DR. B. CLAES: what changed
Two fiscal 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. B. CLAES
Largest movements
- Receivables within one year +€72,794
up €72,794 (+36.7%), from €198,610 to €271,403
of which Trade receivables: +€76,352
- Cash +€66,022
up €66,022 (+16.1%), from €409,181 to €475,203
mainly Net result for the year (+€250,753) and Depreciation (+€30,717)
- Tangible fixed assets -€30,717
down €30,717 (-60.0%), from €51,215 to €20,498
of which Leasing and similar rights: -€21,093
- Reserves +€249,920
up €249,920 (+12.9%), from €1.9m to €2.2m
- Other debts -€129,648
down €129,648 (-19.4%), from €667,496 to €537,848
- Financial charges -€13,537
down €13,537 (-23.0%), from €58,892 to €45,355
of which Financial charges: -€13,537
- Financial income -€10,776
down €10,776 (-25.4%), from €42,436 to €31,660
of which Financial income: -€10,920
- Gross operating margin -€5,582
down €5,582 (-1.3%), from €423,453 to €417,871
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.
Cash bridge derived
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 | €2,658,279 | €2,770,274 | +€111,995 | +4.2% |
| Fixed assets | 21/28 | €51,315 | €20,598 | -€30,717 | -59.9% |
| Tangible fixed assets | 22/27 | €51,215 | €20,498 | -€30,717 | -60.0% |
| Plant, machinery and equipment | 23 | €20,940 | €12,245 | -€8,695 | -41.5% |
| Furniture and vehicles | 24 | €2,825 | €1,896 | -€930 | -32.9% |
| Leasing and similar rights | 25 | €27,449 | €6,357 | -€21,093 | -76.8% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €2,606,964 | €2,749,676 | +€142,712 | +5.5% |
| Amounts receivable within one year | 40/41 | €198,610 | €271,403 | +€72,794 | +36.7% |
| Trade receivables | 40 | €124,576 | €200,927 | +€76,352 | +61.3% |
| Other amounts receivable | 41 | €74,034 | €70,476 | -€3,558 | -4.8% |
| Current investments | 50/53 | €1,999,174 | €2,003,070 | +€3,897 | +0.2% |
| Cash at bank and in hand | 54/58 | €409,181 | €475,203 | +€66,022 | +16.1% |
| Total equity and liabilities | 10/49 | €2,658,279 | €2,770,274 | +€111,995 | +4.2% |
| Equity | 10/15 | €1,945,264 | €2,195,184 | +€249,920 | +12.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,939,064 | €2,188,984 | +€249,920 | +12.9% |
| Distributable reserves | 133 | €1,939,064 | €2,188,984 | +€249,920 | +12.9% |
| Amounts payable | 17/49 | €713,015 | €575,091 | -€137,925 | -19.3% |
| Amounts payable after more than one year | 17 | €5,364 | - | -€5,364 | |
| Financial debts | 170/4 | €5,364 | - | -€5,364 | |
| Amounts payable within one year | 42/48 | €707,651 | €575,091 | -€132,561 | -18.7% |
| Current portion of amounts payable after more than one year | 42 | €21,334 | €5,364 | -€15,970 | -74.9% |
| Taxes, remuneration and social security | 45 | €18,821 | €31,878 | +€13,057 | +69.4% |
| Taxes | 450/3 | €18,821 | €31,878 | +€13,057 | +69.4% |
| Other amounts payable | 47/48 | €667,496 | €537,848 | -€129,648 | -19.4% |
| Non-recurring operating income | 76A | €0 | €0 | -€0 | -50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,079 | €30,717 | -€362 | -1.2% |
| Other operating charges | 640/8 | €236 | €2,732 | +€2,496 | +1057.6% |
| Gross operating margin | 9900 | €423,453 | €417,871 | -€5,582 | -1.3% |
| Operating profit (loss) | 9901 | €392,138 | €384,422 | -€7,716 | -2.0% |
| Financial income | 75/76B | €42,436 | €31,660 | -€10,776 | -25.4% |
| Recurring financial income | 75 | €42,436 | €31,516 | -€10,920 | -25.7% |
| Non-recurring financial income | 76B | - | €143 | +€143 | |
| Financial charges | 65/66B | €58,892 | €45,355 | -€13,537 | -23.0% |
| Recurring financial charges | 65 | €58,892 | €45,355 | -€13,537 | -23.0% |
| Non-recurring financial charges | 66B | €0 | €0 | -€0 | -50.0% |
| Profit (loss) for the period before taxes | 9903 | €375,682 | €370,727 | -€4,955 | -1.3% |
| Income taxes | 67/77 | €121,152 | €119,974 | -€1,179 | -1.0% |
| Profit (loss) for the period | 9904 | €254,529 | €250,753 | -€3,776 | -1.5% |
| Profit (loss) for the period to be appropriated | 9905 | €254,529 | €250,753 | -€3,776 | -1.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.