LUC CLAESSENS: 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.
LUC CLAESSENS
Largest movements
- Current investments -€120,000
down €120,000 (-88.6%), from €135,375 to €15,375
- Cash +€64,336
up €64,336 (+119%), from €54,003 to €118,340
mainly Current investments (+€120,000) and Net result for the year (+€57,542)
- Tangible fixed assets -€48,883
down €48,883 (-12.1%), from €403,560 to €354,677
of which Land and buildings: -€26,381
- Receivables within one year -€13,432
down €13,432 (-46.6%), from €28,818 to €15,386
of which Other amounts receivable: -€16,687
- Reserves -€59,807
down €59,807 (-22.3%), from €268,729 to €208,923
- Other debts -€39,342
down €39,342 (-26.2%), from €150,206 to €110,864
- Debts after one year -€28,093
down €28,093 (-18.2%), from €154,547 to €126,455
- Tax, wage and social debts +€8,384
up €8,384 (+145%), from €5,789 to €14,173
of which Taxes: +€7,306
- Profit (loss) carried forward +€6,485
up €6,485, from -€6,485 to €0
- Gross operating margin +€30,851
up €30,851 (+25.8%), from €119,807 to €150,658
- Financial income +€18,247
up €18,247 (+182,465,800%), from €0 to €18,247
of which Financial income: +€10,747
- Taxes +€10,778
up €10,778 (+96.1%), from €11,214 to €21,992
- Staff costs +€5,417
up €5,417 (+19.3%), from €28,097 to €33,513
- Depreciation -€2,483
down €2,483 (-4.7%), from €52,716 to €50,233
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 | €626,068 | €508,386 | -€117,682 | -18.8% |
| Fixed assets | 21/28 | €403,660 | €354,777 | -€48,883 | -12.1% |
| Tangible fixed assets | 22/27 | €403,560 | €354,677 | -€48,883 | -12.1% |
| Land and buildings | 22 | €318,518 | €292,137 | -€26,381 | -8.3% |
| Plant, machinery and equipment | 23 | €55,860 | €39,539 | -€16,321 | -29.2% |
| Furniture and vehicles | 24 | €29,025 | €21,652 | -€7,372 | -25.4% |
| Other tangible fixed assets | 26 | €158 | €1,350 | +€1,192 | +756% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €222,408 | €153,608 | -€68,799 | -30.9% |
| Amounts receivable within one year | 40/41 | €28,818 | €15,386 | -€13,432 | -46.6% |
| Trade receivables | 40 | - | €3,255 | +€3,255 | |
| Other amounts receivable | 41 | €28,818 | €12,132 | -€16,687 | -57.9% |
| Current investments | 50/53 | €135,375 | €15,375 | -€120,000 | -88.6% |
| Cash at bank and in hand | 54/58 | €54,003 | €118,340 | +€64,336 | +119% |
| Deferred charges and accrued income | 490/1 | €4,211 | €4,507 | +€296 | +7.0% |
| Total equity and liabilities | 10/49 | €626,068 | €508,386 | -€117,682 | -18.8% |
| Equity | 10/15 | €280,845 | €227,523 | -€53,322 | -19.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €268,729 | €208,923 | -€59,807 | -22.3% |
| Distributable reserves | 133 | €268,729 | €208,923 | -€59,807 | -22.3% |
| Profit (loss) carried forward | 14 | -€6,485 | €0 | +€6,485 | |
| Amounts payable | 17/49 | €345,223 | €280,863 | -€64,360 | -18.6% |
| Amounts payable after more than one year | 17 | €154,547 | €126,455 | -€28,093 | -18.2% |
| Financial debts | 170/4 | €154,547 | €126,455 | -€28,093 | -18.2% |
| Amounts payable within one year | 42/48 | €190,676 | €154,409 | -€36,268 | -19.0% |
| Current portion of amounts payable after more than one year | 42 | €28,273 | €28,093 | -€181 | -0.6% |
| Trade debts | 44 | €6,408 | €1,279 | -€5,128 | -80.0% |
| Suppliers | 440/4 | €6,408 | €1,279 | -€5,128 | -80.0% |
| Taxes, remuneration and social security | 45 | €5,789 | €14,173 | +€8,384 | +145% |
| Taxes | 450/3 | €2,432 | €9,739 | +€7,306 | +300% |
| Remuneration and social security | 454/9 | €3,357 | €4,434 | +€1,077 | +32.1% |
| Other amounts payable | 47/48 | €150,206 | €110,864 | -€39,342 | -26.2% |
| Remuneration, social security and pensions | 62 | €28,097 | €33,513 | +€5,417 | +19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,716 | €50,233 | -€2,483 | -4.7% |
| Other operating charges | 640/8 | €738 | €1,739 | +€1,000 | +135% |
| Gross operating margin | 9900 | €119,807 | €150,658 | +€30,851 | +25.8% |
| Operating profit (loss) | 9901 | €38,257 | €65,173 | +€26,917 | +70.4% |
| Financial income | 75/76B | €0 | €18,247 | +€18,247 | +182,465,800% |
| Recurring financial income | 75 | €0 | €10,747 | +€10,747 | +107,465,800% |
| Non-recurring financial income | 76B | - | €7,500 | +€7,500 | |
| Financial charges | 65/66B | €2,719 | €3,886 | +€1,167 | +42.9% |
| Recurring financial charges | 65 | €2,719 | €3,886 | +€1,167 | +42.9% |
| Profit (loss) for the period before taxes | 9903 | €35,538 | €79,534 | +€43,996 | +124% |
| Income taxes | 67/77 | €11,214 | €21,992 | +€10,778 | +96.1% |
| Profit (loss) for the period | 9904 | €24,324 | €57,542 | +€33,218 | +137% |
| Profit (loss) for the period to be appropriated | 9905 | €24,324 | €57,542 | +€33,218 | +137% |
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 19 October 2026 via checked.be.