CROES D: 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.
CROES D
Largest movements
- Receivables within one year +€411,435
up €411,435 (+140.6%), from €292,635 to €704,070
of which Trade receivables: +€441,675
- Cash -€162,763
down €162,763 (-48.7%), from €334,550 to €171,787
mainly Receivables within one year (-€411,435) and Investment in fixed assets (net) (-€270,468)
- Stocks and contracts -€67,872
down €67,872 (-30.0%), from €226,598 to €158,726
- Tangible fixed assets -€60,603
down €60,603 (-2.2%), from €2.8m to €2.7m
of which Furniture and vehicles: -€175,023
- Reserves +€151,825
up €151,825 (+10.4%), from €1.5m to €1.6m
of which Distributable reserves: +€185,575
- Debts after one year -€133,563
down €133,563 (-7.3%), from €1.8m to €1.7m
- Current portion of long-term debt +€79,943
up €79,943 (+40.8%), from €196,043 to €275,986
- Gross operating margin -€241,956
down €241,956 (-35.2%), from €687,229 to €445,273
- Financial income -€121,948
down €121,948 (-43.4%), from €280,935 to €158,987
of which Non-recurring financial income: -€123,207
- Depreciation -€56,990
down €56,990 (-14.7%), from €388,061 to €331,071
- Taxes -€38,564
down €38,564 (-48.5%), from €79,574 to €41,010
- Financial charges +€8,229
up €8,229 (+26.1%), from €31,563 to €39,792
of which Non-recurring financial charges: +€4,603
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 | €4,005,878 | €4,106,648 | +€100,770 | +2.5% |
| Fixed assets | 21/28 | €2,782,995 | €2,722,392 | -€60,603 | -2.2% |
| Tangible fixed assets | 22/27 | €2,782,632 | €2,722,029 | -€60,603 | -2.2% |
| Land and buildings | 22 | €1,372,244 | €1,408,070 | +€35,826 | +2.6% |
| Plant, machinery and equipment | 23 | €290,689 | €369,283 | +€78,594 | +27.0% |
| Furniture and vehicles | 24 | €1,119,699 | €944,676 | -€175,023 | -15.6% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €1,222,883 | €1,384,256 | +€161,373 | +13.2% |
| Stocks and contracts in progress | 3 | €226,598 | €158,726 | -€67,872 | -30.0% |
| Stocks | 30/36 | €226,598 | €158,726 | -€67,872 | -30.0% |
| Amounts receivable within one year | 40/41 | €292,635 | €704,070 | +€411,435 | +140.6% |
| Trade receivables | 40 | €260,320 | €701,995 | +€441,675 | +169.7% |
| Other amounts receivable | 41 | €32,315 | €2,075 | -€30,240 | -93.6% |
| Cash at bank and in hand | 54/58 | €334,550 | €171,787 | -€162,763 | -48.7% |
| Deferred charges and accrued income | 490/1 | €369,100 | €349,673 | -€19,427 | -5.3% |
| Total equity and liabilities | 10/49 | €4,005,878 | €4,106,648 | +€100,770 | +2.5% |
| Equity | 10/15 | €1,646,840 | €1,798,665 | +€151,825 | +9.2% |
| Contributions | 10/11 | €180,000 | €180,000 | = | 0.0% |
| Reserves | 13 | €1,466,840 | €1,618,665 | +€151,825 | +10.4% |
| Tax-exempt reserves | 132 | €199,175 | €165,425 | -€33,750 | -16.9% |
| Distributable reserves | 133 | €1,267,665 | €1,453,240 | +€185,575 | +14.6% |
| Provisions and deferred taxes | 16 | €53,892 | €42,642 | -€11,250 | -20.9% |
| Deferred taxes | 168 | €53,892 | €42,642 | -€11,250 | -20.9% |
| Amounts payable | 17/49 | €2,305,146 | €2,265,341 | -€39,805 | -1.7% |
| Amounts payable after more than one year | 17 | €1,828,600 | €1,695,037 | -€133,563 | -7.3% |
| Financial debts | 170/4 | €1,828,600 | €1,695,037 | -€133,563 | -7.3% |
| Amounts payable within one year | 42/48 | €476,546 | €570,304 | +€93,758 | +19.7% |
| Current portion of amounts payable after more than one year | 42 | €196,043 | €275,986 | +€79,943 | +40.8% |
| Trade debts | 44 | €216,813 | €234,638 | +€17,825 | +8.2% |
| Suppliers | 440/4 | €216,813 | €234,638 | +€17,825 | +8.2% |
| Taxes, remuneration and social security | 45 | €11,732 | €22,931 | +€11,199 | +95.5% |
| Taxes | 450/3 | €7,262 | €15,513 | +€8,251 | +113.6% |
| Remuneration and social security | 454/9 | €4,470 | €7,418 | +€2,948 | +66.0% |
| Other amounts payable | 47/48 | €51,958 | €36,749 | -€15,209 | -29.3% |
| Remuneration, social security and pensions | 62 | €48,010 | €46,120 | -€1,890 | -3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €388,061 | €331,071 | -€56,990 | -14.7% |
| Other operating charges | 640/8 | €5,583 | €5,692 | +€109 | +2.0% |
| Gross operating margin | 9900 | €687,229 | €445,273 | -€241,956 | -35.2% |
| Operating profit (loss) | 9901 | €245,575 | €62,390 | -€183,185 | -74.6% |
| Financial income | 75/76B | €280,935 | €158,987 | -€121,948 | -43.4% |
| Recurring financial income | 75 | €3,208 | €4,467 | +€1,259 | +39.2% |
| Non-recurring financial income | 76B | €277,727 | €154,520 | -€123,207 | -44.4% |
| Financial charges | 65/66B | €31,563 | €39,792 | +€8,229 | +26.1% |
| Recurring financial charges | 65 | €768 | €4,394 | +€3,626 | +472.1% |
| Non-recurring financial charges | 66B | €30,795 | €35,398 | +€4,603 | +14.9% |
| Profit (loss) for the period before taxes | 9903 | €494,947 | €181,585 | -€313,362 | -63.3% |
| Transfer from deferred taxes | 780 | €2,358 | €11,250 | +€8,892 | +377.1% |
| Transfer to deferred taxes | 680 | €27,250 | €0 | -€27,250 | -100.0% |
| Income taxes | 67/77 | €79,574 | €41,010 | -€38,564 | -48.5% |
| Profit (loss) for the period | 9904 | €390,481 | €151,825 | -€238,656 | -61.1% |
| Transfer from tax-exempt reserves | 789 | €7,075 | €33,750 | +€26,675 | +377.0% |
| Transfer to tax-exempt reserves | 689 | €81,750 | €0 | -€81,750 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €315,806 | €185,575 | -€130,231 | -41.2% |
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 11 October 2026 via checked.be.