S. 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.
S. Claes
Largest movements
- Tangible fixed assets -€63,017
down €63,017 (-16.5%), from €381,850 to €318,833
of which Plant, machinery and equipment: -€60,284
- Intangible fixed assets -€29,100
down €29,100 (-14.1%), from €205,802 to €176,702
- Stocks and contracts +€23,114
up €23,114 (+9.8%), from €235,996 to €259,110
- Receivables within one year -€20,660
down €20,660 (-31.2%), from €66,188 to €45,528
of which Trade receivables: -€22,840
- Cash +€9,593
up €9,593 (+19.7%), from €48,746 to €58,339
mainly Depreciation (+€92,932) and Receivables within one year (+€20,660)
- Trade debts -€65,817
down €65,817 (-59.6%), from €110,443 to €44,626
- Debts after one year -€49,090
down €49,090 (-9.4%), from €523,994 to €474,904
- Profit (loss) carried forward +€15,883
up €15,883 (+44.7%), from -€35,545 to -€19,662
- Current portion of long-term debt +€11,779
up €11,779 (+4.5%), from €261,602 to €273,381
- Gross operating margin +€44,236
up €44,236 (+8.7%), from €509,070 to €553,306
- Staff costs +€40,722
up €40,722 (+11.0%), from €371,493 to €412,215
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 | €947,504 | €867,389 | -€80,115 | -8.5% |
| Formation expenses | 20 | €246 | €117 | -€129 | -52.6% |
| Fixed assets | 21/28 | €592,081 | €499,963 | -€92,117 | -15.6% |
| Intangible fixed assets | 21 | €205,802 | €176,702 | -€29,100 | -14.1% |
| Tangible fixed assets | 22/27 | €381,850 | €318,833 | -€63,017 | -16.5% |
| Plant, machinery and equipment | 23 | €378,188 | €317,904 | -€60,284 | -15.9% |
| Furniture and vehicles | 24 | €3,662 | €929 | -€2,733 | -74.6% |
| Financial fixed assets | 28 | €4,429 | €4,429 | = | 0.0% |
| Current assets | 29/58 | €355,178 | €367,309 | +€12,131 | +3.4% |
| Stocks and contracts in progress | 3 | €235,996 | €259,110 | +€23,114 | +9.8% |
| Stocks | 30/36 | €235,996 | €259,110 | +€23,114 | +9.8% |
| Amounts receivable within one year | 40/41 | €66,188 | €45,528 | -€20,660 | -31.2% |
| Trade receivables | 40 | €65,069 | €42,229 | -€22,840 | -35.1% |
| Other amounts receivable | 41 | €1,119 | €3,299 | +€2,180 | +195% |
| Cash at bank and in hand | 54/58 | €48,746 | €58,339 | +€9,593 | +19.7% |
| Deferred charges and accrued income | 490/1 | €4,248 | €4,332 | +€84 | +2.0% |
| Total equity and liabilities | 10/49 | €947,504 | €867,389 | -€80,115 | -8.5% |
| Equity | 10/15 | -€15,545 | €338 | +€15,883 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€35,545 | -€19,662 | +€15,883 | +44.7% |
| Amounts payable | 17/49 | €963,049 | €867,051 | -€95,998 | -10.0% |
| Amounts payable after more than one year | 17 | €523,994 | €474,904 | -€49,090 | -9.4% |
| Financial debts | 170/4 | €523,994 | €474,904 | -€49,090 | -9.4% |
| Amounts payable within one year | 42/48 | €439,055 | €392,147 | -€46,908 | -10.7% |
| Current portion of amounts payable after more than one year | 42 | €261,602 | €273,381 | +€11,779 | +4.5% |
| Trade debts | 44 | €110,443 | €44,626 | -€65,817 | -59.6% |
| Suppliers | 440/4 | €110,443 | €44,626 | -€65,817 | -59.6% |
| Taxes, remuneration and social security | 45 | €67,010 | €74,140 | +€7,130 | +10.6% |
| Taxes | 450/3 | €2,411 | €5,281 | +€2,870 | +119% |
| Remuneration and social security | 454/9 | €64,598 | €68,859 | +€4,261 | +6.6% |
| Remuneration, social security and pensions | 62 | €371,493 | €412,215 | +€40,722 | +11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,590 | €92,932 | -€4,658 | -4.8% |
| Other operating charges | 640/8 | €8,440 | €8,221 | -€220 | -2.6% |
| Gross operating margin | 9900 | €509,070 | €553,306 | +€44,236 | +8.7% |
| Operating profit (loss) | 9901 | €31,547 | €39,938 | +€8,391 | +26.6% |
| Financial income | 75/76B | €1,078 | €1,210 | +€132 | +12.2% |
| Recurring financial income | 75 | €1,078 | €1,210 | +€132 | +12.2% |
| Financial charges | 65/66B | €28,349 | €24,365 | -€3,984 | -14.1% |
| Recurring financial charges | 65 | €28,349 | €24,365 | -€3,984 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €4,277 | €16,783 | +€12,506 | +292% |
| Income taxes | 67/77 | €0 | €900 | +€900 | +187,446% |
| Profit (loss) for the period | 9904 | €4,276 | €15,883 | +€11,606 | +271% |
| Profit (loss) for the period to be appropriated | 9905 | €4,276 | €15,883 | +€11,606 | +271% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.