CREAFUND: 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.
CREAFUND
Largest movements
- Financial fixed assets +€74.7m
up €74.7m (+24.1%), from €309.3m to €384.0m
of which Affiliated companies: +€86.0m
- Receivables within one year +€6.2m
up €6.2m (+159.6%), from €3.9m to €10.0m
of which Other amounts receivable: +€6.0m
- Contributions +€36.7m
up €36.7m (+35.8%), from €102.5m to €139.2m
of which Outside capital: +€36.7m
- Other debts +€24.5m
up €24.5m (+283.1%), from €8.6m to €33.1m
- Profit (loss) carried forward -€20.8m
down €20.8m (-24.1%), from €86.3m to €65.5m
- Short-term financial debts +€16.4m
up €16.4m (+186.9%), from €8.8m to €25.1m
- Reserves +€13.7m
up €13.7m (+643.2%), from €2.1m to €15.9m
of which Non-distributable reserves: +€13.7m
- Financial income +€16.0m
up €16.0m (+506.7%), from €3.2m to €19.2m
of which Non-recurring financial income: +€16.0m
- Financial charges +€9.4m
up €9.4m (+236.3%), from €4.0m to €13.3m
of which Non-recurring financial charges: +€8.4m
- Services and other goods +€143,559
up €143,559 (+2.3%), from €6.1m to €6.3m
- Turnover +€31,638
up €31,638 (+4.8%), from €665,056 to €696,694
- Goods and materials -€9,207
down €9,207 (-16.0%), from €57,480 to €48,273
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 | €315,294,977 | €395,556,841 | +€80.3m | +25.5% |
| Fixed assets | 21/28 | €309,296,284 | €383,977,445 | +€74.7m | +24.1% |
| Financial fixed assets | 28 | €309,296,284 | €383,977,445 | +€74.7m | +24.1% |
| Affiliated companies | 280/1 | €275,611,475 | €361,595,391 | +€86.0m | +31.2% |
| Participating interests | 280 | €237,699,099 | €323,921,391 | +€86.2m | +36.3% |
| Amounts receivable | 281 | €37,912,377 | €37,674,000 | -€238,376 | -0.6% |
| Companies linked by participating interests | 282/3 | €26,751,607 | €18,230,000 | -€8.5m | -31.9% |
| Participating interests | 282 | €26,005,097 | €18,230,000 | -€7.8m | -29.9% |
| Amounts receivable | 283 | €746,510 | - | -€746,510 | |
| Other financial fixed assets | 284/8 | €6,933,201 | €4,152,053 | -€2.8m | -40.1% |
| Shares | 284 | €6,933,201 | €4,152,053 | -€2.8m | -40.1% |
| Current assets | 29/58 | €5,998,693 | €11,579,396 | +€5.6m | +93.0% |
| Amounts receivable within one year | 40/41 | €3,853,404 | €10,005,148 | +€6.2m | +159.6% |
| Trade receivables | 40 | €823,274 | €928,926 | +€105,652 | +12.8% |
| Other amounts receivable | 41 | €3,030,130 | €9,076,222 | +€6.0m | +199.5% |
| Cash at bank and in hand | 54/58 | €976,490 | €392,457 | -€584,033 | -59.8% |
| Deferred charges and accrued income | 490/1 | €1,168,799 | €1,181,791 | +€12,992 | +1.1% |
| Total equity and liabilities | 10/49 | €315,294,977 | €395,556,841 | +€80.3m | +25.5% |
| Equity | 10/15 | €296,761,791 | €336,917,984 | +€40.2m | +13.5% |
| Contributions | 10/11 | €102,488,322 | €139,185,963 | +€36.7m | +35.8% |
| Capital | 10 | €116,058 | €130,302 | +€14,244 | +12.3% |
| Issued capital | 100 | €116,058 | €130,302 | +€14,244 | +12.3% |
| Outside capital | 11 | €102,372,264 | €139,055,661 | +€36.7m | +35.8% |
| Share premium | 1100/10 | €102,372,264 | €139,055,661 | +€36.7m | +35.8% |
