Dr.Chlara Maes: 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.Chlara Maes
Largest movements
- Cash +€11,202
up €11,202 (+8.1%), from €139,061 to €150,263
mainly Net result for the year (+€141,876) and Depreciation (+€14,156)
- Tangible fixed assets +€5,518
up €5,518 (+11.6%), from €47,776 to €53,294
of which Plant, machinery and equipment: +€16,187
- Receivables within one year -€4,084
down €4,084 (-14.5%), from €28,254 to €24,170
- Reserves +€61,876
up €61,876 (+113%), from €54,597 to €116,473
- Other debts -€37,657
down €37,657 (-31.5%), from €119,443 to €81,786
- Debts after one year -€7,651
down €7,651 (-35.4%), from €21,613 to €13,962
- Trade debts -€4,712
down €4,712 (-70.1%), from €6,725 to €2,013
- Gross operating margin -€13,282
down €13,282 (-6.2%), from €212,556 to €199,274
- Taxes -€3,950
down €3,950 (-8.6%), from €45,791 to €41,841
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 | €215,092 | €227,728 | +€12,636 | +5.9% |
| Fixed assets | 21/28 | €47,776 | €53,294 | +€5,518 | +11.6% |
| Tangible fixed assets | 22/27 | €47,776 | €53,294 | +€5,518 | +11.6% |
| Plant, machinery and equipment | 23 | - | €16,187 | +€16,187 | |
| Furniture and vehicles | 24 | €47,776 | €37,107 | -€10,668 | -22.3% |
| Current assets | 29/58 | €167,316 | €174,433 | +€7,118 | +4.3% |
| Amounts receivable within one year | 40/41 | €28,254 | €24,170 | -€4,084 | -14.5% |
| Trade receivables | 40 | €28,254 | €24,170 | -€4,084 | -14.5% |
| Cash at bank and in hand | 54/58 | €139,061 | €150,263 | +€11,202 | +8.1% |
| Total equity and liabilities | 10/49 | €215,092 | €227,728 | +€12,636 | +5.9% |
| Equity | 10/15 | €59,597 | €121,473 | +€61,876 | +104% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €54,597 | €116,473 | +€61,876 | +113% |
| Distributable reserves | 133 | €54,597 | €116,473 | +€61,876 | +113% |
| Amounts payable | 17/49 | €155,494 | €106,254 | -€49,240 | -31.7% |
| Amounts payable after more than one year | 17 | €21,613 | €13,962 | -€7,651 | -35.4% |
| Financial debts | 170/4 | €21,613 | €13,962 | -€7,651 | -35.4% |
| Amounts payable within one year | 42/48 | €133,881 | €92,292 | -€41,589 | -31.1% |
| Current portion of amounts payable after more than one year | 42 | €7,422 | €7,651 | +€229 | +3.1% |
| Trade debts | 44 | €6,725 | €2,013 | -€4,712 | -70.1% |
| Suppliers | 440/4 | €6,725 | €2,013 | -€4,712 | -70.1% |
| Taxes, remuneration and social security | 45 | €291 | €841 | +€550 | +189% |
| Taxes | 450/3 | €291 | €841 | +€550 | +189% |
| Other amounts payable | 47/48 | €119,443 | €81,786 | -€37,657 | -31.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,162 | €14,156 | +€1,994 | +16.4% |
| Other operating charges | 640/8 | €325 | €315 | -€10 | -3.2% |
| Gross operating margin | 9900 | €212,556 | €199,274 | -€13,282 | -6.2% |
| Operating profit (loss) | 9901 | €200,069 | €184,802 | -€15,266 | -7.6% |
| Financial charges | 65/66B | €1,174 | €1,085 | -€89 | -7.6% |
| Recurring financial charges | 65 | €1,174 | €1,085 | -€89 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | €198,895 | €183,718 | -€15,177 | -7.6% |
| Income taxes | 67/77 | €45,791 | €41,841 | -€3,950 | -8.6% |
| Profit (loss) for the period | 9904 | €153,104 | €141,876 | -€11,228 | -7.3% |
| Profit (loss) for the period to be appropriated | 9905 | €153,104 | €141,876 | -€11,228 | -7.3% |
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 22 October 2026 via checked.be.