Dr. Jonas Claeys: 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. Jonas Claeys
Largest movements
- Receivables after one year -€226,409
down €226,409 (-28.5%), from €795,000 to €568,591
- Cash -€64,871
down €64,871 (-25.0%), from €259,530 to €194,658
mainly Contributions, distributions and other (-€510,700) and Current investments (-€53,078)
- Current investments +€53,078
up €53,078 (+2,762%), from €1,922 to €55,000
- Deferred charges and accrued income -€36,576
down €36,576 (-53.9%), from €67,902 to €31,326
- Intangible fixed assets -€15,000
down €15,000 (-32.4%), from €46,250 to €31,250
- Reserves -€240,021
down €240,021 (-33.2%), from €723,401 to €483,380
of which Distributable reserves: -€240,021
- Current portion of long-term debt -€34,130
down €34,130 (-40.7%), from €83,861 to €49,731
- Trade debts -€26,193
down €26,193 (-57.2%), from €45,802 to €19,608
- Other debts +€15,990
up €15,990 (+6.3%), from €254,305 to €270,294
- Gross operating margin -€42,190
down €42,190 (-9.8%), from €430,393 to €388,203
- Staff costs +€20,377
new in 2025: €20,377
- Taxes -€20,348
down €20,348 (-18.0%), from €113,350 to €93,003
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 | €1,202,648 | €901,050 | -€301,598 | -25.1% |
| Fixed assets | 21/28 | €68,295 | €47,223 | -€21,072 | -30.9% |
| Intangible fixed assets | 21 | €46,250 | €31,250 | -€15,000 | -32.4% |
| Tangible fixed assets | 22/27 | €22,045 | €15,973 | -€6,072 | -27.5% |
| Plant, machinery and equipment | 23 | €3,682 | €4,854 | +€1,172 | +31.8% |
| Furniture and vehicles | 24 | €14,937 | €4,689 | -€10,248 | -68.6% |
| Other tangible fixed assets | 26 | €3,426 | €6,430 | +€3,004 | +87.7% |
| Current assets | 29/58 | €1,134,353 | €853,827 | -€280,525 | -24.7% |
| Amounts receivable after more than one year | 29 | €795,000 | €568,591 | -€226,409 | -28.5% |
| Other amounts receivable | 291 | €795,000 | €568,591 | -€226,409 | -28.5% |
| Amounts receivable within one year | 40/41 | €10,000 | €4,252 | -€5,748 | -57.5% |
| Other amounts receivable | 41 | €10,000 | €4,252 | -€5,748 | -57.5% |
| Current investments | 50/53 | €1,922 | €55,000 | +€53,078 | +2,762% |
| Cash at bank and in hand | 54/58 | €259,530 | €194,658 | -€64,871 | -25.0% |
| Deferred charges and accrued income | 490/1 | €67,902 | €31,326 | -€36,576 | -53.9% |
| Total equity and liabilities | 10/49 | €1,202,648 | €901,050 | -€301,598 | -25.1% |
| Equity | 10/15 | €735,801 | €501,980 | -€233,821 | -31.8% |
| Contributions | 10/11 | €12,400 | €18,600 | +€6,200 | +50.0% |
| Reserves | 13 | €723,401 | €483,380 | -€240,021 | -33.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €126,300 | €126,300 | = | 0.0% |
| Distributable reserves | 133 | €597,101 | €357,080 | -€240,021 | -40.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €466,847 | €399,070 | -€67,777 | -14.5% |
| Amounts payable after more than one year | 17 | €9,227 | €0 | -€9,227 | -100% |
| Financial debts | 170/4 | €9,227 | €0 | -€9,227 | -100% |
| Amounts payable within one year | 42/48 | €450,214 | €398,680 | -€51,534 | -11.4% |
| Current portion of amounts payable after more than one year | 42 | €83,861 | €49,731 | -€34,130 | -40.7% |
| Trade debts | 44 | €45,802 | €19,608 | -€26,193 | -57.2% |
| Suppliers | 440/4 | €45,802 | €19,608 | -€26,193 | -57.2% |
| Taxes, remuneration and social security | 45 | €66,248 | €59,047 | -€7,201 | -10.9% |
| Taxes | 450/3 | €66,248 | €56,248 | -€10,000 | -15.1% |
| Remuneration and social security | 454/9 | €0 | €2,799 | +€2,799 | |
| Other amounts payable | 47/48 | €254,305 | €270,294 | +€15,990 | +6.3% |
| Accrued charges and deferred income | 492/3 | €7,405 | €390 | -€7,016 | -94.7% |
| Non-recurring operating income | 76A | - | €8,406 | +€8,406 | |
| Remuneration, social security and pensions | 62 | - | €20,377 | +€20,377 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,412 | €19,983 | -€430 | -2.1% |
| Other operating charges | 640/8 | €1,269 | €2,027 | +€758 | +59.7% |
| Gross operating margin | 9900 | €430,393 | €388,203 | -€42,190 | -9.8% |
| Operating profit (loss) | 9901 | €408,712 | €345,817 | -€62,895 | -15.4% |
| Financial income | 75/76B | €27,776 | €30,773 | +€2,997 | +10.8% |
| Recurring financial income | 75 | €27,776 | €30,773 | +€2,997 | +10.8% |
| Financial charges | 65/66B | €10,237 | €6,709 | -€3,529 | -34.5% |
| Recurring financial charges | 65 | €10,237 | €6,709 | -€3,529 | -34.5% |
| Profit (loss) for the period before taxes | 9903 | €426,251 | €369,882 | -€56,370 | -13.2% |
| Income taxes | 67/77 | €113,350 | €93,003 | -€20,348 | -18.0% |
| Profit (loss) for the period | 9904 | €312,901 | €276,879 | -€36,022 | -11.5% |
| Transfer to tax-exempt reserves | 689 | €84,200 | €0 | -€84,200 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €228,701 | €276,879 | +€48,178 | +21.1% |
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 30 October 2026 via checked.be.