DR. C. CLAESSENS: 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. C. CLAESSENS
Largest movements
- Receivables after one year -€510,000
down €510,000 (-66.8%), from €764,000 to €254,000
- Cash -€36,376
down €36,376 (-45.4%), from €80,127 to €43,751
mainly Other debts (-€508,555) and Contributions, distributions and other (-€117,904)
- Receivables within one year -€23,340
down €23,340 (-18.9%), from €123,305 to €99,965
- Tangible fixed assets -€15,044
down €15,044 (-8.0%), from €187,804 to €172,760
of which Land and buildings: -€7,879
- Other debts -€508,555
down €508,555 (-81.2%), from €626,459 to €117,904
- Reserves -€47,708
down €47,708 (-10.0%), from €476,521 to €428,813
- Current portion of long-term debt -€18,594
no longer reported in 2025 (was €18,594)
- Tax, wage and social debts -€18,315
down €18,315 (-78.1%), from €23,457 to €5,142
- Gross operating margin -€82,913
down €82,913 (-40.2%), from €206,072 to €123,159
- Taxes -€23,508
down €23,508 (-35.1%), from €66,900 to €43,392
- Financial income -€15,535
down €15,535 (-67.5%), from €23,017 to €7,483
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 | €1,159,050 | €571,677 | -€587,373 | -50.7% |
| Fixed assets | 21/28 | €187,904 | €172,860 | -€15,044 | -8.0% |
| Tangible fixed assets | 22/27 | €187,804 | €172,760 | -€15,044 | -8.0% |
| Land and buildings | 22 | €165,794 | €157,915 | -€7,879 | -4.8% |
| Plant, machinery and equipment | 23 | €13,770 | €11,346 | -€2,425 | -17.6% |
| Furniture and vehicles | 24 | €4,740 | - | -€4,740 | |
| Other tangible fixed assets | 26 | €3,499 | €3,499 | = | 0.0% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €971,146 | €398,817 | -€572,329 | -58.9% |
| Amounts receivable after more than one year | 29 | €764,000 | €254,000 | -€510,000 | -66.8% |
| Other amounts receivable | 291 | €764,000 | €254,000 | -€510,000 | -66.8% |
| Amounts receivable within one year | 40/41 | €123,305 | €99,965 | -€23,340 | -18.9% |
| Other amounts receivable | 41 | €123,305 | €99,965 | -€23,340 | -18.9% |
| Cash at bank and in hand | 54/58 | €80,127 | €43,751 | -€36,376 | -45.4% |
| Deferred charges and accrued income | 490/1 | €3,714 | €1,101 | -€2,613 | -70.4% |
| Total equity and liabilities | 10/49 | €1,159,050 | €571,677 | -€587,373 | -50.7% |
| Equity | 10/15 | €488,921 | €441,213 | -€47,708 | -9.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €476,521 | €428,813 | -€47,708 | -10.0% |
| Distributable reserves | 133 | €476,521 | €428,813 | -€47,708 | -10.0% |
| Amounts payable | 17/49 | €670,129 | €130,464 | -€539,665 | -80.5% |
| Amounts payable within one year | 42/48 | €670,129 | €130,464 | -€539,665 | -80.5% |
| Current portion of amounts payable after more than one year | 42 | €18,594 | - | -€18,594 | |
| Trade debts | 44 | €1,619 | €7,418 | +€5,800 | +358% |
| Suppliers | 440/4 | €1,619 | €7,418 | +€5,800 | +358% |
| Taxes, remuneration and social security | 45 | €23,457 | €5,142 | -€18,315 | -78.1% |
| Taxes | 450/3 | €23,457 | €5,142 | -€18,315 | -78.1% |
| Other amounts payable | 47/48 | €626,459 | €117,904 | -€508,555 | -81.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,276 | €15,044 | -€1,232 | -7.6% |
| Other operating charges | 640/8 | €1,460 | €1,779 | +€319 | +21.8% |
| Gross operating margin | 9900 | €206,072 | €123,159 | -€82,913 | -40.2% |
| Operating profit (loss) | 9901 | €188,336 | €106,336 | -€81,999 | -43.5% |
| Financial income | 75/76B | €23,017 | €7,483 | -€15,535 | -67.5% |
| Recurring financial income | 75 | €23,017 | €7,483 | -€15,535 | -67.5% |
| Financial charges | 65/66B | €1,384 | €231 | -€1,153 | -83.3% |
| Recurring financial charges | 65 | €1,384 | €231 | -€1,153 | -83.3% |
| Profit (loss) for the period before taxes | 9903 | €209,969 | €113,588 | -€96,381 | -45.9% |
| Income taxes | 67/77 | €66,900 | €43,392 | -€23,508 | -35.1% |
| Profit (loss) for the period | 9904 | €143,068 | €70,196 | -€72,873 | -50.9% |
| Profit (loss) for the period to be appropriated | 9905 | €143,068 | €70,196 | -€72,873 | -50.9% |
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.