Thomas Clijsner: 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.
Thomas Clijsner
Largest movements
- Receivables after one year +€68,000
up €68,000 (+20.0%), from €340,000 to €408,000
- Cash +€44,657
up €44,657 (+44.1%), from €101,360 to €146,017
mainly Other debts (+€282,343) and Net result for the year (+€200,515)
- Deferred charges and accrued income +€43,155
up €43,155 (+1,078%), from €4,002 to €47,156
- Receivables within one year +€38,327
up €38,327 (+25.5%), from €150,326 to €188,653
of which Trade receivables: +€40,592
- Other debts +€282,343
up €282,343 (+247%), from €114,305 to €396,649
- Reserves -€157,149
no longer reported in 2025 (was €157,149)
- Current portion of long-term debt +€40,000
new in 2025: €40,000
- Tax, wage and social debts +€14,739
up €14,739 (+23.4%), from €63,055 to €77,793
- Short-term financial debts +€10,908
up €10,908 (+4.3%), from €251,858 to €262,767
of which Other loans: +€43,558
- Gross operating margin +€62,972
up €62,972 (+29.3%), from €214,888 to €277,860
- Taxes +€15,392
up €15,392 (+32.6%), from €47,155 to €62,547
- Depreciation +€4,133
up €4,133 (+86.1%), from €4,801 to €8,934
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 | €614,716 | €807,720 | +€193,004 | +31.4% |
| Fixed assets | 21/28 | €19,029 | €17,894 | -€1,135 | -6.0% |
| Tangible fixed assets | 22/27 | €19,029 | €17,894 | -€1,135 | -6.0% |
| Land and buildings | 22 | €3,466 | €8,708 | +€5,242 | +151% |
| Plant, machinery and equipment | 23 | €2,242 | €3,146 | +€904 | +40.3% |
| Furniture and vehicles | 24 | €13,321 | €6,040 | -€7,282 | -54.7% |
| Current assets | 29/58 | €595,687 | €789,826 | +€194,139 | +32.6% |
| Amounts receivable after more than one year | 29 | €340,000 | €408,000 | +€68,000 | +20.0% |
| Other amounts receivable | 291 | €340,000 | €408,000 | +€68,000 | +20.0% |
| Amounts receivable within one year | 40/41 | €150,326 | €188,653 | +€38,327 | +25.5% |
| Trade receivables | 40 | €146,608 | €187,200 | +€40,592 | +27.7% |
| Other amounts receivable | 41 | €3,718 | €1,453 | -€2,265 | -60.9% |
| Cash at bank and in hand | 54/58 | €101,360 | €146,017 | +€44,657 | +44.1% |
| Deferred charges and accrued income | 490/1 | €4,002 | €47,156 | +€43,155 | +1,078% |
| Total equity and liabilities | 10/49 | €614,716 | €807,720 | +€193,004 | +31.4% |
| Equity | 10/15 | €172,149 | €15,000 | -€157,149 | -91.3% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €157,149 | - | -€157,149 | |
| Distributable reserves | 133 | €157,149 | - | -€157,149 | |
| Amounts payable | 17/49 | €442,567 | €792,720 | +€350,153 | +79.1% |
| Amounts payable within one year | 42/48 | €430,425 | €780,158 | +€349,733 | +81.3% |
| Current portion of amounts payable after more than one year | 42 | - | €40,000 | +€40,000 | |
| Financial debts | 43 | €251,858 | €262,767 | +€10,908 | +4.3% |
| Credit institutions | 430/8 | €32,650 | - | -€32,650 | |
| Other loans | 439 | €219,208 | €262,767 | +€43,558 | +19.9% |
| Trade debts | 44 | €1,206 | €2,949 | +€1,743 | +144% |
| Suppliers | 440/4 | €1,206 | €2,949 | +€1,743 | +144% |
| Taxes, remuneration and social security | 45 | €63,055 | €77,793 | +€14,739 | +23.4% |
| Taxes | 450/3 | €63,055 | €77,793 | +€14,739 | +23.4% |
| Other amounts payable | 47/48 | €114,305 | €396,649 | +€282,343 | +247% |
| Accrued charges and deferred income | 492/3 | €12,142 | €12,562 | +€420 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,801 | €8,934 | +€4,133 | +86.1% |
| Other operating charges | 640/8 | €759 | €652 | -€106 | -14.0% |
| Gross operating margin | 9900 | €214,888 | €277,860 | +€62,972 | +29.3% |
| Operating profit (loss) | 9901 | €209,328 | €268,274 | +€58,946 | +28.2% |
| Financial income | 75/76B | €6,841 | €8,149 | +€1,308 | +19.1% |
| Recurring financial income | 75 | €6,841 | €8,149 | +€1,308 | +19.1% |
| Financial charges | 65/66B | €11,864 | €13,361 | +€1,496 | +12.6% |
| Recurring financial charges | 65 | €11,864 | €13,361 | +€1,496 | +12.6% |
| Profit (loss) for the period before taxes | 9903 | €204,304 | €263,062 | +€58,758 | +28.8% |
| Income taxes | 67/77 | €47,155 | €62,547 | +€15,392 | +32.6% |
| Profit (loss) for the period | 9904 | €157,149 | €200,515 | +€43,366 | +27.6% |
| Profit (loss) for the period to be appropriated | 9905 | €157,149 | €200,515 | +€43,366 | +27.6% |
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 31 October 2026 via checked.be.