Dr Alain CLAUDOT: what changed
Dr Alain CLAUDOT
Largest movements
- Cash +€39,166
up €39,166 (+14.1%), from €278,360 to €317,526
mainly Net result for the year (+€55,120) and Depreciation (+€36,371)
- Tangible fixed assets -€36,371
down €36,371 (-36.4%), from €99,876 to €63,505
of which Furniture and vehicles: -€20,984
- Receivables after one year -€31,830
no longer reported in 2025 (was €31,830)
- Deferred charges and accrued income -€8,814
down €8,814 (-23.5%), from €37,518 to €28,704
- Reserves -€32,737
down €32,737 (-7.6%), from €433,448 to €400,710
- Other debts +€13,553
up €13,553 (+418%), from €3,245 to €16,798
- Tax, wage and social debts -€7,952
down €7,952 (-98.0%), from €8,116 to €164
of which Taxes: -€5,198
- Trade debts -€7,009
down €7,009 (-38.2%), from €18,351 to €11,342
- Gross operating margin +€8,876
up €8,876 (+5.8%), from €153,039 to €161,915
- Depreciation -€8,263
down €8,263 (-18.5%), from €44,634 to €36,371
- Taxes +€4,261
up €4,261 (+19.1%), from €22,360 to €26,621
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €463,527 | €429,408 | -€34,119 | -7.4% |
| Fixed assets | 21/28 | €99,926 | €63,555 | -€36,371 | -36.4% |
| Tangible fixed assets | 22/27 | €99,876 | €63,505 | -€36,371 | -36.4% |
| Land and buildings | 22 | €10,586 | €5,428 | -€5,158 | -48.7% |
| Plant, machinery and equipment | 23 | €24,687 | €16,417 | -€8,270 | -33.5% |
| Furniture and vehicles | 24 | €57,762 | €36,778 | -€20,984 | -36.3% |
| Other tangible fixed assets | 26 | €6,842 | €4,882 | -€1,960 | -28.6% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €363,601 | €365,853 | +€2,252 | +0.6% |
| Amounts receivable after more than one year | 29 | €31,830 | - | -€31,830 | |
| Other amounts receivable | 291 | €31,830 | - | -€31,830 | |
| Amounts receivable within one year | 40/41 | €15,892 | €19,622 | +€3,730 | +23.5% |
| Trade receivables | 40 | €3,201 | €3,223 | +€22 | +0.7% |
| Other amounts receivable | 41 | €12,691 | €16,399 | +€3,708 | +29.2% |
| Cash at bank and in hand | 54/58 | €278,360 | €317,526 | +€39,166 | +14.1% |
| Deferred charges and accrued income | 490/1 | €37,518 | €28,704 | -€8,814 | -23.5% |
| Total equity and liabilities | 10/49 | €463,527 | €429,408 | -€34,119 | -7.4% |
| Equity | 10/15 | €433,448 | €400,710 | -€32,737 | -7.6% |
| Reserves | 13 | €433,448 | €400,710 | -€32,737 | -7.6% |
| Distributable reserves | 133 | €433,448 | €400,710 | -€32,737 | -7.6% |
| Amounts payable | 17/49 | €30,079 | €28,697 | -€1,382 | -4.6% |
| Amounts payable within one year | 42/48 | €29,712 | €28,304 | -€1,408 | -4.7% |
| Trade debts | 44 | €18,351 | €11,342 | -€7,009 | -38.2% |
| Suppliers | 440/4 | €18,351 | €11,342 | -€7,009 | -38.2% |
| Taxes, remuneration and social security | 45 | €8,116 | €164 | -€7,952 | -98.0% |
| Taxes | 450/3 | €5,362 | €164 | -€5,198 | -96.9% |
| Remuneration and social security | 454/9 | €2,754 | - | -€2,754 | |
| Other amounts payable | 47/48 | €3,245 | €16,798 | +€13,553 | +418% |
| Accrued charges and deferred income | 492/3 | €367 | €393 | +€26 | +7.1% |
| Remuneration, social security and pensions | 62 | €40,132 | €41,005 | +€873 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,634 | €36,371 | -€8,263 | -18.5% |
| Other operating charges | 640/8 | €1,476 | €2,424 | +€948 | +64.2% |
| Gross operating margin | 9900 | €153,039 | €161,915 | +€8,876 | +5.8% |
| Operating profit (loss) | 9901 | €66,798 | €82,115 | +€15,318 | +22.9% |
| Financial income | 75/76B | €2,484 | €1,183 | -€1,301 | -52.4% |
| Recurring financial income | 75 | €2,484 | €1,183 | -€1,301 | -52.4% |
| Financial charges | 65/66B | €1,939 | €1,557 | -€383 | -19.7% |
| Recurring financial charges | 65 | €1,939 | €1,557 | -€383 | -19.7% |
| Profit (loss) for the period before taxes | 9903 | €67,342 | €81,741 | +€14,399 | +21.4% |
| Income taxes | 67/77 | €22,360 | €26,621 | +€4,261 | +19.1% |
| Profit (loss) for the period | 9904 | €44,982 | €55,120 | +€10,138 | +22.5% |
| Profit (loss) for the period to be appropriated | 9905 | €44,982 | €55,120 | +€10,138 | +22.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.