DR. STEFAN CLOCKAERTS: 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. STEFAN CLOCKAERTS
Largest movements
- Deferred charges and accrued income -€62,055
down €62,055 (-30.8%), from €201,449 to €139,394
- Receivables within one year -€36,262
down €36,262 (-92.7%), from €39,117 to €2,855
of which Other amounts receivable: -€34,266
- Cash +€33,413
up €33,413 (+923%), from €3,622 to €37,035
mainly Net result for the year (+€229,167) and Deferred charges and accrued income (+€62,055)
- Tangible fixed assets -€2,653
down €2,653 (-21.3%), from €12,442 to €9,790
- Reserves -€97,800
no longer reported in 2025 (was €97,800)
- Profit (loss) carried forward +€79,167
new in 2025: €79,167
- Current portion of long-term debt -€28,542
no longer reported in 2025 (was €28,542)
- Other debts -€10,029
down €10,029 (-10.0%), from €100,000 to €89,971
- Tax, wage and social debts -€6,504
no longer reported in 2025 (was €6,504)
- Gross operating margin +€42,947
up €42,947 (+16.3%), from €263,518 to €306,465
- Taxes +€10,641
up €10,641 (+17.3%), from €61,504 to €72,145
- Depreciation +€3,699
up €3,699 (+174%), from €2,127 to €5,826
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 | €256,630 | €189,073 | -€67,557 | -26.3% |
| Fixed assets | 21/28 | €12,442 | €9,790 | -€2,653 | -21.3% |
| Tangible fixed assets | 22/27 | €12,442 | €9,790 | -€2,653 | -21.3% |
| Furniture and vehicles | 24 | €12,442 | €9,790 | -€2,653 | -21.3% |
| Current assets | 29/58 | €244,188 | €179,283 | -€64,904 | -26.6% |
| Amounts receivable within one year | 40/41 | €39,117 | €2,855 | -€36,262 | -92.7% |
| Trade receivables | 40 | €1,997 | - | -€1,997 | |
| Other amounts receivable | 41 | €37,121 | €2,855 | -€34,266 | -92.3% |
| Cash at bank and in hand | 54/58 | €3,622 | €37,035 | +€33,413 | +923% |
| Deferred charges and accrued income | 490/1 | €201,449 | €139,394 | -€62,055 | -30.8% |
| Total equity and liabilities | 10/49 | €256,630 | €189,073 | -€67,557 | -26.3% |
| Equity | 10/15 | €116,400 | €97,767 | -€18,634 | -16.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €97,800 | - | -€97,800 | |
| Distributable reserves | 133 | €97,800 | - | -€97,800 | |
| Profit (loss) carried forward | 14 | - | €79,167 | +€79,167 | |
| Amounts payable | 17/49 | €140,230 | €91,306 | -€48,924 | -34.9% |
| Amounts payable within one year | 42/48 | €140,230 | €91,306 | -€48,924 | -34.9% |
| Current portion of amounts payable after more than one year | 42 | €28,542 | - | -€28,542 | |
| Financial debts | 43 | €516 | €476 | -€41 | -7.8% |
| Credit institutions | 430/8 | €516 | €3 | -€514 | -99.5% |
| Other loans | 439 | - | €473 | +€473 | |
| Trade debts | 44 | €4,667 | €859 | -€3,808 | -81.6% |
| Suppliers | 440/4 | €4,667 | €859 | -€3,808 | -81.6% |
| Taxes, remuneration and social security | 45 | €6,504 | - | -€6,504 | |
| Taxes | 450/3 | €6,504 | - | -€6,504 | |
| Other amounts payable | 47/48 | €100,000 | €89,971 | -€10,029 | -10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,127 | €5,826 | +€3,699 | +174% |
| Other operating charges | 640/8 | €415 | €311 | -€104 | -25.0% |
| Non-recurring operating charges | 66A | €257 | - | -€257 | |
| Gross operating margin | 9900 | €263,518 | €306,465 | +€42,947 | +16.3% |
| Operating profit (loss) | 9901 | €260,718 | €300,328 | +€39,609 | +15.2% |
| Financial income | 75/76B | €1,101 | €2,593 | +€1,492 | +135% |
| Recurring financial income | 75 | €1,101 | €2,593 | +€1,492 | +135% |
| Financial charges | 65/66B | €2,515 | €1,609 | -€906 | -36.0% |
| Recurring financial charges | 65 | €2,515 | €1,609 | -€906 | -36.0% |
| Profit (loss) for the period before taxes | 9903 | €259,304 | €301,312 | +€42,007 | +16.2% |
| Income taxes | 67/77 | €61,504 | €72,145 | +€10,641 | +17.3% |
| Profit (loss) for the period | 9904 | €197,800 | €229,167 | +€31,366 | +15.9% |
| Profit (loss) for the period to be appropriated | 9905 | €197,800 | €229,167 | +€31,366 | +15.9% |
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 27 October 2026 via checked.be.