Tim De Clercq: 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.
Tim De Clercq
Largest movements
- Cash +€8,632
up €8,632 (+7.0%), from €122,723 to €131,355
mainly Other debts (+€55,768) and Net result for the year (+€44,647)
- Tangible fixed assets -€2,413
down €2,413 (-26.4%), from €9,140 to €6,728
of which Furniture and vehicles: -€2,116
- Deferred charges and accrued income +€1,817
up €1,817 (+202%), from €900 to €2,717
- Other debts +€55,768
up €55,768 (+3,354%), from €1,663 to €57,431
- Profit (loss) carried forward -€50,353
down €50,353 (-53.4%), from €94,214 to €43,861
- Trade debts +€12,611
up €12,611 (+1,880%), from €671 to €13,282
- Tax, wage and social debts -€10,710
down €10,710 (-48.5%), from €22,084 to €11,374
- Gross operating margin +€2,448
up €2,448 (+4.1%), from €59,398 to €61,846
- Taxes +€897
up €897 (+7.6%), from €11,832 to €12,729
- Depreciation +€804
up €804 (+49.9%), from €1,609 to €2,413
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 | €133,632 | €140,948 | +€7,316 | +5.5% |
| Fixed assets | 21/28 | €9,140 | €6,728 | -€2,413 | -26.4% |
| Tangible fixed assets | 22/27 | €9,140 | €6,728 | -€2,413 | -26.4% |
| Plant, machinery and equipment | 23 | €820 | €523 | -€297 | -36.2% |
| Furniture and vehicles | 24 | €8,320 | €6,204 | -€2,116 | -25.4% |
| Current assets | 29/58 | €124,492 | €134,221 | +€9,729 | +7.8% |
| Amounts receivable within one year | 40/41 | €869 | €149 | -€720 | -82.9% |
| Trade receivables | 40 | €864 | €134 | -€730 | -84.5% |
| Other amounts receivable | 41 | €5 | €15 | +€10 | +224% |
| Cash at bank and in hand | 54/58 | €122,723 | €131,355 | +€8,632 | +7.0% |
| Deferred charges and accrued income | 490/1 | €900 | €2,717 | +€1,817 | +202% |
| Total equity and liabilities | 10/49 | €133,632 | €140,948 | +€7,316 | +5.5% |
| Equity | 10/15 | €109,214 | €58,861 | -€50,353 | -46.1% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €94,214 | €43,861 | -€50,353 | -53.4% |
| Amounts payable | 17/49 | €24,417 | €82,087 | +€57,670 | +236% |
| Amounts payable within one year | 42/48 | €24,417 | €82,087 | +€57,670 | +236% |
| Trade debts | 44 | €671 | €13,282 | +€12,611 | +1,880% |
| Suppliers | 440/4 | €671 | €13,282 | +€12,611 | +1,880% |
| Taxes, remuneration and social security | 45 | €22,084 | €11,374 | -€10,710 | -48.5% |
| Taxes | 450/3 | €22,084 | €11,374 | -€10,710 | -48.5% |
| Other amounts payable | 47/48 | €1,663 | €57,431 | +€55,768 | +3,354% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,609 | €2,413 | +€804 | +49.9% |
| Other operating charges | 640/8 | €438 | €834 | +€396 | +90.5% |
| Gross operating margin | 9900 | €59,398 | €61,846 | +€2,448 | +4.1% |
| Operating profit (loss) | 9901 | €57,351 | €58,599 | +€1,249 | +2.2% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €1,529 | €1,224 | -€305 | -20.0% |
| Recurring financial charges | 65 | €1,529 | €1,224 | -€305 | -20.0% |
| Profit (loss) for the period before taxes | 9903 | €55,822 | €57,375 | +€1,554 | +2.8% |
| Income taxes | 67/77 | €11,832 | €12,729 | +€897 | +7.6% |
| Profit (loss) for the period | 9904 | €43,990 | €44,647 | +€657 | +1.5% |
| Profit (loss) for the period to be appropriated | 9905 | €43,990 | €44,647 | +€657 | +1.5% |
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 22 October 2026 via checked.be.