CLEMAX: what changed
Two fiscal 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.
CLEMAX
Largest movements
- Financial fixed assets +€475,000
up €475,000 (+18.9%), from €2.5m to €3.0m
- Receivables after one year -€250,000
down €250,000 (-100.0%), from €250,000 to €0
- Cash -€39,128
down €39,128 (-27.1%), from €144,432 to €105,304
mainly Investment in fixed assets (net) (-€496,422) and Contributions, distributions and other (-€379,086)
- Reserves +€267,371
up €267,371 (+11.7%), from €2.3m to €2.5m
- Other debts -€95,665
down €95,665 (-14.8%), from €645,358 to €549,694
- Gross operating margin +€285,740
up €285,740 (+39.1%), from €731,525 to €1.0m
- Taxes +€89,529
up €89,529 (+40.8%), from €219,182 to €308,710
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.
Cash bridge derived
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 | €3,236,891 | €3,405,703 | +€168,811 | +5.2% |
| Fixed assets | 21/28 | €2,593,777 | €3,045,901 | +€452,123 | +17.4% |
| Tangible fixed assets | 22/27 | €85,767 | €62,890 | -€22,877 | -26.7% |
| Plant, machinery and equipment | 23 | €12,996 | €24,840 | +€11,844 | +91.1% |
| Furniture and vehicles | 24 | €72,771 | €38,050 | -€34,721 | -47.7% |
| Financial fixed assets | 28 | €2,508,011 | €2,983,011 | +€475,000 | +18.9% |
| Current assets | 29/58 | €643,114 | €359,802 | -€283,312 | -44.1% |
| Amounts receivable after more than one year | 29 | €250,000 | €0 | -€250,000 | -100.0% |
| Other amounts receivable | 291 | €250,000 | €0 | -€250,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €245,000 | €250,000 | +€5,000 | +2.0% |
| Cash at bank and in hand | 54/58 | €144,432 | €105,304 | -€39,128 | -27.1% |
| Deferred charges and accrued income | 490/1 | €3,682 | €4,498 | +€816 | +22.2% |
| Total equity and liabilities | 10/49 | €3,236,891 | €3,405,703 | +€168,811 | +5.2% |
| Equity | 10/15 | €2,390,000 | €2,657,370 | +€267,371 | +11.2% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €2,276,372 | €2,543,742 | +€267,371 | +11.7% |
| Distributable reserves | 133 | €2,276,372 | €2,543,742 | +€267,371 | +11.7% |
| Profit (loss) carried forward | 14 | €101,128 | €101,128 | = | 0.0% |
| Amounts payable | 17/49 | €846,892 | €748,333 | -€98,559 | -11.6% |
| Amounts payable within one year | 42/48 | €846,892 | €748,333 | -€98,559 | -11.6% |
| Trade debts | 44 | €3,536 | €10,922 | +€7,386 | +208.9% |
| Suppliers | 440/4 | €3,536 | €10,922 | +€7,386 | +208.9% |
| Taxes, remuneration and social security | 45 | €197,997 | €187,717 | -€10,281 | -5.2% |
| Taxes | 450/3 | €194,440 | €183,736 | -€10,704 | -5.5% |
| Remuneration and social security | 454/9 | €3,557 | €3,980 | +€423 | +11.9% |
| Other amounts payable | 47/48 | €645,358 | €549,694 | -€95,665 | -14.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €29,116 | €35,997 | +€6,880 | +23.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,021 | €44,299 | +€278 | +0.6% |
| Other operating charges | 640/8 | €609 | €627 | +€18 | +3.0% |
| Gross operating margin | 9900 | €731,525 | €1,017,265 | +€285,740 | +39.1% |
| Operating profit (loss) | 9901 | €657,779 | €936,342 | +€278,563 | +42.3% |
| Financial income | 75/76B | €19,662 | €19,209 | -€453 | -2.3% |
| Recurring financial income | 75 | €19,662 | €19,209 | -€453 | -2.3% |
| Financial charges | 65/66B | €63 | €384 | +€321 | +509.7% |
| Recurring financial charges | 65 | €63 | €384 | +€321 | +509.7% |
| Profit (loss) for the period before taxes | 9903 | €677,377 | €955,167 | +€277,790 | +41.0% |
| Income taxes | 67/77 | €219,182 | €308,710 | +€89,529 | +40.8% |
| Profit (loss) for the period | 9904 | €458,195 | €646,456 | +€188,261 | +41.1% |
| Profit (loss) for the period to be appropriated | 9905 | €458,195 | €646,456 | +€188,261 | +41.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.