Crescendo Partners: 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 Partners
Largest movements
- Receivables within one year -€170,645
down €170,645 (-85.7%), from €199,094 to €28,449
of which Trade receivables: -€160,343
- Stocks and contracts +€80,332
new in 2025: €80,332
- Cash +€3,195
up €3,195 (+10.4%), from €30,662 to €33,857
mainly Receivables within one year (+€170,645) and Net result for the year (+€22,879)
- Tangible fixed assets +€2,902
up €2,902 (+17.8%), from €16,318 to €19,221
of which Furniture and vehicles: +€3,715
- Trade debts -€103,473
down €103,473 (-93.9%), from €110,180 to €6,707
- Reserves +€22,879
up €22,879 (+17.4%), from €131,551 to €154,430
- Tax, wage and social debts -€6,070
down €6,070 (-43.1%), from €14,073 to €8,002
of which Remuneration and social security: -€4,858
- Other debts +€2,787
up €2,787 (+90.3%), from €3,086 to €5,872
- Gross operating margin +€20,144
up €20,144 (+30.0%), from €67,079 to €87,223
- Taxes +€3,580
up €3,580 (+104%), from €3,442 to €7,022
- Depreciation +€2,035
up €2,035 (+50.4%), from €4,039 to €6,075
- Staff costs +€1,923
up €1,923 (+4.2%), from €45,388 to €47,311
- Financial income -€1,370
down €1,370 (-76.1%), from €1,801 to €431
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 | €265,128 | €181,211 | -€83,916 | -31.7% |
| Fixed assets | 21/28 | €22,575 | €25,478 | +€2,902 | +12.9% |
| Tangible fixed assets | 22/27 | €16,318 | €19,221 | +€2,902 | +17.8% |
| Plant, machinery and equipment | 23 | €2,856 | €2,044 | -€812 | -28.4% |
| Furniture and vehicles | 24 | €13,462 | €17,177 | +€3,715 | +27.6% |
| Financial fixed assets | 28 | €6,257 | €6,257 | = | 0.0% |
| Current assets | 29/58 | €242,552 | €155,734 | -€86,819 | -35.8% |
| Stocks and contracts in progress | 3 | - | €80,332 | +€80,332 | |
| Contracts in progress | 37 | - | €80,332 | +€80,332 | |
| Amounts receivable within one year | 40/41 | €199,094 | €28,449 | -€170,645 | -85.7% |
| Trade receivables | 40 | €183,299 | €22,956 | -€160,343 | -87.5% |
| Other amounts receivable | 41 | €15,795 | €5,493 | -€10,302 | -65.2% |
| Cash at bank and in hand | 54/58 | €30,662 | €33,857 | +€3,195 | +10.4% |
| Deferred charges and accrued income | 490/1 | €12,797 | €13,096 | +€300 | +2.3% |
| Total equity and liabilities | 10/49 | €265,128 | €181,211 | -€83,916 | -31.7% |
| Equity | 10/15 | €137,751 | €160,630 | +€22,879 | +16.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €131,551 | €154,430 | +€22,879 | +17.4% |
| Distributable reserves | 133 | €131,551 | €154,430 | +€22,879 | +17.4% |
| Amounts payable | 17/49 | €127,377 | €20,582 | -€106,795 | -83.8% |
| Amounts payable within one year | 42/48 | €127,339 | €20,582 | -€106,757 | -83.8% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €110,180 | €6,707 | -€103,473 | -93.9% |
| Suppliers | 440/4 | €110,180 | €6,707 | -€103,473 | -93.9% |
| Taxes, remuneration and social security | 45 | €14,073 | €8,002 | -€6,070 | -43.1% |
| Taxes | 450/3 | €5,512 | €4,300 | -€1,212 | -22.0% |
| Remuneration and social security | 454/9 | €8,560 | €3,702 | -€4,858 | -56.8% |
| Other amounts payable | 47/48 | €3,086 | €5,872 | +€2,787 | +90.3% |
| Accrued charges and deferred income | 492/3 | €38 | €0 | -€38 | -100% |
| Non-recurring operating income | 76A | €15,937 | €0 | -€15,937 | -100% |
| Remuneration, social security and pensions | 62 | €45,388 | €47,311 | +€1,923 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,039 | €6,075 | +€2,035 | +50.4% |
| Other operating charges | 640/8 | €1,316 | €830 | -€486 | -37.0% |
| Gross operating margin | 9900 | €67,079 | €87,223 | +€20,144 | +30.0% |
| Operating profit (loss) | 9901 | €16,336 | €33,008 | +€16,672 | +102% |
| Financial income | 75/76B | €1,801 | €431 | -€1,370 | -76.1% |
| Recurring financial income | 75 | €1,801 | €431 | -€1,370 | -76.1% |
| Financial charges | 65/66B | €2,659 | €3,537 | +€879 | +33.1% |
| Recurring financial charges | 65 | €2,659 | €3,537 | +€879 | +33.1% |
| Profit (loss) for the period before taxes | 9903 | €15,478 | €29,901 | +€14,423 | +93.2% |
| Income taxes | 67/77 | €3,442 | €7,022 | +€3,580 | +104% |
| Profit (loss) for the period | 9904 | €12,036 | €22,879 | +€10,843 | +90.1% |
| Profit (loss) for the period to be appropriated | 9905 | €12,036 | €22,879 | +€10,843 | +90.1% |
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 31 October 2026 via checked.be.