dr. Arne Clicteur: 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.
dr. Arne Clicteur
Largest movements
- Receivables within one year -€64,828
down €64,828 (-39.5%), from €164,109 to €99,281
of which Other amounts receivable: -€78,329
- Cash -€64,186
down €64,186 (-32.1%), from €199,956 to €135,770
mainly Contributions, distributions and other (-€200,000) and Other debts (-€176,471)
- Receivables after one year -€50,628
down €50,628 (-23.9%), from €211,810 to €161,182
- Tangible fixed assets -€15,717
down €15,717 (-18.8%), from €83,578 to €67,861
of which Other tangible fixed assets: -€19,065
- Other debts -€176,471
down €176,471 (-100%), from €176,471 to €0
- Debts after one year -€19,798
down €19,798 (-11.1%), from €178,618 to €158,820
- Trade debts +€13,536
up €13,536 (+1,217%), from €1,112 to €14,648
- Tax, wage and social debts -€9,389
down €9,389 (-36.5%), from €25,705 to €16,316
- Gross operating margin -€49,851
down €49,851 (-15.2%), from €327,562 to €277,711
- Taxes -€10,492
down €10,492 (-13.7%), from €76,363 to €65,872
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 | €879,365 | €686,643 | -€192,722 | -21.9% |
| Fixed assets | 21/28 | €84,464 | €68,497 | -€15,967 | -18.9% |
| Intangible fixed assets | 21 | €886 | €636 | -€250 | -28.2% |
| Tangible fixed assets | 22/27 | €83,578 | €67,861 | -€15,717 | -18.8% |
| Furniture and vehicles | 24 | €5,245 | €8,593 | +€3,348 | +63.8% |
| Other tangible fixed assets | 26 | €78,334 | €59,269 | -€19,065 | -24.3% |
| Current assets | 29/58 | €794,901 | €618,145 | -€176,755 | -22.2% |
| Amounts receivable after more than one year | 29 | €211,810 | €161,182 | -€50,628 | -23.9% |
| Other amounts receivable | 291 | €211,810 | €161,182 | -€50,628 | -23.9% |
| Amounts receivable within one year | 40/41 | €164,109 | €99,281 | -€64,828 | -39.5% |
| Trade receivables | 40 | €418 | €13,919 | +€13,501 | +3,228% |
| Other amounts receivable | 41 | €163,691 | €85,362 | -€78,329 | -47.9% |
| Cash at bank and in hand | 54/58 | €199,956 | €135,770 | -€64,186 | -32.1% |
| Deferred charges and accrued income | 490/1 | €219,026 | €221,913 | +€2,887 | +1.3% |
| Total equity and liabilities | 10/49 | €879,365 | €686,643 | -€192,722 | -21.9% |
| Equity | 10/15 | €477,970 | €477,061 | -€909 | -0.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €459,420 | €458,511 | -€909 | -0.2% |
| Tax-exempt reserves | 132 | €173 | €173 | = | 0.0% |
| Distributable reserves | 133 | €459,246 | €458,337 | -€909 | -0.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €401,395 | €209,582 | -€191,813 | -47.8% |
| Amounts payable after more than one year | 17 | €178,618 | €158,820 | -€19,798 | -11.1% |
| Financial debts | 170/4 | €178,618 | €158,820 | -€19,798 | -11.1% |
| Amounts payable within one year | 42/48 | €222,777 | €50,762 | -€172,015 | -77.2% |
| Current portion of amounts payable after more than one year | 42 | €19,490 | €19,798 | +€308 | +1.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €1,112 | €14,648 | +€13,536 | +1,217% |
| Suppliers | 440/4 | €1,112 | €14,648 | +€13,536 | +1,217% |
| Taxes, remuneration and social security | 45 | €25,705 | €16,316 | -€9,389 | -36.5% |
| Taxes | 450/3 | €25,705 | €16,316 | -€9,389 | -36.5% |
| Other amounts payable | 47/48 | €176,471 | €0 | -€176,471 | -100% |
| Non-recurring operating income | 76A | €500 | €0 | -€500 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,786 | €23,495 | +€1,709 | +7.8% |
| Other operating charges | 640/8 | €1,032 | €977 | -€55 | -5.3% |
| Non-recurring operating charges | 66A | €3,462 | €0 | -€3,462 | -100% |
| Gross operating margin | 9900 | €327,562 | €277,711 | -€49,851 | -15.2% |
| Operating profit (loss) | 9901 | €301,283 | €253,239 | -€48,043 | -15.9% |
| Financial income | 75/76B | €14,429 | €15,491 | +€1,062 | +7.4% |
| Recurring financial income | 75 | €14,429 | €15,491 | +€1,062 | +7.4% |
| Financial charges | 65/66B | €4,614 | €3,768 | -€846 | -18.3% |
| Recurring financial charges | 65 | €4,614 | €3,768 | -€846 | -18.3% |
| Profit (loss) for the period before taxes | 9903 | €311,097 | €264,963 | -€46,134 | -14.8% |
| Income taxes | 67/77 | €76,363 | €65,872 | -€10,492 | -13.7% |
| Profit (loss) for the period | 9904 | €234,734 | €199,091 | -€35,643 | -15.2% |
| Profit (loss) for the period to be appropriated | 9905 | €234,734 | €199,091 | -€35,643 | -15.2% |
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 1 November 2026 via checked.be.