KREFAM: what changed
Two fiscal 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.
KREFAM
Largest movements
- Tangible fixed assets +€1.2m
up €1.2m (+19.2%), from €6.3m to €7.5m
of which Land and buildings: +€1.4m
- Cash +€1.1m
up €1.1m (+572.5%), from €197,778 to €1.3m
mainly Debts after one year (+€2.9m) and Depreciation (+€471,799)
- Receivables within one year +€556,790
up €556,790 (+138.8%), from €401,155 to €957,945
of which Other amounts receivable: +€550,254
- Debts after one year +€2.9m
up €2.9m (+53.9%), from €5.3m to €8.2m
- Other debts -€173,927
down €173,927 (-95.5%), from €182,123 to €8,196
- Other operating charges -€222,852
down €222,852 (-65.0%), from €342,755 to €119,903
- Financial charges +€86,193
up €86,193 (+44.8%), from €192,254 to €278,446
- Gross operating margin +€73,085
up €73,085 (+8.9%), from €823,901 to €896,986
- Depreciation +€48,467
up €48,467 (+11.4%), from €423,331 to €471,799
- Financial income +€32,229
up €32,229 (+427.8%), from €7,534 to €39,763
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.
Cash bridge derived
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 | €7,516,874 | €10,382,426 | +€2.9m | +38.1% |
| Fixed assets | 21/28 | €6,631,602 | €7,811,348 | +€1.2m | +17.8% |
| Tangible fixed assets | 22/27 | €6,290,402 | €7,495,148 | +€1.2m | +19.2% |
| Land and buildings | 22 | €5,474,318 | €6,853,378 | +€1.4m | +25.2% |
| Plant, machinery and equipment | 23 | €773,029 | €602,048 | -€170,981 | -22.1% |
| Furniture and vehicles | 24 | €20,025 | €36,138 | +€16,113 | +80.5% |
| Leasing and similar rights | 25 | €19,444 | - | -€19,444 | |
| Other tangible fixed assets | 26 | €3,585 | €3,585 | = | 0.0% |
| Financial fixed assets | 28 | €341,200 | €316,200 | -€25,000 | -7.3% |
| Current assets | 29/58 | €885,272 | €2,571,078 | +€1.7m | +190.4% |
| Amounts receivable after more than one year | 29 | €209,900 | €210,098 | +€198 | +0.1% |
| Other amounts receivable | 291 | €209,900 | €210,098 | +€198 | +0.1% |
| Amounts receivable within one year | 40/41 | €401,155 | €957,945 | +€556,790 | +138.8% |
| Trade receivables | 40 | €285,158 | €291,694 | +€6,536 | +2.3% |
| Other amounts receivable | 41 | €115,997 | €666,251 | +€550,254 | +474.4% |
| Current investments | 50/53 | €61,482 | €62,182 | +€700 | +1.1% |
| Cash at bank and in hand | 54/58 | €197,778 | €1,330,025 | +€1.1m | +572.5% |
| Deferred charges and accrued income | 490/1 | €14,958 | €10,828 | -€4,130 | -27.6% |
| Total equity and liabilities | 10/49 | €7,516,874 | €10,382,426 | +€2.9m | +38.1% |
| Equity | 10/15 | €1,641,973 | €1,721,632 | +€79,658 | +4.9% |
| Contributions | 10/11 | €1,096,426 | €1,096,426 | = | 0.0% |
| Reserves | 13 | €681,456 | €681,456 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,471 | €2,471 | = | 0.0% |
| Distributable reserves | 133 | €678,985 | €678,985 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€135,909 | -€56,250 | +€79,658 | +58.6% |
| Amounts payable | 17/49 | €5,874,900 | €8,660,795 | +€2.8m | +47.4% |
| Amounts payable after more than one year | 17 | €5,309,902 | €8,171,098 | +€2.9m | +53.9% |
| Financial debts | 170/4 | €5,309,902 | €8,171,098 | +€2.9m | +53.9% |
| Amounts payable within one year | 42/48 | €519,616 | €464,241 | -€55,376 | -10.7% |
| Current portion of amounts payable after more than one year | 42 | €293,851 | €369,733 | +€75,881 | +25.8% |
| Financial debts | 43 | €5,866 | - | -€5,866 | |
| Credit institutions | 430/8 | €5,866 | - | -€5,866 | |
| Trade debts | 44 | €19,520 | €51,298 | +€31,778 | +162.8% |
| Suppliers | 440/4 | €19,520 | €51,298 | +€31,778 | +162.8% |
| Taxes, remuneration and social security | 45 | €18,256 | €35,014 | +€16,758 | +91.8% |
| Taxes | 450/3 | €16,056 | €29,862 | +€13,806 | +86.0% |
| Remuneration and social security | 454/9 | €2,200 | €5,152 | +€2,952 | +134.2% |
| Other amounts payable | 47/48 | €182,123 | €8,196 | -€173,927 | -95.5% |
| Accrued charges and deferred income | 492/3 | €45,381 | €25,456 | -€19,926 | -43.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €423,331 | €471,799 | +€48,467 | +11.4% |
| Other operating charges | 640/8 | €342,755 | €119,903 | -€222,852 | -65.0% |
| Gross operating margin | 9900 | €823,901 | €896,986 | +€73,085 | +8.9% |
| Operating profit (loss) | 9901 | €57,815 | €305,284 | +€247,469 | +428.0% |
| Financial income | 75/76B | €7,534 | €39,763 | +€32,229 | +427.8% |
| Recurring financial income | 75 | €7,534 | €39,763 | +€32,229 | +427.8% |
| Financial charges | 65/66B | €192,254 | €278,446 | +€86,193 | +44.8% |
| Recurring financial charges | 65 | €192,254 | €278,446 | +€86,193 | +44.8% |
| Profit (loss) for the period before taxes | 9903 | -€126,905 | €66,601 | +€193,506 | |
| Income taxes | 67/77 | €9,004 | -€13,058 | -€22,061 | |
| Profit (loss) for the period | 9904 | -€135,909 | €79,658 | +€215,567 | |
| Profit (loss) for the period to be appropriated | 9905 | -€135,909 | €79,658 | +€215,567 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.