CREAFUND MANAGEMENT: 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.
CREAFUND MANAGEMENT
Largest movements
- Tangible fixed assets +€1.2m
up €1.2m (+645%), from €192,052 to €1.4m
of which Land and buildings: +€1.3m
- Cash -€31,455
down €31,455 (-45.6%), from €69,042 to €37,587
mainly Investment in fixed assets (net) (-€1.3m) and Trade debts (-€13,055)
- Revaluation surpluses +€1.3m
new in 2025: €1.3m
- Reserves -€23,099
down €23,099 (-35.9%), from €64,385 to €41,286
of which Distributable reserves: -€23,099
- Depreciation -€17,631
down €17,631 (-40.6%), from €43,403 to €25,772
- Staff costs -€9,179
down €9,179 (-9.6%), from €95,843 to €86,663
- Gross operating margin +€5,270
up €5,270 (+3.1%), from €168,769 to €174,039
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 | €275,779 | €1,486,758 | +€1.2m | +439% |
| Fixed assets | 21/28 | €192,631 | €1,432,239 | +€1.2m | +644% |
| Tangible fixed assets | 22/27 | €192,052 | €1,431,660 | +€1.2m | +645% |
| Land and buildings | 22 | €149,081 | €1,400,000 | +€1.3m | +839% |
| Plant, machinery and equipment | 23 | €2,247 | €1,149 | -€1,098 | -48.9% |
| Furniture and vehicles | 24 | €40,724 | €30,511 | -€10,213 | -25.1% |
| Financial fixed assets | 28 | €578 | €578 | = | 0.0% |
| Current assets | 29/58 | €83,148 | €54,519 | -€28,629 | -34.4% |
| Amounts receivable within one year | 40/41 | €10,043 | €13,279 | +€3,236 | +32.2% |
| Trade receivables | 40 | €3,533 | €2,296 | -€1,237 | -35.0% |
| Other amounts receivable | 41 | €6,510 | €10,983 | +€4,473 | +68.7% |
| Cash at bank and in hand | 54/58 | €69,042 | €37,587 | -€31,455 | -45.6% |
| Deferred charges and accrued income | 490/1 | €4,063 | €3,653 | -€410 | -10.1% |
| Total equity and liabilities | 10/49 | €275,779 | €1,486,758 | +€1.2m | +439% |
| Equity | 10/15 | €125,510 | €1,368,165 | +€1.2m | +990% |
| Contributions | 10/11 | €61,126 | €61,500 | +€374 | +0.6% |
| Capital | 10 | €61,126 | €61,500 | +€374 | +0.6% |
| Issued capital | 100 | €136,838 | €136,838 | = | 0.0% |
| Uncalled capital | 101 | €75,712 | €75,338 | -€374 | -0.5% |
| Revaluation surpluses | 12 | - | €1,265,380 | +€1.3m | |
| Reserves | 13 | €64,385 | €41,286 | -€23,099 | -35.9% |
| Non-distributable reserves | 130/1 | €13,684 | €13,684 | = | 0.0% |
| Legal reserve | 130 | €13,684 | €13,684 | = | 0.0% |
| Distributable reserves | 133 | €50,701 | €27,602 | -€23,099 | -45.6% |
| Amounts payable | 17/49 | €150,268 | €118,593 | -€31,676 | -21.1% |
| Amounts payable after more than one year | 17 | €16,460 | €10,332 | -€6,128 | -37.2% |
| Financial debts | 170/4 | €16,460 | €10,332 | -€6,128 | -37.2% |
| Amounts payable within one year | 42/48 | €133,808 | €108,261 | -€25,547 | -19.1% |
| Current portion of amounts payable after more than one year | 42 | €5,838 | €6,128 | +€290 | +5.0% |
| Trade debts | 44 | €24,897 | €11,842 | -€13,055 | -52.4% |
| Suppliers | 440/4 | €24,897 | €11,842 | -€13,055 | -52.4% |
| Taxes, remuneration and social security | 45 | €23,073 | €10,291 | -€12,782 | -55.4% |
| Taxes | 450/3 | €11,495 | €10,291 | -€1,204 | -10.5% |
| Remuneration and social security | 454/9 | €11,578 | - | -€11,578 | |
| Other amounts payable | 47/48 | €80,000 | €80,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €95,843 | €86,663 | -€9,179 | -9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,403 | €25,772 | -€17,631 | -40.6% |
| Other operating charges | 640/8 | €2,825 | €3,080 | +€255 | +9.0% |
| Gross operating margin | 9900 | €168,769 | €174,039 | +€5,270 | +3.1% |
| Operating profit (loss) | 9901 | €26,699 | €58,524 | +€31,826 | +119% |
| Financial income | 75/76B | €27 | - | -€27 | |
| Recurring financial income | 75 | €27 | - | -€27 | |
| Financial charges | 65/66B | €1,619 | €1,447 | -€171 | -10.6% |
| Recurring financial charges | 65 | €1,619 | €1,447 | -€171 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | €25,107 | €57,077 | +€31,970 | +127% |
| Income taxes | 67/77 | €174 | €176 | +€2 | +1.0% |
| Profit (loss) for the period | 9904 | €24,933 | €56,901 | +€31,968 | +128% |
| Profit (loss) for the period to be appropriated | 9905 | €24,933 | €56,901 | +€31,968 | +128% |
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 21 October 2026 via checked.be.