CREADIS: 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.
CREADIS
Largest movements
- Cash +€77,881
up €77,881 (+198.2%), from €39,298 to €117,180
mainly Net result for the year (+€64,508) and Receivables within one year (+€37,055)
- Receivables within one year -€37,055
down €37,055 (-77.6%), from €47,764 to €10,709
of which Trade receivables: -€28,070
- Tangible fixed assets +€5,633
up €5,633 (+7.3%), from €76,797 to €82,430
of which Land and buildings: +€6,017
- Reserves +€49,374
up €49,374 (+50.2%), from €98,391 to €147,765
- Debts after one year -€16,044
down €16,044 (-74.5%), from €21,543 to €5,499
- Profit (loss) carried forward +€15,134
no longer reported in 2025 (was -€15,134)
- Other debts -€10,288
down €10,288 (-49.7%), from €20,689 to €10,401
- Tax, wage and social debts +€8,481
up €8,481 (+76.1%), from €11,146 to €19,627
of which Taxes: +€18,408
- Staff costs -€64,473
down €64,473 (-86.7%), from €74,393 to €9,921
- Taxes +€30,409
up €30,409 (+6806.9%), from €447 to €30,856
- Gross operating margin +€22,874
up €22,874 (+22.0%), from €103,812 to €126,686
- Other operating charges -€21,835
down €21,835 (-88.9%), from €24,565 to €2,730
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 | €167,101 | €213,542 | +€46,440 | +27.8% |
| Fixed assets | 21/28 | €76,797 | €82,430 | +€5,633 | +7.3% |
| Tangible fixed assets | 22/27 | €76,797 | €82,430 | +€5,633 | +7.3% |
| Land and buildings | 22 | €73,033 | €79,049 | +€6,017 | +8.2% |
| Plant, machinery and equipment | 23 | €935 | €144 | -€792 | -84.6% |
| Furniture and vehicles | 24 | €2,829 | €3,237 | +€408 | +14.4% |
| Current assets | 29/58 | €90,304 | €131,112 | +€40,807 | +45.2% |
| Amounts receivable within one year | 40/41 | €47,764 | €10,709 | -€37,055 | -77.6% |
| Trade receivables | 40 | €36,142 | €8,072 | -€28,070 | -77.7% |
| Other amounts receivable | 41 | €11,622 | €2,637 | -€8,986 | -77.3% |
| Cash at bank and in hand | 54/58 | €39,298 | €117,180 | +€77,881 | +198.2% |
| Deferred charges and accrued income | 490/1 | €3,242 | €3,223 | -€18 | -0.6% |
| Total equity and liabilities | 10/49 | €167,101 | €213,542 | +€46,440 | +27.8% |
| Equity | 10/15 | €95,657 | €160,165 | +€64,508 | +67.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €98,391 | €147,765 | +€49,374 | +50.2% |
| Distributable reserves | 133 | €98,391 | €147,765 | +€49,374 | +50.2% |
| Profit (loss) carried forward | 14 | -€15,134 | - | +€15,134 | |
| Amounts payable | 17/49 | €71,445 | €53,377 | -€18,068 | -25.3% |
| Amounts payable after more than one year | 17 | €21,543 | €5,499 | -€16,044 | -74.5% |
| Financial debts | 170/4 | €21,543 | €5,499 | -€16,044 | -74.5% |
| Amounts payable within one year | 42/48 | €49,902 | €47,878 | -€2,024 | -4.1% |
| Current portion of amounts payable after more than one year | 42 | €15,385 | €16,044 | +€658 | +4.3% |
| Trade debts | 44 | €2,682 | €1,807 | -€875 | -32.6% |
| Suppliers | 440/4 | €2,682 | €1,807 | -€875 | -32.6% |
| Taxes, remuneration and social security | 45 | €11,146 | €19,627 | +€8,481 | +76.1% |
| Taxes | 450/3 | €1,219 | €19,627 | +€18,408 | +1509.7% |
| Remuneration and social security | 454/9 | €9,927 | - | -€9,927 | |
| Other amounts payable | 47/48 | €20,689 | €10,401 | -€10,288 | -49.7% |
| Remuneration, social security and pensions | 62 | €74,393 | €9,921 | -€64,473 | -86.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,964 | €16,777 | -€187 | -1.1% |
| Other operating charges | 640/8 | €24,565 | €2,730 | -€21,835 | -88.9% |
| Gross operating margin | 9900 | €103,812 | €126,686 | +€22,874 | +22.0% |
| Operating profit (loss) | 9901 | -€12,110 | €97,258 | +€109,368 | |
| Financial income | 75/76B | €1 | €1 | -€1 | -51.9% |
| Recurring financial income | 75 | €1 | €1 | -€1 | -51.9% |
| Financial charges | 65/66B | €2,578 | €1,894 | -€684 | -26.5% |
| Recurring financial charges | 65 | €2,578 | €1,894 | -€684 | -26.5% |
| Profit (loss) for the period before taxes | 9903 | -€14,688 | €95,364 | +€110,051 | |
| Income taxes | 67/77 | €447 | €30,856 | +€30,409 | +6806.9% |
| Profit (loss) for the period | 9904 | -€15,134 | €64,508 | +€79,642 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,134 | €64,508 | +€79,642 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.