CREAFOR: 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.
CREAFOR
Largest movements
- Tangible fixed assets -€56,157
down €56,157 (-7.0%), from €799,568 to €743,411
of which Land and buildings: -€29,792
- Receivables within one year +€49,108
up €49,108 (+13.9%), from €353,054 to €402,162
of which Trade receivables: +€55,368
- Cash -€42,552
down €42,552 (-20.9%), from €203,251 to €160,700
mainly Trade debts (-€86,492) and Investment in fixed assets (net) (-€57,785)
- Deferred charges and accrued income +€22,073
up €22,073 (+134%), from €16,528 to €38,600
- Stocks and contracts +€18,665
up €18,665 (+33.7%), from €55,425 to €74,090
- Trade debts -€86,492
down €86,492 (-36.5%), from €237,053 to €150,561
- Current portion of long-term debt +€60,884
up €60,884 (+57.1%), from €106,583 to €167,467
- Tax, wage and social debts +€55,783
up €55,783 (+60.3%), from €92,454 to €148,237
of which Remuneration and social security: +€41,610
- Debts after one year -€36,416
down €36,416 (-12.2%), from €299,461 to €263,046
- Gross operating margin -€101,301
down €101,301 (-10.8%), from €934,883 to €833,582
- Staff costs -€48,766
down €48,766 (-6.8%), from €720,285 to €671,519
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 | €1,427,826 | €1,418,963 | -€8,863 | -0.6% |
| Fixed assets | 21/28 | €799,568 | €743,411 | -€56,157 | -7.0% |
| Tangible fixed assets | 22/27 | €799,568 | €743,411 | -€56,157 | -7.0% |
| Land and buildings | 22 | €322,983 | €293,192 | -€29,792 | -9.2% |
| Plant, machinery and equipment | 23 | €293,246 | €290,417 | -€2,829 | -1.0% |
| Furniture and vehicles | 24 | €25,056 | €17,220 | -€7,836 | -31.3% |
| Leasing and similar rights | 25 | €155,283 | €139,583 | -€15,700 | -10.1% |
| Other tangible fixed assets | 26 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €628,258 | €675,552 | +€47,294 | +7.5% |
| Stocks and contracts in progress | 3 | €55,425 | €74,090 | +€18,665 | +33.7% |
| Stocks | 30/36 | €55,425 | €74,090 | +€18,665 | +33.7% |
| Amounts receivable within one year | 40/41 | €353,054 | €402,162 | +€49,108 | +13.9% |
| Trade receivables | 40 | €309,026 | €364,394 | +€55,368 | +17.9% |
| Other amounts receivable | 41 | €44,028 | €37,768 | -€6,260 | -14.2% |
| Cash at bank and in hand | 54/58 | €203,251 | €160,700 | -€42,552 | -20.9% |
| Deferred charges and accrued income | 490/1 | €16,528 | €38,600 | +€22,073 | +134% |
| Total equity and liabilities | 10/49 | €1,427,826 | €1,418,963 | -€8,863 | -0.6% |
| Equity | 10/15 | €678,123 | €689,652 | +€11,529 | +1.7% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Contributions outside capital | 11 | €61,973 | €61,973 | = | 0.0% |
| Other | 1109/19 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €394,027 | €394,027 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €70,500 | €70,500 | = | 0.0% |
| Distributable reserves | 133 | €317,330 | €317,330 | = | 0.0% |
| Profit (loss) carried forward | 14 | €222,122 | €233,652 | +€11,529 | +5.2% |
| Amounts payable | 17/49 | €749,703 | €729,311 | -€20,392 | -2.7% |
| Amounts payable after more than one year | 17 | €299,461 | €263,046 | -€36,416 | -12.2% |
| Financial debts | 170/4 | €299,461 | €263,046 | -€36,416 | -12.2% |
| Amounts payable within one year | 42/48 | €450,242 | €466,266 | +€16,024 | +3.6% |
| Current portion of amounts payable after more than one year | 42 | €106,583 | €167,467 | +€60,884 | +57.1% |
| Trade debts | 44 | €237,053 | €150,561 | -€86,492 | -36.5% |
| Suppliers | 440/4 | €237,053 | €150,561 | -€86,492 | -36.5% |
| Taxes, remuneration and social security | 45 | €92,454 | €148,237 | +€55,783 | +60.3% |
| Taxes | 450/3 | €24,164 | €38,337 | +€14,173 | +58.7% |
| Remuneration and social security | 454/9 | €68,290 | €109,900 | +€41,610 | +60.9% |
| Other amounts payable | 47/48 | €14,151 | - | -€14,151 | |
| Remuneration, social security and pensions | 62 | €720,285 | €671,519 | -€48,766 | -6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,591 | €113,941 | +€350 | +0.3% |
| Other operating charges | 640/8 | €8,673 | €8,837 | +€164 | +1.9% |
| Non-recurring operating charges | 66A | - | €2,052 | +€2,052 | |
| Gross operating margin | 9900 | €934,883 | €833,582 | -€101,301 | -10.8% |
| Operating profit (loss) | 9901 | €92,334 | €37,233 | -€55,101 | -59.7% |
| Financial income | 75/76B | €5,330 | €2,040 | -€3,291 | -61.7% |
| Recurring financial income | 75 | €5,330 | €2,040 | -€3,291 | -61.7% |
| Financial charges | 65/66B | €13,567 | €16,019 | +€2,452 | +18.1% |
| Recurring financial charges | 65 | €13,567 | €16,019 | +€2,452 | +18.1% |
| Profit (loss) for the period before taxes | 9903 | €84,097 | €23,254 | -€60,843 | -72.3% |
| Income taxes | 67/77 | €13,745 | €11,725 | -€2,020 | -14.7% |
| Profit (loss) for the period | 9904 | €70,352 | €11,529 | -€58,823 | -83.6% |
| Profit (loss) for the period to be appropriated | 9905 | €70,352 | €11,529 | -€58,823 | -83.6% |
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 16 October 2026 via checked.be.