Dr. Tom 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. Tom Claes
Largest movements
- Receivables within one year +€43,268
up €43,268 (+40.3%), from €107,421 to €150,689
- Tangible fixed assets -€37,425
down €37,425 (-3.5%), from €1.1m to €1.0m
of which Land and buildings: -€23,785
- Current investments +€25,800
up €25,800 (+97.4%), from €26,500 to €52,300
- Cash -€18,933
down €18,933 (-21.0%), from €89,967 to €71,034
mainly Contributions, distributions and other (-€250,000) and Debts after one year (-€95,321)
- Debts after one year -€95,321
down €95,321 (-16.6%), from €575,517 to €480,196
- Reserves +€65,110
up €65,110 (+25.8%), from €252,428 to €317,538
- Other debts +€37,653
up €37,653 (+11.0%), from €342,403 to €380,056
- Gross operating margin +€70,137
up €70,137 (+17.4%), from €403,043 to €473,180
- Taxes +€19,898
up €19,898 (+24.2%), from €82,209 to €102,108
- Financial charges -€8,590
down €8,590 (-45.0%), from €19,106 to €10,516
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 | €1,305,823 | €1,320,313 | +€14,490 | +1.1% |
| Fixed assets | 21/28 | €1,081,934 | €1,044,509 | -€37,425 | -3.5% |
| Tangible fixed assets | 22/27 | €1,081,934 | €1,044,509 | -€37,425 | -3.5% |
| Land and buildings | 22 | €1,062,603 | €1,038,819 | -€23,785 | -2.2% |
| Plant, machinery and equipment | 23 | €883 | €542 | -€341 | -38.6% |
| Furniture and vehicles | 24 | €18,448 | €5,149 | -€13,299 | -72.1% |
| Current assets | 29/58 | €223,888 | €275,804 | +€51,915 | +23.2% |
| Amounts receivable within one year | 40/41 | €107,421 | €150,689 | +€43,268 | +40.3% |
| Trade receivables | 40 | €107,421 | €150,689 | +€43,268 | +40.3% |
| Current investments | 50/53 | €26,500 | €52,300 | +€25,800 | +97.4% |
| Cash at bank and in hand | 54/58 | €89,967 | €71,034 | -€18,933 | -21.0% |
| Deferred charges and accrued income | 490/1 | - | €1,781 | +€1,781 | |
| Total equity and liabilities | 10/49 | €1,305,823 | €1,320,313 | +€14,490 | +1.1% |
| Equity | 10/15 | €271,028 | €336,138 | +€65,110 | +24.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €252,428 | €317,538 | +€65,110 | +25.8% |
| Distributable reserves | 133 | €252,428 | €317,538 | +€65,110 | +25.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,034,795 | €984,175 | -€50,620 | -4.9% |
| Amounts payable after more than one year | 17 | €575,517 | €480,196 | -€95,321 | -16.6% |
| Financial debts | 170/4 | €575,517 | €480,196 | -€95,321 | -16.6% |
| Amounts payable within one year | 42/48 | €459,278 | €503,979 | +€44,702 | +9.7% |
| Current portion of amounts payable after more than one year | 42 | €97,225 | €95,321 | -€1,903 | -2.0% |
| Trade debts | 44 | €6,823 | €5,191 | -€1,632 | -23.9% |
| Suppliers | 440/4 | €6,823 | €5,191 | -€1,632 | -23.9% |
| Taxes, remuneration and social security | 45 | €12,827 | €23,410 | +€10,583 | +82.5% |
| Taxes | 450/3 | €12,827 | €23,410 | +€10,583 | +82.5% |
| Other amounts payable | 47/48 | €342,403 | €380,056 | +€37,653 | +11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,276 | €44,796 | -€480 | -1.1% |
| Other operating charges | 640/8 | €4,055 | €3,675 | -€380 | -9.4% |
| Gross operating margin | 9900 | €403,043 | €473,180 | +€70,137 | +17.4% |
| Operating profit (loss) | 9901 | €353,712 | €424,709 | +€70,997 | +20.1% |
| Financial income | 75/76B | €0 | €3,024 | +€3,024 | +3,023,850% |
| Recurring financial income | 75 | €0 | €3,024 | +€3,024 | +3,023,850% |
| Financial charges | 65/66B | €19,106 | €10,516 | -€8,590 | -45.0% |
| Recurring financial charges | 65 | €19,106 | €10,516 | -€8,590 | -45.0% |
| Profit (loss) for the period before taxes | 9903 | €334,606 | €417,218 | +€82,612 | +24.7% |
| Income taxes | 67/77 | €82,209 | €102,108 | +€19,898 | +24.2% |
| Profit (loss) for the period | 9904 | €252,397 | €315,110 | +€62,713 | +24.8% |
| Profit (loss) for the period to be appropriated | 9905 | €252,397 | €315,110 | +€62,713 | +24.8% |
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 18 October 2026 via checked.be.