Credal: 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.
Credal
Largest movements
- Financial fixed assets -€349,850
down €349,850 (-87.4%), from €400,228 to €50,378
- Receivables within one year -€103,162
down €103,162 (-6.3%), from €1.6m to €1.5m
of which Trade receivables: -€114,549
- Intangible fixed assets -€77,609
down €77,609 (-40.3%), from €192,595 to €114,986
- Cash +€33,500
up €33,500 (+51.6%), from €64,864 to €98,364
mainly Investment in fixed assets (net) (+€383,650) and Provisions (+€150,464)
- Debts within one year -€649,446
down €649,446 (-29.1%), from €2.2m to €1.6m
- Provisions +€150,464
up €150,464 (+189%), from €79,526 to €229,990
- Turnover -€469,953
down €469,953 (-45.9%), from €1.0m to €553,515
- Gross operating margin +€308,007
up €308,007 (+24.3%), from €1.3m to €1.6m
- Staff costs +€285,885
up €285,885 (+26.1%), from €1.1m to €1.4m
- Purchases and services -€212,077
down €212,077 (-28.3%), from €749,860 to €537,783
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 | €2,332,376 | €1,821,208 | -€511,168 | -21.9% |
| Fixed assets | 21/28 | €599,769 | €166,064 | -€433,705 | -72.3% |
| Intangible fixed assets | 21 | €192,595 | €114,986 | -€77,609 | -40.3% |
| Tangible fixed assets | 22/27 | €6,946 | €700 | -€6,246 | -89.9% |
| Furniture and vehicles | 24 | €6,946 | €700 | -€6,246 | -89.9% |
| Financial fixed assets | 28 | €400,228 | €50,378 | -€349,850 | -87.4% |
| Current assets | 29/58 | €1,732,607 | €1,655,144 | -€77,463 | -4.5% |
| Amounts receivable within one year | 40/41 | €1,648,043 | €1,544,881 | -€103,162 | -6.3% |
| Trade receivables | 40 | €983,651 | €869,102 | -€114,549 | -11.6% |
| Other amounts receivable | 41 | €664,392 | €675,779 | +€11,387 | +1.7% |
| Cash at bank and in hand | 54/58 | €64,864 | €98,364 | +€33,500 | +51.6% |
| Deferred charges and accrued income | 490/1 | €19,700 | €11,899 | -€7,801 | -39.6% |
| Total equity and liabilities | 10/49 | €2,332,376 | €1,821,208 | -€511,168 | -21.9% |
| Equity | 10/15 | €16,710 | €4,416 | -€12,294 | -73.6% |
| Contributions | 10/11 | €365,337 | €365,337 | = | 0.0% |
| Capital | 10 | €365,337 | €365,337 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€348,627 | -€360,921 | -€12,294 | -3.5% |
| Provisions and deferred taxes | 16 | €79,526 | €229,990 | +€150,464 | +189% |
| Provisions for liabilities and charges | 160/5 | €79,526 | €229,990 | +€150,464 | +189% |
| Other liabilities and charges | 164/5 | €79,526 | €229,990 | +€150,464 | +189% |
| Amounts payable | 17/49 | €2,236,140 | €1,586,802 | -€649,338 | -29.0% |
| Amounts payable within one year | 42/48 | €2,233,579 | €1,584,133 | -€649,446 | -29.1% |
| Trade debts | 44 | €321,311 | €209,273 | -€112,038 | -34.9% |
| Suppliers | 440/4 | €321,311 | €209,273 | -€112,038 | -34.9% |
| Taxes, remuneration and social security | 45 | €214,754 | €270,544 | +€55,790 | +26.0% |
| Taxes | 450/3 | €34,110 | €43,252 | +€9,142 | +26.8% |
| Remuneration and social security | 454/9 | €180,644 | €227,292 | +€46,648 | +25.8% |
| Accrued charges and deferred income | 492/3 | €2,561 | €2,669 | +€108 | +4.2% |
| Turnover | 70 | €1,023,468 | €553,515 | -€469,953 | -45.9% |
| Membership fees, donations, legacies and grants | 73 | €992,185 | €1,067,134 | +€74,949 | +7.6% |
| Non-recurring operating income | 76A | €160 | €110,181 | +€110,021 | +68,763% |
| Goods, raw materials, services and sundry goods | 60/61 | €749,860 | €537,783 | -€212,077 | -28.3% |
| Remuneration, social security and pensions | 62 | €1,096,072 | €1,381,957 | +€285,885 | +26.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,544 | €50,055 | +€1,511 | +3.1% |
| Other operating charges | 640/8 | €15,212 | - | -€15,212 | |
| Non-recurring operating charges | 66A | €307 | €3,582 | +€3,275 | +1,067% |
| Gross operating margin | 9900 | €1,265,953 | €1,573,960 | +€308,007 | +24.3% |
| Operating profit (loss) | 9901 | €64,916 | -€12,099 | -€77,015 | |
| Financial income | 75/76B | €3 | €192 | +€189 | +6,300% |
| Recurring financial income | 75 | €3 | €76 | +€73 | +2,433% |
| Non-recurring financial income | 76B | - | €116 | +€116 | |
| Financial charges | 65/66B | €876 | €387 | -€489 | -55.8% |
| Recurring financial charges | 65 | €876 | €387 | -€489 | -55.8% |
| Profit (loss) for the period before taxes | 9903 | €64,043 | -€12,294 | -€76,337 | |
| Profit (loss) for the period | 9904 | €64,043 | -€12,294 | -€76,337 | |
| Profit (loss) for the period to be appropriated | 9905 | €64,043 | -€12,294 | -€76,337 |
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 15 October 2026 via checked.be.