | -15.6% |
| Deferred charges and accrued income | 490/1 | €1,363 | €816 | -€547 | -40.1% |
| Total equity and liabilities | 10/49 | €700,718 | €722,646 | +€21,928 | +3.1% |
| Equity | 10/15 | €207,387 | €232,112 | +€24,725 | +11.9% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €49,738 | €49,738 | = | 0.0% |
| Distributable reserves | 133 | €49,738 | €49,738 | = | 0.0% |
| Profit (loss) carried forward | 14 | €138,649 | €163,374 | +€24,725 | +17.8% |
| Amounts payable | 17/49 | €493,331 | €490,534 | -€2,797 | -0.6% |
| Amounts payable after more than one year | 17 | €54,871 | €116,831 | +€61,960 | +113% |
| Financial debts | 170/4 | €54,871 | €116,831 | +€61,960 | +113% |
| Amounts payable within one year | 42/48 | €438,460 | €371,562 | -€66,898 | -15.3% |
| Current portion of amounts payable after more than one year | 42 | €39,585 | €45,565 | +€5,980 | +15.1% |
| Financial debts | 43 | €232,452 | €125,939 | -€106,513 | -45.8% |
| Credit institutions | 430/8 | €232,452 | €125,939 | -€106,513 | -45.8% |
| Trade debts | 44 | €114,612 | €135,473 | +€20,862 | +18.2% |
| Suppliers | 440/4 | €114,612 | €135,473 | +€20,862 | +18.2% |
| Advances received on contracts in progress | 46 | €6,305 | €8,010 | +€1,705 | +27.0% |
| Taxes, remuneration and social security | 45 | €36,938 | €52,456 | +€15,518 | +42.0% |
| Taxes | 450/3 | €24,086 | €34,290 | +€10,204 | +42.4% |
| Remuneration and social security | 454/9 | €12,852 | €18,166 | +€5,314 | +41.3% |
| Other amounts payable | 47/48 | €8,569 | €4,119 | -€4,450 | -51.9% |
| Accrued charges and deferred income | 492/3 | - | €2,140 | +€2,140 | |
| Remuneration, social security and pensions | 62 | €40,165 | €62,448 | +€22,282 | +55.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,244 | €41,023 | -€221 | -0.5% |
| Other operating charges | 640/8 | €23,899 | €13,230 | -€10,669 | -44.6% |
| Gross operating margin | 9900 | €67,190 | €156,029 | +€88,839 | +132% |
| Operating profit (loss) | 9901 | -€38,119 | €39,328 | +€77,447 | |
| Financial income | 75/76B | €1,359 | €5,019 | +€3,660 | +269% |
| Recurring financial income | 75 | €1,359 | €5,019 | +€3,660 | +269% |
| Financial charges | 65/66B | €26,872 | €19,458 | -€7,414 | -27.6% |
| Recurring financial charges | 65 | €26,872 | €19,458 | -€7,414 | -27.6% |
| Profit (loss) for the period before taxes | 9903 | -€63,632 | €24,889 | +€88,521 | |
| Income taxes | 67/77 | €177 | €164 | -€12 | -7.0% |
| Profit (loss) for the period | 9904 | -€63,808 | €24,725 | +€88,533 | |
| Profit (loss) for the period to be appropriated | 9905 | -€63,808 | €24,725 | +€88,533 |
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 18 October 2026 via checked.be.