CREDENCE TRUST: 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.
CREDENCE TRUST
Largest movements
- Cash -€185,811
down €185,811 (-42.1%), from €440,874 to €255,063
mainly Investment in fixed assets (net) (-€270,816) and Current investments (-€89,226)
- Current investments +€89,226
up €89,226 (+7.5%), from €1.2m to €1.3m
- Tangible fixed assets +€76,998
up €76,998 (+2.3%), from €3.3m to €3.4m
of which Plant, machinery and equipment: +€196,330
No liability line moved by more than 1% of the balance sheet total.
- Financial charges -€203,581
down €203,581 (-96.1%), from €211,801 to €8,220
- Gross operating margin +€128,846
up €128,846 (+119.1%), from €108,159 to €237,005
- Financial income -€54,173
down €54,173 (-80.5%), from €67,302 to €13,129
- Write-downs +€38,161
new in 2025: €38,161
- Depreciation +€33,744
up €33,744 (+18.1%), from €186,434 to €220,178
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 | €5,110,284 | €5,027,176 | -€83,108 | -1.6% |
| Formation expenses | 20 | €56,590 | €30,230 | -€26,360 | -46.6% |
| Fixed assets | 21/28 | €3,326,206 | €3,403,204 | +€76,998 | +2.3% |
| Tangible fixed assets | 22/27 | €3,319,718 | €3,396,716 | +€76,998 | +2.3% |
| Land and buildings | 22 | €1,377,394 | €1,296,369 | -€81,025 | -5.9% |
| Plant, machinery and equipment | 23 | €1,791,401 | €1,987,731 | +€196,330 | +11.0% |
| Furniture and vehicles | 24 | €92,287 | €53,980 | -€38,307 | -41.5% |
| Assets under construction and advance payments | 27 | €58,636 | €58,636 | = | 0.0% |
| Financial fixed assets | 28 | €6,488 | €6,488 | = | 0.0% |
| Current assets | 29/58 | €1,727,488 | €1,593,742 | -€133,746 | -7.7% |
| Amounts receivable within one year | 40/41 | €94,440 | €57,279 | -€37,161 | -39.3% |
| Trade receivables | 40 | €19,506 | €12,214 | -€7,292 | -37.4% |
| Other amounts receivable | 41 | €74,934 | €45,065 | -€29,869 | -39.9% |
| Current investments | 50/53 | €1,192,174 | €1,281,400 | +€89,226 | +7.5% |
| Cash at bank and in hand | 54/58 | €440,874 | €255,063 | -€185,811 | -42.1% |
| Total equity and liabilities | 10/49 | €5,110,284 | €5,027,176 | -€83,108 | -1.6% |
| Equity | 10/15 | €4,403,795 | €4,360,859 | -€42,936 | -1.0% |
| Contributions | 10/11 | €4,600,000 | €4,600,000 | = | 0.0% |
| Capital | 10 | €4,600,000 | €4,600,000 | = | 0.0% |
| Issued capital | 100 | €4,600,000 | €4,600,000 | = | 0.0% |
| Reserves | 13 | €103,105 | €103,105 | = | 0.0% |
| Non-distributable reserves | 130/1 | €67,633 | €67,633 | = | 0.0% |
| Legal reserve | 130 | €67,616 | €67,616 | = | 0.0% |
| Reserves not available under the articles | 1311 | €17 | €17 | = | 0.0% |
| Distributable reserves | 133 | €35,472 | €35,472 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€299,310 | -€342,246 | -€42,936 | -14.3% |
| Amounts payable | 17/49 | €706,489 | €666,317 | -€40,172 | -5.7% |
| Amounts payable within one year | 42/48 | €706,489 | €666,317 | -€40,172 | -5.7% |
| Current portion of amounts payable after more than one year | 42 | €58 | - | -€58 | |
| Financial debts | 43 | €670,036 | €631,855 | -€38,181 | -5.7% |
| Credit institutions | 430/8 | €670,036 | €631,855 | -€38,181 | -5.7% |
| Trade debts | 44 | €7,522 | €6,139 | -€1,383 | -18.4% |
| Suppliers | 440/4 | €7,522 | €6,139 | -€1,383 | -18.4% |
| Advances received on contracts in progress | 46 | €250 | €250 | = | 0.0% |
| Taxes, remuneration and social security | 45 | - | €3,460 | +€3,460 | |
| Taxes | 450/3 | - | €3,460 | +€3,460 | |
| Other amounts payable | 47/48 | €28,623 | €24,613 | -€4,010 | -14.0% |
| Non-recurring operating income | 76A | €39,978 | - | -€39,978 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €186,434 | €220,178 | +€33,744 | +18.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €38,161 | +€38,161 | |
| Other operating charges | 640/8 | €22,368 | €23,051 | +€683 | +3.1% |
| Gross operating margin | 9900 | €108,159 | €237,005 | +€128,846 | +119.1% |
| Operating profit (loss) | 9901 | -€100,643 | -€44,385 | +€56,258 | +55.9% |
| Financial income | 75/76B | €67,302 | €13,129 | -€54,173 | -80.5% |
| Recurring financial income | 75 | €67,302 | €13,129 | -€54,173 | -80.5% |
| Financial charges | 65/66B | €211,801 | €8,220 | -€203,581 | -96.1% |
| Recurring financial charges | 65 | €211,801 | €8,220 | -€203,581 | -96.1% |
| Profit (loss) for the period before taxes | 9903 | -€245,142 | -€39,476 | +€205,666 | +83.9% |
| Income taxes | 67/77 | €1,077 | €3,460 | +€2,383 | +221.3% |
| Profit (loss) for the period | 9904 | -€246,219 | -€42,936 | +€203,283 | +82.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€246,219 | -€42,936 | +€203,283 | +82.6% |
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 11 October 2026 via checked.be.