CREAL: 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.
CREAL
Largest movements
- Receivables within one year -€461,655
down €461,655 (-63.6%), from €725,722 to €264,067
of which Trade receivables: -€462,912
- Stocks and contracts +€377,668
up €377,668 (+173.0%), from €218,280 to €595,948
of which Contracts in progress: +€332,079
- Cash -€65,968
down €65,968 (-28.1%), from €234,892 to €168,924
mainly Stocks and contracts (-€377,668) and Contributions, distributions and other (-€95,619)
- Tangible fixed assets +€47,667
up €47,667 (+35.6%), from €133,844 to €181,511
of which Furniture and vehicles: +€50,156
- Financial fixed assets -€20,216
down €20,216 (-93.8%), from €21,546 to €1,330
- Reserves -€144,897
down €144,897 (-14.5%), from €1.0m to €856,383
of which Distributable reserves: -€144,897
- Debts after one year +€35,439
up €35,439 (+233.0%), from €15,212 to €50,651
- Other debts -€27,965
no longer reported in 2025 (was €27,965)
- Trade debts +€22,867
up €22,867 (+14.9%), from €153,557 to €176,424
- Tax, wage and social debts -€15,666
down €15,666 (-30.6%), from €51,254 to €35,588
of which Remuneration and social security: -€15,683
- Gross operating margin -€148,602
down €148,602 (-31.1%), from €478,015 to €329,413
- Taxes -€46,318
down €46,318 (-98.7%), from €46,935 to €618
- Depreciation +€12,385
up €12,385 (+22.3%), from €55,503 to €67,889
- Staff costs +€8,127
up €8,127 (+2.8%), from €290,812 to €298,939
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 | €1,347,634 | €1,221,625 | -€126,009 | -9.4% |
| Fixed assets | 21/28 | €158,794 | €185,495 | +€26,701 | +16.8% |
| Intangible fixed assets | 21 | €3,404 | €2,654 | -€750 | -22.0% |
| Tangible fixed assets | 22/27 | €133,844 | €181,511 | +€47,667 | +35.6% |
| Land and buildings | 22 | €52,344 | €33,958 | -€18,386 | -35.1% |
| Plant, machinery and equipment | 23 | €22,056 | €48,396 | +€26,340 | +119.4% |
| Furniture and vehicles | 24 | €28,986 | €79,142 | +€50,156 | +173.0% |
| Leasing and similar rights | 25 | €30,458 | €20,015 | -€10,443 | -34.3% |
| Financial fixed assets | 28 | €21,546 | €1,330 | -€20,216 | -93.8% |
| Current assets | 29/58 | €1,188,841 | €1,036,130 | -€152,710 | -12.8% |
| Stocks and contracts in progress | 3 | €218,280 | €595,948 | +€377,668 | +173.0% |
| Stocks | 30/36 | €80,135 | €125,725 | +€45,590 | +56.9% |
| Contracts in progress | 37 | €138,145 | €470,224 | +€332,079 | +240.4% |
| Amounts receivable within one year | 40/41 | €725,722 | €264,067 | -€461,655 | -63.6% |
| Trade receivables | 40 | €640,054 | €177,142 | -€462,912 | -72.3% |
| Other amounts receivable | 41 | €85,667 | €86,925 | +€1,258 | +1.5% |
| Cash at bank and in hand | 54/58 | €234,892 | €168,924 | -€65,968 | -28.1% |
| Deferred charges and accrued income | 490/1 | €9,947 | €7,191 | -€2,756 | -27.7% |
| Total equity and liabilities | 10/49 | €1,347,634 | €1,221,625 | -€126,009 | -9.4% |
| Equity | 10/15 | €1,063,280 | €918,383 | -€144,897 | -13.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,001,280 | €856,383 | -€144,897 | -14.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €26,484 | €26,484 | = | 0.0% |
| Distributable reserves | 133 | €968,596 | €823,699 | -€144,897 | -15.0% |
| Amounts payable | 17/49 | €284,354 | €303,243 | +€18,888 | +6.6% |
| Amounts payable after more than one year | 17 | €15,212 | €50,651 | +€35,439 | +233.0% |
| Financial debts | 170/4 | €15,212 | €50,651 | +€35,439 | +233.0% |
| Amounts payable within one year | 42/48 | €269,143 | €252,592 | -€16,551 | -6.1% |
| Current portion of amounts payable after more than one year | 42 | €36,367 | €40,580 | +€4,213 | +11.6% |
| Trade debts | 44 | €153,557 | €176,424 | +€22,867 | +14.9% |
| Suppliers | 440/4 | €153,557 | €176,424 | +€22,867 | +14.9% |
| Taxes, remuneration and social security | 45 | €51,254 | €35,588 | -€15,666 | -30.6% |
| Taxes | 450/3 | €3,309 | €3,326 | +€16 | +0.5% |
| Remuneration and social security | 454/9 | €47,945 | €32,262 | -€15,683 | -32.7% |
| Other amounts payable | 47/48 | €27,965 | - | -€27,965 | |
| Remuneration, social security and pensions | 62 | €290,812 | €298,939 | +€8,127 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,503 | €67,889 | +€12,385 | +22.3% |
| Other operating charges | 640/8 | €14,893 | €19,437 | +€4,544 | +30.5% |
| Gross operating margin | 9900 | €478,015 | €329,413 | -€148,602 | -31.1% |
| Operating profit (loss) | 9901 | €116,807 | -€56,852 | -€173,658 | |
| Financial income | 75/76B | €18,566 | €15,982 | -€2,584 | -13.9% |
| Recurring financial income | 75 | €18,566 | €15,982 | -€2,584 | -13.9% |
| Financial charges | 65/66B | €8,091 | €7,792 | -€299 | -3.7% |
| Recurring financial charges | 65 | €8,091 | €7,792 | -€299 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | €127,282 | -€48,661 | -€175,943 | |
| Income taxes | 67/77 | €46,935 | €618 | -€46,318 | -98.7% |
| Profit (loss) for the period | 9904 | €80,347 | -€49,278 | -€129,625 | |
| Profit (loss) for the period to be appropriated | 9905 | €80,347 | -€49,278 | -€129,625 |
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 5 October 2026 via checked.be.