CRESCENDO 3: 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.
CRESCENDO 3
Largest movements
- Cash +€135,474
up €135,474 (+85.5%), from €158,475 to €293,949
mainly Other debts (+€131,682) and Net result for the year (+€90,406)
- Receivables within one year -€65,799
down €65,799 (-35.7%), from €184,326 to €118,527
of which Other amounts receivable: -€93,400
- Intangible fixed assets -€20,305
down €20,305 (-31.8%), from €63,831 to €43,527
- Tangible fixed assets -€6,932
down €6,932 (-60.7%), from €11,414 to €4,482
of which Plant, machinery and equipment: -€3,623
- Other debts +€131,682
up €131,682 (+217%), from €60,753 to €192,434
- Reserves -€73,937
down €73,937 (-24.3%), from €303,991 to €230,054
of which Distributable reserves: -€73,937
- Tax, wage and social debts -€8,124
down €8,124 (-21.8%), from €37,217 to €29,093
of which Taxes: -€8,650
- Gross operating margin -€49,372
down €49,372 (-24.1%), from €205,261 to €155,889
- Taxes -€9,849
down €9,849 (-20.1%), from €49,054 to €39,206
- Staff costs +€4,217
new in 2025: €4,217
- Financial income +€3,852
up €3,852 (+170%), from €2,259 to €6,111
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 | €453,855 | €501,331 | +€47,476 | +10.5% |
| Fixed assets | 21/28 | €81,086 | €54,170 | -€26,917 | -33.2% |
| Intangible fixed assets | 21 | €63,831 | €43,527 | -€20,305 | -31.8% |
| Tangible fixed assets | 22/27 | €11,414 | €4,482 | -€6,932 | -60.7% |
| Plant, machinery and equipment | 23 | €7,247 | €3,623 | -€3,623 | -50.0% |
| Furniture and vehicles | 24 | €4,167 | €858 | -€3,309 | -79.4% |
| Financial fixed assets | 28 | €5,841 | €6,162 | +€320 | +5.5% |
| Current assets | 29/58 | €372,769 | €447,161 | +€74,393 | +20.0% |
| Stocks and contracts in progress | 3 | €24,367 | €26,194 | +€1,827 | +7.5% |
| Stocks | 30/36 | €24,367 | €26,194 | +€1,827 | +7.5% |
| Amounts receivable within one year | 40/41 | €184,326 | €118,527 | -€65,799 | -35.7% |
| Trade receivables | 40 | €87,095 | €114,696 | +€27,601 | +31.7% |
| Other amounts receivable | 41 | €97,231 | €3,831 | -€93,400 | -96.1% |
| Cash at bank and in hand | 54/58 | €158,475 | €293,949 | +€135,474 | +85.5% |
| Deferred charges and accrued income | 490/1 | €5,600 | €8,491 | +€2,891 | +51.6% |
| Total equity and liabilities | 10/49 | €453,855 | €501,331 | +€47,476 | +10.5% |
| Equity | 10/15 | €345,781 | €269,844 | -€75,937 | -22.0% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €303,991 | €230,054 | -€73,937 | -24.3% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €293,991 | €220,054 | -€73,937 | -25.1% |
| Profit (loss) carried forward | 14 | €12,878 | €12,878 | +€0 | 0.0% |
| Investment grants | 15 | €3,912 | €1,912 | -€2,000 | -51.1% |
| Amounts payable | 17/49 | €108,074 | €231,487 | +€123,413 | +114% |
| Amounts payable within one year | 42/48 | €108,074 | €231,487 | +€123,413 | +114% |
| Trade debts | 44 | €10,104 | €9,959 | -€144 | -1.4% |
| Suppliers | 440/4 | €10,104 | €9,959 | -€144 | -1.4% |
| Taxes, remuneration and social security | 45 | €37,217 | €29,093 | -€8,124 | -21.8% |
| Taxes | 450/3 | €37,217 | €28,567 | -€8,650 | -23.2% |
| Remuneration and social security | 454/9 | - | €526 | +€526 | |
| Other amounts payable | 47/48 | €60,753 | €192,434 | +€131,682 | +217% |
| Remuneration, social security and pensions | 62 | - | €4,217 | +€4,217 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,955 | €27,237 | -€718 | -2.6% |
| Other operating charges | 640/8 | €706 | €689 | -€17 | -2.4% |
| Gross operating margin | 9900 | €205,261 | €155,889 | -€49,372 | -24.1% |
| Operating profit (loss) | 9901 | €176,601 | €123,746 | -€52,855 | -29.9% |
| Financial income | 75/76B | €2,259 | €6,111 | +€3,852 | +170% |
| Recurring financial income | 75 | €2,259 | €6,111 | +€3,852 | +170% |
| Financial charges | 65/66B | €299 | €245 | -€54 | -17.9% |
| Recurring financial charges | 65 | €299 | €245 | -€54 | -17.9% |
| Profit (loss) for the period before taxes | 9903 | €178,562 | €129,612 | -€48,950 | -27.4% |
| Income taxes | 67/77 | €49,054 | €39,206 | -€9,849 | -20.1% |
| Profit (loss) for the period | 9904 | €129,507 | €90,406 | -€39,101 | -30.2% |
| Profit (loss) for the period to be appropriated | 9905 | €129,507 | €90,406 | -€39,101 | -30.2% |
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 24 October 2026 via checked.be.