Dr. Marc Claessens: 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. Marc Claessens
Largest movements
- Current investments +€88,803
up €88,803 (+23.4%), from €379,829 to €468,632
- Receivables within one year +€44,962
up €44,962 (+38.4%), from €117,032 to €161,994
of which Trade receivables: +€25,706
- Cash +€20,306
up €20,306 (+6.4%), from €316,920 to €337,226
mainly Net result for the year (+€127,939) and Other debts (+€83,558)
- Tangible fixed assets -€10,732
down €10,732 (-18.5%), from €58,110 to €47,377
of which Land and buildings: -€8,072
- Other debts +€83,558
up €83,558 (+34.3%), from €243,555 to €327,113
- Reserves +€37,939
up €37,939 (+5.9%), from €639,357 to €677,296
of which Distributable reserves: +€37,939
- Tax, wage and social debts +€20,384
up €20,384 (+435%), from €4,682 to €25,066
- Gross operating margin +€66,734
up €66,734 (+45.7%), from €146,053 to €212,787
- Taxes +€20,674
up €20,674 (+60.9%), from €33,959 to €54,633
- Financial charges +€7,832
up €7,832 (+46.7%), from €16,759 to €24,591
- Financial income +€4,144
up €4,144 (+211%), from €1,962 to €6,106
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 | €912,315 | €1,055,229 | +€142,914 | +15.7% |
| Fixed assets | 21/28 | €98,110 | €87,377 | -€10,732 | -10.9% |
| Tangible fixed assets | 22/27 | €58,110 | €47,377 | -€10,732 | -18.5% |
| Land and buildings | 22 | €51,708 | €43,637 | -€8,072 | -15.6% |
| Plant, machinery and equipment | 23 | €4,666 | €3,741 | -€926 | -19.8% |
| Furniture and vehicles | 24 | €1,735 | €0 | -€1,735 | -100% |
| Financial fixed assets | 28 | €40,000 | €40,000 | = | 0.0% |
| Current assets | 29/58 | €814,205 | €967,851 | +€153,646 | +18.9% |
| Amounts receivable within one year | 40/41 | €117,032 | €161,994 | +€44,962 | +38.4% |
| Trade receivables | 40 | €115,674 | €141,380 | +€25,706 | +22.2% |
| Other amounts receivable | 41 | €1,358 | €20,613 | +€19,256 | +1,418% |
| Current investments | 50/53 | €379,829 | €468,632 | +€88,803 | +23.4% |
| Cash at bank and in hand | 54/58 | €316,920 | €337,226 | +€20,306 | +6.4% |
| Deferred charges and accrued income | 490/1 | €424 | €0 | -€424 | -100% |
| Total equity and liabilities | 10/49 | €912,315 | €1,055,229 | +€142,914 | +15.7% |
| Equity | 10/15 | €657,957 | €695,896 | +€37,939 | +5.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €639,357 | €677,296 | +€37,939 | +5.9% |
| 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 | €637,497 | €675,436 | +€37,939 | +6.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €254,358 | €359,333 | +€104,975 | +41.3% |
| Amounts payable within one year | 42/48 | €254,358 | €359,333 | +€104,975 | +41.3% |
| Trade debts | 44 | €6,121 | €7,154 | +€1,033 | +16.9% |
| Suppliers | 440/4 | €6,121 | €7,154 | +€1,033 | +16.9% |
| Taxes, remuneration and social security | 45 | €4,682 | €25,066 | +€20,384 | +435% |
| Taxes | 450/3 | €4,682 | €25,066 | +€20,384 | +435% |
| Other amounts payable | 47/48 | €243,555 | €327,113 | +€83,558 | +34.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,524 | €10,732 | -€792 | -6.9% |
| Other operating charges | 640/8 | €1,467 | €997 | -€470 | -32.0% |
| Gross operating margin | 9900 | €146,053 | €212,787 | +€66,734 | +45.7% |
| Operating profit (loss) | 9901 | €133,062 | €201,058 | +€67,996 | +51.1% |
| Financial income | 75/76B | €1,962 | €6,106 | +€4,144 | +211% |
| Recurring financial income | 75 | €1,962 | €6,106 | +€4,144 | +211% |
| Financial charges | 65/66B | €16,759 | €24,591 | +€7,832 | +46.7% |
| Recurring financial charges | 65 | €16,759 | €24,591 | +€7,832 | +46.7% |
| Profit (loss) for the period before taxes | 9903 | €118,265 | €182,573 | +€64,308 | +54.4% |
| Income taxes | 67/77 | €33,959 | €54,633 | +€20,674 | +60.9% |
| Profit (loss) for the period | 9904 | €84,306 | €127,939 | +€43,634 | +51.8% |
| Profit (loss) for the period to be appropriated | 9905 | €84,306 | €127,939 | +€43,634 | +51.8% |
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 26 October 2026 via checked.be.