CRECHENDO: 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.
CRECHENDO
Largest movements
- Cash +€106,504
up €106,504 (+23.7%), from €449,385 to €555,889
mainly Net result for the year (+€88,344) and Depreciation (+€42,234)
- Tangible fixed assets -€23,991
down €23,991 (-3.6%), from €663,925 to €639,934
of which Land and buildings: -€16,800
- Deferred charges and accrued income -€21,796
down €21,796 (-69.3%), from €31,455 to €9,659
- Profit (loss) carried forward +€88,344
up €88,344 (+23.0%), from €384,782 to €473,126
- Debts after one year -€40,059
down €40,059 (-13.8%), from €291,105 to €251,045
- Debts within one year +€27,742
up €27,742 (+14.5%), from €191,941 to €219,683
of which Tax, wage and social debts: +€47,991
- Staff costs +€118,008
up €118,008 (+11.7%), from €1.0m to €1.1m
- Gross operating margin +€29,669
up €29,669 (+2.4%), from €1.2m to €1.3m
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 | €1,301,778 | €1,367,359 | +€65,581 | +5.0% |
| Fixed assets | 21/28 | €664,425 | €640,434 | -€23,991 | -3.6% |
| Tangible fixed assets | 22/27 | €663,925 | €639,934 | -€23,991 | -3.6% |
| Land and buildings | 22 | €647,836 | €631,036 | -€16,800 | -2.6% |
| Plant, machinery and equipment | 23 | €16,088 | €8,898 | -€7,190 | -44.7% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €637,353 | €726,925 | +€89,572 | +14.1% |
| Amounts receivable within one year | 40/41 | €156,513 | €161,377 | +€4,864 | +3.1% |
| Trade receivables | 40 | €9,634 | €9,049 | -€585 | -6.1% |
| Other amounts receivable | 41 | €146,879 | €152,328 | +€5,449 | +3.7% |
| Cash at bank and in hand | 54/58 | €449,385 | €555,889 | +€106,504 | +23.7% |
| Deferred charges and accrued income | 490/1 | €31,455 | €9,659 | -€21,796 | -69.3% |
| Total equity and liabilities | 10/49 | €1,301,778 | €1,367,359 | +€65,581 | +5.0% |
| Equity | 10/15 | €754,853 | €832,698 | +€77,844 | +10.3% |
| Reserves | 13 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €384,782 | €473,126 | +€88,344 | +23.0% |
| Investment grants | 15 | €170,071 | €159,571 | -€10,500 | -6.2% |
| Provisions and deferred taxes | 16 | €60,000 | €60,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €60,000 | €60,000 | = | 0.0% |
| Environmental obligations | 163 | €60,000 | €60,000 | = | 0.0% |
| Amounts payable | 17/49 | €486,925 | €474,661 | -€12,264 | -2.5% |
| Amounts payable after more than one year | 17 | €291,105 | €251,045 | -€40,059 | -13.8% |
| Financial debts | 170/4 | €291,105 | €251,045 | -€40,059 | -13.8% |
| Amounts payable within one year | 42/48 | €191,941 | €219,683 | +€27,742 | +14.5% |
| Current portion of amounts payable after more than one year | 42 | €39,163 | €40,059 | +€896 | +2.3% |
| Trade debts | 44 | €28,071 | €3,202 | -€24,869 | -88.6% |
| Suppliers | 440/4 | €28,071 | €3,202 | -€24,869 | -88.6% |
| Taxes, remuneration and social security | 45 | €121,537 | €169,528 | +€47,991 | +39.5% |
| Taxes | 450/3 | €23,136 | €24,363 | +€1,227 | +5.3% |
| Remuneration and social security | 454/9 | €98,401 | €145,165 | +€46,764 | +47.5% |
| Accrued charges and deferred income | 492/3 | €3,879 | €3,933 | +€53 | +1.4% |
| Remuneration, social security and pensions | 62 | €1,010,540 | €1,128,547 | +€118,008 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,602 | €42,234 | -€6,368 | -13.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €303 | €914 | +€611 | +202% |
| Other operating charges | 640/8 | €8,460 | €8,261 | -€199 | -2.4% |
| Gross operating margin | 9900 | €1,244,290 | €1,273,959 | +€29,669 | +2.4% |
| Operating profit (loss) | 9901 | €155,385 | €94,003 | -€61,382 | -39.5% |
| Financial income | 75/76B | €1,162 | €2,724 | +€1,562 | +134% |
| Recurring financial income | 75 | €1,162 | €2,724 | +€1,562 | +134% |
| Financial charges | 65/66B | €8,527 | €7,668 | -€859 | -10.1% |
| Recurring financial charges | 65 | €8,527 | €7,403 | -€1,124 | -13.2% |
| Non-recurring financial charges | 66B | - | €265 | +€265 | |
| Profit (loss) for the period before taxes | 9903 | €148,020 | €89,059 | -€58,961 | -39.8% |
| Income taxes | 67/77 | €468 | €715 | +€247 | +52.9% |
| Profit (loss) for the period | 9904 | €147,553 | €88,344 | -€59,208 | -40.1% |
| Profit (loss) for the period to be appropriated | 9905 | €147,553 | €88,344 | -€59,208 | -40.1% |
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 15 October 2026 via checked.be.