Davy Crucke: 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 Crucke
Largest movements
- Tangible fixed assets -€30,343
down €30,343 (-8.9%), from €341,228 to €310,885
of which Land and buildings: -€22,327
- Stocks and contracts +€15,492
up €15,492 (+45.5%), from €34,078 to €49,570
- Deferred charges and accrued income +€11,083
up €11,083 (+129%), from €8,605 to €19,688
- Debts after one year -€36,800
down €36,800 (-21.4%), from €171,715 to €134,915
- Trade debts +€18,781
up €18,781 (+1,544%), from €1,217 to €19,998
- Reserves +€17,158
up €17,158 (+8.0%), from €215,440 to €232,598
- Other debts -€6,169
down €6,169 (-97.4%), from €6,337 to €168
- Gross operating margin -€16,765
down €16,765 (-19.4%), from €86,524 to €69,759
- Taxes -€4,484
down €4,484 (-37.6%), from €11,926 to €7,442
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 | €454,385 | €451,424 | -€2,961 | -0.7% |
| Fixed assets | 21/28 | €341,228 | €310,885 | -€30,343 | -8.9% |
| Tangible fixed assets | 22/27 | €341,228 | €310,885 | -€30,343 | -8.9% |
| Land and buildings | 22 | €308,346 | €286,019 | -€22,327 | -7.2% |
| Plant, machinery and equipment | 23 | €2,912 | €2,238 | -€674 | -23.1% |
| Furniture and vehicles | 24 | €29,970 | €22,628 | -€7,342 | -24.5% |
| Current assets | 29/58 | €113,157 | €140,539 | +€27,382 | +24.2% |
| Stocks and contracts in progress | 3 | €34,078 | €49,570 | +€15,492 | +45.5% |
| Stocks | 30/36 | €34,078 | €49,570 | +€15,492 | +45.5% |
| Amounts receivable within one year | 40/41 | €39,124 | €41,737 | +€2,613 | +6.7% |
| Trade receivables | 40 | €37,253 | €37,505 | +€253 | +0.7% |
| Other amounts receivable | 41 | €1,871 | €4,232 | +€2,360 | +126% |
| Cash at bank and in hand | 54/58 | €31,350 | €29,544 | -€1,806 | -5.8% |
| Deferred charges and accrued income | 490/1 | €8,605 | €19,688 | +€11,083 | +129% |
| Total equity and liabilities | 10/49 | €454,385 | €451,424 | -€2,961 | -0.7% |
| Equity | 10/15 | €227,840 | €244,998 | +€17,158 | +7.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €215,440 | €232,598 | +€17,158 | +8.0% |
| Distributable reserves | 133 | €215,440 | €232,598 | +€17,158 | +8.0% |
| Amounts payable | 17/49 | €226,545 | €206,426 | -€20,119 | -8.9% |
| Amounts payable after more than one year | 17 | €171,715 | €134,915 | -€36,800 | -21.4% |
| Financial debts | 170/4 | €171,715 | €134,915 | -€36,800 | -21.4% |
| Amounts payable within one year | 42/48 | €54,830 | €71,511 | +€16,681 | +30.4% |
| Current portion of amounts payable after more than one year | 42 | €41,564 | €43,188 | +€1,624 | +3.9% |
| Trade debts | 44 | €1,217 | €19,998 | +€18,781 | +1,544% |
| Suppliers | 440/4 | €1,217 | €19,998 | +€18,781 | +1,544% |
| Taxes, remuneration and social security | 45 | €5,713 | €8,157 | +€2,444 | +42.8% |
| Taxes | 450/3 | €5,713 | €5,979 | +€266 | +4.7% |
| Remuneration and social security | 454/9 | - | €2,178 | +€2,178 | |
| Other amounts payable | 47/48 | €6,337 | €168 | -€6,169 | -97.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,199 | €30,343 | +€144 | +0.5% |
| Other operating charges | 640/8 | €3,926 | €4,026 | +€101 | +2.6% |
| Gross operating margin | 9900 | €86,524 | €69,759 | -€16,765 | -19.4% |
| Operating profit (loss) | 9901 | €52,399 | €35,389 | -€17,011 | -32.5% |
| Financial income | 75/76B | €86 | €166 | +€80 | +93.1% |
| Recurring financial income | 75 | €86 | €166 | +€80 | +93.1% |
| Financial charges | 65/66B | €11,386 | €10,955 | -€431 | -3.8% |
| Recurring financial charges | 65 | €11,386 | €10,955 | -€431 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | €41,099 | €24,600 | -€16,500 | -40.1% |
| Income taxes | 67/77 | €11,926 | €7,442 | -€4,484 | -37.6% |
| Profit (loss) for the period | 9904 | €29,173 | €17,158 | -€12,015 | -41.2% |
| Profit (loss) for the period to be appropriated | 9905 | €29,173 | €17,158 | -€12,015 | -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 24 October 2026 via checked.be.