CREA-M: 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.
CREA-M
Largest movements
- Receivables within one year +€99,438
up €99,438 (+62.3%), from €159,610 to €259,047
of which Trade receivables: +€102,889
- Cash -€79,134
down €79,134 (-78.5%), from €100,789 to €21,655
mainly Net result for the year (-€138,265) and Receivables within one year (-€99,438)
- Tangible fixed assets -€21,013
down €21,013 (-23.5%), from €89,236 to €68,223
of which Leasing and similar rights: -€21,024
- Stocks and contracts -€13,800
down €13,800 (-58.0%), from €23,800 to €10,000
- Profit (loss) carried forward -€138,265
down €138,265, from €137,676 to -€589
- Trade debts +€118,448
up €118,448 (+96.6%), from €122,578 to €241,026
- Debts after one year -€31,741
down €31,741 (-44.6%), from €71,222 to €39,481
- Advances received +€19,000
up €19,000, from €0 to €19,000
- Tax, wage and social debts +€17,713
up €17,713 (+114%), from €15,556 to €33,269
of which Remuneration and social security: +€11,755
- Gross operating margin -€93,006
down €93,006 (-73.6%), from €126,406 to €33,400
- Staff costs +€49,976
up €49,976 (+58.9%), from €84,779 to €134,755
- Depreciation +€11,550
up €11,550 (+73.1%), from €15,808 to €27,358
- Other operating charges -€11,217
down €11,217 (-83.2%), from €13,481 to €2,265
- Financial charges +€2,543
up €2,543 (+53.5%), from €4,754 to €7,297
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 | €387,707 | €369,589 | -€18,117 | -4.7% |
| Fixed assets | 21/28 | €98,087 | €75,864 | -€22,223 | -22.7% |
| Intangible fixed assets | 21 | €8,851 | €6,081 | -€2,770 | -31.3% |
| Tangible fixed assets | 22/27 | €89,236 | €68,223 | -€21,013 | -23.5% |
| Plant, machinery and equipment | 23 | €4,426 | €3,725 | -€701 | -15.8% |
| Furniture and vehicles | 24 | €3,674 | €2,564 | -€1,111 | -30.2% |
| Leasing and similar rights | 25 | €80,245 | €59,221 | -€21,024 | -26.2% |
| Other tangible fixed assets | 26 | €892 | €2,714 | +€1,822 | +204% |
| Financial fixed assets | 28 | - | €1,560 | +€1,560 | |
| Current assets | 29/58 | €289,620 | €293,726 | +€4,106 | +1.4% |
| Stocks and contracts in progress | 3 | €23,800 | €10,000 | -€13,800 | -58.0% |
| Stocks | 30/36 | €23,800 | €10,000 | -€13,800 | -58.0% |
| Amounts receivable within one year | 40/41 | €159,610 | €259,047 | +€99,438 | +62.3% |
| Trade receivables | 40 | €153,279 | €256,167 | +€102,889 | +67.1% |
| Other amounts receivable | 41 | €6,331 | €2,880 | -€3,451 | -54.5% |
| Cash at bank and in hand | 54/58 | €100,789 | €21,655 | -€79,134 | -78.5% |
| Deferred charges and accrued income | 490/1 | €5,421 | €3,024 | -€2,398 | -44.2% |
| Total equity and liabilities | 10/49 | €387,707 | €369,589 | -€18,117 | -4.7% |
| Equity | 10/15 | €142,676 | €4,411 | -€138,265 | -96.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €137,676 | -€589 | -€138,265 | |
| Amounts payable | 17/49 | €245,031 | €365,179 | +€120,147 | +49.0% |
| Amounts payable after more than one year | 17 | €71,222 | €39,481 | -€31,741 | -44.6% |
| Financial debts | 170/4 | €71,222 | €39,481 | -€31,741 | -44.6% |
| Amounts payable within one year | 42/48 | €171,698 | €325,306 | +€153,607 | +89.5% |
| Current portion of amounts payable after more than one year | 42 | €33,507 | €31,741 | -€1,766 | -5.3% |
| Trade debts | 44 | €122,578 | €241,026 | +€118,448 | +96.6% |
| Suppliers | 440/4 | €122,578 | €241,026 | +€118,448 | +96.6% |
| Advances received on contracts in progress | 46 | €0 | €19,000 | +€19,000 | |
| Taxes, remuneration and social security | 45 | €15,556 | €33,269 | +€17,713 | +114% |
| Taxes | 450/3 | €1,369 | €7,326 | +€5,957 | +435% |
| Remuneration and social security | 454/9 | €14,187 | €25,943 | +€11,755 | +82.9% |
| Other amounts payable | 47/48 | €57 | €270 | +€213 | +372% |
| Accrued charges and deferred income | 492/3 | €2,111 | €392 | -€1,719 | -81.4% |
| Remuneration, social security and pensions | 62 | €84,779 | €134,755 | +€49,976 | +58.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,808 | €27,358 | +€11,550 | +73.1% |
| Other operating charges | 640/8 | €13,481 | €2,265 | -€11,217 | -83.2% |
| Gross operating margin | 9900 | €126,406 | €33,400 | -€93,006 | -73.6% |
| Operating profit (loss) | 9901 | €12,338 | -€130,978 | -€143,316 | |
| Financial income | 75/76B | €209 | €10 | -€199 | -95.0% |
| Recurring financial income | 75 | €209 | €10 | -€199 | -95.0% |
| Financial charges | 65/66B | €4,754 | €7,297 | +€2,543 | +53.5% |
| Recurring financial charges | 65 | €4,754 | €7,297 | +€2,543 | +53.5% |
| Profit (loss) for the period before taxes | 9903 | €7,793 | -€138,265 | -€146,058 | |
| Income taxes | 67/77 | €946 | €0 | -€946 | -100% |
| Profit (loss) for the period | 9904 | €6,847 | -€138,265 | -€145,112 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,847 | -€138,265 | -€145,112 |
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 22 October 2026 via checked.be.