Dr. Krehwinkel: what changed
Dr. Krehwinkel
Largest movements
- Tangible fixed assets +€20,714
up €20,714 (+418%), from €4,951 to €25,665
of which Plant, machinery and equipment: +€20,714
- Cash -€19,912
down €19,912 (-53.2%), from €37,442 to €17,530
mainly Contributions, distributions and other (-€59,111) and Investment in fixed assets (net) (-€26,515)
- Receivables within one year +€4,262
up €4,262 (+144%), from €2,950 to €7,212
of which Other amounts receivable: +€4,192
- Receivables after one year -€2,811
down €2,811 (-34.1%), from €8,254 to €5,442
- Debts after one year +€16,901
new in 2025: €16,901
- Other debts -€12,218
down €12,218 (-49.7%), from €24,561 to €12,343
- Current portion of long-term debt +€6,384
new in 2025: €6,384
- Tax, wage and social debts -€5,837
down €5,837 (-25.7%), from €22,732 to €16,895
of which Taxes: -€4,757
- Trade debts -€2,927
down €2,927 (-65.5%), from €4,469 to €1,542
- Gross operating margin -€8,038
down €8,038 (-5.8%), from €137,493 to €129,455
- Taxes -€3,183
down €3,183 (-13.3%), from €23,991 to €20,808
- Depreciation -€1,785
down €1,785 (-23.5%), from €7,587 to €5,801
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €56,762 | €59,065 | +€2,304 | +4.1% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €4,951 | €25,665 | +€20,714 | +418% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €4,951 | €25,665 | +€20,714 | +418% |
| Plant, machinery and equipment | 23 | €3,851 | €24,565 | +€20,714 | +538% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €1,100 | €1,100 | = | 0.0% |
| Current assets | 29/58 | €51,811 | €33,400 | -€18,411 | -35.5% |
| Amounts receivable after more than one year | 29 | €8,254 | €5,442 | -€2,811 | -34.1% |
| Other amounts receivable | 291 | €8,254 | €5,442 | -€2,811 | -34.1% |
| Amounts receivable within one year | 40/41 | €2,950 | €7,212 | +€4,262 | +144% |
| Trade receivables | 40 | €2,950 | €3,019 | +€69 | +2.3% |
| Other amounts receivable | 41 | - | €4,192 | +€4,192 | |
| Cash at bank and in hand | 54/58 | €37,442 | €17,530 | -€19,912 | -53.2% |
| Deferred charges and accrued income | 490/1 | €3,165 | €3,216 | +€51 | +1.6% |
| Total equity and liabilities | 10/49 | €56,762 | €59,065 | +€2,304 | +4.1% |
| Equity | 10/15 | €5,000 | €5,000 | = | 0.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Amounts payable | 17/49 | €51,762 | €54,065 | +€2,304 | +4.5% |
| Amounts payable after more than one year | 17 | - | €16,901 | +€16,901 | |
| Financial debts | 170/4 | - | €16,901 | +€16,901 | |
| Amounts payable within one year | 42/48 | €51,762 | €37,164 | -€14,598 | -28.2% |
| Current portion of amounts payable after more than one year | 42 | - | €6,384 | +€6,384 | |
| Trade debts | 44 | €4,469 | €1,542 | -€2,927 | -65.5% |
| Suppliers | 440/4 | €4,469 | €1,542 | -€2,927 | -65.5% |
| Taxes, remuneration and social security | 45 | €22,732 | €16,895 | -€5,837 | -25.7% |
| Taxes | 450/3 | €10,884 | €6,127 | -€4,757 | -43.7% |
| Remuneration and social security | 454/9 | €11,848 | €10,768 | -€1,080 | -9.1% |
| Other amounts payable | 47/48 | €24,561 | €12,343 | -€12,218 | -49.7% |
| Remuneration, social security and pensions | 62 | €40,931 | €42,259 | +€1,327 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,587 | €5,801 | -€1,785 | -23.5% |
| Other operating charges | 640/8 | €146 | €54 | -€92 | -62.9% |
| Gross operating margin | 9900 | €137,493 | €129,455 | -€8,038 | -5.8% |
| Operating profit (loss) | 9901 | €88,829 | €81,341 | -€7,488 | -8.4% |
| Financial income | 75/76B | €276 | €195 | -€81 | -29.2% |
| Recurring financial income | 75 | €276 | €195 | -€81 | -29.2% |
| Financial charges | 65/66B | €1,106 | €1,617 | +€511 | +46.3% |
| Recurring financial charges | 65 | €1,106 | €1,617 | +€511 | +46.3% |
| Profit (loss) for the period before taxes | 9903 | €87,999 | €79,919 | -€8,081 | -9.2% |
| Income taxes | 67/77 | €23,991 | €20,808 | -€3,183 | -13.3% |
| Profit (loss) for the period | 9904 | €64,008 | €59,111 | -€4,897 | -7.7% |
| Profit (loss) for the period to be appropriated | 9905 | €64,008 | €59,111 | -€4,897 | -7.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.