Frédéric 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.
Frédéric CLAES
Largest movements
- Tangible fixed assets -€6,855
down €6,855 (-21.6%), from €31,664 to €24,809
of which Other tangible fixed assets: -€3,542
- Deferred charges and accrued income -€3,024
down €3,024 (-12.5%), from €24,121 to €21,097
- Receivables within one year -€2,986
down €2,986 (-99.8%), from €2,992 to €6
- Cash -€1,686
down €1,686 (-19.2%), from €8,802 to €7,116
mainly Net result for the year (-€24,745)
- Profit (loss) carried forward -€24,745
down €24,745 (-4.5%), from -€543,900 to -€568,645
- Tax, wage and social debts +€5,807
up €5,807 (+20.8%), from €27,862 to €33,668
of which Taxes: +€5,751
- Trade debts +€3,249
up €3,249 (+170.0%), from €1,911 to €5,160
- Other debts +€1,139
up €1,139 (+0.4%), from €304,752 to €305,892
- Other operating charges -€22,301
down €22,301 (-98.2%), from €22,721 to €420
- Gross operating margin -€11,923
down €11,923 (-71.8%), from €16,613 to €4,690
- Depreciation -€5,564
down €5,564 (-44.8%), from €12,419 to €6,855
- Financial charges -€3,005
down €3,005 (-87.6%), from €3,431 to €425
- Staff costs +€503
up €503 (+2.4%), from €20,737 to €21,241
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €67,884 | €53,334 | -€14,551 | -21.4% |
| Fixed assets | 21/28 | €31,970 | €25,114 | -€6,855 | -21.4% |
| Tangible fixed assets | 22/27 | €31,664 | €24,809 | -€6,855 | -21.6% |
| Plant, machinery and equipment | 23 | €1,944 | €686 | -€1,259 | -64.7% |
| Furniture and vehicles | 24 | €6,194 | €4,139 | -€2,055 | -33.2% |
| Other tangible fixed assets | 26 | €23,526 | €19,984 | -€3,542 | -15.1% |
| Financial fixed assets | 28 | €306 | €306 | = | 0.0% |
| Current assets | 29/58 | €35,915 | €28,219 | -€7,695 | -21.4% |
| Amounts receivable within one year | 40/41 | €2,992 | €6 | -€2,986 | -99.8% |
| Other amounts receivable | 41 | €2,992 | €6 | -€2,986 | -99.8% |
| Cash at bank and in hand | 54/58 | €8,802 | €7,116 | -€1,686 | -19.2% |
| Deferred charges and accrued income | 490/1 | €24,121 | €21,097 | -€3,024 | -12.5% |
| Total equity and liabilities | 10/49 | €67,884 | €53,334 | -€14,551 | -21.4% |
| Equity | 10/15 | -€266,641 | -€291,386 | -€24,745 | -9.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €215,259 | €215,259 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €209,059 | €209,059 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€543,900 | -€568,645 | -€24,745 | -4.5% |
| Amounts payable | 17/49 | €334,525 | €344,720 | +€10,195 | +3.0% |
| Amounts payable within one year | 42/48 | €334,525 | €344,720 | +€10,195 | +3.0% |
| Trade debts | 44 | €1,911 | €5,160 | +€3,249 | +170.0% |
| Suppliers | 440/4 | €1,911 | €5,160 | +€3,249 | +170.0% |
| Taxes, remuneration and social security | 45 | €27,862 | €33,668 | +€5,807 | +20.8% |
| Taxes | 450/3 | €26,429 | €32,181 | +€5,751 | +21.8% |
| Remuneration and social security | 454/9 | €1,432 | €1,487 | +€55 | +3.8% |
| Other amounts payable | 47/48 | €304,752 | €305,892 | +€1,139 | +0.4% |
| Remuneration, social security and pensions | 62 | €20,737 | €21,241 | +€503 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,419 | €6,855 | -€5,564 | -44.8% |
| Other operating charges | 640/8 | €22,721 | €420 | -€22,301 | -98.2% |
| Gross operating margin | 9900 | €16,613 | €4,690 | -€11,923 | -71.8% |
| Operating profit (loss) | 9901 | -€39,264 | -€23,825 | +€15,439 | +39.3% |
| Financial income | 75/76B | €2 | €14 | +€12 | +760.7% |
| Recurring financial income | 75 | €2 | €14 | +€12 | +760.7% |
| Financial charges | 65/66B | €3,431 | €425 | -€3,005 | -87.6% |
| Recurring financial charges | 65 | €3,431 | €425 | -€3,005 | -87.6% |
| Profit (loss) for the period before taxes | 9903 | -€42,693 | -€24,237 | +€18,457 | +43.2% |
| Income taxes | 67/77 | €495 | €508 | +€13 | +2.6% |
| Profit (loss) for the period | 9904 | -€43,189 | -€24,745 | +€18,444 | +42.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€43,189 | -€24,745 | +€18,444 | +42.7% |
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.