JOOST CLAEYS: 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.
JOOST CLAEYS
Largest movements
- Current investments +€1.7m
up €1.7m (+677%), from €250,000 to €1.9m
- Cash -€1.6m
no longer reported in 2025 (was €1.6m)
- Receivables after one year -€80,000
no longer reported in 2025 (was €80,000)
- Tangible fixed assets -€23,580
down €23,580 (-14.4%), from €164,243 to €140,663
of which Furniture and vehicles: -€24,991
- Reserves +€103,632
up €103,632 (+6.4%), from €1.6m to €1.7m
of which Distributable reserves: +€106,632
- Other debts -€63,251
down €63,251 (-15.5%), from €408,339 to €345,088
- Financial income +€80,097
up €80,097 (+215%), from €37,261 to €117,358
- Financial charges -€18,974
down €18,974 (-27.8%), from €68,139 to €49,165
- Depreciation +€13,276
up €13,276 (+60.3%), from €22,026 to €35,302
- Gross operating margin -€10,849
down €10,849 (-7.1%), from €152,308 to €141,459
- Taxes -€5,136
down €5,136 (-12.8%), from €39,996 to €34,860
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,060,250 | €2,089,863 | +€29,613 | +1.4% |
| Fixed assets | 21/28 | €164,243 | €140,663 | -€23,580 | -14.4% |
| Tangible fixed assets | 22/27 | €164,243 | €140,663 | -€23,580 | -14.4% |
| Land and buildings | 22 | €114,089 | €116,725 | +€2,636 | +2.3% |
| Plant, machinery and equipment | 23 | €2,538 | €1,313 | -€1,225 | -48.3% |
| Furniture and vehicles | 24 | €47,616 | €22,625 | -€24,991 | -52.5% |
| Current assets | 29/58 | €1,896,007 | €1,949,200 | +€53,193 | +2.8% |
| Amounts receivable after more than one year | 29 | €80,000 | - | -€80,000 | |
| Other amounts receivable | 291 | €80,000 | - | -€80,000 | |
| Amounts receivable within one year | 40/41 | €2,500 | €3,479 | +€979 | +39.2% |
| Trade receivables | 40 | - | €3,479 | +€3,479 | |
| Other amounts receivable | 41 | €2,500 | - | -€2,500 | |
| Current investments | 50/53 | €250,000 | €1,943,349 | +€1.7m | +677% |
| Cash at bank and in hand | 54/58 | €1,563,507 | - | -€1.6m | |
| Deferred charges and accrued income | 490/1 | - | €2,372 | +€2,372 | |
| Total equity and liabilities | 10/49 | €2,060,250 | €2,089,863 | +€29,613 | +1.4% |
| Equity | 10/15 | €1,635,988 | €1,725,620 | +€89,632 | +5.5% |
| Contributions | 10/11 | €15,000 | €1,000 | -€14,000 | -93.3% |
| Reserves | 13 | €1,620,988 | €1,724,620 | +€103,632 | +6.4% |
| Non-distributable reserves | 130/1 | €3,000 | - | -€3,000 | |
| Reserves not available under the articles | 1311 | €3,000 | - | -€3,000 | |
| Distributable reserves | 133 | €1,617,988 | €1,724,620 | +€106,632 | +6.6% |
| Amounts payable | 17/49 | €424,262 | €364,243 | -€60,019 | -14.1% |
| Amounts payable within one year | 42/48 | €424,262 | €364,243 | -€60,019 | -14.1% |
| Trade debts | 44 | €1,141 | €45 | -€1,096 | -96.1% |
| Suppliers | 440/4 | €1,141 | €45 | -€1,096 | -96.1% |
| Taxes, remuneration and social security | 45 | €14,782 | €19,110 | +€4,328 | +29.3% |
| Taxes | 450/3 | €14,782 | €19,110 | +€4,328 | +29.3% |
| Other amounts payable | 47/48 | €408,339 | €345,088 | -€63,251 | -15.5% |
| Non-recurring operating income | 76A | - | €1,651 | +€1,651 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,026 | €35,302 | +€13,276 | +60.3% |
| Other operating charges | 640/8 | €4,304 | €5,858 | +€1,554 | +36.1% |
| Gross operating margin | 9900 | €152,308 | €141,459 | -€10,849 | -7.1% |
| Operating profit (loss) | 9901 | €125,978 | €100,299 | -€25,679 | -20.4% |
| Financial income | 75/76B | €37,261 | €117,358 | +€80,097 | +215% |
| Recurring financial income | 75 | €37,261 | €117,358 | +€80,097 | +215% |
| Financial charges | 65/66B | €68,139 | €49,165 | -€18,974 | -27.8% |
| Recurring financial charges | 65 | €68,139 | €49,165 | -€18,974 | -27.8% |
| Profit (loss) for the period before taxes | 9903 | €95,100 | €168,492 | +€73,392 | +77.2% |
| Income taxes | 67/77 | €39,996 | €34,860 | -€5,136 | -12.8% |
| Profit (loss) for the period | 9904 | €55,104 | €133,632 | +€78,528 | +143% |
| Profit (loss) for the period to be appropriated | 9905 | €55,104 | €133,632 | +€78,528 | +143% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.