KLUGER PARTNERS: 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.
KLUGER PARTNERS
Largest movements
- Receivables within one year -€19,492
down €19,492 (-77.1%), from €25,275 to €5,783
of which Trade receivables: -€20,535
- Tangible fixed assets -€4,322
down €4,322 (-34.0%), from €12,721 to €8,399
of which Other tangible fixed assets: -€2,304
- Cash -€1,199
down €1,199 (-48.6%), from €2,466 to €1,268
mainly Debts after one year (-€32,584) and Tax, wage and social debts (-€4,677)
- Debts after one year -€32,584
down €32,584 (-7.5%), from €433,395 to €400,811
- Trade debts +€5,073
up €5,073 (+120%), from €4,229 to €9,302
- Profit (loss) carried forward +€4,683
up €4,683 (+0.4%), from -€1.1m to -€1.1m
- Tax, wage and social debts -€4,677
no longer reported in 2025 (was €4,677)
- Other debts +€2,491
new in 2025: €2,491
- Gross operating margin -€50,829
down €50,829 (-83.0%), from €61,272 to €10,443
- Depreciation -€7,646
down €7,646 (-63.9%), from €11,968 to €4,322
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 | €40,463 | €15,450 | -€25,013 | -61.8% |
| Fixed assets | 21/28 | €12,721 | €8,399 | -€4,322 | -34.0% |
| Tangible fixed assets | 22/27 | €12,721 | €8,399 | -€4,322 | -34.0% |
| Furniture and vehicles | 24 | €3,505 | €1,487 | -€2,018 | -57.6% |
| Other tangible fixed assets | 26 | €9,216 | €6,912 | -€2,304 | -25.0% |
| Current assets | 29/58 | €27,742 | €7,051 | -€20,691 | -74.6% |
| Amounts receivable within one year | 40/41 | €25,275 | €5,783 | -€19,492 | -77.1% |
| Trade receivables | 40 | €25,275 | €4,740 | -€20,535 | -81.2% |
| Other amounts receivable | 41 | - | €1,043 | +€1,043 | |
| Cash at bank and in hand | 54/58 | €2,466 | €1,268 | -€1,199 | -48.6% |
| Total equity and liabilities | 10/49 | €40,463 | €15,450 | -€25,013 | -61.8% |
| Equity | 10/15 | -€401,838 | -€397,154 | +€4,683 | +1.2% |
| Contributions | 10/11 | €732,327 | €732,327 | = | 0.0% |
| Capital | 10 | €732,327 | €732,327 | = | 0.0% |
| Issued capital | 100 | €732,327 | €732,327 | = | 0.0% |
| Reserves | 13 | €620 | €620 | = | 0.0% |
| Non-distributable reserves | 130/1 | €620 | €620 | = | 0.0% |
| Legal reserve | 130 | €620 | €620 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,134,785 | -€1,130,101 | +€4,683 | +0.4% |
| Amounts payable | 17/49 | €442,300 | €412,604 | -€29,696 | -6.7% |
| Amounts payable after more than one year | 17 | €433,395 | €400,811 | -€32,584 | -7.5% |
| Other amounts payable | 178/9 | €433,395 | €400,811 | -€32,584 | -7.5% |
| Amounts payable within one year | 42/48 | €8,905 | €11,793 | +€2,888 | +32.4% |
| Trade debts | 44 | €4,229 | €9,302 | +€5,073 | +120% |
| Suppliers | 440/4 | €4,229 | €9,302 | +€5,073 | +120% |
| Taxes, remuneration and social security | 45 | €4,677 | - | -€4,677 | |
| Taxes | 450/3 | €4,677 | - | -€4,677 | |
| Other amounts payable | 47/48 | - | €2,491 | +€2,491 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,968 | €4,322 | -€7,646 | -63.9% |
| Other operating charges | 640/8 | €570 | €582 | +€12 | +2.2% |
| Gross operating margin | 9900 | €61,272 | €10,443 | -€50,829 | -83.0% |
| Operating profit (loss) | 9901 | €48,734 | €5,538 | -€43,196 | -88.6% |
| Financial income | 75/76B | €15 | - | -€15 | |
| Recurring financial income | 75 | €15 | - | -€15 | |
| Financial charges | 65/66B | €1,412 | €855 | -€557 | -39.5% |
| Recurring financial charges | 65 | €1,412 | €855 | -€557 | -39.5% |
| Profit (loss) for the period before taxes | 9903 | €47,337 | €4,683 | -€42,653 | -90.1% |
| Profit (loss) for the period | 9904 | €47,337 | €4,683 | -€42,653 | -90.1% |
| Profit (loss) for the period to be appropriated | 9905 | €47,337 | €4,683 | -€42,653 | -90.1% |
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 18 October 2026 via checked.be.