Davy Croene: 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.
Davy Croene
Largest movements
- Receivables within one year +€41,773
up €41,773 (+1531.4%), from €2,728 to €44,500
of which Trade receivables: +€39,926
- Cash -€10,659
down €10,659 (-96.8%), from €11,010 to €351
mainly Receivables within one year (-€41,773) and Debts after one year (-€9,155)
- Tangible fixed assets -€7,121
down €7,121 (-9.4%), from €75,711 to €68,591
of which Land and buildings: -€7,052
- Deferred charges and accrued income -€2,705
down €2,705 (-18.6%), from €14,538 to €11,834
- Reserves +€25,336
up €25,336 (+66.2%), from €38,245 to €63,581
- Debts after one year -€9,155
down €9,155 (-23.5%), from €38,968 to €29,813
- Tax, wage and social debts +€5,671
up €5,671 (+47.9%), from €11,834 to €17,505
- Gross operating margin -€5,474
down €5,474 (-10.4%), from €52,562 to €47,087
- Other operating charges -€1,279
down €1,279 (-41.3%), from €3,098 to €1,819
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 | €103,988 | €125,276 | +€21,288 | +20.5% |
| Fixed assets | 21/28 | €75,711 | €68,591 | -€7,121 | -9.4% |
| Tangible fixed assets | 22/27 | €75,711 | €68,591 | -€7,121 | -9.4% |
| Land and buildings | 22 | €68,294 | €61,242 | -€7,052 | -10.3% |
| Plant, machinery and equipment | 23 | €3,371 | €1,827 | -€1,544 | -45.8% |
| Furniture and vehicles | 24 | €4,046 | €5,521 | +€1,475 | +36.5% |
| Current assets | 29/58 | €28,277 | €56,685 | +€28,409 | +100.5% |
| Amounts receivable within one year | 40/41 | €2,728 | €44,500 | +€41,773 | +1531.4% |
| Trade receivables | 40 | €2,226 | €42,152 | +€39,926 | +1793.6% |
| Other amounts receivable | 41 | €502 | €2,348 | +€1,847 | +368.1% |
| Cash at bank and in hand | 54/58 | €11,010 | €351 | -€10,659 | -96.8% |
| Deferred charges and accrued income | 490/1 | €14,538 | €11,834 | -€2,705 | -18.6% |
| Total equity and liabilities | 10/49 | €103,988 | €125,276 | +€21,288 | +20.5% |
| Equity | 10/15 | €39,245 | €64,581 | +€25,336 | +64.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €38,245 | €63,581 | +€25,336 | +66.2% |
| Distributable reserves | 133 | €38,245 | €63,581 | +€25,336 | +66.2% |
| Amounts payable | 17/49 | €64,743 | €60,695 | -€4,048 | -6.3% |
| Amounts payable after more than one year | 17 | €38,968 | €29,813 | -€9,155 | -23.5% |
| Financial debts | 170/4 | €38,968 | €29,813 | -€9,155 | -23.5% |
| Amounts payable within one year | 42/48 | €25,775 | €30,883 | +€5,107 | +19.8% |
| Current portion of amounts payable after more than one year | 42 | €9,384 | €9,155 | -€229 | -2.4% |
| Trade debts | 44 | €838 | €42 | -€796 | -95.0% |
| Suppliers | 440/4 | €838 | €42 | -€796 | -95.0% |
| Taxes, remuneration and social security | 45 | €11,834 | €17,505 | +€5,671 | +47.9% |
| Taxes | 450/3 | €11,834 | €17,505 | +€5,671 | +47.9% |
| Other amounts payable | 47/48 | €3,720 | €4,181 | +€461 | +12.4% |
| Non-recurring operating income | 76A | €9,600 | - | -€9,600 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,425 | €10,921 | -€505 | -4.4% |
| Other operating charges | 640/8 | €3,098 | €1,819 | -€1,279 | -41.3% |
| Gross operating margin | 9900 | €52,562 | €47,087 | -€5,474 | -10.4% |
| Operating profit (loss) | 9901 | €38,038 | €34,347 | -€3,691 | -9.7% |
| Financial income | 75/76B | €66 | €48 | -€17 | -26.3% |
| Recurring financial income | 75 | €66 | €48 | -€17 | -26.3% |
| Financial charges | 65/66B | €1,542 | €1,671 | +€130 | +8.4% |
| Recurring financial charges | 65 | €1,542 | €1,671 | +€130 | +8.4% |
| Profit (loss) for the period before taxes | 9903 | €36,562 | €32,724 | -€3,838 | -10.5% |
| Income taxes | 67/77 | €7,107 | €7,388 | +€281 | +4.0% |
| Profit (loss) for the period | 9904 | €29,455 | €25,336 | -€4,120 | -14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €29,455 | €25,336 | -€4,120 | -14.0% |
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 10 October 2026 via checked.be.