CREAPEX: 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.
CREAPEX
Largest movements
- Cash +€69,989
up €69,989 (+640%), from €10,935 to €80,924
mainly Net result for the year (+€46,135) and Investment in fixed assets (net) (+€31,060)
- Financial fixed assets -€31,060
down €31,060 (-37.9%), from €82,000 to €50,940
- Receivables within one year +€14,154
up €14,154 (+521%), from €2,719 to €16,873
of which Trade receivables: +€12,026
- Current investments -€5,058
no longer reported in 2025 (was €5,058)
- Reserves +€46,135
up €46,135 (+55.8%), from €82,750 to €128,885
- Tax, wage and social debts +€12,471
new in 2025: €12,471
- Other debts -€9,935
down €9,935 (-57.8%), from €17,188 to €7,253
- Gross operating margin +€44,304
up €44,304 (+143%), from €30,907 to €75,211
- Other operating charges -€22,571
down €22,571 (-95.2%), from €23,715 to €1,144
- Taxes +€16,964
up €16,964, from -€180 to €16,784
- Financial charges -€11,274
down €11,274 (-42.7%), from €26,394 to €15,120
of which Non-recurring financial charges: -€25,646
- Financial income +€3,504
up €3,504 (+371%), from €945 to €4,449
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 | €101,488 | €149,582 | +€48,094 | +47.4% |
| Fixed assets | 21/28 | €82,676 | €51,139 | -€31,537 | -38.1% |
| Tangible fixed assets | 22/27 | €676 | €199 | -€477 | -70.6% |
| Furniture and vehicles | 24 | €676 | €199 | -€477 | -70.6% |
| Financial fixed assets | 28 | €82,000 | €50,940 | -€31,060 | -37.9% |
| Current assets | 29/58 | €18,812 | €98,443 | +€79,631 | +423% |
| Amounts receivable within one year | 40/41 | €2,719 | €16,873 | +€14,154 | +521% |
| Trade receivables | 40 | - | €12,026 | +€12,026 | |
| Other amounts receivable | 41 | €2,719 | €4,847 | +€2,128 | +78.3% |
| Current investments | 50/53 | €5,058 | - | -€5,058 | |
| Cash at bank and in hand | 54/58 | €10,935 | €80,924 | +€69,989 | +640% |
| Deferred charges and accrued income | 490/1 | €100 | €646 | +€546 | +546% |
| Total equity and liabilities | 10/49 | €101,488 | €149,582 | +€48,094 | +47.4% |
| Equity | 10/15 | €83,723 | €129,858 | +€46,135 | +55.1% |
| Contributions | 10/11 | €20,405 | €20,405 | = | 0.0% |
| Reserves | 13 | €82,750 | €128,885 | +€46,135 | +55.8% |
| Distributable reserves | 133 | €82,750 | €128,885 | +€46,135 | +55.8% |
| Profit (loss) carried forward | 14 | -€19,432 | -€19,432 | = | 0.0% |
| Amounts payable | 17/49 | €17,765 | €19,724 | +€1,959 | +11.0% |
| Amounts payable within one year | 42/48 | €17,765 | €19,724 | +€1,959 | +11.0% |
| Trade debts | 44 | €577 | - | -€577 | |
| Suppliers | 440/4 | €577 | - | -€577 | |
| Taxes, remuneration and social security | 45 | - | €12,471 | +€12,471 | |
| Taxes | 450/3 | - | €12,471 | +€12,471 | |
| Other amounts payable | 47/48 | €17,188 | €7,253 | -€9,935 | -57.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,355 | €477 | -€878 | -64.8% |
| Other operating charges | 640/8 | €23,715 | €1,144 | -€22,571 | -95.2% |
| Gross operating margin | 9900 | €30,907 | €75,211 | +€44,304 | +143% |
| Operating profit (loss) | 9901 | €5,837 | €73,590 | +€67,753 | +1,161% |
| Financial income | 75/76B | €945 | €4,449 | +€3,504 | +371% |
| Recurring financial income | 75 | €945 | €4,449 | +€3,504 | +371% |
| Financial charges | 65/66B | €26,394 | €15,120 | -€11,274 | -42.7% |
| Recurring financial charges | 65 | €748 | €15,120 | +€14,372 | +1,921% |
| Non-recurring financial charges | 66B | €25,646 | - | -€25,646 | |
| Profit (loss) for the period before taxes | 9903 | -€19,612 | €62,919 | +€82,531 | |
| Income taxes | 67/77 | -€180 | €16,784 | +€16,964 | |
| Profit (loss) for the period | 9904 | -€19,432 | €46,135 | +€65,567 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,432 | €46,135 | +€65,567 |
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.