CREA: 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.
CREA
Largest movements
- Receivables within one year -€341,376
down €341,376 (-34.2%), from €998,770 to €657,394
of which Trade receivables: -€341,409
- Cash +€96,666
up €96,666 (+302.4%), from €31,971 to €128,637
mainly Receivables within one year (+€341,376) and Depreciation (+€89,921)
- Intangible fixed assets -€83,500
down €83,500 (-29.8%), from €280,163 to €196,663
- Receivables after one year -€54,000
down €54,000 (-28.6%), from €189,000 to €135,000
- Profit (loss) carried forward -€177,433
down €177,433 (-1824.4%), from -€9,725 to -€187,159
- Other debts -€173,510
down €173,510 (-28.5%), from €609,008 to €435,498
- Accrued charges and deferred income -€81,000
down €81,000 (-100.0%), from €81,000 to €0
- Trade debts +€70,656
up €70,656 (+30.3%), from €233,563 to €304,218
- Tax, wage and social debts -€20,563
down €20,563 (-24.8%), from €82,871 to €62,307
of which Remuneration and social security: -€10,995
- Staff costs +€168,762
up €168,762 (+37.4%), from €450,849 to €619,610
- Gross operating margin -€163,091
down €163,091 (-22.9%), from €712,388 to €549,297
- Other operating charges -€67,542
down €67,542 (-97.5%), from €69,302 to €1,760
- Financial charges -€67,171
down €67,171 (-73.7%), from €91,146 to €23,975
- Taxes -€11,332
down €11,332 (-91.9%), from €12,326 to €995
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 | €1,516,202 | €1,132,620 | -€383,582 | -25.3% |
| Fixed assets | 21/28 | €292,372 | €210,394 | -€81,978 | -28.0% |
| Intangible fixed assets | 21 | €280,163 | €196,663 | -€83,500 | -29.8% |
| Tangible fixed assets | 22/27 | €10,174 | €11,696 | +€1,522 | +15.0% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €10,174 | €8,078 | -€2,096 | -20.6% |
| Other tangible fixed assets | 26 | - | €3,618 | +€3,618 | |
| Financial fixed assets | 28 | €2,035 | €2,035 | = | 0.0% |
| Current assets | 29/58 | €1,223,831 | €922,226 | -€301,604 | -24.6% |
| Amounts receivable after more than one year | 29 | €189,000 | €135,000 | -€54,000 | -28.6% |
| Other amounts receivable | 291 | €189,000 | €135,000 | -€54,000 | -28.6% |
| Amounts receivable within one year | 40/41 | €998,770 | €657,394 | -€341,376 | -34.2% |
| Trade receivables | 40 | €993,398 | €651,989 | -€341,409 | -34.4% |
| Other amounts receivable | 41 | €5,372 | €5,404 | +€32 | +0.6% |
| Cash at bank and in hand | 54/58 | €31,971 | €128,637 | +€96,666 | +302.4% |
| Deferred charges and accrued income | 490/1 | €4,089 | €1,195 | -€2,894 | -70.8% |
| Total equity and liabilities | 10/49 | €1,516,202 | €1,132,620 | -€383,582 | -25.3% |
| Equity | 10/15 | €5,275 | -€172,159 | -€177,433 | |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,725 | -€187,159 | -€177,433 | -1824.4% |
| Amounts payable | 17/49 | €1,510,928 | €1,304,779 | -€206,149 | -13.6% |
| Amounts payable within one year | 42/48 | €1,429,928 | €1,304,779 | -€125,149 | -8.8% |
| Financial debts | 43 | €504,487 | €502,756 | -€1,731 | -0.3% |
| Credit institutions | 430/8 | €504,487 | €502,756 | -€1,731 | -0.3% |
| Trade debts | 44 | €233,563 | €304,218 | +€70,656 | +30.3% |
| Suppliers | 440/4 | €233,563 | €304,218 | +€70,656 | +30.3% |
| Taxes, remuneration and social security | 45 | €82,871 | €62,307 | -€20,563 | -24.8% |
| Taxes | 450/3 | €62,639 | €53,071 | -€9,568 | -15.3% |
| Remuneration and social security | 454/9 | €20,232 | €9,237 | -€10,995 | -54.3% |
| Other amounts payable | 47/48 | €609,008 | €435,498 | -€173,510 | -28.5% |
| Accrued charges and deferred income | 492/3 | €81,000 | €0 | -€81,000 | -100.0% |
| Non-recurring operating income | 76A | - | €7,129 | +€7,129 | |
| Remuneration, social security and pensions | 62 | €450,849 | €619,610 | +€168,762 | +37.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,089 | €89,921 | +€832 | +0.9% |
| Other operating charges | 640/8 | €69,302 | €1,760 | -€67,542 | -97.5% |
| Gross operating margin | 9900 | €712,388 | €549,297 | -€163,091 | -22.9% |
| Operating profit (loss) | 9901 | €103,148 | -€161,995 | -€265,143 | |
| Financial income | 75/76B | €276 | €9,532 | +€9,256 | +3355.7% |
| Recurring financial income | 75 | €276 | €9,532 | +€9,256 | +3355.7% |
| Financial charges | 65/66B | €91,146 | €23,975 | -€67,171 | -73.7% |
| Recurring financial charges | 65 | €91,146 | €23,975 | -€67,171 | -73.7% |
| Profit (loss) for the period before taxes | 9903 | €12,278 | -€176,438 | -€188,717 | |
| Income taxes | 67/77 | €12,326 | €995 | -€11,332 | -91.9% |
| Profit (loss) for the period | 9904 | -€48 | -€177,433 | -€177,385 | -368477.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€48 | -€177,433 | -€177,385 | -368477.6% |
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 7 October 2026 via checked.be.