Dr. Steven Claes: 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. Steven Claes
Largest movements
- Receivables within one year +€54,039
up €54,039 (+18.3%), from €295,712 to €349,751
of which Other amounts receivable: +€36,210
- Tangible fixed assets -€12,616
down €12,616 (-2.5%), from €501,024 to €488,408
of which Land and buildings: -€14,179
- Cash -€8,967
down €8,967 (-14.5%), from €61,685 to €52,718
mainly Contributions, distributions and other (-€700,000) and Receivables within one year (-€54,039)
- Other debts +€500,000
new in 2025: €500,000
- Reserves -€401,800
down €401,800 (-95.4%), from €421,363 to €19,563
- Debts after one year -€49,373
down €49,373 (-15.8%), from €312,316 to €262,943
- Tax, wage and social debts -€10,684
down €10,684 (-23.8%), from €44,843 to €34,159
- Financial income +€4,988
up €4,988 (+58.8%), from €8,483 to €13,471
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 | €859,201 | €890,876 | +€31,676 | +3.7% |
| Fixed assets | 21/28 | €501,024 | €488,408 | -€12,616 | -2.5% |
| Tangible fixed assets | 22/27 | €501,024 | €488,408 | -€12,616 | -2.5% |
| Land and buildings | 22 | €497,897 | €483,719 | -€14,179 | -2.8% |
| Furniture and vehicles | 24 | €3,126 | €4,689 | +€1,563 | +50.0% |
| Current assets | 29/58 | €358,177 | €402,469 | +€44,292 | +12.4% |
| Amounts receivable within one year | 40/41 | €295,712 | €349,751 | +€54,039 | +18.3% |
| Trade receivables | 40 | €104,643 | €122,472 | +€17,829 | +17.0% |
| Other amounts receivable | 41 | €191,069 | €227,279 | +€36,210 | +19.0% |
| Cash at bank and in hand | 54/58 | €61,685 | €52,718 | -€8,967 | -14.5% |
| Deferred charges and accrued income | 490/1 | €780 | €0 | -€780 | -100% |
| Total equity and liabilities | 10/49 | €859,201 | €890,876 | +€31,676 | +3.7% |
| Equity | 10/15 | €439,963 | €38,163 | -€401,800 | -91.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €421,363 | €19,563 | -€401,800 | -95.4% |
| Distributable reserves | 133 | €421,363 | €19,563 | -€401,800 | -95.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €419,238 | €852,714 | +€433,476 | +103% |
| Amounts payable after more than one year | 17 | €312,316 | €262,943 | -€49,373 | -15.8% |
| Financial debts | 170/4 | €312,316 | €262,943 | -€49,373 | -15.8% |
| Amounts payable within one year | 42/48 | €106,922 | €589,771 | +€482,848 | +452% |
| Current portion of amounts payable after more than one year | 42 | €56,019 | €49,373 | -€6,646 | -11.9% |
| Financial debts | 43 | - | €368 | +€368 | |
| Credit institutions | 430/8 | - | €368 | +€368 | |
| Trade debts | 44 | €6,060 | €5,872 | -€189 | -3.1% |
| Suppliers | 440/4 | €6,060 | €5,872 | -€189 | -3.1% |
| Taxes, remuneration and social security | 45 | €44,843 | €34,159 | -€10,684 | -23.8% |
| Taxes | 450/3 | €44,843 | €34,159 | -€10,684 | -23.8% |
| Other amounts payable | 47/48 | - | €500,000 | +€500,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,713 | €22,892 | +€179 | +0.8% |
| Other operating charges | 640/8 | €2,883 | €3,053 | +€170 | +5.9% |
| Gross operating margin | 9900 | €422,085 | €425,407 | +€3,321 | +0.8% |
| Operating profit (loss) | 9901 | €396,489 | €399,462 | +€2,972 | +0.7% |
| Financial income | 75/76B | €8,483 | €13,471 | +€4,988 | +58.8% |
| Recurring financial income | 75 | €8,483 | €13,471 | +€4,988 | +58.8% |
| Financial charges | 65/66B | €16,191 | €13,730 | -€2,460 | -15.2% |
| Recurring financial charges | 65 | €16,191 | €13,730 | -€2,460 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | €388,781 | €399,202 | +€10,421 | +2.7% |
| Income taxes | 67/77 | €98,156 | €101,002 | +€2,846 | +2.9% |
| Profit (loss) for the period | 9904 | €290,625 | €298,200 | +€7,575 | +2.6% |
| Profit (loss) for the period to be appropriated | 9905 | €290,625 | €298,200 | +€7,575 | +2.6% |
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.