C.R.: 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.
C.R.
Largest movements
- Cash -€32,324
down €32,324 (-17.7%), from €182,385 to €150,061
mainly Investment in fixed assets (net) (-€55,088) and Trade debts (-€40,584)
- Tangible fixed assets +€27,909
up €27,909 (+32.6%), from €85,580 to €113,489
of which Land and buildings: +€31,943
- Receivables within one year +€17,241
up €17,241 (+91.0%), from €18,942 to €36,183
of which Other amounts receivable: +€8,749
- Trade debts -€40,584
down €40,584 (-87.0%), from €46,623 to €6,039
- Reserves +€40,010
up €40,010 (+28.7%), from €139,236 to €179,245
- Tax, wage and social debts -€28,657
down €28,657 (-74.6%), from €38,436 to €9,778
- Debts after one year +€18,032
new in 2025: €18,032
- Advances received +€11,869
up €11,869 (+23.4%), from €50,747 to €62,616
- Gross operating margin +€24,160
up €24,160 (+37.2%), from €65,017 to €89,176
- Depreciation +€9,302
up €9,302 (+46.4%), from €20,058 to €29,360
- Financial charges +€3,784
up €3,784 (+256.8%), from €1,473 to €5,258
- Taxes +€1,858
up €1,858 (+19.0%), from €9,778 to €11,636
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 | €297,778 | €309,195 | +€11,417 | +3.8% |
| Fixed assets | 21/28 | €96,114 | €121,842 | +€25,728 | +26.8% |
| Intangible fixed assets | 21 | €4,535 | €2,353 | -€2,182 | -48.1% |
| Tangible fixed assets | 22/27 | €85,580 | €113,489 | +€27,909 | +32.6% |
| Land and buildings | 22 | €48,895 | €80,838 | +€31,943 | +65.3% |
| Plant, machinery and equipment | 23 | €28,108 | €24,026 | -€4,082 | -14.5% |
| Furniture and vehicles | 24 | €8,576 | €8,624 | +€48 | +0.6% |
| Financial fixed assets | 28 | €6,000 | €6,000 | = | 0.0% |
| Current assets | 29/58 | €201,663 | €187,353 | -€14,311 | -7.1% |
| Amounts receivable within one year | 40/41 | €18,942 | €36,183 | +€17,241 | +91.0% |
| Trade receivables | 40 | €4,681 | €13,173 | +€8,492 | +181.4% |
| Other amounts receivable | 41 | €14,261 | €23,010 | +€8,749 | +61.3% |
| Cash at bank and in hand | 54/58 | €182,385 | €150,061 | -€32,324 | -17.7% |
| Deferred charges and accrued income | 490/1 | €336 | €1,109 | +€772 | +229.7% |
| Total equity and liabilities | 10/49 | €297,778 | €309,195 | +€11,417 | +3.8% |
| Equity | 10/15 | €159,236 | €199,245 | +€40,010 | +25.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €139,236 | €179,245 | +€40,010 | +28.7% |
| Distributable reserves | 133 | €139,236 | €179,245 | +€40,010 | +28.7% |
| Amounts payable | 17/49 | €138,542 | €109,949 | -€28,593 | -20.6% |
| Amounts payable after more than one year | 17 | - | €18,032 | +€18,032 | |
| Financial debts | 170/4 | - | €18,032 | +€18,032 | |
| Amounts payable within one year | 42/48 | €136,175 | €86,107 | -€50,067 | -36.8% |
| Current portion of amounts payable after more than one year | 42 | - | €7,268 | +€7,268 | |
| Trade debts | 44 | €46,623 | €6,039 | -€40,584 | -87.0% |
| Suppliers | 440/4 | €46,623 | €6,039 | -€40,584 | -87.0% |
| Advances received on contracts in progress | 46 | €50,747 | €62,616 | +€11,869 | +23.4% |
| Taxes, remuneration and social security | 45 | €38,436 | €9,778 | -€28,657 | -74.6% |
| Taxes | 450/3 | €38,436 | €9,778 | -€28,657 | -74.6% |
| Other amounts payable | 47/48 | €369 | €406 | +€37 | +10.1% |
| Accrued charges and deferred income | 492/3 | €2,367 | €5,810 | +€3,443 | +145.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,058 | €29,360 | +€9,302 | +46.4% |
| Other operating charges | 640/8 | €2,783 | €2,960 | +€177 | +6.4% |
| Gross operating margin | 9900 | €65,017 | €89,176 | +€24,160 | +37.2% |
| Operating profit (loss) | 9901 | €42,176 | €56,856 | +€14,680 | +34.8% |
| Financial income | 75/76B | €58 | €48 | -€10 | -17.4% |
| Recurring financial income | 75 | €58 | €48 | -€10 | -17.4% |
| Financial charges | 65/66B | €1,473 | €5,258 | +€3,784 | +256.8% |
| Recurring financial charges | 65 | €1,473 | €5,258 | +€3,784 | +256.8% |
| Profit (loss) for the period before taxes | 9903 | €40,760 | €51,646 | +€10,886 | +26.7% |
| Income taxes | 67/77 | €9,778 | €11,636 | +€1,858 | +19.0% |
| Profit (loss) for the period | 9904 | €30,981 | €40,010 | +€9,028 | +29.1% |
| Profit (loss) for the period to be appropriated | 9905 | €30,981 | €40,010 | +€9,028 | +29.1% |
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 10 October 2026 via checked.be.