CREDES: 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.
CREDES
Largest movements
- Tangible fixed assets -€20,456
down €20,456 (-7.5%), from €272,184 to €251,728
- Cash +€5,807
up €5,807 (+14.2%), from €40,960 to €46,767
mainly Depreciation (+€20,456) and Net result for the year (+€18,120)
- Debts after one year -€30,000
down €30,000 (-28.6%), from €105,000 to €75,000
- Profit (loss) carried forward +€18,120
up €18,120 (+61.3%), from €29,582 to €47,702
- Gross operating margin +€6,917
up €6,917 (+17.0%), from €40,627 to €47,544
- Depreciation -€3,793
down €3,793 (-15.6%), from €24,249 to €20,456
- Taxes -€1,733
down €1,733, from €1,544 to -€189
- Financial charges -€1,178
down €1,178 (-21.1%), from €5,595 to €4,417
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 | €317,917 | €304,640 | -€13,277 | -4.2% |
| Fixed assets | 21/28 | €272,184 | €251,728 | -€20,456 | -7.5% |
| Tangible fixed assets | 22/27 | €272,184 | €251,728 | -€20,456 | -7.5% |
| Land and buildings | 22 | €272,184 | €251,728 | -€20,456 | -7.5% |
| Current assets | 29/58 | €45,733 | €52,912 | +€7,179 | +15.7% |
| Amounts receivable within one year | 40/41 | €4,773 | €6,145 | +€1,372 | +28.7% |
| Trade receivables | 40 | €1,645 | - | -€1,645 | |
| Other amounts receivable | 41 | €3,128 | €6,145 | +€3,017 | +96.5% |
| Cash at bank and in hand | 54/58 | €40,960 | €46,767 | +€5,807 | +14.2% |
| Total equity and liabilities | 10/49 | €317,917 | €304,640 | -€13,277 | -4.2% |
| Equity | 10/15 | €160,853 | €178,973 | +€18,120 | +11.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €112,679 | €112,679 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €110,820 | €110,820 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,582 | €47,702 | +€18,120 | +61.3% |
| Amounts payable | 17/49 | €157,064 | €125,667 | -€31,397 | -20.0% |
| Amounts payable after more than one year | 17 | €105,000 | €75,000 | -€30,000 | -28.6% |
| Financial debts | 170/4 | €105,000 | €75,000 | -€30,000 | -28.6% |
| Amounts payable within one year | 42/48 | €52,064 | €50,667 | -€1,397 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €30,000 | €30,000 | = | 0.0% |
| Trade debts | 44 | €15,588 | €15,050 | -€538 | -3.5% |
| Suppliers | 440/4 | €15,588 | €15,050 | -€538 | -3.5% |
| Taxes, remuneration and social security | 45 | €731 | €1,831 | +€1,100 | +150.5% |
| Taxes | 450/3 | €731 | €1,831 | +€1,100 | +150.5% |
| Other amounts payable | 47/48 | €5,745 | €3,786 | -€1,959 | -34.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,249 | €20,456 | -€3,793 | -15.6% |
| Other operating charges | 640/8 | €4,606 | €4,750 | +€144 | +3.1% |
| Gross operating margin | 9900 | €40,627 | €47,544 | +€6,917 | +17.0% |
| Operating profit (loss) | 9901 | €11,772 | €22,338 | +€10,566 | +89.8% |
| Financial income | 75/76B | - | €10 | +€10 | |
| Recurring financial income | 75 | - | €10 | +€10 | |
| Financial charges | 65/66B | €5,595 | €4,417 | -€1,178 | -21.1% |
| Recurring financial charges | 65 | €5,595 | €4,417 | -€1,178 | -21.1% |
| Profit (loss) for the period before taxes | 9903 | €6,177 | €17,931 | +€11,754 | +190.3% |
| Income taxes | 67/77 | €1,544 | -€189 | -€1,733 | |
| Profit (loss) for the period | 9904 | €4,633 | €18,120 | +€13,487 | +291.1% |
| Profit (loss) for the period to be appropriated | 9905 | €4,633 | €18,120 | +€13,487 | +291.1% |
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 9 October 2026 via checked.be.