CRE'ON: 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.
CRE'ON
Largest movements
- Stocks and contracts +€67,879
up €67,879 (+20.5%), from €331,131 to €399,011
- Tangible fixed assets -€21,596
down €21,596 (-4.7%), from €459,023 to €437,428
of which Furniture and vehicles: -€12,791
- Trade debts +€47,021
up €47,021 (+310%), from €15,152 to €62,173
- Other debts +€38,819
up €38,819 (+8.8%), from €443,485 to €482,304
- Profit (loss) carried forward -€37,080
down €37,080 (-42.4%), from -€87,529 to -€124,609
- Short-term financial debts +€15,000
up €15,000 (+5.0%), from €300,000 to €315,000
- Debts after one year -€14,325
down €14,325 (-14.1%), from €101,844 to €87,519
- Gross operating margin +€11,011
up €11,011 (+104%), from €10,558 to €21,569
- Depreciation -€5,455
down €5,455 (-17.3%), from €31,520 to €26,066
- Other operating charges +€5,449
up €5,449 (+127%), from €4,277 to €9,727
- Financial charges -€1,278
down €1,278 (-5.5%), from €23,270 to €21,993
- Taxes +€281
up €281 (+48.2%), from €583 to €864
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 | €805,996 | €852,765 | +€46,769 | +5.8% |
| Fixed assets | 21/28 | €459,023 | €437,428 | -€21,596 | -4.7% |
| Tangible fixed assets | 22/27 | €459,023 | €437,428 | -€21,596 | -4.7% |
| Land and buildings | 22 | €418,706 | €408,762 | -€9,944 | -2.4% |
| Plant, machinery and equipment | 23 | €3,379 | €4,519 | +€1,140 | +33.7% |
| Furniture and vehicles | 24 | €36,939 | €24,148 | -€12,791 | -34.6% |
| Current assets | 29/58 | €346,973 | €415,338 | +€68,365 | +19.7% |
| Stocks and contracts in progress | 3 | €331,131 | €399,011 | +€67,879 | +20.5% |
| Stocks | 30/36 | €331,131 | €399,011 | +€67,879 | +20.5% |
| Amounts receivable within one year | 40/41 | €14,744 | €8,174 | -€6,570 | -44.6% |
| Other amounts receivable | 41 | €14,744 | €8,174 | -€6,570 | -44.6% |
| Cash at bank and in hand | 54/58 | €1,097 | €8,152 | +€7,055 | +643% |
| Total equity and liabilities | 10/49 | €805,996 | €852,765 | +€46,769 | +5.8% |
| Equity | 10/15 | -€72,323 | -€109,403 | -€37,080 | -51.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €9,006 | €9,006 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €7,146 | €7,146 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€87,529 | -€124,609 | -€37,080 | -42.4% |
| Amounts payable | 17/49 | €878,320 | €962,169 | +€83,849 | +9.5% |
| Amounts payable after more than one year | 17 | €101,844 | €87,519 | -€14,325 | -14.1% |
| Financial debts | 170/4 | €101,844 | €87,519 | -€14,325 | -14.1% |
| Amounts payable within one year | 42/48 | €776,476 | €874,650 | +€98,174 | +12.6% |
| Current portion of amounts payable after more than one year | 42 | €14,739 | €15,172 | +€433 | +2.9% |
| Financial debts | 43 | €300,000 | €315,000 | +€15,000 | +5.0% |
| Credit institutions | 430/8 | €300,000 | €315,000 | +€15,000 | +5.0% |
| Trade debts | 44 | €15,152 | €62,173 | +€47,021 | +310% |
| Suppliers | 440/4 | €15,152 | €62,173 | +€47,021 | +310% |
| Advances received on contracts in progress | 46 | €3,100 | €0 | -€3,100 | -100% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €443,485 | €482,304 | +€38,819 | +8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,520 | €26,066 | -€5,455 | -17.3% |
| Other operating charges | 640/8 | €4,277 | €9,727 | +€5,449 | +127% |
| Gross operating margin | 9900 | €10,558 | €21,569 | +€11,011 | +104% |
| Operating profit (loss) | 9901 | -€25,240 | -€14,223 | +€11,016 | +43.6% |
| Financial income | 75/76B | €176 | €1 | -€175 | -99.7% |
| Recurring financial income | 75 | €176 | €1 | -€175 | -99.7% |
| Financial charges | 65/66B | €23,270 | €21,993 | -€1,278 | -5.5% |
| Recurring financial charges | 65 | €23,270 | €21,993 | -€1,278 | -5.5% |
| Profit (loss) for the period before taxes | 9903 | -€48,334 | -€36,216 | +€12,119 | +25.1% |
| Income taxes | 67/77 | €583 | €864 | +€281 | +48.2% |
| Profit (loss) for the period | 9904 | -€48,917 | -€37,080 | +€11,838 | +24.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€48,917 | -€37,080 | +€11,838 | +24.2% |
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 20 October 2026 via checked.be.