Krealu: 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.
Krealu
Largest movements
- Stocks and contracts +€55,410
up €55,410 (+15.9%), from €347,757 to €403,167
of which Contracts in progress: +€161,161
- Tangible fixed assets -€46,412
down €46,412 (-25.1%), from €184,935 to €138,523
of which Other tangible fixed assets: -€52,514
- Receivables within one year +€39,495
up €39,495 (+13.0%), from €304,744 to €344,240
of which Trade receivables: +€32,555
- Cash +€31,942
up €31,942 (+50.1%), from €63,748 to €95,691
mainly Trade debts (+€85,353) and Depreciation (+€62,107)
- Trade debts +€85,353
up €85,353 (+40.4%), from €211,427 to €296,780
- Debts after one year -€57,497
down €57,497 (-28.6%), from €201,288 to €143,791
- Other debts -€32,270
down €32,270 (-59.7%), from €54,080 to €21,810
- Current portion of long-term debt +€29,877
up €29,877 (+60.3%), from €49,509 to €79,386
- Reserves +€26,846
up €26,846 (+50.6%), from €53,007 to €79,852
- Depreciation -€143,673
down €143,673 (-69.8%), from €205,780 to €62,107
- Gross operating margin -€108,361
down €108,361 (-23.4%), from €463,648 to €355,287
- Staff costs +€73,074
up €73,074 (+43.8%), from €166,782 to €239,856
- Financial charges -€5,191
down €5,191 (-23.6%), from €21,984 to €16,794
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 | €909,031 | €989,449 | +€80,418 | +8.8% |
| Fixed assets | 21/28 | €187,345 | €140,433 | -€46,912 | -25.0% |
| Intangible fixed assets | 21 | €500 | €0 | -€500 | -100% |
| Tangible fixed assets | 22/27 | €184,935 | €138,523 | -€46,412 | -25.1% |
| Land and buildings | 22 | €23,855 | €22,121 | -€1,734 | -7.3% |
| Plant, machinery and equipment | 23 | €51,657 | €36,895 | -€14,762 | -28.6% |
| Furniture and vehicles | 24 | €56,908 | €54,923 | -€1,986 | -3.5% |
| Leasing and similar rights | 25 | - | €24,585 | +€24,585 | |
| Other tangible fixed assets | 26 | €52,514 | - | -€52,514 | |
| Financial fixed assets | 28 | €1,910 | €1,910 | = | 0.0% |
| Current assets | 29/58 | €721,687 | €849,016 | +€127,330 | +17.6% |
| Stocks and contracts in progress | 3 | €347,757 | €403,167 | +€55,410 | +15.9% |
| Stocks | 30/36 | €347,757 | €242,006 | -€105,751 | -30.4% |
| Contracts in progress | 37 | - | €161,161 | +€161,161 | |
| Amounts receivable within one year | 40/41 | €304,744 | €344,240 | +€39,495 | +13.0% |
| Trade receivables | 40 | €304,744 | €337,299 | +€32,555 | +10.7% |
| Other amounts receivable | 41 | - | €6,940 | +€6,940 | |
| Cash at bank and in hand | 54/58 | €63,748 | €95,691 | +€31,942 | +50.1% |
| Deferred charges and accrued income | 490/1 | €5,437 | €5,919 | +€482 | +8.9% |
| Total equity and liabilities | 10/49 | €909,031 | €989,449 | +€80,418 | +8.8% |
| Equity | 10/15 | €103,007 | €129,852 | +€26,846 | +26.1% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €53,007 | €79,852 | +€26,846 | +50.6% |
| Distributable reserves | 133 | €53,007 | €79,852 | +€26,846 | +50.6% |
| Amounts payable | 17/49 | €806,024 | €859,597 | +€53,572 | +6.6% |
| Amounts payable after more than one year | 17 | €201,288 | €143,791 | -€57,497 | -28.6% |
| Financial debts | 170/4 | €201,288 | €143,791 | -€57,497 | -28.6% |
| Amounts payable within one year | 42/48 | €593,736 | €678,891 | +€85,154 | +14.3% |
| Current portion of amounts payable after more than one year | 42 | €49,509 | €79,386 | +€29,877 | +60.3% |
| Financial debts | 43 | €250,000 | €260,000 | +€10,000 | +4.0% |
| Credit institutions | 430/8 | €250,000 | €260,000 | +€10,000 | +4.0% |
| Trade debts | 44 | €211,427 | €296,780 | +€85,353 | +40.4% |
| Suppliers | 440/4 | €211,427 | €296,780 | +€85,353 | +40.4% |
| Taxes, remuneration and social security | 45 | €28,720 | €20,914 | -€7,806 | -27.2% |
| Taxes | 450/3 | €16,637 | €10,721 | -€5,915 | -35.6% |
| Remuneration and social security | 454/9 | €12,084 | €10,193 | -€1,891 | -15.6% |
| Other amounts payable | 47/48 | €54,080 | €21,810 | -€32,270 | -59.7% |
| Accrued charges and deferred income | 492/3 | €11,000 | €36,915 | +€25,915 | +236% |
| Remuneration, social security and pensions | 62 | €166,782 | €239,856 | +€73,074 | +43.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €205,780 | €62,107 | -€143,673 | -69.8% |
| Other operating charges | 640/8 | €1,132 | €1,583 | +€452 | +39.9% |
| Gross operating margin | 9900 | €463,648 | €355,287 | -€108,361 | -23.4% |
| Operating profit (loss) | 9901 | €89,954 | €51,740 | -€38,214 | -42.5% |
| Financial income | 75/76B | €540 | €38 | -€503 | -93.0% |
| Recurring financial income | 75 | €540 | €38 | -€503 | -93.0% |
| Financial charges | 65/66B | €21,984 | €16,794 | -€5,191 | -23.6% |
| Recurring financial charges | 65 | €21,984 | €16,794 | -€5,191 | -23.6% |
| Profit (loss) for the period before taxes | 9903 | €68,510 | €34,984 | -€33,526 | -48.9% |
| Income taxes | 67/77 | €10,721 | €8,139 | -€2,583 | -24.1% |
| Profit (loss) for the period | 9904 | €57,789 | €26,846 | -€30,943 | -53.5% |
| Profit (loss) for the period to be appropriated | 9905 | €57,789 | €26,846 | -€30,943 | -53.5% |
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 15 October 2026 via checked.be.