CRUDO: 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.
CRUDO
Largest movements
- Tangible fixed assets +€326,770
up €326,770 (+77.9%), from €419,519 to €746,289
of which Land and buildings: +€328,407
- Cash -€18,190
down €18,190 (-23.1%), from €78,618 to €60,427
mainly Investment in fixed assets (net) (-€388,960) and Receivables within one year (-€15,395)
- Receivables within one year +€15,395
up €15,395 (+33.3%), from €46,258 to €61,653
of which Other amounts receivable: +€13,662
- Debts after one year +€296,984
up €296,984 (+101%), from €294,729 to €591,713
- Reserves +€11,936
up €11,936 (+6.4%), from €187,899 to €199,835
of which Distributable reserves: +€11,936
- Current portion of long-term debt +€9,202
up €9,202 (+33.0%), from €27,849 to €37,051
- Depreciation +€40,574
up €40,574 (+186%), from €21,816 to €62,390
- Taxes -€9,857
down €9,857 (-49.2%), from €20,037 to €10,180
- Gross operating margin +€4,830
up €4,830 (+4.6%), from €104,993 to €109,823
- Financial charges +€1,133
up €1,133 (+9.4%), from €12,019 to €13,152
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 | €547,109 | €872,064 | +€324,955 | +59.4% |
| Fixed assets | 21/28 | €420,169 | €746,739 | +€326,570 | +77.7% |
| Intangible fixed assets | 21 | €650 | €450 | -€200 | -30.8% |
| Tangible fixed assets | 22/27 | €419,519 | €746,289 | +€326,770 | +77.9% |
| Land and buildings | 22 | €400,052 | €728,458 | +€328,407 | +82.1% |
| Plant, machinery and equipment | 23 | €5,399 | €9,597 | +€4,198 | +77.8% |
| Furniture and vehicles | 24 | €12,060 | €6,594 | -€5,466 | -45.3% |
| Other tangible fixed assets | 26 | €2,009 | €1,640 | -€368 | -18.3% |
| Current assets | 29/58 | €126,941 | €125,326 | -€1,615 | -1.3% |
| Amounts receivable within one year | 40/41 | €46,258 | €61,653 | +€15,395 | +33.3% |
| Trade receivables | 40 | €46,258 | €47,991 | +€1,733 | +3.7% |
| Other amounts receivable | 41 | - | €13,662 | +€13,662 | |
| Cash at bank and in hand | 54/58 | €78,618 | €60,427 | -€18,190 | -23.1% |
| Deferred charges and accrued income | 490/1 | €2,065 | €3,246 | +€1,181 | +57.2% |
| Total equity and liabilities | 10/49 | €547,109 | €872,064 | +€324,955 | +59.4% |
| Equity | 10/15 | €202,355 | €214,290 | +€11,936 | +5.9% |
| Contributions | 10/11 | €14,456 | €14,456 | = | 0.0% |
| Reserves | 13 | €187,899 | €199,835 | +€11,936 | +6.4% |
| Tax-exempt reserves | 132 | €217 | €217 | = | 0.0% |
| Distributable reserves | 133 | €187,682 | €199,618 | +€11,936 | +6.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €344,755 | €657,774 | +€313,019 | +90.8% |
| Amounts payable after more than one year | 17 | €294,729 | €591,713 | +€296,984 | +101% |
| Financial debts | 170/4 | €294,729 | €591,713 | +€296,984 | +101% |
| Amounts payable within one year | 42/48 | €47,976 | €64,011 | +€16,035 | +33.4% |
| Current portion of amounts payable after more than one year | 42 | €27,849 | €37,051 | +€9,202 | +33.0% |
| Financial debts | 43 | €12,546 | €14,355 | +€1,810 | +14.4% |
| Credit institutions | 430/8 | €12,546 | €14,355 | +€1,810 | +14.4% |
| Trade debts | 44 | €89 | €7,102 | +€7,012 | +7,836% |
| Suppliers | 440/4 | €89 | €7,102 | +€7,012 | +7,836% |
| Taxes, remuneration and social security | 45 | €4,187 | €3,903 | -€284 | -6.8% |
| Taxes | 450/3 | €4,187 | €3,903 | -€284 | -6.8% |
| Other amounts payable | 47/48 | €3,305 | €1,600 | -€1,705 | -51.6% |
| Accrued charges and deferred income | 492/3 | €2,050 | €2,050 | = | 0.0% |
| Non-recurring operating income | 76A | €4,396 | €0 | -€4,396 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,816 | €62,390 | +€40,574 | +186% |
| Other operating charges | 640/8 | €2,210 | €2,837 | +€626 | +28.3% |
| Gross operating margin | 9900 | €104,993 | €109,823 | +€4,830 | +4.6% |
| Operating profit (loss) | 9901 | €80,967 | €44,596 | -€36,371 | -44.9% |
| Financial income | 75/76B | €0 | €12 | +€12 | +11,630% |
| Recurring financial income | 75 | €0 | €12 | +€12 | +11,630% |
| Financial charges | 65/66B | €12,019 | €13,152 | +€1,133 | +9.4% |
| Recurring financial charges | 65 | €12,019 | €13,152 | +€1,133 | +9.4% |
| Profit (loss) for the period before taxes | 9903 | €68,949 | €31,457 | -€37,492 | -54.4% |
| Income taxes | 67/77 | €20,037 | €10,180 | -€9,857 | -49.2% |
| Profit (loss) for the period | 9904 | €48,912 | €21,277 | -€27,635 | -56.5% |
| Profit (loss) for the period to be appropriated | 9905 | €48,912 | €21,277 | -€27,635 | -56.5% |
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 15 October 2026 via checked.be.