Crédal: 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.
What changed
Crédal
NACE 94.999, Other membership organisations
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€101,805
2024 · €202,416-€100,611
Equity
€49.9m
2024 · €46.5m+€3.4m
Cash
€7.4m
2024 · €2.0m+€5.4m
Balance sheet total
€74.1m
2024 · €66.3m+€7.8m
Largest movements
Assets
- Cash +€5.4m
up €5.4m (+267%), from €2.0m to €7.4m
mainly Debts after one year (+€4.5m) and Contributions, distributions and other (+€3.3m)
- Receivables after one year +€4.5m
up €4.5m (+10.5%), from €42.8m to €47.3m
- Receivables within one year -€2.2m
down €2.2m (-12.5%), from €17.7m to €15.5m
of which Trade receivables: -€1.7m
Equity and liabilities
- Debts after one year +€4.5m
up €4.5m (+36.6%), from €12.3m to €16.8m
- Contributions +€3.3m
up €3.3m (+7.4%), from €45.0m to €48.3m
Income statement
- Write-downs -€308,618
down €308,618 (-83.7%), from €368,864 to €60,246
- Financial income -€239,777
down €239,777 (-72.2%), from €332,321 to €92,544
of which Non-recurring financial income: -€216,263
- Turnover +€175,242
up €175,242 (+7.8%), from €2.3m to €2.4m
- Gross operating margin +€88,851
up €88,851 (+10.9%), from €818,704 to €907,555
- Purchases and services +€74,750
up €74,750 (+5.1%), from €1.5m to €1.5m
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.
Result 2024
€202,416
Gross operating margin
+€88,851
Staff costs
-€21,435
Depreciation
-€8,620
Write-downs
+€308,618
Other operating charges
-€14,049
Other operating items
-€238,000
Financial income
-€239,777
Financial charges
+€25,474
Taxes
-€1,673
Result 2025
€101,805
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€2.3m
Investment
-€219,736
Financing
+€7.9m
Cash 2024
€2.0m
From operations (derived)
-€2.3m
Net result for the year
+€101,805
Depreciation
+€52,066
Receivables after one year
-€4.5m
Receivables within one year
+€2.2m
Deferred charges and accrued income
+€10,856
Trade debts
-€57,871
Tax, wage and social debts
+€11,615
Other debts
-€55,686
Accrued charges and deferred income
-€72,973
Investment (derived)
-€219,736
Investment in fixed assets (net)
-€219,736
Financing
+€7.9m
Debts after one year
+€4.5m
Current portion of long-term debt
+€117,500
Short-term financial debts
-€29,998
Contributions, distributions and other
+€3.3m
Cash 2025
€7.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €66,324,345 | €74,110,878 | +€7.8m | +11.7% |
| Fixed assets | 21/28 | €3,676,070 | €3,843,740 | +€167,670 | +4.6% |
| Intangible fixed assets | 21 | €87,607 | €215,179 | +€127,572 | +146% |
| Tangible fixed assets | 22/27 | €1,281 | €788 | -€493 | -38.5% |
| Furniture and vehicles | 24 | €1,281 | €788 | -€493 | -38.5% |
| Financial fixed assets | 28 | €3,587,182 | €3,627,773 | +€40,591 | +1.1% |
| Current assets | 29/58 | €62,648,275 | €70,267,138 | +€7.6m | +12.2% |
| Amounts receivable after more than one year | 29 | €42,777,617 | €47,250,362 | +€4.5m | +10.5% |
| Trade receivables | 290 | €42,777,617 | €47,250,362 | +€4.5m | +10.5% |
| Amounts receivable within one year | 40/41 | €17,747,430 | €15,533,552 | -€2.2m | -12.5% |
| Trade receivables | 40 | €15,972,573 | €14,306,067 | -€1.7m | -10.4% |
| Other amounts receivable | 41 | €1,774,857 | €1,227,485 | -€547,372 | -30.8% |
| Cash at bank and in hand | 54/58 | €2,012,972 | €7,383,824 | +€5.4m | +267% |
| Deferred charges and accrued income | 490/1 | €110,256 | €99,400 | -€10,856 | -9.8% |
