CREDE: what changed
Two fiscal 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.
CREDE
Largest movements
- Cash +€224,010
up €224,010 (+27.1%), from €826,620 to €1.1m
mainly Net result for the year (+€222,182) and Depreciation (+€218,029)
- Tangible fixed assets -€218,029
down €218,029 (-4.1%), from €5.3m to €5.1m
of which Land and buildings: -€218,029
- Receivables within one year +€92,079
up €92,079 (+6.4%), from €1.4m to €1.5m
of which Other amounts receivable: +€100,000
- Profit (loss) carried forward +€222,182
up €222,182 (+66.1%), from €336,200 to €558,382
- Debts after one year -€125,903
down €125,903 (-11.3%), from €1.1m to €985,701
- Gross operating margin +€11,303
up €11,303 (+2.5%), from €459,705 to €471,008
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.
Cash bridge derived
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 | €7,541,294 | €7,639,318 | +€98,024 | +1.3% |
| Fixed assets | 21/28 | €5,272,153 | €5,054,124 | -€218,029 | -4.1% |
| Tangible fixed assets | 22/27 | €5,272,153 | €5,054,124 | -€218,029 | -4.1% |
| Land and buildings | 22 | €2,450,312 | €2,232,283 | -€218,029 | -8.9% |
| Other tangible fixed assets | 26 | €2,821,841 | €2,821,841 | = | 0.0% |
| Current assets | 29/58 | €2,269,142 | €2,585,194 | +€316,053 | +13.9% |
| Amounts receivable within one year | 40/41 | €1,442,485 | €1,534,564 | +€92,079 | +6.4% |
| Trade receivables | 40 | €13,929 | €6,008 | -€7,921 | -56.9% |
| Other amounts receivable | 41 | €1,428,556 | €1,528,556 | +€100,000 | +7.0% |
| Cash at bank and in hand | 54/58 | €826,620 | €1,050,630 | +€224,010 | +27.1% |
| Deferred charges and accrued income | 490/1 | €36 | - | -€36 | |
| Total equity and liabilities | 10/49 | €7,541,294 | €7,639,318 | +€98,024 | +1.3% |
| Equity | 10/15 | €6,302,272 | €6,524,454 | +€222,182 | +3.5% |
| Contributions | 10/11 | €693,589 | €693,589 | = | 0.0% |
| Capital | 10 | €693,589 | €693,589 | = | 0.0% |
| Issued capital | 100 | €693,589 | €693,589 | = | 0.0% |
| Revaluation surpluses | 12 | €3,434,759 | €3,434,759 | = | 0.0% |
| Reserves | 13 | €1,837,725 | €1,837,725 | = | 0.0% |
| Non-distributable reserves | 130/1 | €91,619 | €91,619 | = | 0.0% |
| Legal reserve | 130 | €69,359 | €69,359 | = | 0.0% |
| Other | 1319 | €22,260 | €22,260 | = | 0.0% |
| Tax-exempt reserves | 132 | €409,266 | €409,266 | = | 0.0% |
| Distributable reserves | 133 | €1,336,840 | €1,336,840 | = | 0.0% |
| Profit (loss) carried forward | 14 | €336,200 | €558,382 | +€222,182 | +66.1% |
| Amounts payable | 17/49 | €1,239,022 | €1,114,864 | -€124,158 | -10.0% |
| Amounts payable after more than one year | 17 | €1,111,604 | €985,701 | -€125,903 | -11.3% |
| Financial debts | 170/4 | €1,111,604 | €985,701 | -€125,903 | -11.3% |
| Amounts payable within one year | 42/48 | €127,418 | €129,163 | +€1,745 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €124,203 | €125,903 | +€1,700 | +1.4% |
| Trade debts | 44 | €3,061 | €3,073 | +€11 | +0.4% |
| Suppliers | 440/4 | €3,061 | €3,073 | +€11 | +0.4% |
| Other amounts payable | 47/48 | €154 | €187 | +€33 | +21.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €50,464 | €50,925 | +€461 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €218,029 | €218,029 | = | 0.0% |
| Non-recurring operating charges | 66A | €97 | €1 | -€96 | -98.6% |
| Gross operating margin | 9900 | €459,705 | €471,008 | +€11,303 | +2.5% |
| Operating profit (loss) | 9901 | €241,579 | €252,978 | +€11,398 | +4.7% |
| Financial charges | 65/66B | €33,779 | €30,796 | -€2,983 | -8.8% |
| Recurring financial charges | 65 | €33,779 | €30,796 | -€2,983 | -8.8% |
| Profit (loss) for the period before taxes | 9903 | €207,801 | €222,182 | +€14,381 | +6.9% |
| Profit (loss) for the period | 9904 | €207,801 | €222,182 | +€14,381 | +6.9% |
| Profit (loss) for the period to be appropriated | 9905 | €207,801 | €222,182 | +€14,381 | +6.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.