DR. MARGOT 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. MARGOT CLAUS
Largest movements
- Cash -€90,051
down €90,051 (-39.0%), from €230,856 to €140,804
mainly Other debts (-€164,704) and Debts after one year (-€63,900)
- Tangible fixed assets -€57,510
down €57,510 (-4.8%), from €1.2m to €1.1m
of which Furniture and vehicles: -€51,178
- Intangible fixed assets -€25,000
down €25,000 (-25.0%), from €100,000 to €75,000
- Other debts -€164,704
down €164,704 (-58.6%), from €281,146 to €116,443
- Reserves +€115,057
up €115,057 (+74.1%), from €155,263 to €270,321
- Debts after one year -€63,900
down €63,900 (-6.7%), from €960,535 to €896,635
- Tax, wage and social debts -€28,037
down €28,037 (-83.3%), from €33,673 to €5,636
of which Taxes: -€24,237
- Gross operating margin -€63,567
down €63,567 (-16.4%), from €387,913 to €324,346
- Depreciation -€18,206
down €18,206 (-15.2%), from €119,600 to €101,394
- Taxes -€9,176
down €9,176 (-21.5%), from €42,628 to €33,453
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 | €1,563,154 | €1,385,805 | -€177,349 | -11.3% |
| Fixed assets | 21/28 | €1,296,814 | €1,214,304 | -€82,510 | -6.4% |
| Intangible fixed assets | 21 | €100,000 | €75,000 | -€25,000 | -25.0% |
| Tangible fixed assets | 22/27 | €1,196,814 | €1,139,304 | -€57,510 | -4.8% |
| Land and buildings | 22 | €726,570 | €708,617 | -€17,953 | -2.5% |
| Plant, machinery and equipment | 23 | €384,484 | €380,769 | -€3,715 | -1.0% |
| Furniture and vehicles | 24 | €52,634 | €1,456 | -€51,178 | -97.2% |
| Other tangible fixed assets | 26 | €33,127 | €48,463 | +€15,336 | +46.3% |
| Current assets | 29/58 | €266,339 | €171,501 | -€94,839 | -35.6% |
| Amounts receivable within one year | 40/41 | €26,004 | €22,549 | -€3,455 | -13.3% |
| Trade receivables | 40 | €23,632 | €13,630 | -€10,002 | -42.3% |
| Other amounts receivable | 41 | €2,372 | €8,919 | +€6,547 | +276% |
| Current investments | 50/53 | €5,000 | €5,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €230,856 | €140,804 | -€90,051 | -39.0% |
| Deferred charges and accrued income | 490/1 | €4,480 | €3,148 | -€1,333 | -29.7% |
| Total equity and liabilities | 10/49 | €1,563,154 | €1,385,805 | -€177,349 | -11.3% |
| Equity | 10/15 | €165,263 | €280,321 | +€115,057 | +69.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €155,263 | €270,321 | +€115,057 | +74.1% |
| Distributable reserves | 133 | €155,263 | €270,321 | +€115,057 | +74.1% |
| Amounts payable | 17/49 | €1,397,891 | €1,105,484 | -€292,406 | -20.9% |
| Amounts payable after more than one year | 17 | €960,535 | €896,635 | -€63,900 | -6.7% |
| Financial debts | 170/4 | €960,535 | €896,635 | -€63,900 | -6.7% |
| Amounts payable within one year | 42/48 | €437,347 | €208,849 | -€228,498 | -52.2% |
| Current portion of amounts payable after more than one year | 42 | €94,015 | €80,302 | -€13,713 | -14.6% |
| Financial debts | 43 | €14,629 | - | -€14,629 | |
| Credit institutions | 430/8 | €14,629 | - | -€14,629 | |
| Trade debts | 44 | €6,674 | €6,468 | -€206 | -3.1% |
| Suppliers | 440/4 | €6,674 | €6,468 | -€206 | -3.1% |
| Advances received on contracts in progress | 46 | €7,210 | - | -€7,210 | |
| Taxes, remuneration and social security | 45 | €33,673 | €5,636 | -€28,037 | -83.3% |
| Taxes | 450/3 | €24,237 | - | -€24,237 | |
| Remuneration and social security | 454/9 | €9,436 | €5,636 | -€3,800 | -40.3% |
| Other amounts payable | 47/48 | €281,146 | €116,443 | -€164,704 | -58.6% |
| Accrued charges and deferred income | 492/3 | €8 | - | -€8 | |
| Non-recurring operating income | 76A | €0 | - | -€0 | |
| Remuneration, social security and pensions | 62 | €43,754 | €45,707 | +€1,953 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,600 | €101,394 | -€18,206 | -15.2% |
| Other operating charges | 640/8 | €4,408 | €2,908 | -€1,500 | -34.0% |
| Non-recurring operating charges | 66A | - | €3,949 | +€3,949 | |
| Gross operating margin | 9900 | €387,913 | €324,346 | -€63,567 | -16.4% |
| Operating profit (loss) | 9901 | €220,150 | €170,388 | -€49,763 | -22.6% |
| Financial income | 75/76B | - | €297 | +€297 | |
| Recurring financial income | 75 | - | €297 | +€297 | |
| Financial charges | 65/66B | €22,259 | €22,175 | -€84 | -0.4% |
| Recurring financial charges | 65 | €22,259 | €22,175 | -€84 | -0.4% |
| Profit (loss) for the period before taxes | 9903 | €197,892 | €148,510 | -€49,382 | -25.0% |
| Income taxes | 67/77 | €42,628 | €33,453 | -€9,176 | -21.5% |
| Profit (loss) for the period | 9904 | €155,263 | €115,057 | -€40,206 | -25.9% |
| Profit (loss) for the period to be appropriated | 9905 | €155,263 | €115,057 | -€40,206 | -25.9% |
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 1 November 2026 via checked.be.