S. De Klerck: 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. De Klerck
Largest movements
- Receivables within one year +€18,365
up €18,365 (+38.8%), from €47,316 to €65,681
of which Other amounts receivable: +€15,040
- Deferred charges and accrued income -€17,565
down €17,565 (-60.5%), from €29,029 to €11,464
- Receivables after one year -€7,833
no longer reported in 2025 (was €7,833)
- Tangible fixed assets -€5,006
down €5,006 (-4.5%), from €112,316 to €107,310
of which Furniture and vehicles: -€3,230
- Reserves +€66,864
up €66,864 (+34.1%), from €195,922 to €262,785
- Debts after one year -€66,697
down €66,697 (-91.7%), from €72,697 to €6,000
- Tax, wage and social debts -€9,085
down €9,085 (-66.2%), from €13,724 to €4,639
- Other debts -€5,307
down €5,307 (-89.0%), from €5,963 to €656
- Financial income +€45,324
up €45,324 (+797%), from €5,688 to €51,012
- Taxes +€2,668
up €2,668 (+20.3%), from €13,145 to €15,813
- Gross operating margin -€2,523
down €2,523 (-6.4%), from €39,702 to €37,179
- Financial charges -€1,103
down €1,103 (-80.5%), from €1,370 to €268
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 | €365,594 | €353,887 | -€11,707 | -3.2% |
| Fixed assets | 21/28 | €121,616 | €116,610 | -€5,006 | -4.1% |
| Tangible fixed assets | 22/27 | €112,316 | €107,310 | -€5,006 | -4.5% |
| Land and buildings | 22 | €104,195 | €104,195 | = | 0.0% |
| Plant, machinery and equipment | 23 | €2,150 | €374 | -€1,776 | -82.6% |
| Furniture and vehicles | 24 | €5,971 | €2,741 | -€3,230 | -54.1% |
| Financial fixed assets | 28 | €9,300 | €9,300 | = | 0.0% |
| Current assets | 29/58 | €243,978 | €237,277 | -€6,702 | -2.7% |
| Amounts receivable after more than one year | 29 | €7,833 | - | -€7,833 | |
| Other amounts receivable | 291 | €7,833 | - | -€7,833 | |
| Amounts receivable within one year | 40/41 | €47,316 | €65,681 | +€18,365 | +38.8% |
| Trade receivables | 40 | - | €3,325 | +€3,325 | |
| Other amounts receivable | 41 | €47,316 | €62,356 | +€15,040 | +31.8% |
| Current investments | 50/53 | €153,295 | €153,295 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €6,506 | €6,837 | +€331 | +5.1% |
| Deferred charges and accrued income | 490/1 | €29,029 | €11,464 | -€17,565 | -60.5% |
| Total equity and liabilities | 10/49 | €365,594 | €353,887 | -€11,707 | -3.2% |
| Equity | 10/15 | €272,074 | €338,938 | +€66,864 | +24.6% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €195,922 | €262,785 | +€66,864 | +34.1% |
| Distributable reserves | 133 | €195,922 | €262,785 | +€66,864 | +34.1% |
| Profit (loss) carried forward | 14 | €63,652 | €63,652 | = | 0.0% |
| Amounts payable | 17/49 | €93,520 | €14,949 | -€78,571 | -84.0% |
| Amounts payable after more than one year | 17 | €72,697 | €6,000 | -€66,697 | -91.7% |
| Financial debts | 170/4 | €72,697 | €6,000 | -€66,697 | -91.7% |
| Amounts payable within one year | 42/48 | €20,822 | €8,949 | -€11,874 | -57.0% |
| Trade debts | 44 | €1,135 | €3,654 | +€2,519 | +222% |
| Suppliers | 440/4 | €1,135 | €3,654 | +€2,519 | +222% |
| Taxes, remuneration and social security | 45 | €13,724 | €4,639 | -€9,085 | -66.2% |
| Taxes | 450/3 | €13,724 | €4,639 | -€9,085 | -66.2% |
| Other amounts payable | 47/48 | €5,963 | €656 | -€5,307 | -89.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,369 | €5,006 | -€363 | -6.8% |
| Other operating charges | 640/8 | €177 | €241 | +€64 | +36.3% |
| Gross operating margin | 9900 | €39,702 | €37,179 | -€2,523 | -6.4% |
| Operating profit (loss) | 9901 | €34,157 | €31,932 | -€2,224 | -6.5% |
| Financial income | 75/76B | €5,688 | €51,012 | +€45,324 | +797% |
| Recurring financial income | 75 | €5,688 | €51,012 | +€45,324 | +797% |
| Financial charges | 65/66B | €1,370 | €268 | -€1,103 | -80.5% |
| Recurring financial charges | 65 | €1,370 | €268 | -€1,103 | -80.5% |
| Profit (loss) for the period before taxes | 9903 | €38,474 | €82,677 | +€44,202 | +115% |
| Income taxes | 67/77 | €13,145 | €15,813 | +€2,668 | +20.3% |
| Profit (loss) for the period | 9904 | €25,329 | €66,864 | +€41,534 | +164% |
| Profit (loss) for the period to be appropriated | 9905 | €25,329 | €66,864 | +€41,534 | +164% |
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 14 October 2026 via checked.be.