CR-38: 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.
CR-38
Largest movements
- Cash -€22,800
down €22,800 (-60.8%), from €37,490 to €14,690
mainly Contributions, distributions and other (-€40,000) and Other debts (-€22,514)
- Tangible fixed assets -€12,274
down €12,274 (-25.7%), from €47,693 to €35,418
of which Furniture and vehicles: -€9,627
- Receivables within one year +€8,596
up €8,596 (+26.3%), from €32,655 to €41,251
of which Other amounts receivable: +€11,117
- Other debts -€22,514
down €22,514 (-36.0%), from €62,500 to €39,986
- Debts after one year -€9,120
down €9,120 (-49.1%), from €18,568 to €9,447
- Reserves +€2,406
up €2,406 (+10.3%), from €23,454 to €25,861
- Gross operating margin +€12,537
up €12,537 (+22.7%), from €55,112 to €67,649
- Depreciation +€8,172
up €8,172 (+140.5%), from €5,815 to €13,987
- Taxes +€800
up €800 (+7.7%), from €10,430 to €11,230
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 | €118,029 | €91,359 | -€26,671 | -22.6% |
| Fixed assets | 21/28 | €47,693 | €35,418 | -€12,274 | -25.7% |
| Tangible fixed assets | 22/27 | €47,693 | €35,418 | -€12,274 | -25.7% |
| Plant, machinery and equipment | 23 | €323 | - | -€323 | |
| Furniture and vehicles | 24 | €36,458 | €26,832 | -€9,627 | -26.4% |
| Other tangible fixed assets | 26 | €10,911 | €8,587 | -€2,324 | -21.3% |
| Current assets | 29/58 | €70,337 | €55,940 | -€14,396 | -20.5% |
| Amounts receivable within one year | 40/41 | €32,655 | €41,251 | +€8,596 | +26.3% |
| Trade receivables | 40 | €17,399 | €14,877 | -€2,521 | -14.5% |
| Other amounts receivable | 41 | €15,256 | €26,373 | +€11,117 | +72.9% |
| Cash at bank and in hand | 54/58 | €37,490 | €14,690 | -€22,800 | -60.8% |
| Deferred charges and accrued income | 490/1 | €192 | - | -€192 | |
| Total equity and liabilities | 10/49 | €118,029 | €91,359 | -€26,671 | -22.6% |
| Equity | 10/15 | €25,954 | €28,361 | +€2,406 | +9.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €23,454 | €25,861 | +€2,406 | +10.3% |
| Distributable reserves | 133 | €23,454 | €25,861 | +€2,406 | +10.3% |
| Amounts payable | 17/49 | €92,075 | €62,998 | -€29,077 | -31.6% |
| Amounts payable after more than one year | 17 | €18,568 | €9,447 | -€9,120 | -49.1% |
| Financial debts | 170/4 | €18,568 | €9,447 | -€9,120 | -49.1% |
| Amounts payable within one year | 42/48 | €73,507 | €52,414 | -€21,093 | -28.7% |
| Current portion of amounts payable after more than one year | 42 | €8,805 | €9,120 | +€316 | +3.6% |
| Trade debts | 44 | €1,773 | €2,032 | +€259 | +14.6% |
| Suppliers | 440/4 | €1,773 | €2,032 | +€259 | +14.6% |
| Taxes, remuneration and social security | 45 | €430 | €1,276 | +€846 | +196.8% |
| Taxes | 450/3 | €430 | €1,276 | +€846 | +196.8% |
| Other amounts payable | 47/48 | €62,500 | €39,986 | -€22,514 | -36.0% |
| Accrued charges and deferred income | 492/3 | - | €1,137 | +€1,137 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,815 | €13,987 | +€8,172 | +140.5% |
| Gross operating margin | 9900 | €55,112 | €67,649 | +€12,537 | +22.7% |
| Operating profit (loss) | 9901 | €49,297 | €53,661 | +€4,365 | +8.9% |
| Financial income | 75/76B | €540 | €1,091 | +€552 | +102.2% |
| Recurring financial income | 75 | €540 | €1,091 | +€552 | +102.2% |
| Financial charges | 65/66B | €1,024 | €1,117 | +€93 | +9.1% |
| Recurring financial charges | 65 | €1,024 | €1,117 | +€93 | +9.1% |
| Profit (loss) for the period before taxes | 9903 | €48,813 | €53,636 | +€4,823 | +9.9% |
| Income taxes | 67/77 | €10,430 | €11,230 | +€800 | +7.7% |
| Profit (loss) for the period | 9904 | €38,383 | €42,406 | +€4,023 | +10.5% |
| Profit (loss) for the period to be appropriated | 9905 | €38,383 | €42,406 | +€4,023 | +10.5% |
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 12 October 2026 via checked.be.