DR. M. CLAUS: 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. M. CLAUS
Largest movements
- Deferred charges and accrued income +€44,283
up €44,283 (+1,253%), from €3,534 to €47,817
- Current investments +€36,119
up €36,119 (+9.4%), from €383,064 to €419,184
- Cash -€29,846
down €29,846 (-35.1%), from €85,006 to €55,160
mainly Debts after one year (-€52,357) and Deferred charges and accrued income (-€44,283)
- Tangible fixed assets -€21,631
down €21,631 (-3.0%), from €718,236 to €696,605
of which Land and buildings: -€19,991
- Debts after one year -€52,357
down €52,357 (-15.8%), from €331,612 to €279,255
- Reserves +€35,383
up €35,383 (+5.2%), from €683,415 to €718,798
of which Distributable reserves: +€35,383
- Accrued charges and deferred income +€32,509
up €32,509 (+45.8%), from €70,965 to €103,474
- Tax, wage and social debts +€12,742
new in 2025: €12,742
- Gross operating margin -€26,061
down €26,061 (-23.7%), from €110,122 to €84,062
- Taxes -€6,663
down €6,663 (-31.5%), from €21,155 to €14,492
- Financial income +€1,438
up €1,438 (+43.4%), from €3,317 to €4,755
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 | €1,196,127 | €1,222,469 | +€26,342 | +2.2% |
| Fixed assets | 21/28 | €718,236 | €696,605 | -€21,631 | -3.0% |
| Tangible fixed assets | 22/27 | €718,236 | €696,605 | -€21,631 | -3.0% |
| Land and buildings | 22 | €708,333 | €688,342 | -€19,991 | -2.8% |
| Plant, machinery and equipment | 23 | €2,208 | €1,445 | -€763 | -34.6% |
| Furniture and vehicles | 24 | €7,696 | €6,819 | -€877 | -11.4% |
| Current assets | 29/58 | €477,891 | €525,863 | +€47,972 | +10.0% |
| Amounts receivable within one year | 40/41 | €6,286 | €3,702 | -€2,584 | -41.1% |
| Other amounts receivable | 41 | €6,286 | €3,702 | -€2,584 | -41.1% |
| Current investments | 50/53 | €383,064 | €419,184 | +€36,119 | +9.4% |
| Cash at bank and in hand | 54/58 | €85,006 | €55,160 | -€29,846 | -35.1% |
| Deferred charges and accrued income | 490/1 | €3,534 | €47,817 | +€44,283 | +1,253% |
| Total equity and liabilities | 10/49 | €1,196,127 | €1,222,469 | +€26,342 | +2.2% |
| Equity | 10/15 | €695,815 | €731,198 | +€35,383 | +5.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €683,415 | €718,798 | +€35,383 | +5.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €681,555 | €716,938 | +€35,383 | +5.2% |
| Amounts payable | 17/49 | €500,311 | €491,271 | -€9,041 | -1.8% |
| Amounts payable after more than one year | 17 | €331,612 | €279,255 | -€52,357 | -15.8% |
| Financial debts | 170/4 | €331,612 | €279,255 | -€52,357 | -15.8% |
| Amounts payable within one year | 42/48 | €97,734 | €108,541 | +€10,808 | +11.1% |
| Current portion of amounts payable after more than one year | 42 | €51,250 | €52,357 | +€1,108 | +2.2% |
| Taxes, remuneration and social security | 45 | - | €12,742 | +€12,742 | |
| Taxes | 450/3 | - | €12,742 | +€12,742 | |
| Other amounts payable | 47/48 | €46,484 | €43,442 | -€3,042 | -6.5% |
| Accrued charges and deferred income | 492/3 | €70,965 | €103,474 | +€32,509 | +45.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,729 | €22,730 | +€1,000 | +4.6% |
| Other operating charges | 640/8 | €5,918 | €6,025 | +€106 | +1.8% |
| Gross operating margin | 9900 | €110,122 | €84,062 | -€26,061 | -23.7% |
| Operating profit (loss) | 9901 | €82,475 | €55,307 | -€27,168 | -32.9% |
| Financial income | 75/76B | €3,317 | €4,755 | +€1,438 | +43.4% |
| Recurring financial income | 75 | €3,317 | €4,755 | +€1,438 | +43.4% |
| Financial charges | 65/66B | €9,341 | €10,188 | +€847 | +9.1% |
| Recurring financial charges | 65 | €9,341 | €8,088 | -€1,253 | -13.4% |
| Non-recurring financial charges | 66B | - | €2,100 | +€2,100 | |
| Profit (loss) for the period before taxes | 9903 | €76,451 | €49,875 | -€26,576 | -34.8% |
| Income taxes | 67/77 | €21,155 | €14,492 | -€6,663 | -31.5% |
| Profit (loss) for the period | 9904 | €55,296 | €35,383 | -€19,913 | -36.0% |
| Profit (loss) for the period to be appropriated | 9905 | €55,296 | €35,383 | -€19,913 | -36.0% |
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.