Change Crescendo: 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.
Change Crescendo
Largest movements
- Receivables within one year -€81,088
down €81,088 (-61.7%), from €131,476 to €50,387
of which Other amounts receivable: -€68,343
- Cash -€46,453
down €46,453 (-42.0%), from €110,503 to €64,051
mainly Contributions, distributions and other (-€173,100) and Investment in fixed assets (net) (-€6,950)
- Current investments +€5,000
new in 2025: €5,000
- Tangible fixed assets +€4,677
up €4,677 (+69.4%), from €6,737 to €11,414
of which Furniture and vehicles: +€5,369
- Profit (loss) carried forward -€167,665
down €167,665 (-80.7%), from €207,807 to €40,142
- Other debts +€34,845
up €34,845 (+5,795%), from €601 to €35,447
- Trade debts +€11,017
up €11,017 (+282%), from €3,907 to €14,924
- Tax, wage and social debts +€4,007
up €4,007 (+87.6%), from €4,577 to €8,584
of which Taxes: +€3,960
- Gross operating margin -€77,350
down €77,350 (-87.2%), from €88,728 to €11,378
- Taxes -€15,532
down €15,532 (-85.6%), from €18,138 to €2,606
- Financial income -€1,865
down €1,865 (-40.5%), from €4,606 to €2,741
- Depreciation +€1,210
up €1,210 (+114%), from €1,063 to €2,273
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 | €248,892 | €131,097 | -€117,795 | -47.3% |
| Fixed assets | 21/28 | €6,737 | €11,414 | +€4,677 | +69.4% |
| Tangible fixed assets | 22/27 | €6,737 | €11,414 | +€4,677 | +69.4% |
| Furniture and vehicles | 24 | €641 | €6,010 | +€5,369 | +838% |
| Other tangible fixed assets | 26 | €6,096 | €5,404 | -€692 | -11.4% |
| Current assets | 29/58 | €242,155 | €119,683 | -€122,472 | -50.6% |
| Amounts receivable within one year | 40/41 | €131,476 | €50,387 | -€81,088 | -61.7% |
| Trade receivables | 40 | €24,596 | €11,851 | -€12,745 | -51.8% |
| Other amounts receivable | 41 | €106,880 | €38,537 | -€68,343 | -63.9% |
| Current investments | 50/53 | - | €5,000 | +€5,000 | |
| Cash at bank and in hand | 54/58 | €110,503 | €64,051 | -€46,453 | -42.0% |
| Deferred charges and accrued income | 490/1 | €176 | €245 | +€69 | +38.9% |
| Total equity and liabilities | 10/49 | €248,892 | €131,097 | -€117,795 | -47.3% |
| Equity | 10/15 | €239,807 | €72,142 | -€167,665 | -69.9% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €28,000 | €28,000 | = | 0.0% |
| Distributable reserves | 133 | €28,000 | €28,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €207,807 | €40,142 | -€167,665 | -80.7% |
| Amounts payable | 17/49 | €9,085 | €58,955 | +€49,870 | +549% |
| Amounts payable within one year | 42/48 | €9,085 | €58,955 | +€49,870 | +549% |
| Trade debts | 44 | €3,907 | €14,924 | +€11,017 | +282% |
| Suppliers | 440/4 | €3,907 | €14,924 | +€11,017 | +282% |
| Taxes, remuneration and social security | 45 | €4,577 | €8,584 | +€4,007 | +87.6% |
| Taxes | 450/3 | €2,040 | €6,000 | +€3,960 | +194% |
| Remuneration and social security | 454/9 | €2,537 | €2,584 | +€47 | +1.8% |
| Other amounts payable | 47/48 | €601 | €35,447 | +€34,845 | +5,795% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,063 | €2,273 | +€1,210 | +114% |
| Other operating charges | 640/8 | €766 | €929 | +€163 | +21.3% |
| Gross operating margin | 9900 | €88,728 | €11,378 | -€77,350 | -87.2% |
| Operating profit (loss) | 9901 | €86,900 | €8,177 | -€78,723 | -90.6% |
| Financial income | 75/76B | €4,606 | €2,741 | -€1,865 | -40.5% |
| Recurring financial income | 75 | €4,606 | €2,741 | -€1,865 | -40.5% |
| Financial charges | 65/66B | €2,207 | €2,877 | +€670 | +30.4% |
| Recurring financial charges | 65 | €2,207 | €2,877 | +€670 | +30.4% |
| Profit (loss) for the period before taxes | 9903 | €89,299 | €8,041 | -€81,258 | -91.0% |
| Income taxes | 67/77 | €18,138 | €2,606 | -€15,532 | -85.6% |
| Profit (loss) for the period | 9904 | €71,161 | €5,435 | -€65,726 | -92.4% |
| Profit (loss) for the period to be appropriated | 9905 | €71,161 | €5,435 | -€65,726 | -92.4% |
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.