PHILIPPE CREYF: 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.
PHILIPPE CREYF
Largest movements
- Deferred charges and accrued income +€11,999
up €11,999 (+58.4%), from €20,550 to €32,549
- Cash +€8,301
up €8,301 (+44.8%), from €18,550 to €26,851
mainly Other debts (+€74,392) and Depreciation (+€8,434)
- Tangible fixed assets -€6,469
down €6,469 (-16.3%), from €39,597 to €33,127
of which Plant, machinery and equipment: -€4,279
- Other debts +€74,392
up €74,392 (+91.7%), from €81,165 to €155,557
- Profit (loss) carried forward -€50,499
down €50,499 (-64.2%), from -€78,651 to -€129,150
- Debts after one year -€7,156
down €7,156 (-86.5%), from €8,272 to €1,115
- Current portion of long-term debt -€5,378
down €5,378 (-39.9%), from €13,489 to €8,111
- Accrued charges and deferred income +€2,592
new in 2025: €2,592
- Financial charges +€45,965
up €45,965 (+60.1%), from €76,474 to €122,439
- Gross operating margin -€12,913
down €12,913 (-13.8%), from €93,600 to €80,686
- Depreciation -€3,081
down €3,081 (-26.8%), from €11,515 to €8,434
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 | €104,245 | €118,140 | +€13,895 | +13.3% |
| Fixed assets | 21/28 | €39,659 | €33,190 | -€6,469 | -16.3% |
| Tangible fixed assets | 22/27 | €39,597 | €33,127 | -€6,469 | -16.3% |
| Plant, machinery and equipment | 23 | €29,185 | €24,906 | -€4,279 | -14.7% |
| Furniture and vehicles | 24 | €10,412 | €8,221 | -€2,191 | -21.0% |
| Financial fixed assets | 28 | €62 | €62 | = | 0.0% |
| Current assets | 29/58 | €64,586 | €84,950 | +€20,364 | +31.5% |
| Amounts receivable after more than one year | 29 | €22,486 | €21,456 | -€1,031 | -4.6% |
| Other amounts receivable | 291 | €22,486 | €21,456 | -€1,031 | -4.6% |
| Amounts receivable within one year | 40/41 | €3,000 | €4,094 | +€1,094 | +36.5% |
| Other amounts receivable | 41 | €3,000 | €4,094 | +€1,094 | +36.5% |
| Cash at bank and in hand | 54/58 | €18,550 | €26,851 | +€8,301 | +44.8% |
| Deferred charges and accrued income | 490/1 | €20,550 | €32,549 | +€11,999 | +58.4% |
| Total equity and liabilities | 10/49 | €104,245 | €118,140 | +€13,895 | +13.3% |
| Equity | 10/15 | -€3,592 | -€54,091 | -€50,499 | -1406.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | €12,400 | = | 0.0% |
| Other | 1109/19 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €62,660 | €62,660 | = | 0.0% |
| Distributable reserves | 133 | €62,660 | €62,660 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€78,651 | -€129,150 | -€50,499 | -64.2% |
| Amounts payable | 17/49 | €107,837 | €172,231 | +€64,394 | +59.7% |
| Amounts payable after more than one year | 17 | €8,272 | €1,115 | -€7,156 | -86.5% |
| Financial debts | 170/4 | €8,272 | €1,115 | -€7,156 | -86.5% |
| Amounts payable within one year | 42/48 | €99,565 | €168,523 | +€68,958 | +69.3% |
| Current portion of amounts payable after more than one year | 42 | €13,489 | €8,111 | -€5,378 | -39.9% |
| Trade debts | 44 | €1,705 | €1,650 | -€55 | -3.2% |
| Suppliers | 440/4 | €1,705 | €1,650 | -€55 | -3.2% |
| Taxes, remuneration and social security | 45 | €3,205 | €3,205 | = | 0.0% |
| Taxes | 450/3 | €3,205 | €3,205 | = | 0.0% |
| Other amounts payable | 47/48 | €81,165 | €155,557 | +€74,392 | +91.7% |
| Accrued charges and deferred income | 492/3 | - | €2,592 | +€2,592 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,515 | €8,434 | -€3,081 | -26.8% |
| Other operating charges | 640/8 | €914 | €810 | -€103 | -11.3% |
| Gross operating margin | 9900 | €93,600 | €80,686 | -€12,913 | -13.8% |
| Operating profit (loss) | 9901 | €81,171 | €71,442 | -€9,729 | -12.0% |
| Financial income | 75/76B | €1,574 | €687 | -€886 | -56.3% |
| Recurring financial income | 75 | €1,574 | €687 | -€886 | -56.3% |
| Financial charges | 65/66B | €76,474 | €122,439 | +€45,965 | +60.1% |
| Recurring financial charges | 65 | €76,474 | €122,439 | +€45,965 | +60.1% |
| Profit (loss) for the period before taxes | 9903 | €6,270 | -€50,310 | -€56,580 | |
| Income taxes | 67/77 | €219 | €189 | -€30 | -13.6% |
| Profit (loss) for the period | 9904 | €6,052 | -€50,499 | -€56,551 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,052 | -€50,499 | -€56,551 |
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 10 October 2026 via checked.be.