CREATION V: what changed
CREATION V
Largest movements
- Cash +€43,848
up €43,848 (+39.8%), from €110,084 to €153,931
mainly Debts after one year (+€68,820) and Net result for the year (+€62,167)
- Tangible fixed assets +€34,702
up €34,702 (+13.3%), from €261,578 to €296,280
of which Other tangible fixed assets: +€42,998
- Receivables within one year -€31,584
down €31,584 (-64.9%), from €48,699 to €17,115
- Debts after one year +€68,820
up €68,820 (+45.3%), from €151,893 to €220,714
of which Other amounts payable: +€45,902
- Other debts -€30,000
no longer reported in 2025 (was €30,000)
- Reserves +€12,054
up €12,054 (+8.4%), from €143,871 to €155,925
of which Distributable reserves: +€12,054
- Trade debts -€6,867
down €6,867 (-47.0%), from €14,622 to €7,755
- Gross operating margin +€28,246
up €28,246 (+12.7%), from €222,462 to €250,709
- Staff costs +€10,351
up €10,351 (+7.9%), from €131,052 to €141,403
- Financial charges +€4,766
up €4,766 (+58.0%), from €8,222 to €12,988
- Depreciation +€4,132
up €4,132 (+47.2%), from €8,750 to €12,882
- Taxes +€3,539
up €3,539 (+20.0%), from €17,654 to €21,193
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €428,810 | €474,385 | +€45,575 | +10.6% |
| Fixed assets | 21/28 | €264,501 | €299,203 | +€34,702 | +13.1% |
| Tangible fixed assets | 22/27 | €261,578 | €296,280 | +€34,702 | +13.3% |
| Land and buildings | 22 | €255,174 | €249,356 | -€5,819 | -2.3% |
| Plant, machinery and equipment | 23 | €4,525 | €2,874 | -€1,651 | -36.5% |
| Furniture and vehicles | 24 | €1,879 | €1,053 | -€826 | -44.0% |
| Other tangible fixed assets | 26 | - | €42,998 | +€42,998 | |
| Financial fixed assets | 28 | €2,923 | €2,923 | = | 0.0% |
| Current assets | 29/58 | €164,309 | €175,183 | +€10,873 | +6.6% |
| Stocks and contracts in progress | 3 | €2,222 | €2,479 | +€257 | +11.6% |
| Stocks | 30/36 | €2,222 | €2,479 | +€257 | +11.6% |
| Amounts receivable within one year | 40/41 | €48,699 | €17,115 | -€31,584 | -64.9% |
| Other amounts receivable | 41 | €48,699 | €17,115 | -€31,584 | -64.9% |
| Cash at bank and in hand | 54/58 | €110,084 | €153,931 | +€43,848 | +39.8% |
| Deferred charges and accrued income | 490/1 | €3,304 | €1,657 | -€1,647 | -49.8% |
| Total equity and liabilities | 10/49 | €428,810 | €474,385 | +€45,575 | +10.6% |
| Equity | 10/15 | €162,471 | €174,525 | +€12,054 | +7.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €143,871 | €155,925 | +€12,054 | +8.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,703 | €15,703 | = | 0.0% |
| Distributable reserves | 133 | €126,308 | €138,362 | +€12,054 | +9.5% |
| Amounts payable | 17/49 | €266,339 | €299,860 | +€33,521 | +12.6% |
| Amounts payable after more than one year | 17 | €151,893 | €220,714 | +€68,820 | +45.3% |
| Financial debts | 170/4 | €111,444 | €134,362 | +€22,918 | +20.6% |
| Other amounts payable | 178/9 | €40,450 | €86,352 | +€45,902 | +113% |
| Amounts payable within one year | 42/48 | €113,141 | €77,775 | -€35,366 | -31.3% |
| Current portion of amounts payable after more than one year | 42 | €11,409 | €15,998 | +€4,589 | +40.2% |
| Trade debts | 44 | €14,622 | €7,755 | -€6,867 | -47.0% |
| Suppliers | 440/4 | €14,622 | €7,755 | -€6,867 | -47.0% |
| Taxes, remuneration and social security | 45 | €57,110 | €54,022 | -€3,088 | -5.4% |
| Taxes | 450/3 | €42,274 | €42,656 | +€382 | +0.9% |
| Remuneration and social security | 454/9 | €14,836 | €11,366 | -€3,470 | -23.4% |
| Other amounts payable | 47/48 | €30,000 | - | -€30,000 | |
| Accrued charges and deferred income | 492/3 | €1,305 | €1,371 | +€67 | +5.1% |
| Remuneration, social security and pensions | 62 | €131,052 | €141,403 | +€10,351 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,750 | €12,882 | +€4,132 | +47.2% |
| Other operating charges | 640/8 | €1,126 | €2,368 | +€1,242 | +110% |
| Gross operating margin | 9900 | €222,462 | €250,709 | +€28,246 | +12.7% |
| Operating profit (loss) | 9901 | €81,534 | €94,056 | +€12,522 | +15.4% |
| Financial income | 75/76B | €877 | €2,293 | +€1,416 | +161% |
| Recurring financial income | 75 | €877 | €2,293 | +€1,416 | +161% |
| Financial charges | 65/66B | €8,222 | €12,988 | +€4,766 | +58.0% |
| Recurring financial charges | 65 | €8,222 | €12,988 | +€4,766 | +58.0% |
| Profit (loss) for the period before taxes | 9903 | €74,189 | €83,361 | +€9,172 | +12.4% |
| Income taxes | 67/77 | €17,654 | €21,193 | +€3,539 | +20.0% |
| Profit (loss) for the period | 9904 | €56,535 | €62,167 | +€5,633 | +10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €56,535 | €62,167 | +€5,633 | +10.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.