DR. VEERLE CLERX: what changed
DR. VEERLE CLERX
Largest movements
- Receivables after one year -€105,100
no longer reported in 2025 (was €105,100)
of which Trade receivables: -€95,100
- Cash +€70,104
up €70,104 (+29.6%), from €236,947 to €307,051
mainly Receivables after one year (+€105,100) and Net result for the year (+€103,715)
- Receivables within one year -€50,405
down €50,405 (-97.7%), from €51,594 to €1,189
of which Other amounts receivable: -€50,458
- Current investments +€27,001
new in 2025: €27,001
- Tangible fixed assets -€9,021
down €9,021 (-22.5%), from €40,052 to €31,031
of which Land and buildings: -€7,501
- Reserves -€75,876
down €75,876 (-21.6%), from €351,576 to €275,700
of which Distributable reserves: -€75,876
- Tax, wage and social debts +€19,819
up €19,819 (+665%), from €2,979 to €22,798
- Other debts -€14,453
down €14,453 (-20.4%), from €70,772 to €56,319
- Gross operating margin +€22,080
up €22,080 (+15.9%), from €139,229 to €161,309
- Taxes +€6,586
up €6,586 (+17.3%), from €37,979 to €44,564
- Depreciation -€3,766
down €3,766 (-26.5%), from €14,216 to €10,451
- Financial income -€3,604
down €3,604 (-54.1%), from €6,661 to €3,056
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €440,236 | €371,697 | -€68,539 | -15.6% |
| Fixed assets | 21/28 | €40,052 | €31,031 | -€9,021 | -22.5% |
| Tangible fixed assets | 22/27 | €40,052 | €31,031 | -€9,021 | -22.5% |
| Land and buildings | 22 | €31,634 | €24,134 | -€7,501 | -23.7% |
| Plant, machinery and equipment | 23 | €6,214 | €4,532 | -€1,681 | -27.1% |
| Furniture and vehicles | 24 | €2,204 | €2,365 | +€162 | +7.3% |
| Current assets | 29/58 | €400,184 | €340,665 | -€59,518 | -14.9% |
| Amounts receivable after more than one year | 29 | €105,100 | - | -€105,100 | |
| Trade receivables | 290 | €95,100 | - | -€95,100 | |
| Other amounts receivable | 291 | €10,000 | - | -€10,000 | |
| Amounts receivable within one year | 40/41 | €51,594 | €1,189 | -€50,405 | -97.7% |
| Trade receivables | 40 | €1,136 | €1,189 | +€53 | +4.7% |
| Other amounts receivable | 41 | €50,458 | - | -€50,458 | |
| Current investments | 50/53 | - | €27,001 | +€27,001 | |
| Cash at bank and in hand | 54/58 | €236,947 | €307,051 | +€70,104 | +29.6% |
| Deferred charges and accrued income | 490/1 | €6,543 | €5,424 | -€1,119 | -17.1% |
| Total equity and liabilities | 10/49 | €440,236 | €371,697 | -€68,539 | -15.6% |
| Equity | 10/15 | €363,976 | €288,100 | -€75,876 | -20.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €351,576 | €275,700 | -€75,876 | -21.6% |
| 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 | €349,716 | €273,840 | -€75,876 | -21.7% |
| Amounts payable | 17/49 | €76,260 | €83,597 | +€7,337 | +9.6% |
| Amounts payable within one year | 42/48 | €76,260 | €83,597 | +€7,337 | +9.6% |
| Trade debts | 44 | €2,509 | €4,480 | +€1,971 | +78.6% |
| Suppliers | 440/4 | €2,509 | €4,480 | +€1,971 | +78.6% |
| Taxes, remuneration and social security | 45 | €2,979 | €22,798 | +€19,819 | +665% |
| Taxes | 450/3 | €2,979 | €22,798 | +€19,819 | +665% |
| Other amounts payable | 47/48 | €70,772 | €56,319 | -€14,453 | -20.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,216 | €10,451 | -€3,766 | -26.5% |
| Other operating charges | 640/8 | €2,864 | €3,153 | +€289 | +10.1% |
| Non-recurring operating charges | 66A | €277 | - | -€277 | |
| Gross operating margin | 9900 | €139,229 | €161,309 | +€22,080 | +15.9% |
| Operating profit (loss) | 9901 | €121,872 | €147,706 | +€25,833 | +21.2% |
| Financial income | 75/76B | €6,661 | €3,056 | -€3,604 | -54.1% |
| Recurring financial income | 75 | €6,661 | €3,056 | -€3,604 | -54.1% |
| Financial charges | 65/66B | €3,337 | €2,482 | -€855 | -25.6% |
| Recurring financial charges | 65 | €3,337 | €2,482 | -€855 | -25.6% |
| Profit (loss) for the period before taxes | 9903 | €125,196 | €148,279 | +€23,083 | +18.4% |
| Income taxes | 67/77 | €37,979 | €44,564 | +€6,586 | +17.3% |
| Profit (loss) for the period | 9904 | €87,217 | €103,715 | +€16,498 | +18.9% |
| Profit (loss) for the period to be appropriated | 9905 | €87,217 | €103,715 | +€16,498 | +18.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.