CREDAFIN: 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.
CREDAFIN
Largest movements
- Cash +€59,474
up €59,474 (+299%), from €19,918 to €79,392
mainly Accrued charges and deferred income (+€45,266) and Receivables within one year (+€40,953)
- Receivables within one year -€40,953
down €40,953 (-77.4%), from €52,911 to €11,957
of which Trade receivables: -€25,745
- Deferred charges and accrued income +€23,070
up €23,070 (+60.9%), from €37,905 to €60,975
- Accrued charges and deferred income +€45,266
up €45,266 (+125,599%), from €36 to €45,302
- Trade debts -€3,006
down €3,006 (-22.0%), from €13,658 to €10,651
- Tax, wage and social debts -€2,996
down €2,996 (-19.9%), from €15,020 to €12,024
of which Taxes: -€4,354
- Profit (loss) carried forward +€1,544
up €1,544 (+2.2%), from €70,051 to €71,594
- Gross operating margin +€2,549
up €2,549 (+6.2%), from €40,889 to €43,438
- Staff costs +€1,386
up €1,386 (+3.9%), from €35,088 to €36,474
- Other operating charges +€582
up €582 (+45.6%), from €1,275 to €1,857
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 | €113,169 | €154,031 | +€40,862 | +36.1% |
| Fixed assets | 21/28 | €2,436 | €1,707 | -€729 | -29.9% |
| Tangible fixed assets | 22/27 | €2,346 | €1,617 | -€729 | -31.1% |
| Furniture and vehicles | 24 | €2,346 | €1,617 | -€729 | -31.1% |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €110,733 | €152,323 | +€41,590 | +37.6% |
| Amounts receivable within one year | 40/41 | €52,911 | €11,957 | -€40,953 | -77.4% |
| Trade receivables | 40 | €35,669 | €9,923 | -€25,745 | -72.2% |
| Other amounts receivable | 41 | €17,242 | €2,034 | -€15,208 | -88.2% |
| Cash at bank and in hand | 54/58 | €19,918 | €79,392 | +€59,474 | +299% |
| Deferred charges and accrued income | 490/1 | €37,905 | €60,975 | +€23,070 | +60.9% |
| Total equity and liabilities | 10/49 | €113,169 | €154,031 | +€40,862 | +36.1% |
| Equity | 10/15 | €84,411 | €85,954 | +€1,544 | +1.8% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €70,051 | €71,594 | +€1,544 | +2.2% |
| Amounts payable | 17/49 | €28,759 | €68,076 | +€39,318 | +137% |
| Amounts payable within one year | 42/48 | €28,722 | €22,775 | -€5,948 | -20.7% |
| Trade debts | 44 | €13,658 | €10,651 | -€3,006 | -22.0% |
| Suppliers | 440/4 | €13,658 | €10,651 | -€3,006 | -22.0% |
| Taxes, remuneration and social security | 45 | €15,020 | €12,024 | -€2,996 | -19.9% |
| Taxes | 450/3 | €8,319 | €3,965 | -€4,354 | -52.3% |
| Remuneration and social security | 454/9 | €6,701 | €8,059 | +€1,358 | +20.3% |
| Other amounts payable | 47/48 | €45 | €99 | +€54 | +120% |
| Accrued charges and deferred income | 492/3 | €36 | €45,302 | +€45,266 | +125,599% |
| Remuneration, social security and pensions | 62 | €35,088 | €36,474 | +€1,386 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €782 | €729 | -€53 | -6.8% |
| Other operating charges | 640/8 | €1,275 | €1,857 | +€582 | +45.6% |
| Gross operating margin | 9900 | €40,889 | €43,438 | +€2,549 | +6.2% |
| Operating profit (loss) | 9901 | €3,743 | €4,378 | +€635 | +17.0% |
| Financial income | 75/76B | €19 | €3 | -€16 | -83.7% |
| Recurring financial income | 75 | €19 | €3 | -€16 | -83.7% |
| Financial charges | 65/66B | €606 | €317 | -€290 | -47.8% |
| Recurring financial charges | 65 | €314 | €317 | +€3 | +1.0% |
| Non-recurring financial charges | 66B | €293 | - | -€293 | |
| Profit (loss) for the period before taxes | 9903 | €3,156 | €4,064 | +€909 | +28.8% |
| Income taxes | 67/77 | €2,399 | €2,521 | +€122 | +5.1% |
| Profit (loss) for the period | 9904 | €757 | €1,544 | +€787 | +104% |
| Profit (loss) for the period to be appropriated | 9905 | €757 | €1,544 | +€787 | +104% |
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 28 October 2026 via checked.be.