KLAVER 4: 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.
KLAVER 4
Largest movements
- Current investments -€500,000
down €500,000 (-55.6%), from €900,000 to €400,000
- Cash +€88,903
up €88,903 (+82.1%), from €108,257 to €197,160
mainly Current investments (+€500,000) and Net result for the year (+€315,947)
- Tangible fixed assets +€20,827
up €20,827 (+2.4%), from €850,642 to €871,469
of which Other tangible fixed assets: +€42,127
- Other debts -€600,965
down €600,965 (-99.9%), from €601,708 to €743
- Profit (loss) carried forward +€315,947
up €315,947 (+46.3%), from -€683,087 to -€367,139
- Debts after one year -€150,432
down €150,432 (-25.1%), from €599,800 to €449,367
- Trade debts +€24,238
up €24,238 (+572%), from €4,240 to €28,479
- Gross operating margin +€337,952
up €337,952 (+803%), from €42,063 to €380,015
- Other operating charges +€18,429
up €18,429 (+79.3%), from €23,247 to €41,676
- Financial income -€6,834
down €6,834 (-27.6%), from €24,807 to €17,972
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 | €1,891,323 | €1,480,712 | -€410,611 | -21.7% |
| Fixed assets | 21/28 | €850,642 | €871,469 | +€20,827 | +2.4% |
| Tangible fixed assets | 22/27 | €850,642 | €871,469 | +€20,827 | +2.4% |
| Land and buildings | 22 | €850,642 | €829,342 | -€21,300 | -2.5% |
| Other tangible fixed assets | 26 | - | €42,127 | +€42,127 | |
| Current assets | 29/58 | €1,040,681 | €609,243 | -€431,438 | -41.5% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €24,197 | €5,340 | -€18,856 | -77.9% |
| Trade receivables | 40 | €16,760 | €0 | -€16,760 | -100% |
| Other amounts receivable | 41 | €7,436 | €5,340 | -€2,096 | -28.2% |
| Current investments | 50/53 | €900,000 | €400,000 | -€500,000 | -55.6% |
| Cash at bank and in hand | 54/58 | €108,257 | €197,160 | +€88,903 | +82.1% |
| Deferred charges and accrued income | 490/1 | €8,227 | €6,742 | -€1,485 | -18.1% |
| Total equity and liabilities | 10/49 | €1,891,323 | €1,480,712 | -€410,611 | -21.7% |
| Equity | 10/15 | €528,413 | €844,361 | +€315,947 | +59.8% |
| Contributions | 10/11 | €1,211,500 | €1,211,500 | = | 0.0% |
| Capital | 10 | €1,211,500 | €1,211,500 | = | 0.0% |
| Issued capital | 100 | €1,211,500 | €1,211,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€683,087 | -€367,139 | +€315,947 | +46.3% |
| Amounts payable | 17/49 | €1,362,910 | €636,351 | -€726,559 | -53.3% |
| Amounts payable after more than one year | 17 | €599,800 | €449,367 | -€150,432 | -25.1% |
| Financial debts | 170/4 | €599,800 | €449,367 | -€150,432 | -25.1% |
| Amounts payable within one year | 42/48 | €762,386 | €186,234 | -€576,151 | -75.6% |
| Current portion of amounts payable after more than one year | 42 | €146,356 | €150,432 | +€4,077 | +2.8% |
| Trade debts | 44 | €4,240 | €28,479 | +€24,238 | +572% |
| Suppliers | 440/4 | €4,240 | €28,479 | +€24,238 | +572% |
| Taxes, remuneration and social security | 45 | €10,082 | €6,581 | -€3,501 | -34.7% |
| Taxes | 450/3 | €10,082 | €6,581 | -€3,501 | -34.7% |
| Other amounts payable | 47/48 | €601,708 | €743 | -€600,965 | -99.9% |
| Accrued charges and deferred income | 492/3 | €724 | €749 | +€25 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,300 | €21,300 | = | 0.0% |
| Other operating charges | 640/8 | €23,247 | €41,676 | +€18,429 | +79.3% |
| Gross operating margin | 9900 | €42,063 | €380,015 | +€337,952 | +803% |
| Operating profit (loss) | 9901 | -€2,484 | €317,039 | +€319,522 | |
| Financial income | 75/76B | €24,807 | €17,972 | -€6,834 | -27.6% |
| Recurring financial income | 75 | €24,807 | €17,972 | -€6,834 | -27.6% |
| Financial charges | 65/66B | €22,784 | €19,063 | -€3,720 | -16.3% |
| Recurring financial charges | 65 | €22,784 | €19,063 | -€3,720 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | -€461 | €315,947 | +€316,408 | |
| Profit (loss) for the period | 9904 | -€461 | €315,947 | +€316,408 | |
| Profit (loss) for the period to be appropriated | 9905 | -€461 | €315,947 | +€316,408 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.