Sylvain Cloetens: what changed
Sylvain Cloetens
Largest movements
- Receivables within one year -€87,999
down €87,999 (-85.1%), from €103,356 to €15,357
of which Trade receivables: -€87,082
- Stocks and contracts -€63,865
no longer reported in 2025 (was €63,865)
- Cash +€60,549
up €60,549 (+4,116%), from €1,471 to €62,020
mainly Receivables within one year (+€87,999) and Stocks and contracts (+€63,865)
- Tangible fixed assets +€2,146
up €2,146 (+5.0%), from €42,697 to €44,843
of which Furniture and vehicles: +€12,041
- Trade debts -€55,490
down €55,490 (-79.5%), from €69,774 to €14,285
- Profit (loss) carried forward -€28,583
down €28,583 (-36.0%), from €79,333 to €50,750
- Other debts -€3,381
down €3,381 (-15.6%), from €21,634 to €18,252
- Gross operating margin -€7,490
down €7,490 (-10.1%), from €74,409 to €66,919
- Staff costs +€4,075
up €4,075 (+5.4%), from €74,779 to €78,853
- Depreciation -€3,361
down €3,361 (-19.5%), from €17,234 to €13,873
- Financial charges -€2,669
no longer reported in 2025 (was €2,669)
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €211,434 | €122,259 | -€89,175 | -42.2% |
| Fixed assets | 21/28 | €42,697 | €44,843 | +€2,146 | +5.0% |
| Tangible fixed assets | 22/27 | €42,697 | €44,843 | +€2,146 | +5.0% |
| Plant, machinery and equipment | 23 | €38,875 | €28,980 | -€9,895 | -25.5% |
| Furniture and vehicles | 24 | €3,822 | €15,863 | +€12,041 | +315% |
| Current assets | 29/58 | €168,737 | €77,416 | -€91,321 | -54.1% |
| Stocks and contracts in progress | 3 | €63,865 | - | -€63,865 | |
| Stocks | 30/36 | €63,865 | - | -€63,865 | |
| Amounts receivable within one year | 40/41 | €103,356 | €15,357 | -€87,999 | -85.1% |
| Trade receivables | 40 | €97,082 | €10,000 | -€87,082 | -89.7% |
| Other amounts receivable | 41 | €6,275 | €5,357 | -€918 | -14.6% |
| Cash at bank and in hand | 54/58 | €1,471 | €62,020 | +€60,549 | +4,116% |
| Deferred charges and accrued income | 490/1 | €44 | €39 | -€5 | -11.7% |
| Total equity and liabilities | 10/49 | €211,434 | €122,259 | -€89,175 | -42.2% |
| Equity | 10/15 | €105,745 | €77,161 | -€28,583 | -27.0% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Contributions outside capital | 11 | €6,205 | €6,205 | = | 0.0% |
| Other | 1109/19 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €20,206 | €20,206 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €18,346 | €18,346 | = | 0.0% |
| Profit (loss) carried forward | 14 | €79,333 | €50,750 | -€28,583 | -36.0% |
| Amounts payable | 17/49 | €105,689 | €45,098 | -€60,591 | -57.3% |
| Amounts payable within one year | 42/48 | €105,689 | €45,098 | -€60,591 | -57.3% |
| Current portion of amounts payable after more than one year | 42 | €877 | €872 | -€5 | -0.6% |
| Financial debts | 43 | €2,000 | - | -€2,000 | |
| Credit institutions | 430/8 | €2,000 | - | -€2,000 | |
| Trade debts | 44 | €69,774 | €14,285 | -€55,490 | -79.5% |
| Suppliers | 440/4 | €69,774 | €14,285 | -€55,490 | -79.5% |
| Taxes, remuneration and social security | 45 | €11,404 | €11,689 | +€285 | +2.5% |
| Remuneration and social security | 454/9 | €11,404 | €11,689 | +€285 | +2.5% |
| Other amounts payable | 47/48 | €21,634 | €18,252 | -€3,381 | -15.6% |
| Non-recurring operating income | 76A | - | €19,580 | +€19,580 | |
| Remuneration, social security and pensions | 62 | €74,779 | €78,853 | +€4,075 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,234 | €13,873 | -€3,361 | -19.5% |
| Other operating charges | 640/8 | €2,166 | €2,615 | +€448 | +20.7% |
| Gross operating margin | 9900 | €74,409 | €66,919 | -€7,490 | -10.1% |
| Operating profit (loss) | 9901 | -€19,770 | -€28,422 | -€8,652 | -43.8% |
| Financial income | 75/76B | €4 | €10 | +€6 | +155% |
| Recurring financial income | 75 | €4 | €10 | +€6 | +155% |
| Financial charges | 65/66B | €2,669 | - | -€2,669 | |
| Recurring financial charges | 65 | €2,669 | - | -€2,669 | |
| Profit (loss) for the period before taxes | 9903 | -€22,434 | -€28,412 | -€5,978 | -26.6% |
| Income taxes | 67/77 | €402 | €172 | -€230 | -57.3% |
| Profit (loss) for the period | 9904 | -€22,836 | -€28,583 | -€5,747 | -25.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,836 | -€28,583 | -€5,747 | -25.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.