NORBERT KLÜCKERS: 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.
NORBERT KLÜCKERS
Largest movements
- Current investments +€100,000
up €100,000 (+19.2%), from €520,000 to €620,000
- Cash -€62,483
down €62,483 (-44.2%), from €141,383 to €78,900
mainly Current investments (-€100,000) and Receivables within one year (-€39,460)
- Receivables within one year +€39,460
up €39,460 (+42.3%), from €93,340 to €132,800
of which Trade receivables: +€40,512
- Stocks and contracts +€23,633
up €23,633, from €0 to €23,633
- Tangible fixed assets -€12,571
down €12,571 (-32.5%), from €38,672 to €26,102
of which Furniture and vehicles: -€11,705
- Trade debts +€57,692
up €57,692 (+107.8%), from €53,525 to €111,216
- Reserves +€39,000
up €39,000 (+8.9%), from €440,560 to €479,560
of which Distributable reserves: +€39,000
- Other debts -€17,695
down €17,695 (-9.1%), from €193,633 to €175,938
- Gross operating margin +€9,468
up €9,468 (+17.5%), from €54,078 to €63,546
- Financial income -€9,213
down €9,213 (-48.8%), from €18,884 to €9,671
- Taxes +€2,432
up €2,432 (+15.0%), from €16,183 to €18,616
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.
Cash bridge derived
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 | €803,317 | €887,282 | +€83,966 | +10.5% |
| Fixed assets | 21/28 | €38,672 | €26,102 | -€12,571 | -32.5% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €38,672 | €26,102 | -€12,571 | -32.5% |
| Plant, machinery and equipment | 23 | €2,851 | €1,986 | -€866 | -30.4% |
| Furniture and vehicles | 24 | €35,821 | €24,116 | -€11,705 | -32.7% |
| Current assets | 29/58 | €764,644 | €861,181 | +€96,537 | +12.6% |
| Stocks and contracts in progress | 3 | €0 | €23,633 | +€23,633 | |
| Stocks | 30/36 | €0 | €23,633 | +€23,633 | |
| Amounts receivable within one year | 40/41 | €93,340 | €132,800 | +€39,460 | +42.3% |
| Trade receivables | 40 | €86,081 | €126,593 | +€40,512 | +47.1% |
| Other amounts receivable | 41 | €7,259 | €6,208 | -€1,051 | -14.5% |
| Current investments | 50/53 | €520,000 | €620,000 | +€100,000 | +19.2% |
| Cash at bank and in hand | 54/58 | €141,383 | €78,900 | -€62,483 | -44.2% |
| Deferred charges and accrued income | 490/1 | €9,922 | €5,847 | -€4,075 | -41.1% |
| Total equity and liabilities | 10/49 | €803,317 | €887,282 | +€83,966 | +10.5% |
| Equity | 10/15 | €551,834 | €591,089 | +€39,254 | +7.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €440,560 | €479,560 | +€39,000 | +8.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €440,560 | €479,560 | +€39,000 | +8.9% |
| Profit (loss) carried forward | 14 | €98,874 | €99,129 | +€254 | +0.3% |
| Amounts payable | 17/49 | €251,483 | €296,194 | +€44,711 | +17.8% |
| Amounts payable within one year | 42/48 | €251,342 | €296,055 | +€44,712 | +17.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | €0 | = | |
| Trade debts | 44 | €53,525 | €111,216 | +€57,692 | +107.8% |
| Suppliers | 440/4 | €53,525 | €111,216 | +€57,692 | +107.8% |
| Taxes, remuneration and social security | 45 | €4,185 | €8,900 | +€4,716 | +112.7% |
| Taxes | 450/3 | €4,185 | €8,900 | +€4,716 | +112.7% |
| Other amounts payable | 47/48 | €193,633 | €175,938 | -€17,695 | -9.1% |
| Accrued charges and deferred income | 492/3 | €140 | €139 | -€1 | -0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,397 | €13,149 | -€248 | -1.9% |
| Other operating charges | 640/8 | €1,396 | €1,438 | +€42 | +3.0% |
| Non-recurring operating charges | 66A | €9 | €63 | +€54 | +604.0% |
| Gross operating margin | 9900 | €54,078 | €63,546 | +€9,468 | +17.5% |
| Operating profit (loss) | 9901 | €39,276 | €48,896 | +€9,619 | +24.5% |
| Financial income | 75/76B | €18,884 | €9,671 | -€9,213 | -48.8% |
| Recurring financial income | 75 | €18,884 | €9,671 | -€9,213 | -48.8% |
| Financial charges | 65/66B | €765 | €696 | -€68 | -8.9% |
| Recurring financial charges | 65 | €765 | €696 | -€68 | -8.9% |
| Profit (loss) for the period before taxes | 9903 | €57,396 | €57,870 | +€474 | +0.8% |
| Income taxes | 67/77 | €16,183 | €18,616 | +€2,432 | +15.0% |
| Profit (loss) for the period | 9904 | €41,212 | €39,254 | -€1,958 | -4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €41,212 | €39,254 | -€1,958 | -4.8% |
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 11 October 2026 via checked.be.