Dr. K. CLUYSEN: 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. CLUYSEN
Largest movements
- Cash -€180,963
down €180,963 (-84.1%), from €215,270 to €34,308
mainly Other debts (-€126,988) and Tax, wage and social debts (-€37,076)
- Receivables within one year +€13,743
up €13,743 (+1,648%), from €834 to €14,577
of which Other amounts receivable: +€7,518
- Deferred charges and accrued income -€4,068
down €4,068 (-49.0%), from €8,298 to €4,229
- Tangible fixed assets -€3,685
down €3,685 (-2.6%), from €139,265 to €135,579
of which Furniture and vehicles: -€12,143
- Other debts -€126,988
down €126,988 (-66.0%), from €192,540 to €65,552
- Tax, wage and social debts -€37,076
down €37,076 (-89.5%), from €41,432 to €4,356
- Debts after one year -€15,242
down €15,242 (-14.5%), from €105,445 to €90,204
- Trade debts +€3,993
up €3,993 (+91.9%), from €4,347 to €8,340
- Gross operating margin -€10,363
down €10,363 (-14.6%), from €70,947 to €60,584
- Depreciation +€9,058
up €9,058 (+107%), from €8,490 to €17,548
- Taxes -€3,018
down €3,018 (-22.9%), from €13,166 to €10,148
- Financial income -€1,506
down €1,506 (-100.0%), from €1,506 to €0
- Financial charges +€986
up €986 (+94.5%), from €1,042 to €2,028
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 | €363,666 | €188,693 | -€174,973 | -48.1% |
| Fixed assets | 21/28 | €139,265 | €135,579 | -€3,685 | -2.6% |
| Tangible fixed assets | 22/27 | €139,265 | €135,579 | -€3,685 | -2.6% |
| Land and buildings | 22 | €81,048 | €89,505 | +€8,457 | +10.4% |
| Furniture and vehicles | 24 | €58,217 | €46,074 | -€12,143 | -20.9% |
| Current assets | 29/58 | €224,402 | €53,114 | -€171,288 | -76.3% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €834 | €14,577 | +€13,743 | +1,648% |
| Trade receivables | 40 | - | €6,225 | +€6,225 | |
| Other amounts receivable | 41 | €834 | €8,352 | +€7,518 | +902% |
| Cash at bank and in hand | 54/58 | €215,270 | €34,308 | -€180,963 | -84.1% |
| Deferred charges and accrued income | 490/1 | €8,298 | €4,229 | -€4,068 | -49.0% |
| Total equity and liabilities | 10/49 | €363,666 | €188,693 | -€174,973 | -48.1% |
| Equity | 10/15 | €5,000 | €5,000 | = | 0.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €358,666 | €183,693 | -€174,973 | -48.8% |
| Amounts payable after more than one year | 17 | €105,445 | €90,204 | -€15,242 | -14.5% |
| Financial debts | 170/4 | €105,445 | €90,204 | -€15,242 | -14.5% |
| Amounts payable within one year | 42/48 | €253,221 | €93,490 | -€159,731 | -63.1% |
| Current portion of amounts payable after more than one year | 42 | €14,902 | €15,242 | +€340 | +2.3% |
| Trade debts | 44 | €4,347 | €8,340 | +€3,993 | +91.9% |
| Suppliers | 440/4 | €4,347 | €8,340 | +€3,993 | +91.9% |
| Taxes, remuneration and social security | 45 | €41,432 | €4,356 | -€37,076 | -89.5% |
| Remuneration and social security | 454/9 | €41,432 | €4,356 | -€37,076 | -89.5% |
| Other amounts payable | 47/48 | €192,540 | €65,552 | -€126,988 | -66.0% |
| Non-recurring operating income | 76A | €3,366 | €0 | -€3,366 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,490 | €17,548 | +€9,058 | +107% |
| Other operating charges | 640/8 | €1,767 | €1,821 | +€54 | +3.0% |
| Gross operating margin | 9900 | €70,947 | €60,584 | -€10,363 | -14.6% |
| Operating profit (loss) | 9901 | €60,690 | €41,215 | -€19,475 | -32.1% |
| Financial income | 75/76B | €1,506 | €0 | -€1,506 | -100.0% |
| Recurring financial income | 75 | €1,506 | €0 | -€1,506 | -100.0% |
| Financial charges | 65/66B | €1,042 | €2,028 | +€986 | +94.5% |
| Recurring financial charges | 65 | €1,042 | €2,028 | +€986 | +94.5% |
| Profit (loss) for the period before taxes | 9903 | €61,153 | €39,187 | -€21,966 | -35.9% |
| Income taxes | 67/77 | €13,166 | €10,148 | -€3,018 | -22.9% |
| Profit (loss) for the period | 9904 | €47,987 | €29,039 | -€18,948 | -39.5% |
| Profit (loss) for the period to be appropriated | 9905 | €47,987 | €29,039 | -€18,948 | -39.5% |
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.