CRF: 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.
CRF
Largest movements
- Receivables within one year -€108,183
down €108,183 (-80.6%), from €134,270 to €26,087
of which Trade receivables: -€110,035
- Cash +€76,287
up €76,287 (+159%), from €47,888 to €124,174
mainly Other debts (+€155,824) and Receivables within one year (+€108,183)
- Tangible fixed assets -€59,932
down €59,932 (-22.9%), from €261,414 to €201,482
of which Furniture and vehicles: -€57,211
- Stocks and contracts -€5,800
down €5,800 (-71.6%), from €8,103 to €2,304
- Reserves -€157,671
down €157,671 (-54.0%), from €291,715 to €134,044
- Other debts +€155,824
up €155,824 (+607%), from €25,668 to €181,492
- Accrued charges and deferred income -€84,771
down €84,771 (-95.1%), from €89,165 to €4,394
- Trade debts +€9,843
up €9,843 (+6,781%), from €145 to €9,988
- Debts after one year -€8,990
no longer reported in 2025 (was €8,990)
- Gross operating margin -€14,070
down €14,070 (-8.7%), from €161,193 to €147,123
- Taxes -€3,203
down €3,203 (-25.8%), from €12,425 to €9,222
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 | €461,078 | €364,099 | -€96,978 | -21.0% |
| Fixed assets | 21/28 | €261,594 | €201,662 | -€59,932 | -22.9% |
| Tangible fixed assets | 22/27 | €261,414 | €201,482 | -€59,932 | -22.9% |
| Plant, machinery and equipment | 23 | €18,665 | €17,303 | -€1,362 | -7.3% |
| Furniture and vehicles | 24 | €231,044 | €173,833 | -€57,211 | -24.8% |
| Other tangible fixed assets | 26 | €11,705 | €10,346 | -€1,359 | -11.6% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €199,484 | €162,438 | -€37,046 | -18.6% |
| Stocks and contracts in progress | 3 | €8,103 | €2,304 | -€5,800 | -71.6% |
| Stocks | 30/36 | €8,103 | €2,304 | -€5,800 | -71.6% |
| Amounts receivable within one year | 40/41 | €134,270 | €26,087 | -€108,183 | -80.6% |
| Trade receivables | 40 | €124,179 | €14,144 | -€110,035 | -88.6% |
| Other amounts receivable | 41 | €10,091 | €11,943 | +€1,852 | +18.4% |
| Cash at bank and in hand | 54/58 | €47,888 | €124,174 | +€76,287 | +159% |
| Deferred charges and accrued income | 490/1 | €9,223 | €9,873 | +€650 | +7.0% |
| Total equity and liabilities | 10/49 | €461,078 | €364,099 | -€96,978 | -21.0% |
| Equity | 10/15 | €304,215 | €146,544 | -€157,671 | -51.8% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €291,715 | €134,044 | -€157,671 | -54.0% |
| Distributable reserves | 133 | €291,715 | €134,044 | -€157,671 | -54.0% |
| Amounts payable | 17/49 | €156,863 | €217,555 | +€60,692 | +38.7% |
| Amounts payable after more than one year | 17 | €8,990 | - | -€8,990 | |
| Financial debts | 170/4 | €8,990 | - | -€8,990 | |
| Amounts payable within one year | 42/48 | €58,707 | €213,161 | +€154,454 | +263% |
| Current portion of amounts payable after more than one year | 42 | €11,456 | €8,990 | -€2,466 | -21.5% |
| Financial debts | 43 | €12,518 | €12,514 | -€4 | 0.0% |
| Credit institutions | 430/8 | €12,518 | €12,514 | -€4 | 0.0% |
| Trade debts | 44 | €145 | €9,988 | +€9,843 | +6,781% |
| Suppliers | 440/4 | €145 | €9,988 | +€9,843 | +6,781% |
| Taxes, remuneration and social security | 45 | €8,920 | €177 | -€8,743 | -98.0% |
| Taxes | 450/3 | €4,991 | €177 | -€4,813 | -96.4% |
| Remuneration and social security | 454/9 | €3,929 | - | -€3,929 | |
| Other amounts payable | 47/48 | €25,668 | €181,492 | +€155,824 | +607% |
| Accrued charges and deferred income | 492/3 | €89,165 | €4,394 | -€84,771 | -95.1% |
| Remuneration, social security and pensions | 62 | €37,556 | €38,565 | +€1,008 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,712 | €78,929 | +€1,217 | +1.6% |
| Other operating charges | 640/8 | €2,394 | €2,155 | -€240 | -10.0% |
| Non-recurring operating charges | 66A | €47 | €35 | -€12 | -25.7% |
| Gross operating margin | 9900 | €161,193 | €147,123 | -€14,070 | -8.7% |
| Operating profit (loss) | 9901 | €43,484 | €27,440 | -€16,044 | -36.9% |
| Financial income | 75/76B | €893 | €73 | -€819 | -91.8% |
| Recurring financial income | 75 | €893 | €73 | -€819 | -91.8% |
| Financial charges | 65/66B | €1,537 | €1,017 | -€520 | -33.8% |
| Recurring financial charges | 65 | €1,537 | €1,017 | -€520 | -33.8% |
| Profit (loss) for the period before taxes | 9903 | €42,839 | €26,496 | -€16,343 | -38.1% |
| Income taxes | 67/77 | €12,425 | €9,222 | -€3,203 | -25.8% |
| Profit (loss) for the period | 9904 | €30,414 | €17,275 | -€13,140 | -43.2% |
| Profit (loss) for the period to be appropriated | 9905 | €30,414 | €17,275 | -€13,140 | -43.2% |
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 14 October 2026 via checked.be.