GROUP DE CLOEDT: what changed
What changed
GROUP DE CLOEDT
NACE 73.200, Market research and public opinion polling
filed annual accounts (NBB)
Net result for the year
€8.3m
2024 · -€4.7m+€13.0m
Equity
-
2024 · €76.5m-€76.5m
Cash
€26.1m
2024 · €387,100+€25.7m
Balance sheet total
€449.7m
2024 · €184.3m+€265.4m
Largest movements
Assets
- Fixed assets +€116.6m
up €116.6m (+63.9%), from €182.6m to €299.2m
of which Tangible fixed assets: +€210.6m
- Receivables within one year +€84.2m
up €84.2m (+8,485%), from €992,087 to €85.2m
of which Trade receivables: +€65.1m
- Stocks and contracts +€26.2m
new in 2025: €26.2m
of which Stocks: +€25.0m
- Cash +€25.7m
up €25.7m (+6,639%), from €387,100 to €26.1m
mainly Total equity and liabilities (+€265.4m) and Depreciation (+€20.3m)
- Receivables after one year +€6.9m
new in 2025: €6.9m
of which Trade receivables: +€4.1m
Equity and liabilities
- Total equity and liabilities +€265.4m
up €265.4m (+144%), from €184.3m to €449.7m
of which Debts: +€187.1m
Income statement
- Turnover +€355.7m
up €355.7m (+30,413%), from €1.2m to €356.9m
- Goods and materials +€175.5m
new in 2025: €175.5m
- Services and other goods +€102.4m
up €102.4m (+10,160%), from €1.0m to €103.4m
- Staff costs +€37.2m
up €37.2m (+85,762%), from €43,417 to €37.3m
- Depreciation +€20.0m
up €20.0m (+6,324%), from €316,569 to €20.3m
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.
Result 2024
-€4.7m
Turnover
+€355.7m
Other operating income
+€6.5m
Goods and materials
-€175.5m
Services and other goods
-€102.4m
Staff costs
-€37.2m
Depreciation
-€20.0m
Write-downs
-€771,000
Provisions
-€2.7m
Other operating charges
-€3.9m
Other operating items
-€5.0m
Financial income
-€347,025
Financial charges
-€3.4m
Other financial items
+€4.6m
Taxes
-€3.8m
Deferred taxes and other
+€1.2m
Result 2025
€8.3m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€172.9m
Investment
-€138.9m
Financing
-€8.3m
Cash 2024
€387,100
From operations (derived)
+€172.9m
Net result for the year
+€8.3m
Depreciation
+€20.3m
Receivables after one year
-€6.9m
Stocks and contracts
-€26.2m
Receivables within one year
-€84.2m
Deferred charges and accrued income
-€3.9m
Total equity and liabilities
+€265.4m
Investment (derived)
-€138.9m
Investment in fixed assets (net)
-€136.9m
Current investments
-€2.0m
Financing
-€8.3m
Contributions, distributions and other
-€8.3m
Not broken down
-€1,000
Cash 2025
€26.1m
brings cash intakes cash outdifference in the filed balance sheets themselves
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €184,313,308 | €449,700,000 | +€265.4m | +144% |
| Formation expenses | 20 | - | €1,000 | +€1,000 | |
| Fixed assets | 21/28 | €182,591,358 | €299,188,000 | +€116.6m | +63.9% |
| Intangible fixed assets | 21 | - | €9,198,000 | +€9.2m | |
| Tangible fixed assets | 22/27 | €11,924,251 | €222,511,000 | +€210.6m | +1,766% |
| Land and buildings | 22 | €4,547,541 | €84,617,000 | +€80.1m | +1,761% |
| Plant, machinery and equipment | 23 | - | €117,402,000 | +€117.4m | |
| Furniture and vehicles | 24 | €48,679 | €1,612,000 | +€1.6m | +3,212% |
| Leasing and similar rights | 25 | - | €9,804,000 | +€9.8m | |
| Other tangible fixed assets | 26 | €7,271,054 | €3,461,000 | -€3.8m | -52.4% |
| Assets under construction and advance payments | 27 | €56,978 | €5,614,000 | +€5.6m | +9,753% |
| Financial fixed assets | 28 | €170,667,107 | €50,385,000 | -€120.3m | -70.5% |
| Affiliated companies | 280/1 | €168,122,327 | - | -€168.1m | |
| Participating interests | 280 | €167,050,116 | - | -€167.1m | |
| Amounts receivable | 281 | €1,072,211 | - | -€1.1m | |
| Companies linked by participating interests | 282/3 | €577,877 | - | -€577,877 | |