| Revaluation surpluses | 12 | €105,842,729 | €116,336,454 | +€10.5m | +9.9% |
| Reserves | 13 | €2,134,564 | €15,863,722 | +€13.7m | +643.2% |
| Non-distributable reserves | 130/1 | €11,509 | €13,740,667 | +€13.7m | +119288.6% |
| Legal reserve | 130 | €11,509 | €13,030 | +€1,521 | +13.2% |
| Own shares acquired | 1312 | - | €13,727,637 | +€13.7m | |
| Distributable reserves | 133 | €2,123,055 | €2,123,055 | = | 0.0% |
| Profit (loss) carried forward | 14 | €86,296,176 | €65,531,846 | -€20.8m | -24.1% |
| Amounts payable | 17/49 | €18,533,185 | €58,638,857 | +€40.1m | +216.4% |
| Amounts payable within one year | 42/48 | €18,516,410 | €58,615,661 | +€40.1m | +216.6% |
| Financial debts | 43 | €8,750,000 | €25,100,000 | +€16.4m | +186.9% |
| Credit institutions | 430/8 | €8,750,000 | €25,100,000 | +€16.4m | +186.9% |
| Trade debts | 44 | €1,127,614 | €421,240 | -€706,374 | -62.6% |
| Suppliers | 440/4 | €1,127,614 | €421,240 | -€706,374 | -62.6% |
| Other amounts payable | 47/48 | €8,638,797 | €33,094,421 | +€24.5m | +283.1% |
| Accrued charges and deferred income | 492/3 | €16,775 | €23,196 | +€6,421 | +38.3% |
| Operating income | 70/76A | €1,155,130 | €1,019,525 | -€135,605 | -11.7% |
| Turnover | 70 | €665,056 | €696,694 | +€31,638 | +4.8% |
| Other operating income | 74 | €70,074 | €65,537 | -€4,537 | -6.5% |
| Non-recurring operating income | 76A | €420,000 | €257,294 | -€162,706 | -38.7% |
| Operating charges | 60/66A | €6,200,415 | €6,331,476 | +€131,060 | +2.1% |
| Goods for resale, raw materials and consumables | 60 | €57,480 | €48,273 | -€9,207 | -16.0% |
| Purchases | 600/8 | €57,480 | €48,273 | -€9,207 | -16.0% |
| Services and other goods | 61 | €6,122,222 | €6,265,781 | +€143,559 | +2.3% |
| Other operating charges | 640/8 | €20,713 | €17,422 | -€3,291 | -15.9% |
| Operating profit (loss) | 9901 | -€5,045,286 | -€5,311,951 | -€266,665 | -5.3% |
| Financial income | 75/76B | €3,164,409 | €19,197,877 | +€16.0m | +506.7% |
| Recurring financial income | 75 | €1,967,389 | €1,991,132 | +€23,743 | +1.2% |
| Income from financial fixed assets | 750 | €1,783,345 | €1,983,508 | +€200,163 | +11.2% |
| Income from current assets | 751 | €183,987 | €7,570 | -€176,417 | -95.9% |
| Other financial income | 752/9 | €57 | €54 | -€3 | -4.4% |
| Non-recurring financial income | 76B | €1,197,020 | €17,206,745 | +€16.0m | +1337.5% |
| Financial charges | 65/66B | €3,960,952 | €13,320,148 | +€9.4m | +236.3% |
| Recurring financial charges | 65 | €218,375 | €1,193,629 | +€975,254 | +446.6% |
| Debt charges | 650 | €168,963 | €1,106,291 | +€937,327 | +554.8% |
| Other financial charges | 652/9 | €49,411 | €87,338 | +€37,927 | +76.8% |
| Non-recurring financial charges | 66B | €3,742,578 | €12,126,520 | +€8.4m | +224.0% |
| Profit (loss) for the period before taxes | 9903 | -€5,841,829 | €565,778 | +€6.4m | |
| Profit (loss) for the period | 9904 | -€5,841,829 | €565,778 | +€6.4m | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,841,829 | €565,778 | +€6.4m |
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 8 October 2026 via checked.be.