Crefi-Wavre: 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.
Crefi-Wavre
Largest movements
- Intangible fixed assets -€48,000
down €48,000 (-75.3%), from €63,781 to €15,781
- Cash +€36,629
up €36,629 (+80.8%), from €45,359 to €81,988
mainly Depreciation (+€63,326) and Net result for the year (+€15,327)
- Tangible fixed assets +€3,488
up €3,488 (+7.1%), from €49,203 to €52,691
of which Furniture and vehicles: +€3,608
- Debts after one year -€22,893
down €22,893 (-34.3%), from €66,712 to €43,819
- Profit (loss) carried forward +€15,327
up €15,327 (+41.0%), from -€37,408 to -€22,082
- Trade debts -€3,447
down €3,447 (-45.1%), from €7,636 to €4,189
- Current portion of long-term debt +€3,395
up €3,395 (+11.7%), from €28,897 to €32,293
- Gross operating margin +€39,220
up €39,220 (+28.1%), from €139,407 to €178,627
- Taxes +€5,615
up €5,615 (+1370.3%), from €410 to €6,025
- Depreciation +€2,312
up €2,312 (+3.8%), from €61,013 to €63,326
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 | €193,150 | €185,730 | -€7,420 | -3.8% |
| Fixed assets | 21/28 | €115,969 | €71,457 | -€44,512 | -38.4% |
| Intangible fixed assets | 21 | €63,781 | €15,781 | -€48,000 | -75.3% |
| Tangible fixed assets | 22/27 | €49,203 | €52,691 | +€3,488 | +7.1% |
| Plant, machinery and equipment | 23 | €3,544 | €3,998 | +€455 | +12.8% |
| Furniture and vehicles | 24 | €40,436 | €44,044 | +€3,608 | +8.9% |
| Other tangible fixed assets | 26 | €5,223 | €4,648 | -€575 | -11.0% |
| Financial fixed assets | 28 | €2,985 | €2,985 | = | 0.0% |
| Current assets | 29/58 | €77,182 | €114,273 | +€37,092 | +48.1% |
| Amounts receivable within one year | 40/41 | €28,033 | €29,460 | +€1,428 | +5.1% |
| Trade receivables | 40 | €28,033 | €29,151 | +€1,118 | +4.0% |
| Other amounts receivable | 41 | - | €310 | +€310 | |
| Cash at bank and in hand | 54/58 | €45,359 | €81,988 | +€36,629 | +80.8% |
| Deferred charges and accrued income | 490/1 | €3,790 | €2,825 | -€965 | -25.5% |
| Total equity and liabilities | 10/49 | €193,150 | €185,730 | -€7,420 | -3.8% |
| Equity | 10/15 | €72,592 | €87,918 | +€15,327 | +21.1% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€37,408 | -€22,082 | +€15,327 | +41.0% |
| Amounts payable | 17/49 | €120,559 | €97,812 | -€22,747 | -18.9% |
| Amounts payable after more than one year | 17 | €66,712 | €43,819 | -€22,893 | -34.3% |
| Financial debts | 170/4 | €66,712 | €43,819 | -€22,893 | -34.3% |
| Amounts payable within one year | 42/48 | €53,743 | €53,879 | +€136 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €28,897 | €32,293 | +€3,395 | +11.7% |
| Trade debts | 44 | €7,636 | €4,189 | -€3,447 | -45.1% |
| Suppliers | 440/4 | €7,636 | €4,189 | -€3,447 | -45.1% |
| Taxes, remuneration and social security | 45 | €14,754 | €16,424 | +€1,670 | +11.3% |
| Taxes | 450/3 | €4,261 | €6,299 | +€2,038 | +47.8% |
| Remuneration and social security | 454/9 | €10,493 | €10,124 | -€368 | -3.5% |
| Other amounts payable | 47/48 | €2,456 | €973 | -€1,483 | -60.4% |
| Accrued charges and deferred income | 492/3 | €104 | €114 | +€10 | +10.0% |
| Remuneration, social security and pensions | 62 | €91,437 | €90,212 | -€1,225 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,013 | €63,326 | +€2,312 | +3.8% |
| Other operating charges | 640/8 | €2,451 | €2,147 | -€303 | -12.4% |
| Non-recurring operating charges | 66A | €3,582 | - | -€3,582 | |
| Gross operating margin | 9900 | €139,407 | €178,627 | +€39,220 | +28.1% |
| Operating profit (loss) | 9901 | -€19,076 | €22,942 | +€42,018 | |
| Financial income | 75/76B | €568 | €403 | -€165 | -29.0% |
| Recurring financial income | 75 | €568 | €403 | -€165 | -29.0% |
| Financial charges | 65/66B | €2,102 | €1,994 | -€108 | -5.1% |
| Recurring financial charges | 65 | €2,102 | €1,994 | -€108 | -5.1% |
| Profit (loss) for the period before taxes | 9903 | -€20,610 | €21,352 | +€41,962 | |
| Income taxes | 67/77 | €410 | €6,025 | +€5,615 | +1370.3% |
| Profit (loss) for the period | 9904 | -€21,020 | €15,327 | +€36,347 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,020 | €15,327 | +€36,347 |
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 8 October 2026 via checked.be.