| Participating interests | 282 | €577,877 | - | -€577,877 | |
| Other financial fixed assets | 284/8 | €1,966,903 | €7,037,000 | +€5.1m | +258% |
| Shares | 284 | €1,955,920 | €1,365,000 | -€590,920 | -30.2% |
| Amounts receivable and cash guarantees | 285/8 | €10,983 | €5,672,000 | +€5.7m | +51,545% |
| Current assets | 29/58 | €1,721,950 | €150,511,000 | +€148.8m | +8,641% |
| Amounts receivable after more than one year | 29 | - | €6,871,000 | +€6.9m | |
| Trade receivables | 290 | - | €4,109,000 | +€4.1m | |
| Other amounts receivable | 291 | - | €2,762,000 | +€2.8m | |
| Stocks and contracts in progress | 3 | - | €26,169,000 | +€26.2m | |
| Stocks | 30/36 | - | €25,031,000 | +€25.0m | |
| Raw materials and consumables | 30/31 | - | €6,928,000 | +€6.9m | |
| Work in progress | 32 | - | €41,000 | +€41,000 | |
| Finished goods | 33 | - | €9,499,000 | +€9.5m | |
| Goods purchased for resale | 34 | - | €8,562,000 | +€8.6m | |
| Contracts in progress | 37 | - | €1,138,000 | +€1.1m | |
| Amounts receivable within one year | 40/41 | €992,087 | €85,174,000 | +€84.2m | +8,485% |
| Trade receivables | 40 | €380,219 | €65,449,000 | +€65.1m | +17,113% |
| Other amounts receivable | 41 | €611,868 | €19,726,000 | +€19.1m | +3,124% |
| Current investments | 50/53 | €336,954 | €2,325,000 | +€2.0m | +590% |
| Other investments | 51/53 | €336,954 | €2,325,000 | +€2.0m | +590% |
| Cash at bank and in hand | 54/58 | €387,100 | €26,085,000 | +€25.7m | +6,639% |
| Deferred charges and accrued income | 490/1 | €5,809 | €3,886,000 | +€3.9m | +66,796% |
| Total equity and liabilities | 10/49 | €184,313,308 | €449,700,000 | +€265.4m | +144% |
| Equity | 10/15 | €76,484,349 | - | -€76.5m | |
| Contributions | 10/11 | €18,325,000 | €39,122,000 | +€20.8m | +113% |
| Capital | 10 | €18,325,000 | €19,323,000 | +€998,000 | +5.4% |
| Issued capital | 100 | €18,325,000 | €19,323,000 | +€998,000 | +5.4% |
| Contributions outside capital | 11 | - | €19,799,000 | +€19.8m | |
| Share premium | 1100/10 | - | €19,799,000 | +€19.8m | |
| Revaluation surpluses | 12 | €13,520,526 | €16,151,000 | +€2.6m | +19.5% |
| Reserves | 13 | €49,325,901 | - | -€49.3m | |
| Non-distributable reserves | 130/1 | €3,000,000 | - | -€3.0m | |
| Legal reserve | 130 | €3,000,000 | - | -€3.0m | |
| Tax-exempt reserves | 132 | €1,452,200 | - | -€1.5m | |
| Distributable reserves | 133 | €44,873,701 | - | -€44.9m | |
| Profit (loss) carried forward | 14 | -€4,687,078 | - | +€4.7m | |
| Investment grants | 15 | - | €4,648,000 | +€4.6m | |
| Provisions for liabilities and charges | 160/5 | - | €20,001,000 | +€20.0m | |
| Major repairs and maintenance | 162 | - | €6,068,000 | +€6.1m | |
| Environmental obligations | 163 | - | €1,684,000 | +€1.7m | |
| Other liabilities and charges | 164/5 | - | €12,250,000 | +€12.3m | |
| Deferred taxes | 168 | - | €7,261,000 | +€7.3m | |
| Amounts payable | 17/49 | €107,828,959 | €294,908,000 | +€187.1m | +173% |
| Amounts payable after more than one year | 17 | €99,976,940 | €168,437,000 | +€68.5m | +68.5% |
| Financial debts | 170/4 | €96,376,695 | €164,107,000 | +€67.7m | +70.3% |
| Leasing and similar obligations | 172 | - | €9,385,000 | +€9.4m | |
| Credit institutions | 173 | €3,735,793 | €43,879,000 | +€40.1m | +1,075% |
| Other loans | 174 | €92,640,903 | €110,842,000 | +€18.2m | +19.6% |
| Other amounts payable | 178/9 | €3,600,244 | €4,330,000 | +€729,756 | +20.3% |
| Amounts payable within one year | 42/48 | €7,842,788 | €124,869,000 | +€117.0m | +1,492% |
| Current portion of amounts payable after more than one year | 42 | €978,196 | €13,920,000 | +€12.9m | +1,323% |
