CREDECO: 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.
CREDECO
Largest movements
- Cash -€38,261
down €38,261 (-25.2%), from €152,109 to €113,848
mainly Investment in fixed assets (net) (-€19,421) and Trade debts (-€17,307)
- Receivables within one year -€33,934
down €33,934 (-20.4%), from €166,236 to €132,302
of which Trade receivables: -€40,895
- Deferred charges and accrued income +€11,025
up €11,025 (+568.9%), from €1,938 to €12,963
- Tangible fixed assets +€6,081
up €6,081 (+10.6%), from €57,308 to €63,389
of which Furniture and vehicles: +€10,642
- Trade debts -€17,307
down €17,307 (-18.8%), from €91,890 to €74,583
- Tax, wage and social debts -€13,783
down €13,783 (-15.7%), from €87,771 to €73,988
of which Remuneration and social security: -€8,218
- Other debts -€11,060
down €11,060 (-21.1%), from €52,410 to €41,350
- Debts after one year -€7,816
down €7,816 (-25.6%), from €30,549 to €22,733
- Current portion of long-term debt -€7,384
down €7,384 (-26.4%), from €27,958 to €20,574
- Gross operating margin -€64,243
down €64,243 (-19.1%), from €336,688 to €272,445
- Staff costs -€10,769
down €10,769 (-4.2%), from €255,037 to €244,268
- Taxes -€6,435
down €6,435 (-61.7%), from €10,434 to €3,999
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €425,359 | €370,116 | -€55,243 | -13.0% |
| Fixed assets | 21/28 | €65,276 | €68,748 | +€3,472 | +5.3% |
| Intangible fixed assets | 21 | €6,771 | €4,162 | -€2,609 | -38.5% |
| Tangible fixed assets | 22/27 | €57,308 | €63,389 | +€6,081 | +10.6% |
| Land and buildings | 22 | €4,018 | €3,853 | -€165 | -4.1% |
| Plant, machinery and equipment | 23 | €51,073 | €41,443 | -€9,630 | -18.9% |
| Furniture and vehicles | 24 | €2,217 | €12,859 | +€10,642 | +480.0% |
| Other tangible fixed assets | 26 | - | €5,234 | +€5,234 | |
| Financial fixed assets | 28 | €1,197 | €1,197 | = | 0.0% |
| Current assets | 29/58 | €360,083 | €301,368 | -€58,715 | -16.3% |
| Stocks and contracts in progress | 3 | €39,800 | €42,255 | +€2,455 | +6.2% |
| Stocks | 30/36 | €39,800 | €42,255 | +€2,455 | +6.2% |
| Amounts receivable within one year | 40/41 | €166,236 | €132,302 | -€33,934 | -20.4% |
| Trade receivables | 40 | €128,021 | €87,126 | -€40,895 | -31.9% |
| Other amounts receivable | 41 | €38,215 | €45,176 | +€6,961 | +18.2% |
| Cash at bank and in hand | 54/58 | €152,109 | €113,848 | -€38,261 | -25.2% |
| Deferred charges and accrued income | 490/1 | €1,938 | €12,963 | +€11,025 | +568.9% |
| Total equity and liabilities | 10/49 | €425,359 | €370,116 | -€55,243 | -13.0% |
| Equity | 10/15 | €134,710 | €136,870 | +€2,160 | +1.6% |
| Contributions | 10/11 | €223,300 | €223,300 | = | 0.0% |
| Reserves | 13 | €4,913 | €4,913 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,913 | €4,913 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,913 | €4,913 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€93,503 | -€91,343 | +€2,160 | +2.3% |
| Amounts payable | 17/49 | €290,649 | €233,246 | -€57,403 | -19.7% |
| Amounts payable after more than one year | 17 | €30,549 | €22,733 | -€7,816 | -25.6% |
| Financial debts | 170/4 | €30,549 | €22,733 | -€7,816 | -25.6% |
| Amounts payable within one year | 42/48 | €260,100 | €210,513 | -€49,587 | -19.1% |
| Current portion of amounts payable after more than one year | 42 | €27,958 | €20,574 | -€7,384 | -26.4% |
| Financial debts | 43 | €71 | €18 | -€53 | -74.6% |
| Credit institutions | 430/8 | €71 | €18 | -€53 | -74.6% |
| Trade debts | 44 | €91,890 | €74,583 | -€17,307 | -18.8% |
| Suppliers | 440/4 | €91,890 | €74,583 | -€17,307 | -18.8% |
| Taxes, remuneration and social security | 45 | €87,771 | €73,988 | -€13,783 | -15.7% |
| Taxes | 450/3 | €40,883 | €35,318 | -€5,565 | -13.6% |
| Remuneration and social security | 454/9 | €46,888 | €38,670 | -€8,218 | -17.5% |
| Other amounts payable | 47/48 | €52,410 | €41,350 | -€11,060 | -21.1% |
| Remuneration, social security and pensions | 62 | €255,037 | €244,268 | -€10,769 | -4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,726 | €15,949 | -€777 | -4.6% |
| Other operating charges | 640/8 | €2,273 | €3,148 | +€875 | +38.5% |
| Gross operating margin | 9900 | €336,688 | €272,445 | -€64,243 | -19.1% |
| Operating profit (loss) | 9901 | €62,652 | €9,080 | -€53,572 | -85.5% |
| Financial income | 75/76B | €6,813 | €5,359 | -€1,454 | -21.3% |
| Recurring financial income | 75 | €6,813 | €5,359 | -€1,454 | -21.3% |
| Financial charges | 65/66B | €9,649 | €8,280 | -€1,369 | -14.2% |
| Recurring financial charges | 65 | €9,649 | €8,280 | -€1,369 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €59,816 | €6,159 | -€53,657 | -89.7% |
| Income taxes | 67/77 | €10,434 | €3,999 | -€6,435 | -61.7% |
| Profit (loss) for the period | 9904 | €49,382 | €2,160 | -€47,222 | -95.6% |
| Profit (loss) for the period to be appropriated | 9905 | €49,382 | €2,160 | -€47,222 | -95.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.