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
- Current investments +€70,559
new in 2025: €70,559
- Receivables within one year +€68,614
up €68,614 (+56.1%), from €122,347 to €190,961
of which Trade receivables: +€79,420
- Cash -€66,476
down €66,476 (-30.3%), from €219,680 to €153,205
mainly Contributions, distributions and other (-€150,000) and Current investments (-€70,559)
- Receivables after one year -€14,704
down €14,704 (-74.7%), from €19,671 to €4,967
- Tangible fixed assets -€14,414
down €14,414 (-23.1%), from €62,348 to €47,934
of which Furniture and vehicles: -€8,855
- Other debts +€127,154
up €127,154 (+97.0%), from €131,051 to €258,205
- Profit (loss) carried forward -€96,180
down €96,180 (-40.8%), from €235,619 to €139,439
- Tax, wage and social debts +€9,578
up €9,578 (+26.0%), from €36,842 to €46,420
of which Taxes: +€11,578
- Accrued charges and deferred income +€8,980
new in 2025: €8,980
- Gross operating margin +€68,211
up €68,211 (+206.2%), from €33,087 to €101,297
- Taxes +€14,105
up €14,105 (+226.9%), from €6,217 to €20,322
- Financial charges +€8,457
up €8,457 (+669.0%), from €1,264 to €9,721
- Financial income +€1,340
up €1,340 (+65.4%), from €2,050 to €3,389
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 | €424,626 | €468,253 | +€43,627 | +10.3% |
| Fixed assets | 21/28 | €62,348 | €48,434 | -€13,914 | -22.3% |
| Tangible fixed assets | 22/27 | €62,348 | €47,934 | -€14,414 | -23.1% |
| Land and buildings | 22 | €26,469 | €22,252 | -€4,216 | -15.9% |
| Plant, machinery and equipment | 23 | €5,358 | €4,016 | -€1,342 | -25.0% |
| Furniture and vehicles | 24 | €30,521 | €21,666 | -€8,855 | -29.0% |
| Financial fixed assets | 28 | €0 | €500 | +€500 | |
| Current assets | 29/58 | €362,278 | €419,819 | +€57,541 | +15.9% |
| Amounts receivable after more than one year | 29 | €19,671 | €4,967 | -€14,704 | -74.7% |
| Other amounts receivable | 291 | €19,671 | €4,967 | -€14,704 | -74.7% |
| Amounts receivable within one year | 40/41 | €122,347 | €190,961 | +€68,614 | +56.1% |
| Trade receivables | 40 | €5,000 | €84,420 | +€79,420 | +1588.4% |
| Other amounts receivable | 41 | €117,347 | €106,541 | -€10,806 | -9.2% |
| Current investments | 50/53 | - | €70,559 | +€70,559 | |
| Cash at bank and in hand | 54/58 | €219,680 | €153,205 | -€66,476 | -30.3% |
| Deferred charges and accrued income | 490/1 | €579 | €127 | -€452 | -78.1% |
| Total equity and liabilities | 10/49 | €424,626 | €468,253 | +€43,627 | +10.3% |
| Equity | 10/15 | €240,619 | €144,439 | -€96,180 | -40.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €235,619 | €139,439 | -€96,180 | -40.8% |
| Amounts payable | 17/49 | €184,007 | €323,814 | +€139,807 | +76.0% |
| Amounts payable after more than one year | 17 | €10,072 | €6,000 | -€4,072 | -40.4% |
| Financial debts | 170/4 | €10,072 | €6,000 | -€4,072 | -40.4% |
| Amounts payable within one year | 42/48 | €173,935 | €308,834 | +€134,899 | +77.6% |
| Current portion of amounts payable after more than one year | 42 | €3,942 | €4,072 | +€130 | +3.3% |
| Financial debts | 43 | €1,850 | €0 | -€1,850 | -100.0% |
| Credit institutions | 430/8 | €1,850 | €0 | -€1,850 | -100.0% |
| Trade debts | 44 | €249 | €138 | -€112 | -44.8% |
| Suppliers | 440/4 | €249 | €138 | -€112 | -44.8% |
| Taxes, remuneration and social security | 45 | €36,842 | €46,420 | +€9,578 | +26.0% |
| Taxes | 450/3 | €34,842 | €46,420 | +€11,578 | +33.2% |
| Remuneration and social security | 454/9 | €2,000 | €0 | -€2,000 | -100.0% |
| Other amounts payable | 47/48 | €131,051 | €258,205 | +€127,154 | +97.0% |
| Accrued charges and deferred income | 492/3 | - | €8,980 | +€8,980 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,485 | €19,540 | +€55 | +0.3% |
| Other operating charges | 640/8 | €1,829 | €1,284 | -€545 | -29.8% |
| Gross operating margin | 9900 | €33,087 | €101,297 | +€68,211 | +206.2% |
| Operating profit (loss) | 9901 | €11,773 | €80,474 | +€68,701 | +583.6% |
| Financial income | 75/76B | €2,050 | €3,389 | +€1,340 | +65.4% |
| Recurring financial income | 75 | €2,050 | €3,389 | +€1,340 | +65.4% |
| Financial charges | 65/66B | €1,264 | €9,721 | +€8,457 | +669.0% |
| Recurring financial charges | 65 | €1,264 | €9,721 | +€8,457 | +669.0% |
| Profit (loss) for the period before taxes | 9903 | €12,558 | €74,142 | +€61,584 | +490.4% |
| Income taxes | 67/77 | €6,217 | €20,322 | +€14,105 | +226.9% |
| Profit (loss) for the period | 9904 | €6,341 | €53,821 | +€47,479 | +748.7% |
| Profit (loss) for the period to be appropriated | 9905 | €6,341 | €53,821 | +€47,479 | +748.7% |
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.