CREDEBEL: 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.
What changed
CREDEBEL
NACE 55.100, Hotels and similar accommodation
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€168,759
2024 · €100,653+€68,107
Equity
€805,804
2024 · €807,044-€1,241
Cash
€50,220
2024 · €103,682-€53,462
Balance sheet total
€9.4m
2024 · €1.2m+€8.2m
Largest movements
Assets
- Financial fixed assets +€6.9m
up €6.9m (+253069.4%), from €2,715 to €6.9m
- Receivables within one year +€2.4m
up €2.4m (+6180.3%), from €38,455 to €2.4m
of which Other amounts receivable: +€2.4m
- Tangible fixed assets -€993,168
down €993,168 (-98.8%), from €1.0m to €12,314
of which Land and buildings: -€822,776
Equity and liabilities
- Provisions +€7.1m
new in 2025: €7.1m
- Trade debts +€530,649
up €530,649 (+512.4%), from €103,557 to €634,206
- Tax, wage and social debts +€243,101
up €243,101 (+158.7%), from €153,151 to €396,252
of which Taxes: +€126,159
- Other debts +€203,472
up €203,472 (+13239.7%), from €1,537 to €205,009
- Current portion of long-term debt +€169,976
new in 2025: €169,976
Income statement
- Gross operating margin -€146,485
down €146,485 (-9.6%), from €1.5m to €1.4m
- Depreciation -€95,490
down €95,490 (-97.3%), from €98,158 to €2,668
- Staff costs +€70,057
up €70,057 (+6.4%), from €1.1m to €1.2m
- Other operating charges -€50,457
down €50,457 (-73.1%), from €68,992 to €18,535
- Taxes -€41,448
down €41,448 (-91.4%), from €45,349 to €3,902
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
€100,653
Gross operating margin
-€146,485
Staff costs
-€70,057
Depreciation
+€95,490
Other operating charges
+€50,457
Other operating items
+€100,000
Financial income
-€1,251
Financial charges
-€1,495
Taxes
+€41,448
Result 2025
€168,759
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.
From operations
+€5.7m
Investment
-€5.9m
Financing
+€94,012
Cash 2024
€103,682
From operations (derived)
+€5.7m
Net result for the year
+€168,759
Depreciation
+€2,668
Receivables within one year
-€2.4m
Provisions
+€7.1m
Trade debts
+€530,649
Tax, wage and social debts
+€243,101
Other debts
+€203,472
Accrued charges and deferred income
-€100,000
Investment (derived)
-€5.9m
Investment in fixed assets (net)
-€5.9m
Financing
+€94,012
Debts after one year
+€86,510
Current portion of long-term debt
+€169,976
Short-term financial debts
+€7,526
Contributions, distributions and other
-€170,000
Cash 2025
€50,220
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,193,240 | €9,393,251 | +€8.2m | +687.2% |
| Fixed assets | 21/28 | €1,008,196 | €6,885,028 | +€5.9m | +582.9% |
| Tangible fixed assets | 22/27 | €1,005,481 | €12,314 | -€993,168 | -98.8% |
| Land and buildings | 22 | €822,776 | €0 | -€822,776 | -100.0% |
| Plant, machinery and equipment | 23 | €177,294 | €11,330 | -€165,964 | -93.6% |
| Furniture and vehicles | 24 | €5,411 | €983 | -€4,427 | -81.8% |
| Financial fixed assets | 28 | €2,715 | €6,872,715 | +€6.9m | +253069.4% |
| Current assets | 29/58 | €185,044 | €2,508,223 | +€2.3m | +1255.5% |
| Amounts receivable after more than one year | 29 | €25,000 | €25,000 | = | 0.0% |
| Other amounts receivable | 291 | €25,000 | €25,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €12,500 | €12,500 | = | 0.0% |
| Stocks | 30/36 | €12,500 | €12,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €38,455 | €2,415,096 | +€2.4m | +6180.3% |
