The Crew: 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.
The Crew
Largest movements
- Receivables within one year -€164,246
down €164,246 (-15.1%), from €1.1m to €923,692
of which Trade receivables: -€164,246
- Deferred charges and accrued income +€75,837
up €75,837 (+334.2%), from €22,690 to €98,527
- Intangible fixed assets -€65,312
down €65,312 (-7.7%), from €849,049 to €783,738
- Tangible fixed assets -€52,915
down €52,915 (-80.1%), from €66,081 to €13,166
of which Land and buildings: -€45,833
- Cash -€32,111
down €32,111 (-8.9%), from €362,496 to €330,386
mainly Trade debts (-€312,419) and Deferred charges and accrued income (-€75,837)
- Trade debts -€312,419
down €312,419 (-52.0%), from €600,984 to €288,565
- Accrued charges and deferred income +€80,742
up €80,742, from €0 to €80,742
- Staff costs +€86,003
up €86,003 (+8.4%), from €1.0m to €1.1m
- Gross operating margin +€74,122
up €74,122 (+6.0%), from €1.2m to €1.3m
- Depreciation -€17,890
down €17,890 (-12.6%), from €142,502 to €124,612
- Financial income -€13,827
down €13,827 (-95.5%), from €14,472 to €645
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 | €2,721,694 | €2,482,948 | -€238,747 | -8.8% |
| Fixed assets | 21/28 | €922,131 | €803,904 | -€118,227 | -12.8% |
| Intangible fixed assets | 21 | €849,049 | €783,738 | -€65,312 | -7.7% |
| Tangible fixed assets | 22/27 | €66,081 | €13,166 | -€52,915 | -80.1% |
| Land and buildings | 22 | €45,833 | €0 | -€45,833 | -100.0% |
| Plant, machinery and equipment | 23 | €910 | €689 | -€221 | -24.3% |
| Furniture and vehicles | 24 | €18,092 | €11,854 | -€6,238 | -34.5% |
| Other tangible fixed assets | 26 | €1,246 | €623 | -€623 | -50.0% |
| Financial fixed assets | 28 | €7,000 | €7,000 | = | 0.0% |
| Current assets | 29/58 | €1,799,564 | €1,679,044 | -€120,520 | -6.7% |
| Amounts receivable within one year | 40/41 | €1,087,938 | €923,692 | -€164,246 | -15.1% |
| Trade receivables | 40 | €1,087,636 | €923,390 | -€164,246 | -15.1% |
| Other amounts receivable | 41 | €303 | €303 | = | 0.0% |
| Current investments | 50/53 | €326,439 | €326,439 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €362,496 | €330,386 | -€32,111 | -8.9% |
| Deferred charges and accrued income | 490/1 | €22,690 | €98,527 | +€75,837 | +334.2% |
| Total equity and liabilities | 10/49 | €2,721,694 | €2,482,948 | -€238,747 | -8.8% |
| Equity | 10/15 | €1,844,832 | €1,853,003 | +€8,171 | +0.4% |
| Contributions | 10/11 | €316,400 | €316,400 | = | 0.0% |
| Capital | 10 | €316,400 | €316,400 | = | 0.0% |
| Issued capital | 100 | €316,400 | €316,400 | = | 0.0% |
| Reserves | 13 | €753,816 | €753,816 | = | 0.0% |
| Non-distributable reserves | 130/1 | €358,079 | €358,079 | = | 0.0% |
| Legal reserve | 130 | €31,640 | €31,640 | = | 0.0% |
| Own shares acquired | 1312 | €326,439 | €326,439 | = | 0.0% |
| Tax-exempt reserves | 132 | €147,737 | €147,737 | = | 0.0% |
| Distributable reserves | 133 | €248,000 | €248,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €774,617 | €782,787 | +€8,171 | +1.1% |
| Amounts payable | 17/49 | €876,862 | €629,945 | -€246,917 | -28.2% |
| Amounts payable within one year | 42/48 | €876,862 | €549,203 | -€327,659 | -37.4% |
| Trade debts | 44 | €600,984 | €288,565 | -€312,419 | -52.0% |
| Suppliers | 440/4 | €600,984 | €288,565 | -€312,419 | -52.0% |
| Taxes, remuneration and social security | 45 | €275,878 | €260,638 | -€15,240 | -5.5% |
| Taxes | 450/3 | €168,895 | €116,050 | -€52,845 | -31.3% |
| Remuneration and social security | 454/9 | €106,983 | €144,588 | +€37,605 | +35.2% |
| Accrued charges and deferred income | 492/3 | €0 | €80,742 | +€80,742 | |
| Remuneration, social security and pensions | 62 | €1,020,607 | €1,106,610 | +€86,003 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €142,502 | €124,612 | -€17,890 | -12.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,840 | €2,494 | +€654 | +35.6% |
| Other operating charges | 640/8 | €12,746 | €8,403 | -€4,344 | -34.1% |
| Gross operating margin | 9900 | €1,225,933 | €1,300,055 | +€74,122 | +6.0% |
| Operating profit (loss) | 9901 | €48,238 | €57,937 | +€9,699 | +20.1% |
| Financial income | 75/76B | €14,472 | €645 | -€13,827 | -95.5% |
| Recurring financial income | 75 | €14,472 | €645 | -€13,827 | -95.5% |
| Financial charges | 65/66B | €6,900 | €7,458 | +€557 | +8.1% |
| Recurring financial charges | 65 | €6,900 | €7,458 | +€557 | +8.1% |
| Profit (loss) for the period before taxes | 9903 | €55,810 | €51,124 | -€4,686 | -8.4% |
| Income taxes | 67/77 | €45,834 | €42,954 | -€2,880 | -6.3% |
| Profit (loss) for the period | 9904 | €9,976 | €8,171 | -€1,805 | -18.1% |
| Profit (loss) for the period to be appropriated | 9905 | €9,976 | €8,171 | -€1,805 | -18.1% |
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 4 October 2026 via checked.be.