KREATHERM: 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.
KREATHERM
Largest movements
- Stocks and contracts -€8,672
down €8,672 (-4.8%), from €179,953 to €171,280
- Cash +€4,359
up €4,359 (+31.8%), from €13,728 to €18,087
mainly Other debts (+€17,077) and Stocks and contracts (+€8,672)
- Receivables within one year +€3,248
up €3,248 (+89.7%), from €3,623 to €6,872
of which Trade receivables: +€3,248
- Profit (loss) carried forward -€25,680
down €25,680 (-21.6%), from -€118,665 to -€144,346
- Other debts +€17,077
up €17,077 (+16.3%), from €105,022 to €122,099
- Trade debts +€6,411
up €6,411 (+66.3%), from €9,670 to €16,081
- Gross operating margin -€26,428
down €26,428 (-84.4%), from €31,301 to €4,873
- Financial charges -€3,735
down €3,735 (-97.0%), from €3,849 to €114
- Other operating charges +€2,762
up €2,762 (+337%), from €818 to €3,580
- Staff costs +€898
up €898 (+3.7%), from €24,419 to €25,317
- Depreciation -€756
down €756 (-34.3%), from €2,202 to €1,446
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 | €272,484 | €269,972 | -€2,511 | -0.9% |
| Fixed assets | 21/28 | €75,180 | €73,734 | -€1,446 | -1.9% |
| Tangible fixed assets | 22/27 | €74,919 | €73,473 | -€1,446 | -1.9% |
| Land and buildings | 22 | €73,626 | €73,473 | -€153 | -0.2% |
| Plant, machinery and equipment | 23 | €326 | - | -€326 | |
| Furniture and vehicles | 24 | €967 | - | -€967 | |
| Financial fixed assets | 28 | €261 | €261 | = | 0.0% |
| Current assets | 29/58 | €197,304 | €196,239 | -€1,065 | -0.5% |
| Stocks and contracts in progress | 3 | €179,953 | €171,280 | -€8,672 | -4.8% |
| Stocks | 30/36 | €179,953 | €171,280 | -€8,672 | -4.8% |
| Amounts receivable within one year | 40/41 | €3,623 | €6,872 | +€3,248 | +89.7% |
| Trade receivables | 40 | €2,303 | €5,551 | +€3,248 | +141% |
| Other amounts receivable | 41 | €1,320 | €1,320 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €13,728 | €18,087 | +€4,359 | +31.8% |
| Total equity and liabilities | 10/49 | €272,484 | €269,972 | -€2,511 | -0.9% |
| Equity | 10/15 | €152,551 | €126,871 | -€25,680 | -16.8% |
| Contributions | 10/11 | €6,605 | €6,605 | = | 0.0% |
| Reserves | 13 | €264,612 | €264,612 | = | 0.0% |
| Tax-exempt reserves | 132 | €19,229 | €19,229 | = | 0.0% |
| Distributable reserves | 133 | €245,382 | €245,382 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€118,665 | -€144,346 | -€25,680 | -21.6% |
| Amounts payable | 17/49 | €119,932 | €143,101 | +€23,169 | +19.3% |
| Amounts payable within one year | 42/48 | €119,932 | €143,101 | +€23,169 | +19.3% |
| Trade debts | 44 | €9,670 | €16,081 | +€6,411 | +66.3% |
| Suppliers | 440/4 | €9,670 | €16,081 | +€6,411 | +66.3% |
| Taxes, remuneration and social security | 45 | €5,240 | €4,921 | -€319 | -6.1% |
| Taxes | 450/3 | €2,094 | €1,662 | -€432 | -20.6% |
| Remuneration and social security | 454/9 | €3,146 | €3,259 | +€113 | +3.6% |
| Other amounts payable | 47/48 | €105,022 | €122,099 | +€17,077 | +16.3% |
| Non-recurring operating income | 76A | €4,000 | - | -€4,000 | |
| Remuneration, social security and pensions | 62 | €24,419 | €25,317 | +€898 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,202 | €1,446 | -€756 | -34.3% |
| Other operating charges | 640/8 | €818 | €3,580 | +€2,762 | +337% |
| Gross operating margin | 9900 | €31,301 | €4,873 | -€26,428 | -84.4% |
| Operating profit (loss) | 9901 | €3,861 | -€25,470 | -€29,332 | |
| Financial income | 75/76B | €109 | €88 | -€21 | -19.2% |
| Recurring financial income | 75 | €109 | €88 | -€21 | -19.2% |
| Financial charges | 65/66B | €3,849 | €114 | -€3,735 | -97.0% |
| Recurring financial charges | 65 | €3,849 | €114 | -€3,735 | -97.0% |
| Profit (loss) for the period before taxes | 9903 | €121 | -€25,497 | -€25,617 | |
| Income taxes | 67/77 | €345 | €184 | -€161 | -46.8% |
| Profit (loss) for the period | 9904 | -€224 | -€25,680 | -€25,456 | -11,359% |
| Profit (loss) for the period to be appropriated | 9905 | -€224 | -€25,680 | -€25,456 | -11,359% |
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 25 October 2026 via checked.be.