DR. FREDERIK CLEMENT: 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. FREDERIK CLEMENT
Largest movements
- Current investments +€127,887
up €127,887 (+23.1%), from €553,612 to €681,499
- Cash +€26,151
up €26,151 (+14.1%), from €185,728 to €211,879
mainly Net result for the year (+€247,930) and Tax, wage and social debts (+€39,064)
- Deferred charges and accrued income +€18,497
up €18,497 (+48.1%), from €38,444 to €56,941
- Reserves +€130,945
up €130,945 (+17.6%), from €743,611 to €874,557
- Tax, wage and social debts +€39,064
up €39,064 (+202%), from €19,327 to €58,391
of which Taxes: +€39,046
- Gross operating margin +€88,590
up €88,590 (+39.0%), from €227,130 to €315,720
- Financial income +€49,711
up €49,711 (+628%), from €7,915 to €57,626
- Taxes +€43,815
up €43,815 (+63.0%), from €69,539 to €113,353
- Financial charges +€7,144
up €7,144 (+216%), from €3,300 to €10,444
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 | €782,283 | €952,550 | +€170,267 | +21.8% |
| Fixed assets | 21/28 | €1,154 | €2,231 | +€1,078 | +93.4% |
| Tangible fixed assets | 22/27 | €1,154 | €2,231 | +€1,078 | +93.4% |
| Plant, machinery and equipment | 23 | €1,154 | €896 | -€258 | -22.3% |
| Furniture and vehicles | 24 | - | €1,335 | +€1,335 | |
| Current assets | 29/58 | €781,130 | €950,319 | +€169,189 | +21.7% |
| Amounts receivable within one year | 40/41 | €3,345 | €0 | -€3,345 | -100% |
| Other amounts receivable | 41 | €3,345 | €0 | -€3,345 | -100% |
| Current investments | 50/53 | €553,612 | €681,499 | +€127,887 | +23.1% |
| Cash at bank and in hand | 54/58 | €185,728 | €211,879 | +€26,151 | +14.1% |
| Deferred charges and accrued income | 490/1 | €38,444 | €56,941 | +€18,497 | +48.1% |
| Total equity and liabilities | 10/49 | €782,283 | €952,550 | +€170,267 | +21.8% |
| Equity | 10/15 | €758,658 | €889,604 | +€130,945 | +17.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €743,611 | €874,557 | +€130,945 | +17.6% |
| Distributable reserves | 133 | €743,611 | €874,557 | +€130,945 | +17.6% |
| Profit (loss) carried forward | 14 | €2,647 | €2,647 | = | 0.0% |
| Amounts payable | 17/49 | €23,625 | €62,947 | +€39,322 | +166% |
| Amounts payable within one year | 42/48 | €23,216 | €60,301 | +€37,085 | +160% |
| Trade debts | 44 | €1,672 | €1,170 | -€502 | -30.0% |
| Suppliers | 440/4 | €1,672 | €1,170 | -€502 | -30.0% |
| Taxes, remuneration and social security | 45 | €19,327 | €58,391 | +€39,064 | +202% |
| Taxes | 450/3 | €16,346 | €55,393 | +€39,046 | +239% |
| Remuneration and social security | 454/9 | €2,981 | €2,999 | +€18 | +0.6% |
| Other amounts payable | 47/48 | €2,217 | €739 | -€1,477 | -66.6% |
| Accrued charges and deferred income | 492/3 | €409 | €2,646 | +€2,237 | +547% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €238 | €710 | +€472 | +198% |
| Other operating charges | 640/8 | €164 | €909 | +€746 | +455% |
| Gross operating margin | 9900 | €227,130 | €315,720 | +€88,590 | +39.0% |
| Operating profit (loss) | 9901 | €226,728 | €314,101 | +€87,373 | +38.5% |
| Financial income | 75/76B | €7,915 | €57,626 | +€49,711 | +628% |
| Recurring financial income | 75 | €7,915 | €57,626 | +€49,711 | +628% |
| Financial charges | 65/66B | €3,300 | €10,444 | +€7,144 | +216% |
| Recurring financial charges | 65 | €3,300 | €10,444 | +€7,144 | +216% |
| Profit (loss) for the period before taxes | 9903 | €231,343 | €361,283 | +€129,940 | +56.2% |
| Income taxes | 67/77 | €69,539 | €113,353 | +€43,815 | +63.0% |
| Profit (loss) for the period | 9904 | €161,805 | €247,930 | +€86,125 | +53.2% |
| Profit (loss) for the period to be appropriated | 9905 | €161,805 | €247,930 | +€86,125 | +53.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.