P.A. 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.
P.A. CLAEYS
Largest movements
- Tangible fixed assets +€242,398
up €242,398 (+11.2%), from €2.2m to €2.4m
of which Furniture and vehicles: +€149,491
- Cash -€34,917
down €34,917 (-15.9%), from €219,569 to €184,651
mainly Investment in fixed assets (net) (-€420,720) and Receivables within one year (-€28,903)
- Receivables within one year +€28,903
up €28,903 (+34.4%), from €83,993 to €112,896
of which Trade receivables: +€23,297
- Debts after one year +€129,773
up €129,773 (+21.2%), from €612,446 to €742,218
- Profit (loss) carried forward +€50,088
up €50,088 (+25.5%), from -€196,768 to -€146,680
- Trade debts +€41,738
up €41,738 (+369.4%), from €11,299 to €53,037
- Depreciation -€51,354
down €51,354 (-22.4%), from €229,676 to €178,322
- Gross operating margin +€31,962
up €31,962 (+12.4%), from €258,601 to €290,563
- Other operating charges +€7,847
up €7,847 (+41.2%), from €19,036 to €26,883
- Staff costs +€3,297
up €3,297 (+11.0%), from €30,014 to €33,311
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 | €2,464,994 | €2,701,641 | +€236,648 | +9.6% |
| Fixed assets | 21/28 | €2,156,146 | €2,398,544 | +€242,398 | +11.2% |
| Tangible fixed assets | 22/27 | €2,156,146 | €2,398,544 | +€242,398 | +11.2% |
| Land and buildings | 22 | €1,754,718 | €1,813,796 | +€59,078 | +3.4% |
| Plant, machinery and equipment | 23 | €40,228 | €74,057 | +€33,829 | +84.1% |
| Furniture and vehicles | 24 | €361,200 | €510,691 | +€149,491 | +41.4% |
| Current assets | 29/58 | €308,848 | €303,097 | -€5,750 | -1.9% |
| Amounts receivable within one year | 40/41 | €83,993 | €112,896 | +€28,903 | +34.4% |
| Trade receivables | 40 | €81,870 | €105,167 | +€23,297 | +28.5% |
| Other amounts receivable | 41 | €2,123 | €7,729 | +€5,606 | +264.0% |
| Cash at bank and in hand | 54/58 | €219,569 | €184,651 | -€34,917 | -15.9% |
| Deferred charges and accrued income | 490/1 | €5,285 | €5,549 | +€264 | +5.0% |
| Total equity and liabilities | 10/49 | €2,464,994 | €2,701,641 | +€236,648 | +9.6% |
| Equity | 10/15 | €127,603 | €177,690 | +€50,088 | +39.3% |
| Contributions | 10/11 | €312,000 | €312,000 | = | 0.0% |
| Capital | 10 | €312,000 | €312,000 | = | 0.0% |
| Issued capital | 100 | €312,000 | €312,000 | = | 0.0% |
| Reserves | 13 | €12,371 | €12,371 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,171 | €6,171 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€196,768 | -€146,680 | +€50,088 | +25.5% |
| Amounts payable | 17/49 | €2,337,391 | €2,523,951 | +€186,560 | +8.0% |
| Amounts payable after more than one year | 17 | €612,446 | €742,218 | +€129,773 | +21.2% |
| Financial debts | 170/4 | €612,446 | €742,218 | +€129,773 | +21.2% |
| Amounts payable within one year | 42/48 | €1,723,631 | €1,780,419 | +€56,787 | +3.3% |
| Current portion of amounts payable after more than one year | 42 | €69,832 | €70,227 | +€395 | +0.6% |
| Trade debts | 44 | €11,299 | €53,037 | +€41,738 | +369.4% |
| Suppliers | 440/4 | €11,299 | €53,037 | +€41,738 | +369.4% |
| Taxes, remuneration and social security | 45 | €7,778 | €18,356 | +€10,578 | +136.0% |
| Taxes | 450/3 | €3,070 | €13,629 | +€10,560 | +344.0% |
| Remuneration and social security | 454/9 | €4,708 | €4,726 | +€18 | +0.4% |
| Other amounts payable | 47/48 | €1,634,723 | €1,638,799 | +€4,076 | +0.2% |
| Accrued charges and deferred income | 492/3 | €1,314 | €1,314 | = | 0.0% |
| Non-recurring operating income | 76A | €127,048 | €110,528 | -€16,520 | -13.0% |
| Remuneration, social security and pensions | 62 | €30,014 | €33,311 | +€3,297 | +11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €229,676 | €178,322 | -€51,354 | -22.4% |
| Other operating charges | 640/8 | €19,036 | €26,883 | +€7,847 | +41.2% |
| Gross operating margin | 9900 | €258,601 | €290,563 | +€31,962 | +12.4% |
| Operating profit (loss) | 9901 | -€20,126 | €52,047 | +€72,172 | |
| Financial income | 75/76B | €151 | €1,267 | +€1,116 | +738.9% |
| Recurring financial income | 75 | €151 | €1,267 | +€1,116 | +738.9% |
| Financial charges | 65/66B | €3,898 | €2,752 | -€1,146 | -29.4% |
| Recurring financial charges | 65 | €3,898 | €2,752 | -€1,146 | -29.4% |
| Profit (loss) for the period before taxes | 9903 | -€23,872 | €50,562 | +€74,434 | |
| Income taxes | 67/77 | €522 | €474 | -€48 | -9.2% |
| Profit (loss) for the period | 9904 | -€24,394 | €50,088 | +€74,482 | |
| Profit (loss) for the period to be appropriated | 9905 | -€24,394 | €50,088 | +€74,482 |
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 12 October 2026 via checked.be.