Dr. K. Clotman: 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. K. Clotman
Largest movements
- Current investments -€90,000
down €90,000 (-64.3%), from €140,000 to €50,000
- Tangible fixed assets +€79,079
up €79,079 (+233%), from €33,938 to €113,018
of which Furniture and vehicles: +€82,284
- Cash -€16,932
down €16,932 (-19.5%), from €86,720 to €69,787
mainly Other debts (-€195,157) and Investment in fixed assets (net) (-€103,656)
- Other debts -€195,157
down €195,157 (-97.7%), from €199,773 to €4,616
- Profit (loss) carried forward +€139,730
up €139,730 (+1,421%), from €9,832 to €149,562
- Debts after one year +€40,018
new in 2025: €40,018
- Tax, wage and social debts -€27,990
down €27,990 (-89.4%), from €31,318 to €3,328
- Current portion of long-term debt +€11,547
new in 2025: €11,547
- Gross operating margin +€35,822
up €35,822 (+12.8%), from €280,921 to €316,743
- Financial income +€19,359
up €19,359 (+581%), from €3,330 to €22,689
of which Non-recurring financial income: +€20,000
- Depreciation +€18,978
up €18,978 (+339%), from €5,598 to €24,576
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 | €262,939 | €235,169 | -€27,770 | -10.6% |
| Fixed assets | 21/28 | €33,938 | €113,018 | +€79,079 | +233% |
| Tangible fixed assets | 22/27 | €33,938 | €113,018 | +€79,079 | +233% |
| Furniture and vehicles | 24 | €7,750 | €90,034 | +€82,284 | +1,062% |
| Other tangible fixed assets | 26 | €26,188 | €22,984 | -€3,204 | -12.2% |
| Current assets | 29/58 | €229,001 | €122,152 | -€106,849 | -46.7% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Current investments | 50/53 | €140,000 | €50,000 | -€90,000 | -64.3% |
| Cash at bank and in hand | 54/58 | €86,720 | €69,787 | -€16,932 | -19.5% |
| Deferred charges and accrued income | 490/1 | €2,281 | €2,365 | +€84 | +3.7% |
| Total equity and liabilities | 10/49 | €262,939 | €235,169 | -€27,770 | -10.6% |
| Equity | 10/15 | €28,382 | €168,112 | +€139,730 | +492% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,832 | €149,562 | +€139,730 | +1,421% |
| Amounts payable | 17/49 | €234,557 | €67,058 | -€167,500 | -71.4% |
| Amounts payable after more than one year | 17 | - | €40,018 | +€40,018 | |
| Financial debts | 170/4 | - | €40,018 | +€40,018 | |
| Amounts payable within one year | 42/48 | €234,557 | €27,040 | -€207,518 | -88.5% |
| Current portion of amounts payable after more than one year | 42 | - | €11,547 | +€11,547 | |
| Trade debts | 44 | €3,466 | €7,549 | +€4,082 | +118% |
| Suppliers | 440/4 | €3,466 | €7,549 | +€4,082 | +118% |
| Taxes, remuneration and social security | 45 | €31,318 | €3,328 | -€27,990 | -89.4% |
| Taxes | 450/3 | €31,318 | €3,328 | -€27,990 | -89.4% |
| Other amounts payable | 47/48 | €199,773 | €4,616 | -€195,157 | -97.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,598 | €24,576 | +€18,978 | +339% |
| Other operating charges | 640/8 | €990 | €580 | -€410 | -41.4% |
| Gross operating margin | 9900 | €280,921 | €316,743 | +€35,822 | +12.8% |
| Operating profit (loss) | 9901 | €274,333 | €291,586 | +€17,254 | +6.3% |
| Financial income | 75/76B | €3,330 | €22,689 | +€19,359 | +581% |
| Recurring financial income | 75 | €3,330 | €2,689 | -€641 | -19.2% |
| Non-recurring financial income | 76B | - | €20,000 | +€20,000 | |
| Financial charges | 65/66B | €128 | €1,728 | +€1,601 | +1,252% |
| Recurring financial charges | 65 | €128 | €1,728 | +€1,601 | +1,252% |
| Profit (loss) for the period before taxes | 9903 | €277,534 | €312,547 | +€35,013 | +12.6% |
| Income taxes | 67/77 | €72,316 | €72,817 | +€501 | +0.7% |
| Profit (loss) for the period | 9904 | €205,218 | €239,730 | +€34,512 | +16.8% |
| Profit (loss) for the period to be appropriated | 9905 | €205,218 | €239,730 | +€34,512 | +16.8% |
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 23 October 2026 via checked.be.