Ludovic 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.
Ludovic CLAEYS
Largest movements
- Cash -€62,865
down €62,865 (-61.1%), from €102,881 to €40,016
mainly Other debts (-€55,821) and Contributions, distributions and other (-€28,589)
- Tangible fixed assets -€5,666
down €5,666 (-5.4%), from €105,293 to €99,627
- Other debts -€55,821
down €55,821 (-66.5%), from €83,880 to €28,059
- Trade debts -€8,010
down €8,010 (-77.2%), from €10,382 to €2,372
- Tax, wage and social debts -€6,297
down €6,297 (-78.4%), from €8,028 to €1,732
of which Taxes: -€5,202
- Gross operating margin +€10,731
up €10,731 (+9.5%), from €112,548 to €123,280
- Staff costs +€3,926
up €3,926 (+6.3%), from €62,069 to €65,994
- Taxes +€1,563
up €1,563 (+12.4%), from €12,591 to €14,155
- Financial income -€1,554
down €1,554 (-45.5%), from €3,417 to €1,863
of which Non-recurring financial income: -€1,947
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 | €227,465 | €157,731 | -€69,734 | -30.7% |
| Fixed assets | 21/28 | €105,343 | €99,677 | -€5,666 | -5.4% |
| Tangible fixed assets | 22/27 | €105,293 | €99,627 | -€5,666 | -5.4% |
| Land and buildings | 22 | €105,293 | €99,627 | -€5,666 | -5.4% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €122,122 | €58,054 | -€64,068 | -52.5% |
| Amounts receivable within one year | 40/41 | €19,242 | €18,038 | -€1,204 | -6.3% |
| Trade receivables | 40 | €14,561 | €3,003 | -€11,558 | -79.4% |
| Other amounts receivable | 41 | €4,680 | €15,035 | +€10,355 | +221% |
| Cash at bank and in hand | 54/58 | €102,881 | €40,016 | -€62,865 | -61.1% |
| Total equity and liabilities | 10/49 | €227,465 | €157,731 | -€69,734 | -30.7% |
| Equity | 10/15 | €125,175 | €125,569 | +€393 | +0.3% |
| Contributions | 10/11 | €18,950 | €18,950 | = | 0.0% |
| Reserves | 13 | €106,225 | €106,619 | +€393 | +0.4% |
| Non-distributable reserves | 130/1 | €106,225 | €106,619 | +€393 | +0.4% |
| Reserves not available under the articles | 1311 | €106,225 | €106,619 | +€393 | +0.4% |
| Amounts payable | 17/49 | €102,290 | €32,162 | -€70,127 | -68.6% |
| Amounts payable within one year | 42/48 | €102,290 | €32,162 | -€70,127 | -68.6% |
| Trade debts | 44 | €10,382 | €2,372 | -€8,010 | -77.2% |
| Suppliers | 440/4 | €10,382 | €2,372 | -€8,010 | -77.2% |
| Taxes, remuneration and social security | 45 | €8,028 | €1,732 | -€6,297 | -78.4% |
| Taxes | 450/3 | €6,933 | €1,732 | -€5,202 | -75.0% |
| Remuneration and social security | 454/9 | €1,095 | - | -€1,095 | |
| Other amounts payable | 47/48 | €83,880 | €28,059 | -€55,821 | -66.5% |
| Remuneration, social security and pensions | 62 | €62,069 | €65,994 | +€3,926 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,328 | €11,523 | +€196 | +1.7% |
| Other operating charges | 640/8 | €4,176 | €4,298 | +€121 | +2.9% |
| Gross operating margin | 9900 | €112,548 | €123,280 | +€10,731 | +9.5% |
| Operating profit (loss) | 9901 | €34,976 | €41,465 | +€6,489 | +18.6% |
| Financial income | 75/76B | €3,417 | €1,863 | -€1,554 | -45.5% |
| Recurring financial income | 75 | €1,470 | €1,863 | +€393 | +26.8% |
| Non-recurring financial income | 76B | €1,947 | - | -€1,947 | |
| Financial charges | 65/66B | €343 | €192 | -€152 | -44.2% |
| Recurring financial charges | 65 | €343 | €192 | -€152 | -44.2% |
| Profit (loss) for the period before taxes | 9903 | €38,050 | €43,137 | +€5,087 | +13.4% |
| Income taxes | 67/77 | €12,591 | €14,155 | +€1,563 | +12.4% |
| Profit (loss) for the period | 9904 | €25,458 | €28,982 | +€3,523 | +13.8% |
| Profit (loss) for the period to be appropriated | 9905 | €25,458 | €28,982 | +€3,523 | +13.8% |
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 27 October 2026 via checked.be.