| Total equity and liabilities | 10/49 | €66,324,345 | €74,110,878 | +€7.8m | +11.7% |
| Equity | 10/15 | €46,509,651 | €49,882,568 | +€3.4m | +7.3% |
| Contributions | 10/11 | €45,004,755 | €48,336,475 | +€3.3m | +7.4% |
| Reserves | 13 | €1,039,027 | €1,039,027 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,012,500 | €1,012,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,012,500 | €1,012,500 | = | 0.0% |
| Distributable reserves | 133 | €26,527 | €26,527 | = | 0.0% |
| Profit (loss) carried forward | 14 | €465,869 | €507,066 | +€41,197 | +8.8% |
| Amounts payable | 17/49 | €19,814,694 | €24,228,310 | +€4.4m | +22.3% |
| Amounts payable after more than one year | 17 | €12,294,429 | €16,795,458 | +€4.5m | +36.6% |
| Financial debts | 170/4 | €12,294,429 | €16,795,458 | +€4.5m | +36.6% |
| Amounts payable within one year | 42/48 | €7,300,341 | €7,285,901 | -€14,440 | -0.2% |
| Current portion of amounts payable after more than one year | 42 | €1,935,000 | €2,052,500 | +€117,500 | +6.1% |
| Financial debts | 43 | €3,677,510 | €3,647,512 | -€29,998 | -0.8% |
| Other loans | 439 | €3,677,510 | €3,647,512 | -€29,998 | -0.8% |
| Trade debts | 44 | €1,040,050 | €982,179 | -€57,871 | -5.6% |
| Suppliers | 440/4 | €1,040,050 | €982,179 | -€57,871 | -5.6% |
| Taxes, remuneration and social security | 45 | €95,242 | €106,857 | +€11,615 | +12.2% |
| Taxes | 450/3 | €29,769 | €29,916 | +€147 | +0.5% |
| Remuneration and social security | 454/9 | €65,473 | €76,941 | +€11,468 | +17.5% |
| Other amounts payable | 47/48 | €552,539 | €496,853 | -€55,686 | -10.1% |
| Accrued charges and deferred income | 492/3 | €219,924 | €146,951 | -€72,973 | -33.2% |
| Turnover | 70 | €2,251,240 | €2,426,482 | +€175,242 | +7.8% |
| Non-recurring operating income | 76A | €29,627 | €17,986 | -€11,641 | -39.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,462,163 | €1,536,913 | +€74,750 | +5.1% |
| Remuneration, social security and pensions | 62 | €431,442 | €452,877 | +€21,435 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,446 | €52,066 | +€8,620 | +19.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €368,864 | €60,246 | -€308,618 | -83.7% |
| Other operating charges | 640/8 | €42,992 | €57,041 | +€14,049 | +32.7% |
| Non-recurring operating charges | 66A | €7,000 | €245,000 | +€238,000 | +3,400% |
| Gross operating margin | 9900 | €818,704 | €907,555 | +€88,851 | +10.9% |
| Operating profit (loss) | 9901 | -€75,040 | €40,325 | +€115,365 | |
| Financial income | 75/76B | €332,321 | €92,544 | -€239,777 | -72.2% |
| Recurring financial income | 75 | €115,290 | €91,776 | -€23,514 | -20.4% |
| Non-recurring financial income | 76B | €217,031 | €768 | -€216,263 | -99.6% |
| Financial charges | 65/66B | €40,012 | €14,538 | -€25,474 | -63.7% |
| Recurring financial charges | 65 | €2,403 | €2,765 | +€362 | +15.1% |
| Non-recurring financial charges | 66B | €37,609 | €11,773 | -€25,836 | -68.7% |
| Profit (loss) for the period before taxes | 9903 | €217,269 | €118,331 | -€98,938 | -45.5% |
| Income taxes | 67/77 | €14,853 | €16,526 | +€1,673 | +11.3% |
| Profit (loss) for the period | 9904 | €202,416 | €101,805 | -€100,611 | -49.7% |
| Profit (loss) for the period to be appropriated | 9905 | €202,416 | €101,805 | -€100,611 | -49.7% |
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 25 October 2026 via checked.be.