Dr. Katrien Claes: what changed
Dr. Katrien Claes
Largest movements
- Tangible fixed assets -€28,202
down €28,202 (-25.5%), from €110,690 to €82,488
- Receivables within one year +€21,919
up €21,919 (+95.0%), from €23,067 to €44,985
of which Other amounts receivable: +€19,011
- Cash -€21,519
down €21,519 (-39.5%), from €54,507 to €32,988
mainly Receivables within one year (-€21,919) and Debts after one year (-€18,851)
- Debts after one year -€18,851
down €18,851 (-57.4%), from €32,855 to €14,004
- Tax, wage and social debts -€5,789
down €5,789 (-29.4%), from €19,665 to €13,876
of which Taxes: -€3,679
- Current portion of long-term debt -€3,671
down €3,671 (-16.3%), from €22,522 to €18,851
- Reserves +€2,671
up €2,671 (+2.4%), from €112,300 to €114,971
of which Distributable reserves: +€2,671
- Gross operating margin -€25,976
down €25,976 (-15.9%), from €163,459 to €137,483
- Depreciation -€7,796
down €7,796 (-20.8%), from €37,398 to €29,602
- Taxes -€5,944
down €5,944 (-63.7%), from €9,334 to €3,390
- Staff costs +€2,672
up €2,672 (+2.7%), from €97,280 to €99,952
- Other operating charges -€2,088
down €2,088 (-70.6%), from €2,957 to €868
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €217,466 | €189,664 | -€27,802 | -12.8% |
| Fixed assets | 21/28 | €110,690 | €82,488 | -€28,202 | -25.5% |
| Tangible fixed assets | 22/27 | €110,690 | €82,488 | -€28,202 | -25.5% |
| Land and buildings | 22 | €14,006 | €10,684 | -€3,322 | -23.7% |
| Plant, machinery and equipment | 23 | €53,925 | €42,038 | -€11,887 | -22.0% |
| Furniture and vehicles | 24 | €39,370 | €26,776 | -€12,594 | -32.0% |
| Other tangible fixed assets | 26 | €3,389 | €2,991 | -€399 | -11.8% |
| Current assets | 29/58 | €106,776 | €107,176 | +€400 | +0.4% |
| Amounts receivable within one year | 40/41 | €23,067 | €44,985 | +€21,919 | +95.0% |
| Trade receivables | 40 | €23,067 | €25,975 | +€2,908 | +12.6% |
| Other amounts receivable | 41 | - | €19,011 | +€19,011 | |
| Current investments | 50/53 | €29,202 | €29,202 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €54,507 | €32,988 | -€21,519 | -39.5% |
| Total equity and liabilities | 10/49 | €217,466 | €189,664 | -€27,802 | -12.8% |
| Equity | 10/15 | €132,300 | €134,971 | +€2,671 | +2.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €112,300 | €114,971 | +€2,671 | +2.4% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €110,300 | €112,971 | +€2,671 | +2.4% |
| Amounts payable | 17/49 | €85,166 | €54,693 | -€30,473 | -35.8% |
| Amounts payable after more than one year | 17 | €32,855 | €14,004 | -€18,851 | -57.4% |
| Financial debts | 170/4 | €32,855 | €14,004 | -€18,851 | -57.4% |
| Amounts payable within one year | 42/48 | €52,311 | €40,689 | -€11,622 | -22.2% |
| Current portion of amounts payable after more than one year | 42 | €22,522 | €18,851 | -€3,671 | -16.3% |
| Trade debts | 44 | €2,127 | €162 | -€1,965 | -92.4% |
| Suppliers | 440/4 | €2,127 | €162 | -€1,965 | -92.4% |
| Advances received on contracts in progress | 46 | €7,800 | €7,800 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €19,665 | €13,876 | -€5,789 | -29.4% |
| Taxes | 450/3 | €6,502 | €2,823 | -€3,679 | -56.6% |
| Remuneration and social security | 454/9 | €13,163 | €11,053 | -€2,109 | -16.0% |
| Other amounts payable | 47/48 | €198 | - | -€198 | |
| Remuneration, social security and pensions | 62 | €97,280 | €99,952 | +€2,672 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,398 | €29,602 | -€7,796 | -20.8% |
| Other operating charges | 640/8 | €2,957 | €868 | -€2,088 | -70.6% |
| Gross operating margin | 9900 | €163,459 | €137,483 | -€25,976 | -15.9% |
| Operating profit (loss) | 9901 | €25,824 | €7,061 | -€18,763 | -72.7% |
| Financial income | 75/76B | €199 | €431 | +€232 | +117% |
| Recurring financial income | 75 | €199 | €431 | +€232 | +117% |
| Financial charges | 65/66B | €85 | €1,430 | +€1,345 | +1,583% |
| Recurring financial charges | 65 | €85 | €1,430 | +€1,345 | +1,583% |
| Profit (loss) for the period before taxes | 9903 | €25,937 | €6,061 | -€19,876 | -76.6% |
| Income taxes | 67/77 | €9,334 | €3,390 | -€5,944 | -63.7% |
| Profit (loss) for the period | 9904 | €16,604 | €2,671 | -€13,932 | -83.9% |
| Profit (loss) for the period to be appropriated | 9905 | €16,604 | €2,671 | -€13,932 | -83.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.