CRFP: 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.
CRFP
Largest movements
- Receivables within one year -€1.1m
down €1.1m (-68.6%), from €1.5m to €482,330
- Current investments +€920,082
up €920,082 (+141.4%), from €650,668 to €1.6m
- Receivables after one year -€300,000
no longer reported in 2025 (was €300,000)
- Cash +€40,535
up €40,535 (+1017.8%), from €3,983 to €44,517
mainly Receivables within one year (+€1.1m) and Receivables after one year (+€300,000)
- Reserves -€415,182
down €415,182 (-31.3%), from €1.3m to €913,128
- Gross operating margin -€85,961
down €85,961 (-45.9%), from €187,313 to €101,352
- Financial income -€41,792
down €41,792 (-18.6%), from €224,397 to €182,604
of which Non-recurring financial income: -€30,497
- Taxes -€30,707
down €30,707 (-40.0%), from €76,830 to €46,123
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 | €3,092,729 | €2,675,135 | -€417,594 | -13.5% |
| Fixed assets | 21/28 | €588,428 | €574,845 | -€13,583 | -2.3% |
| Tangible fixed assets | 22/27 | €40,284 | €26,701 | -€13,583 | -33.7% |
| Furniture and vehicles | 24 | €40,284 | €26,701 | -€13,583 | -33.7% |
| Financial fixed assets | 28 | €548,144 | €548,144 | = | 0.0% |
| Current assets | 29/58 | €2,504,302 | €2,100,290 | -€404,011 | -16.1% |
| Amounts receivable after more than one year | 29 | €300,000 | - | -€300,000 | |
| Other amounts receivable | 291 | €300,000 | - | -€300,000 | |
| Amounts receivable within one year | 40/41 | €1,537,599 | €482,330 | -€1.1m | -68.6% |
| Other amounts receivable | 41 | €1,537,599 | €482,330 | -€1.1m | -68.6% |
| Current investments | 50/53 | €650,668 | €1,570,751 | +€920,082 | +141.4% |
| Cash at bank and in hand | 54/58 | €3,983 | €44,517 | +€40,535 | +1017.8% |
| Deferred charges and accrued income | 490/1 | €12,051 | €2,692 | -€9,359 | -77.7% |
| Total equity and liabilities | 10/49 | €3,092,729 | €2,675,135 | -€417,594 | -13.5% |
| Equity | 10/15 | €3,008,310 | €2,593,128 | -€415,182 | -13.8% |
| Contributions | 10/11 | €1,680,000 | €1,680,000 | = | 0.0% |
| Reserves | 13 | €1,328,310 | €913,128 | -€415,182 | -31.3% |
| Distributable reserves | 133 | €1,328,310 | €913,128 | -€415,182 | -31.3% |
| Amounts payable | 17/49 | €84,419 | €82,007 | -€2,412 | -2.9% |
| Amounts payable within one year | 42/48 | €83,413 | €80,945 | -€2,468 | -3.0% |
| Trade debts | 44 | €2,450 | €517 | -€1,933 | -78.9% |
| Suppliers | 440/4 | €2,450 | €517 | -€1,933 | -78.9% |
| Taxes, remuneration and social security | 45 | €65,963 | €65,428 | -€536 | -0.8% |
| Taxes | 450/3 | €65,963 | €65,428 | -€536 | -0.8% |
| Other amounts payable | 47/48 | €15,000 | €15,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,006 | €1,062 | +€56 | +5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,220 | €14,698 | -€522 | -3.4% |
| Other operating charges | 640/8 | €2,670 | €1,597 | -€1,073 | -40.2% |
| Gross operating margin | 9900 | €187,313 | €101,352 | -€85,961 | -45.9% |
| Operating profit (loss) | 9901 | €169,424 | €85,057 | -€84,366 | -49.8% |
| Financial income | 75/76B | €224,397 | €182,604 | -€41,792 | -18.6% |
| Recurring financial income | 75 | €193,899 | €182,604 | -€11,295 | -5.8% |
| Non-recurring financial income | 76B | €30,497 | - | -€30,497 | |
| Financial charges | 65/66B | €1,176 | €897 | -€279 | -23.7% |
| Recurring financial charges | 65 | €1,176 | €897 | -€279 | -23.7% |
| Profit (loss) for the period before taxes | 9903 | €392,644 | €266,765 | -€125,879 | -32.1% |
| Income taxes | 67/77 | €76,830 | €46,123 | -€30,707 | -40.0% |
| Profit (loss) for the period | 9904 | €315,814 | €220,642 | -€95,173 | -30.1% |
| Profit (loss) for the period to be appropriated | 9905 | €315,814 | €220,642 | -€95,173 | -30.1% |
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 11 October 2026 via checked.be.