DR. G. CRABBE: 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. G. CRABBE
Largest movements
- Tangible fixed assets -€26,079
down €26,079 (-17.0%), from €153,175 to €127,096
of which Land and buildings: -€25,000
- Cash +€24,205
up €24,205 (+17.4%), from €139,375 to €163,580
mainly Net result for the year (+€41,198) and Depreciation (+€26,079)
- Current investments -€19,439
down €19,439 (-19.9%), from €97,495 to €78,056
- Debts after one year -€55,594
down €55,594 (-25.3%), from €219,943 to €164,349
- Reserves +€41,198
up €41,198 (+30.2%), from €136,561 to €177,759
- Tax, wage and social debts -€9,909
no longer reported in 2025 (was €9,909)
- Gross operating margin -€39,392
down €39,392 (-28.5%), from €138,262 to €98,870
- Taxes -€10,227
down €10,227 (-36.0%), from €28,441 to €18,214
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 | €451,274 | €429,969 | -€21,305 | -4.7% |
| Fixed assets | 21/28 | €153,175 | €127,096 | -€26,079 | -17.0% |
| Tangible fixed assets | 22/27 | €153,175 | €127,096 | -€26,079 | -17.0% |
| Land and buildings | 22 | €150,000 | €125,000 | -€25,000 | -16.7% |
| Plant, machinery and equipment | 23 | €1,255 | €901 | -€354 | -28.2% |
| Furniture and vehicles | 24 | €1,039 | €639 | -€400 | -38.5% |
| Other tangible fixed assets | 26 | €881 | €556 | -€325 | -36.9% |
| Current assets | 29/58 | €298,099 | €302,873 | +€4,774 | +1.6% |
| Amounts receivable within one year | 40/41 | €33,599 | €31,612 | -€1,987 | -5.9% |
| Other amounts receivable | 41 | €33,599 | €31,612 | -€1,987 | -5.9% |
| Current investments | 50/53 | €97,495 | €78,056 | -€19,439 | -19.9% |
| Cash at bank and in hand | 54/58 | €139,375 | €163,580 | +€24,205 | +17.4% |
| Deferred charges and accrued income | 490/1 | €27,630 | €29,625 | +€1,995 | +7.2% |
| Total equity and liabilities | 10/49 | €451,274 | €429,969 | -€21,305 | -4.7% |
| Equity | 10/15 | €148,961 | €190,159 | +€41,198 | +27.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €136,561 | €177,759 | +€41,198 | +30.2% |
| Distributable reserves | 133 | €136,561 | €177,759 | +€41,198 | +30.2% |
| Amounts payable | 17/49 | €302,313 | €239,810 | -€62,503 | -20.7% |
| Amounts payable after more than one year | 17 | €219,943 | €164,349 | -€55,594 | -25.3% |
| Financial debts | 170/4 | €219,943 | €164,349 | -€55,594 | -25.3% |
| Amounts payable within one year | 42/48 | €81,383 | €74,307 | -€7,076 | -8.7% |
| Current portion of amounts payable after more than one year | 42 | €58,764 | €60,168 | +€1,404 | +2.4% |
| Trade debts | 44 | €12,710 | €14,139 | +€1,429 | +11.2% |
| Suppliers | 440/4 | €12,710 | €14,139 | +€1,429 | +11.2% |
| Taxes, remuneration and social security | 45 | €9,909 | - | -€9,909 | |
| Taxes | 450/3 | €9,909 | - | -€9,909 | |
| Accrued charges and deferred income | 492/3 | €987 | €1,154 | +€167 | +16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,284 | €26,079 | -€205 | -0.8% |
| Other operating charges | 640/8 | €4,685 | €4,799 | +€114 | +2.4% |
| Non-recurring operating charges | 66A | €490 | - | -€490 | |
| Gross operating margin | 9900 | €138,262 | €98,870 | -€39,392 | -28.5% |
| Operating profit (loss) | 9901 | €106,803 | €67,992 | -€38,811 | -36.3% |
| Financial income | 75/76B | €4,439 | €3,447 | -€992 | -22.3% |
| Recurring financial income | 75 | €4,439 | €3,447 | -€992 | -22.3% |
| Financial charges | 65/66B | €13,160 | €12,027 | -€1,133 | -8.6% |
| Recurring financial charges | 65 | €13,160 | €12,027 | -€1,133 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €98,082 | €59,412 | -€38,670 | -39.4% |
| Income taxes | 67/77 | €28,441 | €18,214 | -€10,227 | -36.0% |
| Profit (loss) for the period | 9904 | €69,641 | €41,198 | -€28,443 | -40.8% |
| Profit (loss) for the period to be appropriated | 9905 | €69,641 | €41,198 | -€28,443 | -40.8% |
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 29 October 2026 via checked.be.