CREDENSIS: 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.
CREDENSIS
Largest movements
- Tangible fixed assets -€24,756
down €24,756 (-38.7%), from €64,011 to €39,255
of which Leasing and similar rights: -€15,486
- Receivables within one year +€9,269
up €9,269 (+32.6%), from €28,454 to €37,723
of which Other amounts receivable: +€5,188
- Cash +€7,203
up €7,203 (+12.9%), from €56,038 to €63,241
mainly Depreciation (+€22,911) and Net result for the year (+€15,383)
- Debts after one year -€9,952
down €9,952 (-56.3%), from €17,691 to €7,739
- Current portion of long-term debt +€2,395
up €2,395 (+18.5%), from €12,940 to €15,335
- Gross operating margin -€13,632
down €13,632 (-17.2%), from €79,483 to €65,851
- Taxes -€4,619
down €4,619 (-38.4%), from €12,034 to €7,415
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 | €203,222 | €196,051 | -€7,171 | -3.5% |
| Fixed assets | 21/28 | €64,011 | €39,255 | -€24,756 | -38.7% |
| Tangible fixed assets | 22/27 | €64,011 | €39,255 | -€24,756 | -38.7% |
| Land and buildings | 22 | €18,616 | €10,595 | -€8,020 | -43.1% |
| Furniture and vehicles | 24 | €9,215 | €7,966 | -€1,249 | -13.6% |
| Leasing and similar rights | 25 | €36,180 | €20,694 | -€15,486 | -42.8% |
| Current assets | 29/58 | €139,212 | €156,797 | +€17,585 | +12.6% |
| Amounts receivable within one year | 40/41 | €28,454 | €37,723 | +€9,269 | +32.6% |
| Trade receivables | 40 | €24,369 | €28,450 | +€4,081 | +16.7% |
| Other amounts receivable | 41 | €4,084 | €9,272 | +€5,188 | +127.0% |
| Current investments | 50/53 | €54,720 | €55,833 | +€1,113 | +2.0% |
| Cash at bank and in hand | 54/58 | €56,038 | €63,241 | +€7,203 | +12.9% |
| Total equity and liabilities | 10/49 | €203,222 | €196,051 | -€7,171 | -3.5% |
| Equity | 10/15 | €153,938 | €152,577 | -€1,360 | -0.9% |
| Reserves | 13 | €153,938 | €152,577 | -€1,360 | -0.9% |
| Tax-exempt reserves | 132 | €3,726 | €3,726 | = | 0.0% |
| Distributable reserves | 133 | €150,212 | €148,851 | -€1,360 | -0.9% |
| Amounts payable | 17/49 | €49,284 | €43,474 | -€5,810 | -11.8% |
| Amounts payable after more than one year | 17 | €17,691 | €7,739 | -€9,952 | -56.3% |
| Financial debts | 170/4 | €17,691 | €7,739 | -€9,952 | -56.3% |
| Amounts payable within one year | 42/48 | €30,499 | €34,771 | +€4,272 | +14.0% |
| Current portion of amounts payable after more than one year | 42 | €12,940 | €15,335 | +€2,395 | +18.5% |
| Trade debts | 44 | €2,518 | €3,002 | +€485 | +19.3% |
| Suppliers | 440/4 | €2,518 | €3,002 | +€485 | +19.3% |
| Taxes, remuneration and social security | 45 | €2,040 | €2,199 | +€158 | +7.8% |
| Taxes | 450/3 | €2,040 | €2,199 | +€158 | +7.8% |
| Other amounts payable | 47/48 | €13,001 | €14,234 | +€1,234 | +9.5% |
| Accrued charges and deferred income | 492/3 | €1,095 | €964 | -€131 | -11.9% |
| Remuneration, social security and pensions | 62 | €11,912 | €11,688 | -€224 | -1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,403 | €22,911 | +€508 | +2.3% |
| Other operating charges | 640/8 | €3,553 | €3,304 | -€249 | -7.0% |
| Non-recurring operating charges | 66A | - | €4,296 | +€4,296 | |
| Gross operating margin | 9900 | €79,483 | €65,851 | -€13,632 | -17.2% |
| Operating profit (loss) | 9901 | €41,614 | €23,651 | -€17,963 | -43.2% |
| Financial income | 75/76B | €1,205 | €1,595 | +€390 | +32.3% |
| Recurring financial income | 75 | €1,205 | €1,595 | +€390 | +32.3% |
| Financial charges | 65/66B | €3,067 | €2,447 | -€620 | -20.2% |
| Recurring financial charges | 65 | €3,067 | €2,447 | -€620 | -20.2% |
| Profit (loss) for the period before taxes | 9903 | €39,752 | €22,798 | -€16,954 | -42.6% |
| Income taxes | 67/77 | €12,034 | €7,415 | -€4,619 | -38.4% |
| Profit (loss) for the period | 9904 | €27,718 | €15,383 | -€12,334 | -44.5% |
| Profit (loss) for the period to be appropriated | 9905 | €27,718 | €15,383 | -€12,334 | -44.5% |
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 12 October 2026 via checked.be.