C-REX: 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.
C-REX
Largest movements
- Cash +€244,235
up €244,235 (+431.3%), from €56,629 to €300,865
mainly Receivables within one year (+€168,890) and Net result for the year (+€89,702)
- Receivables within one year -€168,890
down €168,890 (-86.9%), from €194,404 to €25,515
of which Other amounts receivable: -€168,767
- Tangible fixed assets +€24,576
up €24,576 (+5982.5%), from €411 to €24,987
- Reserves +€88,036
up €88,036 (+44.1%), from €199,803 to €287,839
- Other debts -€37,814
down €37,814 (-95.8%), from €39,480 to €1,666
- Tax, wage and social debts +€24,250
up €24,250 (+90.3%), from €26,869 to €51,119
- Current portion of long-term debt +€12,422
new in 2025: €12,422
- Debts after one year +€9,556
new in 2025: €9,556
- Gross operating margin +€8,602
up €8,602 (+7.9%), from €108,831 to €117,433
- Depreciation +€2,983
up €2,983 (+986.7%), from €302 to €3,286
- Financial income -€2,840
down €2,840 (-43.1%), from €6,582 to €3,743
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 | €274,522 | €373,759 | +€99,237 | +36.1% |
| Fixed assets | 21/28 | €411 | €24,987 | +€24,576 | +5982.5% |
| Tangible fixed assets | 22/27 | €411 | €24,987 | +€24,576 | +5982.5% |
| Furniture and vehicles | 24 | €411 | €24,987 | +€24,576 | +5982.5% |
| Current assets | 29/58 | €274,111 | €348,772 | +€74,661 | +27.2% |
| Amounts receivable within one year | 40/41 | €194,404 | €25,515 | -€168,890 | -86.9% |
| Trade receivables | 40 | €19,404 | €19,282 | -€123 | -0.6% |
| Other amounts receivable | 41 | €175,000 | €6,233 | -€168,767 | -96.4% |
| Cash at bank and in hand | 54/58 | €56,629 | €300,865 | +€244,235 | +431.3% |
| Deferred charges and accrued income | 490/1 | €23,078 | €22,393 | -€685 | -3.0% |
| Total equity and liabilities | 10/49 | €274,522 | €373,759 | +€99,237 | +36.1% |
| Equity | 10/15 | €204,803 | €292,839 | +€88,036 | +43.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €199,803 | €287,839 | +€88,036 | +44.1% |
| Distributable reserves | 133 | €199,803 | €287,839 | +€88,036 | +44.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €69,719 | €80,920 | +€11,201 | +16.1% |
| Amounts payable after more than one year | 17 | - | €9,556 | +€9,556 | |
| Financial debts | 170/4 | - | €9,556 | +€9,556 | |
| Amounts payable within one year | 42/48 | €69,465 | €70,139 | +€674 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | - | €12,422 | +€12,422 | |
| Trade debts | 44 | €3,116 | €4,932 | +€1,816 | +58.3% |
| Suppliers | 440/4 | €3,116 | €4,932 | +€1,816 | +58.3% |
| Taxes, remuneration and social security | 45 | €26,869 | €51,119 | +€24,250 | +90.3% |
| Taxes | 450/3 | €26,869 | €51,119 | +€24,250 | +90.3% |
| Other amounts payable | 47/48 | €39,480 | €1,666 | -€37,814 | -95.8% |
| Accrued charges and deferred income | 492/3 | €254 | €1,226 | +€972 | +382.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €302 | €3,286 | +€2,983 | +986.7% |
| Other operating charges | 640/8 | €141 | €709 | +€569 | +405.0% |
| Non-recurring operating charges | 66A | - | €323 | +€323 | |
| Gross operating margin | 9900 | €108,831 | €117,433 | +€8,602 | +7.9% |
| Operating profit (loss) | 9901 | €108,388 | €113,115 | +€4,727 | +4.4% |
| Financial income | 75/76B | €6,582 | €3,743 | -€2,840 | -43.1% |
| Recurring financial income | 75 | €6,582 | €3,743 | -€2,840 | -43.1% |
| Financial charges | 65/66B | €1,491 | €2,327 | +€836 | +56.1% |
| Recurring financial charges | 65 | €1,491 | €2,327 | +€836 | +56.1% |
| Profit (loss) for the period before taxes | 9903 | €113,479 | €114,530 | +€1,051 | +0.9% |
| Income taxes | 67/77 | €24,513 | €24,829 | +€316 | +1.3% |
| Profit (loss) for the period | 9904 | €88,966 | €89,702 | +€736 | +0.8% |
| Profit (loss) for the period to be appropriated | 9905 | €88,966 | €89,702 | +€736 | +0.8% |
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 29 September 2026 via checked.be.