Dr. E. Kruitwagen: 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.
Dr. E. Kruitwagen
Largest movements
- Current investments +€61,186
up €61,186 (+33.4%), from €182,954 to €244,140
- Tangible fixed assets +€27,552
up €27,552 (+430%), from €6,414 to €33,966
of which Furniture and vehicles: +€29,177
- Cash -€19,728
down €19,728 (-9.9%), from €199,624 to €179,897
mainly Current investments (-€61,186) and Contributions, distributions and other (-€47,097)
- Intangible fixed assets -€12,000
down €12,000 (-100%), from €12,000 to €0
- Financial fixed assets -€5,957
down €5,957 (-28.8%), from €20,668 to €14,711
- Accrued charges and deferred income +€42,000
new in 2025: €42,000
- Reserves +€33,885
up €33,885 (+10.5%), from €322,473 to €356,358
- Other debts -€24,043
down €24,043 (-33.2%), from €72,525 to €48,481
- Gross operating margin -€34,470
down €34,470 (-23.1%), from €149,125 to €114,655
- Financial income +€14,564
up €14,564 (+365%), from €3,991 to €18,555
- Taxes -€3,693
down €3,693 (-11.7%), from €31,661 to €27,968
- Depreciation -€3,474
down €3,474 (-14.3%), from €24,278 to €20,803
- Financial charges -€1,712
down €1,712 (-48.0%), from €3,570 to €1,858
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 | €432,319 | €479,770 | +€47,451 | +11.0% |
| Fixed assets | 21/28 | €39,082 | €48,677 | +€9,594 | +24.5% |
| Intangible fixed assets | 21 | €12,000 | €0 | -€12,000 | -100% |
| Tangible fixed assets | 22/27 | €6,414 | €33,966 | +€27,552 | +430% |
| Plant, machinery and equipment | 23 | €1,646 | €784 | -€862 | -52.4% |
| Furniture and vehicles | 24 | €3,243 | €32,420 | +€29,177 | +900% |
| Other tangible fixed assets | 26 | €1,526 | €763 | -€763 | -50.0% |
| Financial fixed assets | 28 | €20,668 | €14,711 | -€5,957 | -28.8% |
| Current assets | 29/58 | €393,236 | €431,093 | +€37,857 | +9.6% |
| Amounts receivable within one year | 40/41 | €8,914 | €6,850 | -€2,064 | -23.2% |
| Other amounts receivable | 41 | €8,914 | €6,850 | -€2,064 | -23.2% |
| Current investments | 50/53 | €182,954 | €244,140 | +€61,186 | +33.4% |
| Cash at bank and in hand | 54/58 | €199,624 | €179,897 | -€19,728 | -9.9% |
| Deferred charges and accrued income | 490/1 | €1,743 | €206 | -€1,538 | -88.2% |
| Total equity and liabilities | 10/49 | €432,319 | €479,770 | +€47,451 | +11.0% |
| Equity | 10/15 | €342,473 | €376,358 | +€33,885 | +9.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €322,473 | €356,358 | +€33,885 | +10.5% |
| Distributable reserves | 133 | €322,473 | €356,358 | +€33,885 | +10.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €89,846 | €103,412 | +€13,566 | +15.1% |
| Amounts payable within one year | 42/48 | €89,846 | €61,412 | -€28,434 | -31.6% |
| Financial debts | 43 | €24 | €21 | -€3 | -11.5% |
| Credit institutions | 430/8 | €24 | €21 | -€3 | -11.5% |
| Trade debts | 44 | €2,744 | €538 | -€2,206 | -80.4% |
| Suppliers | 440/4 | €2,744 | €538 | -€2,206 | -80.4% |
| Taxes, remuneration and social security | 45 | €14,553 | €12,371 | -€2,182 | -15.0% |
| Taxes | 450/3 | €14,553 | €12,371 | -€2,182 | -15.0% |
| Other amounts payable | 47/48 | €72,525 | €48,481 | -€24,043 | -33.2% |
| Accrued charges and deferred income | 492/3 | - | €42,000 | +€42,000 | |
| Non-recurring operating income | 76A | €18,442 | €0 | -€18,442 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,278 | €20,803 | -€3,474 | -14.3% |
| Other operating charges | 640/8 | €1,547 | €1,600 | +€53 | +3.4% |
| Gross operating margin | 9900 | €149,125 | €114,655 | -€34,470 | -23.1% |
| Operating profit (loss) | 9901 | €123,300 | €92,252 | -€31,048 | -25.2% |
| Financial income | 75/76B | €3,991 | €18,555 | +€14,564 | +365% |
| Recurring financial income | 75 | €3,991 | €18,555 | +€14,564 | +365% |
| Financial charges | 65/66B | €3,570 | €1,858 | -€1,712 | -48.0% |
| Recurring financial charges | 65 | €3,570 | €1,858 | -€1,712 | -48.0% |
| Profit (loss) for the period before taxes | 9903 | €123,721 | €108,950 | -€14,771 | -11.9% |
| Income taxes | 67/77 | €31,661 | €27,968 | -€3,693 | -11.7% |
| Profit (loss) for the period | 9904 | €92,060 | €80,982 | -€11,078 | -12.0% |
| Profit (loss) for the period to be appropriated | 9905 | €92,060 | €80,982 | -€11,078 | -12.0% |
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 16 October 2026 via checked.be.