CREADES: 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.
CREADES
Largest movements
- Cash -€279,718
down €279,718 (-66.1%), from €422,983 to €143,265
mainly Contributions, distributions and other (-€1.3m) and Investment in fixed assets (net) (-€103,788)
- Stocks and contracts +€67,173
up €67,173 (+14.8%), from €453,497 to €520,670
- Receivables within one year +€65,617
up €65,617 (+6.1%), from €1.1m to €1.1m
of which Trade receivables: +€80,751
- Tangible fixed assets +€27,391
up €27,391 (+6.2%), from €438,481 to €465,872
of which Plant, machinery and equipment: +€46,324
- Reserves -€1.0m
down €1.0m (-64.9%), from €1.6m to €558,303
- Debts after one year +€627,000
new in 2025: €627,000
- Current portion of long-term debt +€119,429
new in 2025: €119,429
- Other debts +€85,000
up €85,000, from €0 to €85,000
- Trade debts +€69,485
up €69,485 (+21.5%), from €322,827 to €392,312
- Gross operating margin -€437,480
down €437,480 (-19.0%), from €2.3m to €1.9m
- Taxes -€139,376
down €139,376 (-60.9%), from €229,046 to €89,670
- Other operating charges -€38,895
down €38,895 (-68.0%), from €57,228 to €18,333
- Staff costs +€29,983
up €29,983 (+2.1%), from €1.4m to €1.4m
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 | €2,423,371 | €2,298,633 | -€124,739 | -5.1% |
| Fixed assets | 21/28 | €438,814 | €466,070 | +€27,256 | +6.2% |
| Tangible fixed assets | 22/27 | €438,481 | €465,872 | +€27,391 | +6.2% |
| Land and buildings | 22 | €79,560 | €79,560 | = | 0.0% |
| Plant, machinery and equipment | 23 | €311,488 | €357,812 | +€46,324 | +14.9% |
| Furniture and vehicles | 24 | €47,433 | €28,499 | -€18,933 | -39.9% |
| Financial fixed assets | 28 | €333 | €198 | -€135 | -40.5% |
| Current assets | 29/58 | €1,984,557 | €1,832,563 | -€151,995 | -7.7% |
| Stocks and contracts in progress | 3 | €453,497 | €520,670 | +€67,173 | +14.8% |
| Stocks | 30/36 | €453,497 | €520,670 | +€67,173 | +14.8% |
| Amounts receivable within one year | 40/41 | €1,078,823 | €1,144,440 | +€65,617 | +6.1% |
| Trade receivables | 40 | €1,063,464 | €1,144,215 | +€80,751 | +7.6% |
| Other amounts receivable | 41 | €15,358 | €224 | -€15,134 | -98.5% |
| Cash at bank and in hand | 54/58 | €422,983 | €143,265 | -€279,718 | -66.1% |
| Deferred charges and accrued income | 490/1 | €29,255 | €24,188 | -€5,067 | -17.3% |
| Total equity and liabilities | 10/49 | €2,423,371 | €2,298,633 | -€124,739 | -5.1% |
| Equity | 10/15 | €1,685,945 | €652,503 | -€1.0m | -61.3% |
| Contributions | 10/11 | €94,200 | €94,200 | = | 0.0% |
| Reserves | 13 | €1,591,746 | €558,303 | -€1.0m | -64.9% |
| Distributable reserves | 133 | €1,591,746 | €558,303 | -€1.0m | -64.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €737,426 | €1,646,130 | +€908,704 | +123.2% |
| Amounts payable after more than one year | 17 | - | €627,000 | +€627,000 | |
| Financial debts | 170/4 | - | €627,000 | +€627,000 | |
| Amounts payable within one year | 42/48 | €706,925 | €1,011,473 | +€304,548 | +43.1% |
| Current portion of amounts payable after more than one year | 42 | - | €119,429 | +€119,429 | |
| Financial debts | 43 | €115,243 | €120,258 | +€5,015 | +4.4% |
| Credit institutions | 430/8 | €115,243 | €120,258 | +€5,015 | +4.4% |
| Trade debts | 44 | €322,827 | €392,312 | +€69,485 | +21.5% |
| Suppliers | 440/4 | €322,827 | €392,312 | +€69,485 | +21.5% |
| Advances received on contracts in progress | 46 | €742 | €230 | -€512 | -69.0% |
| Taxes, remuneration and social security | 45 | €268,112 | €294,245 | +€26,132 | +9.7% |
| Taxes | 450/3 | €74,453 | €104,071 | +€29,618 | +39.8% |
| Remuneration and social security | 454/9 | €193,659 | €190,173 | -€3,486 | -1.8% |
| Other amounts payable | 47/48 | €0 | €85,000 | +€85,000 | |
| Accrued charges and deferred income | 492/3 | €30,502 | €7,657 | -€22,844 | -74.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,400,176 | €1,430,159 | +€29,983 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,712 | €76,532 | -€12,180 | -13.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,332 | €0 | -€1,332 | -100.0% |
| Other operating charges | 640/8 | €57,228 | €18,333 | -€38,895 | -68.0% |
| Non-recurring operating charges | 66A | €818 | €0 | -€818 | -100.0% |
| Gross operating margin | 9900 | €2,308,469 | €1,870,989 | -€437,480 | -19.0% |
| Operating profit (loss) | 9901 | €760,203 | €345,966 | -€414,238 | -54.5% |
| Financial income | 75/76B | €7,796 | €1,396 | -€6,400 | -82.1% |
| Recurring financial income | 75 | €7,796 | €1,396 | -€6,400 | -82.1% |
| Financial charges | 65/66B | €16,079 | €31,135 | +€15,055 | +93.6% |
| Recurring financial charges | 65 | €16,079 | €31,135 | +€15,055 | +93.6% |
| Profit (loss) for the period before taxes | 9903 | €751,920 | €316,227 | -€435,693 | -57.9% |
| Income taxes | 67/77 | €229,046 | €89,670 | -€139,376 | -60.9% |
| Profit (loss) for the period | 9904 | €522,874 | €226,557 | -€296,317 | -56.7% |
| Profit (loss) for the period to be appropriated | 9905 | €522,874 | €226,557 | -€296,317 | -56.7% |
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 29 September 2026 via checked.be.