| Trade receivables | 40 | €34,114 | €14,197 | -€19,916 | -58.4% |
| Other amounts receivable | 41 | €4,341 | €2,400,899 | +€2.4m | +55203.2% |
| Cash at bank and in hand | 54/58 | €103,682 | €50,220 | -€53,462 | -51.6% |
| Deferred charges and accrued income | 490/1 | €5,407 | €5,407 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,193,240 | €9,393,251 | +€8.2m | +687.2% |
| Equity | 10/15 | €807,044 | €805,804 | -€1,241 | -0.2% |
| Contributions | 10/11 | €350,000 | €350,000 | = | 0.0% |
| Outside capital | 11 | €350,000 | - | -€350,000 | |
| Other | 1109/19 | €350,000 | - | -€350,000 | |
| Reserves | 13 | €10,100 | €10,100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,100 | €10,100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,100 | €10,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €446,944 | €445,704 | -€1,241 | -0.3% |
| Provisions and deferred taxes | 16 | - | €7,060,019 | +€7.1m | |
| Deferred taxes | 168 | - | €7,060,019 | +€7.1m | |
| Amounts payable | 17/49 | €386,196 | €1,527,429 | +€1.1m | +295.5% |
| Amounts payable after more than one year | 17 | - | €86,510 | +€86,510 | |
| Financial debts | 170/4 | - | €86,510 | +€86,510 | |
| Amounts payable within one year | 42/48 | €281,946 | €1,436,670 | +€1.2m | +409.6% |
| Current portion of amounts payable after more than one year | 42 | - | €169,976 | +€169,976 | |
| Financial debts | 43 | - | €7,526 | +€7,526 | |
| Credit institutions | 430/8 | - | €7,526 | +€7,526 | |
| Trade debts | 44 | €103,557 | €634,206 | +€530,649 | +512.4% |
| Suppliers | 440/4 | €103,557 | €634,206 | +€530,649 | +512.4% |
| Advances received on contracts in progress | 46 | €23,701 | €23,701 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €153,151 | €396,252 | +€243,101 | +158.7% |
| Taxes | 450/3 | €21,489 | €147,648 | +€126,159 | +587.1% |
| Remuneration and social security | 454/9 | €131,662 | €248,604 | +€116,941 | +88.8% |
| Other amounts payable | 47/48 | €1,537 | €205,009 | +€203,472 | +13239.7% |
| Accrued charges and deferred income | 492/3 | €104,250 | €4,250 | -€100,000 | -95.9% |
| Non-recurring operating income | 76A | - | €100,123 | +€100,123 | |
| Remuneration, social security and pensions | 62 | €1,101,309 | €1,171,365 | +€70,057 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,158 | €2,668 | -€95,490 | -97.3% |
| Other operating charges | 640/8 | €68,992 | €18,535 | -€50,457 | -73.1% |
| Non-recurring operating charges | 66A | €100,000 | - | -€100,000 | |
| Gross operating margin | 9900 | €1,527,703 | €1,381,218 | -€146,485 | -9.6% |
| Operating profit (loss) | 9901 | €159,245 | €188,650 | +€29,405 | +18.5% |
| Financial income | 75/76B | €1,275 | €24 | -€1,251 | -98.1% |
| Recurring financial income | 75 | €1,275 | €24 | -€1,251 | -98.1% |
| Financial charges | 65/66B | €14,518 | €16,013 | +€1,495 | +10.3% |
| Recurring financial charges | 65 | €14,518 | €16,013 | +€1,495 | +10.3% |
| Profit (loss) for the period before taxes | 9903 | €146,002 | €172,661 | +€26,659 | +18.3% |
| Income taxes | 67/77 | €45,349 | €3,902 | -€41,448 | -91.4% |
| Profit (loss) for the period | 9904 | €100,653 | €168,759 | +€68,107 | +67.7% |
| Profit (loss) for the period to be appropriated | 9905 | €100,653 | €168,759 | +€68,107 | +67.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.