| Financial debts | 43 | €6,500,000 | €38,264,000 | +€31.8m | +489% |
| Credit institutions | 430/8 | €6,500,000 | €38,264,000 | +€31.8m | +489% |
| Trade debts | 44 | €263,847 | €56,058,000 | +€55.8m | +21,146% |
| Suppliers | 440/4 | €263,847 | €56,058,000 | +€55.8m | +21,146% |
| Advances received on contracts in progress | 46 | - | €95,000 | +€95,000 | |
| Taxes, remuneration and social security | 45 | €61,685 | €11,241,000 | +€11.2m | +18,123% |
| Taxes | 450/3 | €55,561 | €7,330,000 | +€7.3m | +13,093% |
| Remuneration and social security | 454/9 | €6,124 | €3,911,000 | +€3.9m | +63,767% |
| Other amounts payable | 47/48 | €39,061 | €5,291,000 | +€5.3m | +13,446% |
| Accrued charges and deferred income | 492/3 | €9,231 | €1,602,000 | +€1.6m | +17,254% |
| Operating income | 70/76A | €1,383,960 | €362,351,000 | +€361.0m | +26,082% |
| Turnover | 70 | €1,169,630 | €356,886,000 | +€355.7m | +30,413% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | - | -€1,807,000 | -€1.8m | |
| Own construction capitalised | 72 | - | €485,000 | +€485,000 | |
| Other operating income | 74 | €214,331 | €6,676,000 | +€6.5m | +3,015% |
| Non-recurring operating income | 76A | - | €111,000 | +€111,000 | |
| Operating charges | 60/66A | €1,535,458 | €347,847,000 | +€346.3m | +22,554% |
| Goods for resale, raw materials and consumables | 60 | - | €175,452,000 | +€175.5m | |
| Change in stocks: decrease (increase) | 609 | - | €1,027,000 | +€1.0m | |
| Services and other goods | 61 | €1,008,146 | €103,440,000 | +€102.4m | +10,160% |
| Remuneration, social security and pensions | 62 | €43,417 | €37,279,000 | +€37.2m | +85,762% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €316,569 | €20,335,000 | +€20.0m | +6,324% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €771,000 | +€771,000 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €2,708,000 | +€2.7m | |
| Other operating charges | 640/8 | €167,326 | €4,113,000 | +€3.9m | +2,358% |
| Non-recurring operating charges | 66A | - | €475,000 | +€475,000 | |
| Operating profit (loss) | 9901 | -€151,498 | €14,504,000 | +€14.7m | |
| Financial income | 75/76B | €347,025 | - | -€347,025 | |
| Recurring financial income | 75 | €347,025 | €3,345,000 | +€3.0m | +864% |
| Income from financial fixed assets | 750 | €340,598 | €32,000 | -€308,598 | -90.6% |
| Income from current assets | 751 | €6 | €88,000 | +€87,994 | +1,433,125% |
| Other financial income | 752/9 | €6,420 | €3,225,000 | +€3.2m | +50,130% |
| Non-recurring financial income | 76B | - | €1,256,000 | +€1.3m | |
| Financial charges | 65/66B | €4,882,605 | €8,261,000 | +€3.4m | +69.2% |
| Recurring financial charges | 65 | €770,668 | €7,441,000 | +€6.7m | +866% |
| Debt charges | 650 | €749,554 | €4,930,000 | +€4.2m | +558% |
| Other financial charges | 652/9 | €21,115 | €2,511,000 | +€2.5m | +11,792% |
| Non-recurring financial charges | 66B | €4,111,937 | €820,000 | -€3.3m | -80.1% |
| Profit (loss) for the period before taxes | 9903 | -€4,687,078 | €10,844,000 | +€15.5m | |
| Transfer from deferred taxes | 780 | - | €1,258,000 | +€1.3m | |
| Transfer to deferred taxes | 680 | - | €74,000 | +€74,000 | |
| Income taxes | 67/77 | - | €3,760,000 | +€3.8m | |
| Taxes | 670/3 | - | €3,773,000 | +€3.8m | |
| Tax adjustments and reversals of tax provisions | 77 | - | €13,000 | +€13,000 | |
| Profit (loss) for the period | 9904 | -€4,687,078 | €8,269,000 | +€13.0m | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,687,078 | - | +€4.7m |
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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 4 November 2026 via checked.be.