RICCARDO CROCE: what changed
RICCARDO CROCE
Largest movements
- Current investments -€162,212
no longer reported in 2025 (was €162,212)
- Receivables within one year +€60,056
up €60,056 (+46.5%), from €129,140 to €189,196
of which Trade receivables: +€55,296
- Cash -€48,415
down €48,415 (-16.4%), from €295,400 to €246,985
mainly Net result for the year (-€165,858) and Receivables within one year (-€60,056)
- Tangible fixed assets -€16,450
down €16,450 (-21.6%), from €76,087 to €59,638
of which Land and buildings: -€13,477
- Profit (loss) carried forward -€165,858
down €165,858 (-57.0%), from €291,015 to €125,157
- Other debts +€19,538
up €19,538 (+26.4%), from €73,921 to €93,459
- Trade debts -€11,998
down €11,998 (-66.8%), from €17,960 to €5,962
- Reserves -€8,674
down €8,674 (-3.2%), from €271,639 to €262,965
- Financial charges +€193,802
up €193,802 (+324%), from €59,745 to €253,547
- Gross operating margin +€7,811
up €7,811 (+7.7%), from €101,207 to €109,018
- Taxes -€6,984
down €6,984 (-96.3%), from €7,252 to €267
- Financial income -€3,372
down €3,372 (-99.7%), from €3,382 to €10
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €662,895 | €495,903 | -€166,992 | -25.2% |
| Fixed assets | 21/28 | €76,143 | €59,693 | -€16,450 | -21.6% |
| Tangible fixed assets | 22/27 | €76,087 | €59,638 | -€16,450 | -21.6% |
| Land and buildings | 22 | €70,234 | €56,758 | -€13,477 | -19.2% |
| Plant, machinery and equipment | 23 | €95 | - | -€95 | |
| Furniture and vehicles | 24 | €5,758 | €2,880 | -€2,878 | -50.0% |
| Financial fixed assets | 28 | €56 | €56 | = | 0.0% |
| Current assets | 29/58 | €586,752 | €436,210 | -€150,542 | -25.7% |
| Amounts receivable within one year | 40/41 | €129,140 | €189,196 | +€60,056 | +46.5% |
| Trade receivables | 40 | €126,288 | €181,584 | +€55,296 | +43.8% |
| Other amounts receivable | 41 | €2,852 | €7,612 | +€4,760 | +167% |
| Current investments | 50/53 | €162,212 | - | -€162,212 | |
| Cash at bank and in hand | 54/58 | €295,400 | €246,985 | -€48,415 | -16.4% |
| Deferred charges and accrued income | 490/1 | - | €29 | +€29 | |
| Total equity and liabilities | 10/49 | €662,895 | €495,903 | -€166,992 | -25.2% |
| Equity | 10/15 | €571,014 | €396,482 | -€174,532 | -30.6% |
| Contributions | 10/11 | €8,360 | €8,360 | = | 0.0% |
| Reserves | 13 | €271,639 | €262,965 | -€8,674 | -3.2% |
| Distributable reserves | 133 | €271,639 | €262,965 | -€8,674 | -3.2% |
| Profit (loss) carried forward | 14 | €291,015 | €125,157 | -€165,858 | -57.0% |
| Amounts payable | 17/49 | €91,881 | €99,421 | +€7,540 | +8.2% |
| Amounts payable within one year | 42/48 | €91,881 | €99,421 | +€7,540 | +8.2% |
| Trade debts | 44 | €17,960 | €5,962 | -€11,998 | -66.8% |
| Suppliers | 440/4 | €17,960 | €5,962 | -€11,998 | -66.8% |
| Other amounts payable | 47/48 | €73,921 | €93,459 | +€19,538 | +26.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,820 | €16,579 | -€241 | -1.4% |
| Other operating charges | 640/8 | €3,957 | €4,492 | +€535 | +13.5% |
| Gross operating margin | 9900 | €101,207 | €109,018 | +€7,811 | +7.7% |
| Operating profit (loss) | 9901 | €80,430 | €87,946 | +€7,516 | +9.3% |
| Financial income | 75/76B | €3,382 | €10 | -€3,372 | -99.7% |
| Recurring financial income | 75 | €3,382 | €10 | -€3,372 | -99.7% |
| Financial charges | 65/66B | €59,745 | €253,547 | +€193,802 | +324% |
| Recurring financial charges | 65 | €59,745 | €253,547 | +€193,802 | +324% |
| Profit (loss) for the period before taxes | 9903 | €24,067 | -€165,591 | -€189,658 | |
| Income taxes | 67/77 | €7,252 | €267 | -€6,984 | -96.3% |
| Profit (loss) for the period | 9904 | €16,815 | -€165,858 | -€182,673 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,815 | -€165,858 | -€182,673 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.