Gabriël Devos-Claus: 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.
Gabriël Devos-Claus
Largest movements
- Tangible fixed assets +€11,404
up €11,404 (+63.4%), from €17,987 to €29,391
of which Furniture and vehicles: +€8,688
- Cash -€8,294
down €8,294 (-82.2%), from €10,086 to €1,792
mainly Investment in fixed assets (net) (-€17,459) and Current portion of long-term debt (-€12,840)
- Stocks and contracts -€5,664
down €5,664 (-2.6%), from €217,420 to €211,756
of which Contracts in progress: -€3,487
- Short-term financial debts +€25,090
new in 2025: €25,090
- Current portion of long-term debt -€12,840
down €12,840 (-51.4%), from €25,000 to €12,160
- Other debts -€8,772
down €8,772 (-10.2%), from €86,287 to €77,515
- Reserves -€5,701
down €5,701 (-4.0%), from €142,525 to €136,824
of which Non-distributable reserves: -€2,969
- Trade debts -€3,852
down €3,852 (-19.1%), from €20,163 to €16,311
- Gross operating margin -€4,499
down €4,499 (-38.8%), from €11,603 to €7,104
- Depreciation +€4,345
up €4,345 (+254%), from €1,709 to €6,055
- Taxes -€1,092
down €1,092, from €1,056 to -€35
- Other operating charges +€453
up €453 (+35.3%), from €1,283 to €1,736
- Financial charges +€358
up €358 (+7.6%), from €4,692 to €5,049
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 | €297,131 | €291,632 | -€5,499 | -1.9% |
| Fixed assets | 21/28 | €17,987 | €29,391 | +€11,404 | +63.4% |
| Tangible fixed assets | 22/27 | €17,987 | €29,391 | +€11,404 | +63.4% |
| Plant, machinery and equipment | 23 | €2,105 | €1,360 | -€745 | -35.4% |
| Furniture and vehicles | 24 | €3,139 | €11,827 | +€8,688 | +277% |
| Other tangible fixed assets | 26 | €12,744 | €16,205 | +€3,461 | +27.2% |
| Current assets | 29/58 | €279,144 | €262,241 | -€16,903 | -6.1% |
| Stocks and contracts in progress | 3 | €217,420 | €211,756 | -€5,664 | -2.6% |
| Stocks | 30/36 | €126,509 | €124,332 | -€2,177 | -1.7% |
| Contracts in progress | 37 | €90,911 | €87,424 | -€3,487 | -3.8% |
| Amounts receivable within one year | 40/41 | €43,861 | €42,150 | -€1,711 | -3.9% |
| Trade receivables | 40 | €33,054 | €32,911 | -€143 | -0.4% |
| Other amounts receivable | 41 | €10,807 | €9,239 | -€1,567 | -14.5% |
| Cash at bank and in hand | 54/58 | €10,086 | €1,792 | -€8,294 | -82.2% |
| Deferred charges and accrued income | 490/1 | €7,776 | €6,542 | -€1,234 | -15.9% |
| Total equity and liabilities | 10/49 | €297,131 | €291,632 | -€5,499 | -1.9% |
| Equity | 10/15 | €161,117 | €155,416 | -€5,701 | -3.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €142,525 | €136,824 | -€5,701 | -4.0% |
| Non-distributable reserves | 130/1 | €2,969 | €0 | -€2,969 | -100% |
| Reserves not available under the articles | 1311 | €1,109 | - | -€1,109 | |
| Own shares acquired | 1312 | - | €0 | = | |
| Other | 1319 | €1,859 | - | -€1,859 | |
| Tax-exempt reserves | 132 | €13,280 | €13,280 | = | 0.0% |
| Distributable reserves | 133 | €126,277 | €123,544 | -€2,732 | -2.2% |
| Amounts payable | 17/49 | €136,014 | €136,216 | +€202 | +0.1% |
| Amounts payable within one year | 42/48 | €132,296 | €132,997 | +€700 | +0.5% |
| Current portion of amounts payable after more than one year | 42 | €25,000 | €12,160 | -€12,840 | -51.4% |
| Financial debts | 43 | - | €25,090 | +€25,090 | |
| Credit institutions | 430/8 | - | €25,090 | +€25,090 | |
| Trade debts | 44 | €20,163 | €16,311 | -€3,852 | -19.1% |
| Suppliers | 440/4 | €20,163 | €16,311 | -€3,852 | -19.1% |
| Taxes, remuneration and social security | 45 | €846 | €1,920 | +€1,074 | +127% |
| Taxes | 450/3 | €846 | €1,920 | +€1,074 | +127% |
| Other amounts payable | 47/48 | €86,287 | €77,515 | -€8,772 | -10.2% |
| Accrued charges and deferred income | 492/3 | €3,718 | €3,219 | -€498 | -13.4% |
| Non-recurring operating income | 76A | - | €150 | +€150 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,709 | €6,055 | +€4,345 | +254% |
| Other operating charges | 640/8 | €1,283 | €1,736 | +€453 | +35.3% |
| Non-recurring operating charges | 66A | €90 | €0 | -€90 | -100% |
| Gross operating margin | 9900 | €11,603 | €7,104 | -€4,499 | -38.8% |
| Operating profit (loss) | 9901 | €8,520 | -€687 | -€9,208 | |
| Financial charges | 65/66B | €4,692 | €5,049 | +€358 | +7.6% |
| Recurring financial charges | 65 | €4,692 | €5,049 | +€358 | +7.6% |
| Profit (loss) for the period before taxes | 9903 | €3,829 | -€5,736 | -€9,565 | |
| Income taxes | 67/77 | €1,056 | -€35 | -€1,092 | |
| Profit (loss) for the period | 9904 | €2,773 | -€5,701 | -€8,474 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,773 | -€5,701 | -€8,474 |
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 15 October 2026 via checked.be.