Curf: what changed
Two fiscal 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.
Curf
Largest movements
- Cash +€314,579
up €314,579 (+7224.4%), from €4,354 to €318,933
mainly Trade debts (+€139,832) and Debts after one year (+€125,384)
- Receivables within one year +€122,692
up €122,692 (+223.6%), from €54,861 to €177,553
of which Trade receivables: +€69,315
- Intangible fixed assets -€12,100
down €12,100 (-41.7%), from €29,040 to €16,940
- Deferred charges and accrued income +€7,429
up €7,429 (+311.8%), from €2,383 to €9,811
- Trade debts +€139,832
up €139,832 (+496.4%), from €28,172 to €168,004
- Debts after one year +€125,384
new in 2025: €125,384
- Current portion of long-term debt +€124,616
new in 2025: €124,616
- Reserves +€26,397
up €26,397 (+50.5%), from €52,242 to €78,640
- Accrued charges and deferred income +€15,408
new in 2025: €15,408
- Gross operating margin +€16,636
up €16,636 (+56.9%), from €29,263 to €45,899
- Financial charges +€4,284
up €4,284 (+3862.4%), from €111 to €4,395
- Staff costs +€2,218
new in 2025: €2,218
- Taxes -€1,519
no longer reported in 2025 (was €1,519)
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 | €90,639 | €528,220 | +€437,582 | +482.8% |
| Fixed assets | 21/28 | €29,040 | €21,922 | -€7,118 | -24.5% |
| Intangible fixed assets | 21 | €29,040 | €16,940 | -€12,100 | -41.7% |
| Tangible fixed assets | 22/27 | - | €3,482 | +€3,482 | |
| Furniture and vehicles | 24 | - | €3,482 | +€3,482 | |
| Financial fixed assets | 28 | - | €1,500 | +€1,500 | |
| Current assets | 29/58 | €61,599 | €506,298 | +€444,699 | +721.9% |
| Amounts receivable within one year | 40/41 | €54,861 | €177,553 | +€122,692 | +223.6% |
| Trade receivables | 40 | €33,898 | €103,213 | +€69,315 | +204.5% |
| Other amounts receivable | 41 | €20,963 | €74,340 | +€53,377 | +254.6% |
| Cash at bank and in hand | 54/58 | €4,354 | €318,933 | +€314,579 | +7224.4% |
| Deferred charges and accrued income | 490/1 | €2,383 | €9,811 | +€7,429 | +311.8% |
| Total equity and liabilities | 10/49 | €90,639 | €528,220 | +€437,582 | +482.8% |
| Equity | 10/15 | €57,242 | €83,640 | +€26,397 | +46.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €52,242 | €78,640 | +€26,397 | +50.5% |
| Distributable reserves | 133 | €52,242 | €78,640 | +€26,397 | +50.5% |
| Amounts payable | 17/49 | €33,396 | €444,581 | +€411,184 | +1231.2% |
| Amounts payable after more than one year | 17 | - | €125,384 | +€125,384 | |
| Financial debts | 170/4 | - | €125,384 | +€125,384 | |
| Amounts payable within one year | 42/48 | €33,396 | €303,788 | +€270,392 | +809.6% |
| Current portion of amounts payable after more than one year | 42 | - | €124,616 | +€124,616 | |
| Trade debts | 44 | €28,172 | €168,004 | +€139,832 | +496.4% |
| Suppliers | 440/4 | €28,172 | €168,004 | +€139,832 | +496.4% |
| Taxes, remuneration and social security | 45 | €5,224 | €11,168 | +€5,944 | +113.8% |
| Taxes | 450/3 | €5,224 | €9,505 | +€4,281 | +81.9% |
| Remuneration and social security | 454/9 | - | €1,663 | +€1,663 | |
| Accrued charges and deferred income | 492/3 | - | €15,408 | +€15,408 | |
| Remuneration, social security and pensions | 62 | - | €2,218 | +€2,218 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,100 | €12,246 | +€146 | +1.2% |
| Other operating charges | 640/8 | €341 | €644 | +€303 | +89.1% |
| Gross operating margin | 9900 | €29,263 | €45,899 | +€16,636 | +56.9% |
| Operating profit (loss) | 9901 | €16,823 | €30,792 | +€13,969 | +83.0% |
| Financial charges | 65/66B | €111 | €4,395 | +€4,284 | +3862.4% |
| Recurring financial charges | 65 | €111 | €4,395 | +€4,284 | +3862.4% |
| Profit (loss) for the period before taxes | 9903 | €16,712 | €26,397 | +€9,686 | +58.0% |
| Income taxes | 67/77 | €1,519 | - | -€1,519 | |
| Profit (loss) for the period | 9904 | €15,192 | €26,397 | +€11,205 | +73.8% |
| Profit (loss) for the period to be appropriated | 9905 | €15,192 | €26,397 | +€11,205 | +73.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.