CRESCENDO: 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.
CRESCENDO
Largest movements
- Receivables within one year -€212,374
down €212,374 (-48.8%), from €435,335 to €222,961
of which Trade receivables: -€178,019
- Cash +€135,528
up €135,528 (+185.9%), from €72,903 to €208,430
mainly Receivables within one year (+€212,374) and Depreciation (+€32,121)
- Tangible fixed assets -€39,128
down €39,128 (-8.1%), from €480,682 to €441,554
of which Land and buildings: -€30,568
- Trade debts -€87,855
down €87,855 (-55.5%), from €158,351 to €70,496
- Profit (loss) carried forward -€15,549
down €15,549 (-12.4%), from €125,334 to €109,785
- Accrued charges and deferred income -€15,025
no longer reported in 2025 (was €15,025)
- Other operating charges -€46,215
down €46,215 (-48.5%), from €95,229 to €49,014
- Gross operating margin +€23,902
up €23,902 (+16.0%), from €149,645 to €173,547
- Write-downs -€8,900
down €8,900 (-32.7%), from €27,250 to €18,350
- Taxes -€5,238
down €5,238, from €3,358 to -€1,881
- Staff costs +€5,063
up €5,063 (+7.7%), from €65,537 to €70,600
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 | €996,265 | €876,665 | -€119,600 | -12.0% |
| Fixed assets | 21/28 | €481,950 | €442,822 | -€39,128 | -8.1% |
| Tangible fixed assets | 22/27 | €480,682 | €441,554 | -€39,128 | -8.1% |
| Land and buildings | 22 | €470,234 | €439,666 | -€30,568 | -6.5% |
| Furniture and vehicles | 24 | €10,448 | €1,887 | -€8,561 | -81.9% |
| Financial fixed assets | 28 | €1,268 | €1,268 | = | 0.0% |
| Current assets | 29/58 | €514,315 | €433,843 | -€80,472 | -15.6% |
| Amounts receivable within one year | 40/41 | €435,335 | €222,961 | -€212,374 | -48.8% |
| Trade receivables | 40 | €398,061 | €220,042 | -€178,019 | -44.7% |
| Other amounts receivable | 41 | €37,274 | €2,919 | -€34,355 | -92.2% |
| Cash at bank and in hand | 54/58 | €72,903 | €208,430 | +€135,528 | +185.9% |
| Deferred charges and accrued income | 490/1 | €6,077 | €2,452 | -€3,626 | -59.7% |
| Total equity and liabilities | 10/49 | €996,265 | €876,665 | -€119,600 | -12.0% |
| Equity | 10/15 | €426,089 | €410,540 | -€15,549 | -3.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €238,755 | €238,755 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €195,055 | €195,055 | = | 0.0% |
| Profit (loss) carried forward | 14 | €125,334 | €109,785 | -€15,549 | -12.4% |
| Amounts payable | 17/49 | €570,176 | €466,125 | -€104,051 | -18.2% |
| Amounts payable within one year | 42/48 | €555,152 | €466,125 | -€89,026 | -16.0% |
| Current portion of amounts payable after more than one year | 42 | €1,875 | €1,875 | = | 0.0% |
| Trade debts | 44 | €158,351 | €70,496 | -€87,855 | -55.5% |
| Suppliers | 440/4 | €158,351 | €70,496 | -€87,855 | -55.5% |
| Taxes, remuneration and social security | 45 | €12,165 | €17,815 | +€5,650 | +46.4% |
| Taxes | 450/3 | €9,080 | €10,403 | +€1,324 | +14.6% |
| Remuneration and social security | 454/9 | €3,085 | €7,411 | +€4,327 | +140.3% |
| Other amounts payable | 47/48 | €382,761 | €375,939 | -€6,821 | -1.8% |
| Accrued charges and deferred income | 492/3 | €15,025 | - | -€15,025 | |
| Non-recurring operating income | 76A | - | €33,293 | +€33,293 | |
| Remuneration, social security and pensions | 62 | €65,537 | €70,600 | +€5,063 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,031 | €32,121 | -€2,910 | -8.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €27,250 | €18,350 | -€8,900 | -32.7% |
| Other operating charges | 640/8 | €95,229 | €49,014 | -€46,215 | -48.5% |
| Gross operating margin | 9900 | €149,645 | €173,547 | +€23,902 | +16.0% |
| Operating profit (loss) | 9901 | -€73,401 | €3,462 | +€76,864 | |
| Financial income | 75/76B | €16,666 | €13,043 | -€3,623 | -21.7% |
| Recurring financial income | 75 | €16,666 | €13,043 | -€3,623 | -21.7% |
| Financial charges | 65/66B | €33,905 | €33,935 | +€30 | +0.1% |
| Recurring financial charges | 65 | €33,905 | €33,935 | +€30 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | -€90,640 | -€17,430 | +€73,211 | +80.8% |
| Income taxes | 67/77 | €3,358 | -€1,881 | -€5,238 | |
| Profit (loss) for the period | 9904 | -€93,998 | -€15,549 | +€78,449 | +83.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€93,998 | -€15,549 | +€78,449 | +83.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.