Dr. K. De Crem: 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. K. De Crem
Largest movements
- Current investments +€119,986
up €119,986 (+28.1%), from €426,972 to €546,958
- Tangible fixed assets -€71,326
down €71,326 (-11.4%), from €627,208 to €555,882
of which Land and buildings: -€56,007
- Cash +€25,742
up €25,742 (+47.2%), from €54,539 to €80,280
mainly Net result for the year (+€157,634) and Depreciation (+€71,326)
- Receivables within one year +€14,094
up €14,094 (+205%), from €6,863 to €20,957
of which Other amounts receivable: +€13,199
- Reserves +€157,634
up €157,634 (+24.6%), from €639,584 to €797,219
of which Distributable reserves: +€157,634
- Accrued charges and deferred income -€25,170
down €25,170 (-68.8%), from €36,593 to €11,423
- Debts after one year -€23,820
down €23,820 (-9.0%), from €263,463 to €239,643
- Current portion of long-term debt -€14,116
down €14,116 (-37.2%), from €37,936 to €23,820
- Financial charges +€13,213
up €13,213 (+297%), from €4,453 to €17,665
- Taxes -€4,264
down €4,264 (-5.8%), from €73,564 to €69,301
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 | €1,170,398 | €1,268,755 | +€98,356 | +8.4% |
| Fixed assets | 21/28 | €627,429 | €556,103 | -€71,326 | -11.4% |
| Tangible fixed assets | 22/27 | €627,208 | €555,882 | -€71,326 | -11.4% |
| Land and buildings | 22 | €595,604 | €539,597 | -€56,007 | -9.4% |
| Plant, machinery and equipment | 23 | €1,033 | €773 | -€260 | -25.2% |
| Furniture and vehicles | 24 | €28,986 | €14,695 | -€14,291 | -49.3% |
| Other tangible fixed assets | 26 | €1,586 | €817 | -€769 | -48.5% |
| Financial fixed assets | 28 | €221 | €221 | = | 0.0% |
| Current assets | 29/58 | €542,969 | €712,652 | +€169,683 | +31.3% |
| Amounts receivable within one year | 40/41 | €6,863 | €20,957 | +€14,094 | +205% |
| Trade receivables | 40 | - | €895 | +€895 | |
| Other amounts receivable | 41 | €6,863 | €20,062 | +€13,199 | +192% |
| Current investments | 50/53 | €426,972 | €546,958 | +€119,986 | +28.1% |
| Cash at bank and in hand | 54/58 | €54,539 | €80,280 | +€25,742 | +47.2% |
| Deferred charges and accrued income | 490/1 | €54,596 | €64,457 | +€9,861 | +18.1% |
| Total equity and liabilities | 10/49 | €1,170,398 | €1,268,755 | +€98,356 | +8.4% |
| Equity | 10/15 | €639,584 | €797,219 | +€157,634 | +24.6% |
| Reserves | 13 | €639,584 | €797,219 | +€157,634 | +24.6% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €620,834 | €778,469 | +€157,634 | +25.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €530,814 | €471,536 | -€59,278 | -11.2% |
| Amounts payable after more than one year | 17 | €263,463 | €239,643 | -€23,820 | -9.0% |
| Financial debts | 170/4 | €263,463 | €239,643 | -€23,820 | -9.0% |
| Amounts payable within one year | 42/48 | €230,758 | €220,470 | -€10,288 | -4.5% |
| Current portion of amounts payable after more than one year | 42 | €37,936 | €23,820 | -€14,116 | -37.2% |
| Trade debts | 44 | €4,663 | €2,052 | -€2,612 | -56.0% |
| Suppliers | 440/4 | €4,663 | €2,052 | -€2,612 | -56.0% |
| Taxes, remuneration and social security | 45 | €1,217 | €5,594 | +€4,377 | +360% |
| Taxes | 450/3 | €750 | €750 | = | 0.0% |
| Remuneration and social security | 454/9 | €467 | €4,844 | +€4,377 | +937% |
| Other amounts payable | 47/48 | €186,942 | €189,004 | +€2,063 | +1.1% |
| Accrued charges and deferred income | 492/3 | €36,593 | €11,423 | -€25,170 | -68.8% |
| Remuneration, social security and pensions | 62 | €8,922 | €9,589 | +€667 | +7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,309 | €71,326 | +€17 | 0.0% |
| Other operating charges | 640/8 | €2,805 | €2,716 | -€90 | -3.2% |
| Gross operating margin | 9900 | €325,143 | €325,376 | +€234 | +0.1% |
| Operating profit (loss) | 9901 | €242,106 | €241,745 | -€361 | -0.1% |
| Financial income | 75/76B | €2,864 | €2,855 | -€9 | -0.3% |
| Recurring financial income | 75 | €2,864 | €2,855 | -€9 | -0.3% |
| Financial charges | 65/66B | €4,453 | €17,665 | +€13,213 | +297% |
| Recurring financial charges | 65 | €4,453 | €17,665 | +€13,213 | +297% |
| Profit (loss) for the period before taxes | 9903 | €240,518 | €226,935 | -€13,583 | -5.6% |
| Income taxes | 67/77 | €73,564 | €69,301 | -€4,264 | -5.8% |
| Profit (loss) for the period | 9904 | €166,954 | €157,634 | -€9,320 | -5.6% |
| Profit (loss) for the period to be appropriated | 9905 | €166,954 | €157,634 | -€9,320 | -5.6% |
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 23 October 2026 via checked.be.