Het Klaverblad: 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.
Het Klaverblad
Largest movements
- Receivables within one year +€96,369
up €96,369 (+55.6%), from €173,421 to €269,790
of which Trade receivables: +€98,227
- Tangible fixed assets -€16,936
down €16,936 (-9.2%), from €184,292 to €167,355
of which Other tangible fixed assets: -€16,451
- Cash +€15,786
up €15,786 (+219%), from €7,213 to €22,999
mainly Net result for the year (+€71,156) and Current portion of long-term debt (+€70,549)
- Intangible fixed assets -€7,740
down €7,740 (-45.1%), from €17,176 to €9,436
- Debts after one year -€100,900
down €100,900 (-90.6%), from €111,324 to €10,424
- Profit (loss) carried forward +€71,163
up €71,163 (+90.1%), from -€78,996 to -€7,833
- Current portion of long-term debt +€70,549
up €70,549 (+232%), from €30,351 to €100,900
- Tax, wage and social debts +€55,356
up €55,356 (+136%), from €40,633 to €95,989
of which Taxes: +€42,665
- Trade debts -€11,412
down €11,412 (-11.6%), from €98,310 to €86,898
- Gross operating margin +€203,498
up €203,498 (+143%), from €142,786 to €346,284
- Staff costs +€56,507
up €56,507 (+33.0%), from €171,226 to €227,733
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 | €396,919 | €486,927 | +€90,008 | +22.7% |
| Fixed assets | 21/28 | €204,566 | €179,640 | -€24,926 | -12.2% |
| Intangible fixed assets | 21 | €17,176 | €9,436 | -€7,740 | -45.1% |
| Tangible fixed assets | 22/27 | €184,292 | €167,355 | -€16,936 | -9.2% |
| Plant, machinery and equipment | 23 | €64,872 | €64,614 | -€258 | -0.4% |
| Furniture and vehicles | 24 | €227 | €0 | -€227 | -100% |
| Other tangible fixed assets | 26 | €119,193 | €102,741 | -€16,451 | -13.8% |
| Financial fixed assets | 28 | €3,098 | €2,848 | -€250 | -8.1% |
| Current assets | 29/58 | €192,352 | €307,287 | +€114,935 | +59.8% |
| Stocks and contracts in progress | 3 | €10,250 | €13,150 | +€2,900 | +28.3% |
| Stocks | 30/36 | €10,250 | €13,150 | +€2,900 | +28.3% |
| Amounts receivable within one year | 40/41 | €173,421 | €269,790 | +€96,369 | +55.6% |
| Trade receivables | 40 | €171,328 | €269,555 | +€98,227 | +57.3% |
| Other amounts receivable | 41 | €2,093 | €236 | -€1,858 | -88.7% |
| Cash at bank and in hand | 54/58 | €7,213 | €22,999 | +€15,786 | +219% |
| Deferred charges and accrued income | 490/1 | €1,468 | €1,348 | -€120 | -8.2% |
| Total equity and liabilities | 10/49 | €396,919 | €486,927 | +€90,008 | +22.7% |
| Equity | 10/15 | €21,004 | €92,167 | +€71,163 | +339% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€78,996 | -€7,833 | +€71,163 | +90.1% |
| Amounts payable | 17/49 | €375,915 | €394,759 | +€18,845 | +5.0% |
| Amounts payable after more than one year | 17 | €111,324 | €10,424 | -€100,900 | -90.6% |
| Financial debts | 170/4 | €111,324 | €10,424 | -€100,900 | -90.6% |
| Amounts payable within one year | 42/48 | €262,206 | €381,940 | +€119,734 | +45.7% |
| Current portion of amounts payable after more than one year | 42 | €30,351 | €100,900 | +€70,549 | +232% |
| Trade debts | 44 | €98,310 | €86,898 | -€11,412 | -11.6% |
| Suppliers | 440/4 | €98,310 | €86,898 | -€11,412 | -11.6% |
| Advances received on contracts in progress | 46 | €107 | €107 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €40,633 | €95,989 | +€55,356 | +136% |
| Taxes | 450/3 | €14,508 | €57,173 | +€42,665 | +294% |
| Remuneration and social security | 454/9 | €26,124 | €38,816 | +€12,692 | +48.6% |
| Other amounts payable | 47/48 | €92,806 | €98,046 | +€5,240 | +5.6% |
| Accrued charges and deferred income | 492/3 | €2,385 | €2,395 | +€11 | +0.5% |
| Non-recurring operating income | 76A | €775 | €0 | -€775 | -100% |
| Remuneration, social security and pensions | 62 | €171,226 | €227,733 | +€56,507 | +33.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,897 | €39,079 | -€1,818 | -4.4% |
| Other operating charges | 640/8 | €744 | €1,289 | +€545 | +73.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €142,786 | €346,284 | +€203,498 | +143% |
| Operating profit (loss) | 9901 | -€70,081 | €78,183 | +€148,264 | |
| Financial income | 75/76B | €273 | €666 | +€393 | +144% |
| Recurring financial income | 75 | €273 | €666 | +€393 | +144% |
| Financial charges | 65/66B | €5,148 | €7,692 | +€2,544 | +49.4% |
| Recurring financial charges | 65 | €5,148 | €7,692 | +€2,544 | +49.4% |
| Profit (loss) for the period before taxes | 9903 | -€74,956 | €71,156 | +€146,112 | |
| Profit (loss) for the period | 9904 | -€74,956 | €71,156 | +€146,112 | |
| Profit (loss) for the period to be appropriated | 9905 | -€74,956 | €71,156 | +€146,112 |
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 29 October 2026 via checked.be.