Paul Claes: 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.
Paul Claes
Largest movements
- Cash +€508,183
up €508,183 (+148%), from €344,128 to €852,311
mainly Advances received (+€147,224) and Net result for the year (+€124,603)
- Tangible fixed assets -€95,433
down €95,433 (-15.5%), from €615,455 to €520,021
- Receivables within one year -€56,270
down €56,270 (-47.7%), from €117,895 to €61,625
of which Trade receivables: -€30,720
- Advances received +€147,224
new in 2025: €147,224
- Reserves +€124,603
up €124,603 (+20.3%), from €612,837 to €737,440
- Trade debts +€92,042
up €92,042 (+67.9%), from €135,634 to €227,675
- Current portion of long-term debt -€41,075
down €41,075 (-53.8%), from €76,307 to €35,232
- Tax, wage and social debts +€32,178
up €32,178 (+8,720%), from €369 to €32,547
of which Taxes: +€25,024
- Other operating charges -€63,731
down €63,731 (-80.9%), from €78,751 to €15,019
- Gross operating margin -€47,899
down €47,899 (-7.8%), from €612,365 to €564,466
- Write-downs +€22,961
no longer reported in 2025 (was -€22,961)
- Financial charges +€12,634
up €12,634 (+93.7%), from €13,491 to €26,125
- Taxes -€9,570
down €9,570 (-20.8%), from €46,001 to €36,431
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 | €1,155,465 | €1,510,402 | +€354,937 | +30.7% |
| Fixed assets | 21/28 | €621,665 | €523,188 | -€98,476 | -15.8% |
| Intangible fixed assets | 21 | €6,210 | €2,167 | -€4,043 | -65.1% |
| Tangible fixed assets | 22/27 | €615,455 | €520,021 | -€95,433 | -15.5% |
| Land and buildings | 22 | €452,215 | €422,711 | -€29,504 | -6.5% |
| Plant, machinery and equipment | 23 | €110,890 | €64,062 | -€46,828 | -42.2% |
| Furniture and vehicles | 24 | €52,350 | €33,248 | -€19,102 | -36.5% |
| Financial fixed assets | 28 | - | €1,000 | +€1,000 | |
| Current assets | 29/58 | €533,800 | €987,213 | +€453,413 | +84.9% |
| Stocks and contracts in progress | 3 | €42,417 | €38,563 | -€3,854 | -9.1% |
| Stocks | 30/36 | €42,417 | €38,563 | -€3,854 | -9.1% |
| Amounts receivable within one year | 40/41 | €117,895 | €61,625 | -€56,270 | -47.7% |
| Trade receivables | 40 | €45,615 | €14,895 | -€30,720 | -67.3% |
| Other amounts receivable | 41 | €72,279 | €46,730 | -€25,550 | -35.3% |
| Cash at bank and in hand | 54/58 | €344,128 | €852,311 | +€508,183 | +148% |
| Deferred charges and accrued income | 490/1 | €29,360 | €34,715 | +€5,355 | +18.2% |
| Total equity and liabilities | 10/49 | €1,155,465 | €1,510,402 | +€354,937 | +30.7% |
| Equity | 10/15 | €631,437 | €756,040 | +€124,603 | +19.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €612,837 | €737,440 | +€124,603 | +20.3% |
| Distributable reserves | 133 | €612,837 | €737,440 | +€124,603 | +20.3% |
| Amounts payable | 17/49 | €524,027 | €754,362 | +€230,334 | +44.0% |
| Amounts payable after more than one year | 17 | €307,577 | €309,789 | +€2,212 | +0.7% |
| Financial debts | 170/4 | €307,577 | €309,789 | +€2,212 | +0.7% |
| Amounts payable within one year | 42/48 | €212,310 | €442,679 | +€230,369 | +109% |
| Current portion of amounts payable after more than one year | 42 | €76,307 | €35,232 | -€41,075 | -53.8% |
| Trade debts | 44 | €135,634 | €227,675 | +€92,042 | +67.9% |
| Suppliers | 440/4 | €135,634 | €227,675 | +€92,042 | +67.9% |
| Advances received on contracts in progress | 46 | - | €147,224 | +€147,224 | |
| Taxes, remuneration and social security | 45 | €369 | €32,547 | +€32,178 | +8,720% |
| Taxes | 450/3 | €369 | €25,393 | +€25,024 | +6,781% |
| Remuneration and social security | 454/9 | - | €7,154 | +€7,154 | |
| Accrued charges and deferred income | 492/3 | €4,140 | €1,894 | -€2,246 | -54.3% |
| Remuneration, social security and pensions | 62 | €266,636 | €266,829 | +€193 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,194 | €102,027 | +€4,833 | +5.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€22,961 | - | +€22,961 | |
| Other operating charges | 640/8 | €78,751 | €15,019 | -€63,731 | -80.9% |
| Gross operating margin | 9900 | €612,365 | €564,466 | -€47,899 | -7.8% |
| Operating profit (loss) | 9901 | €192,745 | €180,590 | -€12,155 | -6.3% |
| Financial income | 75/76B | €5,235 | €6,569 | +€1,333 | +25.5% |
| Recurring financial income | 75 | €5,235 | €6,569 | +€1,333 | +25.5% |
| Financial charges | 65/66B | €13,491 | €26,125 | +€12,634 | +93.7% |
| Recurring financial charges | 65 | €13,491 | €26,125 | +€12,634 | +93.7% |
| Profit (loss) for the period before taxes | 9903 | €184,490 | €161,034 | -€23,456 | -12.7% |
| Income taxes | 67/77 | €46,001 | €36,431 | -€9,570 | -20.8% |
| Profit (loss) for the period | 9904 | €138,489 | €124,603 | -€13,886 | -10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €138,489 | €124,603 | -€13,886 | -10.0% |
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 23 October 2026 via checked.be.