DE CLERCQ Tom: 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.
DE CLERCQ Tom
Largest movements
- Receivables within one year -€133,310
down €133,310 (-100.0%), from €133,318 to €8
of which Trade receivables: -€133,310
- Tangible fixed assets -€38,182
down €38,182 (-2.6%), from €1.5m to €1.5m
of which Assets under construction and advance payments: -€221,448
- Debts after one year -€166,554
down €166,554 (-37.3%), from €446,852 to €280,298
- Reserves +€106,446
up €106,446 (+9.9%), from €1.1m to €1.2m
of which Distributable reserves: +€111,051
- Other debts -€54,092
down €54,092 (-20.7%), from €260,701 to €206,609
- Gross operating margin +€50,172
up €50,172 (+21.0%), from €238,877 to €289,049
- Depreciation +€25,066
up €25,066 (+30.4%), from €82,382 to €107,448
- Taxes +€7,756
up €7,756 (+25.4%), from €30,507 to €38,262
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 | €2,066,720 | €1,901,126 | -€165,594 | -8.0% |
| Fixed assets | 21/28 | €1,902,094 | €1,863,912 | -€38,182 | -2.0% |
| Tangible fixed assets | 22/27 | €1,495,388 | €1,457,206 | -€38,182 | -2.6% |
| Land and buildings | 22 | €1,273,940 | €1,417,482 | +€143,542 | +11.3% |
| Furniture and vehicles | 24 | €0 | €39,724 | +€39,724 | |
| Assets under construction and advance payments | 27 | €221,448 | €0 | -€221,448 | -100% |
| Financial fixed assets | 28 | €406,706 | €406,706 | = | 0.0% |
| Current assets | 29/58 | €164,626 | €37,214 | -€127,411 | -77.4% |
| Amounts receivable within one year | 40/41 | €133,318 | €8 | -€133,310 | -100.0% |
| Trade receivables | 40 | €133,310 | €0 | -€133,310 | -100% |
| Other amounts receivable | 41 | €8 | €8 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €31,308 | €37,206 | +€5,899 | +18.8% |
| Total equity and liabilities | 10/49 | €2,066,720 | €1,901,126 | -€165,594 | -8.0% |
| Equity | 10/15 | €1,098,569 | €1,205,015 | +€106,446 | +9.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,079,969 | €1,186,415 | +€106,446 | +9.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €74,242 | €69,637 | -€4,606 | -6.2% |
| Distributable reserves | 133 | €1,003,867 | €1,114,918 | +€111,051 | +11.1% |
| Provisions and deferred taxes | 16 | €22,537 | €21,001 | -€1,535 | -6.8% |
| Deferred taxes | 168 | €22,537 | €21,001 | -€1,535 | -6.8% |
| Amounts payable | 17/49 | €945,614 | €675,110 | -€270,504 | -28.6% |
| Amounts payable after more than one year | 17 | €446,852 | €280,298 | -€166,554 | -37.3% |
| Financial debts | 170/4 | €446,852 | €280,298 | -€166,554 | -37.3% |
| Amounts payable within one year | 42/48 | €479,314 | €392,173 | -€87,141 | -18.2% |
| Current portion of amounts payable after more than one year | 42 | €97,783 | €91,648 | -€6,135 | -6.3% |
| Trade debts | 44 | €26,102 | €10,737 | -€15,365 | -58.9% |
| Suppliers | 440/4 | €26,102 | €10,737 | -€15,365 | -58.9% |
| Advances received on contracts in progress | 46 | €19,000 | €0 | -€19,000 | -100% |
| Taxes, remuneration and social security | 45 | €75,728 | €83,178 | +€7,451 | +9.8% |
| Taxes | 450/3 | €75,728 | €83,178 | +€7,451 | +9.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €260,701 | €206,609 | -€54,092 | -20.7% |
| Accrued charges and deferred income | 492/3 | €19,448 | €2,639 | -€16,809 | -86.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,382 | €107,448 | +€25,066 | +30.4% |
| Other operating charges | 640/8 | €5,289 | €7,556 | +€2,267 | +42.9% |
| Gross operating margin | 9900 | €238,877 | €289,049 | +€50,172 | +21.0% |
| Operating profit (loss) | 9901 | €151,206 | €174,045 | +€22,839 | +15.1% |
| Financial income | 75/76B | €17 | €67 | +€50 | +302% |
| Recurring financial income | 75 | €17 | €67 | +€50 | +302% |
| Financial charges | 65/66B | €33,103 | €30,939 | -€2,164 | -6.5% |
| Recurring financial charges | 65 | €33,103 | €30,939 | -€2,164 | -6.5% |
| Profit (loss) for the period before taxes | 9903 | €118,120 | €143,173 | +€25,053 | +21.2% |
| Transfer from deferred taxes | 780 | €1,535 | €1,535 | = | 0.0% |
| Income taxes | 67/77 | €30,507 | €38,262 | +€7,756 | +25.4% |
| Profit (loss) for the period | 9904 | €89,148 | €106,446 | +€17,298 | +19.4% |
| Transfer from tax-exempt reserves | 789 | €4,606 | €4,606 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €93,754 | €111,051 | +€17,298 | +18.4% |
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 23 October 2026 via checked.be.