HET KRUISKE: 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.
HET KRUISKE
Largest movements
- Receivables within one year +€232,983
up €232,983 (+32.7%), from €712,682 to €945,666
of which Other amounts receivable: +€122,899
- Cash -€85,284
down €85,284 (-55.1%), from €154,708 to €69,424
mainly Receivables within one year (-€232,983) and Investment in fixed assets (net) (-€151,855)
- Tangible fixed assets -€33,688
down €33,688 (-2.4%), from €1.4m to €1.4m
of which Plant, machinery and equipment: -€77,171
- Trade debts +€196,378
up €196,378 (+44.2%), from €444,370 to €640,748
- Debts after one year -€125,184
down €125,184 (-12.5%), from €1.0m to €876,395
- Tax, wage and social debts +€124,248
up €124,248 (+969%), from €12,828 to €137,076
of which Taxes: +€130,853
- Profit (loss) carried forward -€78,209
down €78,209 (-21.2%), from €368,753 to €290,544
- Gross operating margin +€126,730
up €126,730 (+75.9%), from €167,037 to €293,767
- Depreciation +€40,633
up €40,633 (+28.0%), from €144,910 to €185,543
- Staff costs -€15,313
down €15,313 (-10.4%), from €147,215 to €131,901
- Other operating charges +€3,162
up €3,162 (+26.8%), from €11,793 to €14,955
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 | €2,268,219 | €2,390,408 | +€122,190 | +5.4% |
| Fixed assets | 21/28 | €1,400,828 | €1,367,140 | -€33,688 | -2.4% |
| Tangible fixed assets | 22/27 | €1,393,328 | €1,359,640 | -€33,688 | -2.4% |
| Land and buildings | 22 | €1,028,991 | €1,094,144 | +€65,153 | +6.3% |
| Plant, machinery and equipment | 23 | €308,271 | €231,100 | -€77,171 | -25.0% |
| Furniture and vehicles | 24 | €56,066 | €34,396 | -€21,670 | -38.7% |
| Financial fixed assets | 28 | €7,500 | €7,500 | = | 0.0% |
| Current assets | 29/58 | €867,390 | €1,023,268 | +€155,878 | +18.0% |
| Amounts receivable within one year | 40/41 | €712,682 | €945,666 | +€232,983 | +32.7% |
| Trade receivables | 40 | €526,986 | €637,070 | +€110,084 | +20.9% |
| Other amounts receivable | 41 | €185,697 | €308,596 | +€122,899 | +66.2% |
| Cash at bank and in hand | 54/58 | €154,708 | €69,424 | -€85,284 | -55.1% |
| Deferred charges and accrued income | 490/1 | - | €8,178 | +€8,178 | |
| Total equity and liabilities | 10/49 | €2,268,219 | €2,390,408 | +€122,190 | +5.4% |
| Equity | 10/15 | €689,213 | €611,004 | -€78,209 | -11.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €301,860 | €301,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €300,000 | €300,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €368,753 | €290,544 | -€78,209 | -21.2% |
| Amounts payable | 17/49 | €1,579,006 | €1,779,404 | +€200,398 | +12.7% |
| Amounts payable after more than one year | 17 | €1,001,579 | €876,395 | -€125,184 | -12.5% |
| Financial debts | 170/4 | €1,001,579 | €876,395 | -€125,184 | -12.5% |
| Amounts payable within one year | 42/48 | €577,426 | €903,009 | +€325,582 | +56.4% |
| Current portion of amounts payable after more than one year | 42 | €120,228 | €125,184 | +€4,956 | +4.1% |
| Trade debts | 44 | €444,370 | €640,748 | +€196,378 | +44.2% |
| Suppliers | 440/4 | €444,370 | €640,748 | +€196,378 | +44.2% |
| Taxes, remuneration and social security | 45 | €12,828 | €137,076 | +€124,248 | +969% |
| Taxes | 450/3 | €3,006 | €133,859 | +€130,853 | +4,353% |
| Remuneration and social security | 454/9 | €9,823 | €3,218 | -€6,605 | -67.2% |
| Remuneration, social security and pensions | 62 | €147,215 | €131,901 | -€15,313 | -10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,910 | €185,543 | +€40,633 | +28.0% |
| Other operating charges | 640/8 | €11,793 | €14,955 | +€3,162 | +26.8% |
| Non-recurring operating charges | 66A | €4,758 | - | -€4,758 | |
| Gross operating margin | 9900 | €167,037 | €293,767 | +€126,730 | +75.9% |
| Operating profit (loss) | 9901 | -€141,639 | -€38,632 | +€103,006 | +72.7% |
| Financial income | 75/76B | €195 | €1,647 | +€1,452 | +745% |
| Recurring financial income | 75 | €195 | €1,647 | +€1,452 | +745% |
| Financial charges | 65/66B | €40,137 | €41,223 | +€1,086 | +2.7% |
| Recurring financial charges | 65 | €40,137 | €41,223 | +€1,086 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | -€181,580 | -€78,209 | +€103,372 | +56.9% |
| Profit (loss) for the period | 9904 | -€181,580 | -€78,209 | +€103,372 | +56.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€181,580 | -€78,209 | +€103,372 | +56.9% |
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 27 October 2026 via checked.be.