DR. CARMEN CLAUS: what changed
DR. CARMEN CLAUS
Largest movements
- Cash +€53,033
up €53,033 (+26.5%), from €199,869 to €252,903
mainly Other debts (+€140,989) and Net result for the year (+€55,767)
- Tangible fixed assets -€9,461
down €9,461 (-30.4%), from €31,101 to €21,640
of which Furniture and vehicles: -€8,959
- Deferred charges and accrued income +€8,111
up €8,111 (+2,421%), from €335 to €8,446
- Receivables within one year +€4,404
up €4,404 (+7.8%), from €56,199 to €60,602
of which Trade receivables: +€8,011
- Other debts +€140,989
up €140,989 (+474%), from €29,774 to €170,763
- Reserves -€94,458
down €94,458 (-40.2%), from €234,944 to €140,487
- Tax, wage and social debts +€10,031
up €10,031 (+95.3%), from €10,530 to €20,561
of which Taxes: +€10,031
- Gross operating margin -€44,143
down €44,143 (-33.5%), from €131,931 to €87,788
- Depreciation -€10,207
down €10,207 (-51.9%), from €19,668 to €9,461
- Taxes -€9,969
down €9,969 (-32.7%), from €30,530 to €20,561
- Financial income -€3,270
down €3,270 (-96.7%), from €3,380 to €110
- Financial charges +€1,715
up €1,715 (+643%), from €267 to €1,982
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 | €287,504 | €343,591 | +€56,087 | +19.5% |
| Fixed assets | 21/28 | €31,101 | €21,640 | -€9,461 | -30.4% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €31,101 | €21,640 | -€9,461 | -30.4% |
| Plant, machinery and equipment | 23 | €2,011 | €1,508 | -€503 | -25.0% |
| Furniture and vehicles | 24 | €29,090 | €20,132 | -€8,959 | -30.8% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €256,403 | €321,951 | +€65,548 | +25.6% |
| Amounts receivable within one year | 40/41 | €56,199 | €60,602 | +€4,404 | +7.8% |
| Trade receivables | 40 | €0 | €8,011 | +€8,011 | |
| Other amounts receivable | 41 | €56,199 | €52,592 | -€3,607 | -6.4% |
| Cash at bank and in hand | 54/58 | €199,869 | €252,903 | +€53,033 | +26.5% |
| Deferred charges and accrued income | 490/1 | €335 | €8,446 | +€8,111 | +2,421% |
| Total equity and liabilities | 10/49 | €287,504 | €343,591 | +€56,087 | +19.5% |
| Equity | 10/15 | €244,944 | €150,487 | -€94,458 | -38.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €234,944 | €140,487 | -€94,458 | -40.2% |
| Distributable reserves | 133 | €234,944 | €140,487 | -€94,458 | -40.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €42,560 | €193,104 | +€150,545 | +354% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €42,560 | €191,323 | +€148,764 | +350% |
| Current portion of amounts payable after more than one year | 42 | €2,256 | €0 | -€2,256 | -100% |
| Taxes, remuneration and social security | 45 | €10,530 | €20,561 | +€10,031 | +95.3% |
| Taxes | 450/3 | €10,530 | €20,561 | +€10,031 | +95.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €29,774 | €170,763 | +€140,989 | +474% |
| Accrued charges and deferred income | 492/3 | - | €1,781 | +€1,781 | |
| Non-recurring operating income | 76A | €9,800 | €0 | -€9,800 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,668 | €9,461 | -€10,207 | -51.9% |
| Other operating charges | 640/8 | €126 | €128 | +€2 | +1.6% |
| Gross operating margin | 9900 | €131,931 | €87,788 | -€44,143 | -33.5% |
| Operating profit (loss) | 9901 | €112,137 | €78,199 | -€33,938 | -30.3% |
| Financial income | 75/76B | €3,380 | €110 | -€3,270 | -96.7% |
| Recurring financial income | 75 | €3,380 | €110 | -€3,270 | -96.7% |
| Financial charges | 65/66B | €267 | €1,982 | +€1,715 | +643% |
| Recurring financial charges | 65 | €267 | €1,982 | +€1,715 | +643% |
| Profit (loss) for the period before taxes | 9903 | €115,250 | €76,327 | -€38,923 | -33.8% |
| Income taxes | 67/77 | €30,530 | €20,561 | -€9,969 | -32.7% |
| Profit (loss) for the period | 9904 | €84,720 | €55,767 | -€28,953 | -34.2% |
| Profit (loss) for the period to be appropriated | 9905 | €84,720 | €55,767 | -€28,953 | -34.2% |
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.