E. CLAES: what changed
Two fiscal 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.
What changed
E. CLAES
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€121,746
2024 · €132,657-€10,912
Equity
€3,246
2024 · €1,500+€1,746
Cash
€84,939
2024 · €20,966+€63,973
Balance sheet total
€844,976
2024 · €772,564+€72,412
Largest movements
Assets
- Cash +€63,973
up €63,973 (+305.1%), from €20,966 to €84,939
mainly Net result for the year (+€121,746) and Other debts (+€100,878)
- Receivables within one year +€11,256
up €11,256 (+2251.2%), from €500 to €11,756
of which Trade receivables: +€9,756
Equity and liabilities
- Other debts +€100,878
up €100,878 (+56.6%), from €178,107 to €278,985
- Debts after one year -€26,877
down €26,877 (-4.9%), from €554,139 to €527,262
Income statement
- Gross operating margin -€10,901
down €10,901 (-5.0%), from €219,322 to €208,421
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.
Result 2024
€132,657
Gross operating margin
-€10,901
Depreciation
-€100
Other operating charges
-€1,922
Financial income
+€0
Financial charges
+€548
Taxes
+€1,463
Result 2025
€121,746
Cash bridge derived
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.
From operations
+€233,673
Investment
-€23,478
Financing
-€146,222
Cash 2024
€20,966
From operations (derived)
+€233,673
Net result for the year
+€121,746
Depreciation
+€28,148
Receivables within one year
-€11,256
Deferred charges and accrued income
-€1,853
Trade debts
-€2,178
Tax, wage and social debts
-€1,813
Other debts
+€100,878
Investment (derived)
-€23,478
Investment in fixed assets (net)
-€23,478
Financing
-€146,222
Debts after one year
-€26,877
Current portion of long-term debt
+€656
Contributions, distributions and other
-€120,000
Cash 2025
€84,939
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €772,564 | €844,976 | +€72,412 | +9.4% |
| Fixed assets | 21/28 | €708,007 | €703,337 | -€4,670 | -0.7% |
| Tangible fixed assets | 22/27 | €707,407 | €702,737 | -€4,670 | -0.7% |
| Land and buildings | 22 | €697,801 | €684,788 | -€13,013 | -1.9% |
| Plant, machinery and equipment | 23 | €336 | €0 | -€336 | -100.0% |
| Furniture and vehicles | 24 | €9,271 | €9,686 | +€416 | +4.5% |
| Other tangible fixed assets | 26 | - | €8,263 | +€8,263 | |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €64,557 | €141,639 | +€77,082 | +119.4% |
| Amounts receivable within one year | 40/41 | €500 | €11,756 | +€11,256 | +2251.2% |
| Trade receivables | 40 | €500 | €10,256 | +€9,756 | +1951.2% |
| Other amounts receivable | 41 | €0 | €1,500 | +€1,500 | |
| Cash at bank and in hand | 54/58 | €20,966 | €84,939 | +€63,973 | +305.1% |
| Deferred charges and accrued income | 490/1 | €43,091 | €44,944 | +€1,853 | +4.3% |
| Total equity and liabilities | 10/49 | €772,564 | €844,976 | +€72,412 | +9.4% |
| Equity | 10/15 | €1,500 | €3,246 | +€1,746 | +116.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €500 | €2,246 | +€1,746 | +349.2% |
| Distributable reserves | 133 | €500 | €2,246 | +€1,746 | +349.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €771,064 | €841,730 | +€70,666 | +9.2% |
| Amounts payable after more than one year | 17 | €554,139 | €527,262 | -€26,877 | -4.9% |
| Financial debts | 170/4 | €554,139 | €527,262 | -€26,877 | -4.9% |
| Amounts payable within one year | 42/48 | €216,925 | €314,468 | +€97,544 | +45.0% |
| Current portion of amounts payable after more than one year | 42 | €26,222 | €26,877 | +€656 | +2.5% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €5,744 | €3,566 | -€2,178 | -37.9% |
| Suppliers | 440/4 | €5,744 | €3,566 | -€2,178 | -37.9% |
| Taxes, remuneration and social security | 45 | €6,853 | €5,040 | -€1,813 | -26.4% |
| Taxes | 450/3 | €6,853 | €5,040 | -€1,813 | -26.4% |
| Other amounts payable | 47/48 | €178,107 | €278,985 | +€100,878 | +56.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,048 | €28,148 | +€100 | +0.4% |
| Other operating charges | 640/8 | €3,476 | €5,397 | +€1,922 | +55.3% |
| Gross operating margin | 9900 | €219,322 | €208,421 | -€10,901 | -5.0% |
| Operating profit (loss) | 9901 | €187,798 | €174,875 | -€12,923 | -6.9% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €15,188 | €14,640 | -€548 | -3.6% |
| Recurring financial charges | 65 | €15,188 | €14,640 | -€548 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | €172,610 | €160,236 | -€12,374 | -7.2% |
| Income taxes | 67/77 | €39,953 | €38,490 | -€1,463 | -3.7% |
| Profit (loss) for the period | 9904 | €132,657 | €121,746 | -€10,912 | -8.2% |
| Profit (loss) for the period to be appropriated | 9905 | €132,657 | €121,746 | -€10,912 | -8.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.