Credes: 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.
Credes
Largest movements
- Cash -€89,476
down €89,476 (-64.1%), from €139,609 to €50,133
mainly Contributions, distributions and other (-€117,650) and Investment in fixed assets (net) (-€75,969)
- Tangible fixed assets +€59,096
up €59,096 (+293.5%), from €20,136 to €79,232
of which Other tangible fixed assets: +€66,990
- Receivables within one year +€29,101
up €29,101 (+18.5%), from €157,109 to €186,209
of which Other amounts receivable: +€24,536
- Intangible fixed assets -€15,000
down €15,000 (-50.0%), from €30,000 to €15,000
- Debts after one year +€78,797
up €78,797 (+246.6%), from €31,957 to €110,753
- Reserves -€69,532
down €69,532 (-30.5%), from €227,751 to €158,219
- Advances received -€30,637
down €30,637 (-94.6%), from €32,375 to €1,738
- Other debts -€8,500
down €8,500 (-100.0%), from €8,500 to €0
- Current portion of long-term debt +€8,286
up €8,286 (+28.3%), from €29,320 to €37,606
- Gross operating margin +€10,046
up €10,046 (+11.3%), from €88,648 to €98,693
- Depreciation +€5,181
up €5,181 (+19.4%), from €26,692 to €31,873
- Staff costs -€2,778
down €2,778 (-100.0%), from €2,778 to €0
- Taxes +€2,646
up €2,646 (+19.3%), from €13,723 to €16,368
- Financial income +€1,067
up €1,067 (+723.9%), from €147 to €1,214
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 | €360,504 | €341,222 | -€19,282 | -5.3% |
| Fixed assets | 21/28 | €50,136 | €94,232 | +€44,096 | +88.0% |
| Intangible fixed assets | 21 | €30,000 | €15,000 | -€15,000 | -50.0% |
| Tangible fixed assets | 22/27 | €20,136 | €79,232 | +€59,096 | +293.5% |
| Plant, machinery and equipment | 23 | €3,620 | €5,084 | +€1,464 | +40.4% |
| Furniture and vehicles | 24 | €12,061 | €2,703 | -€9,358 | -77.6% |
| Other tangible fixed assets | 26 | €4,455 | €71,444 | +€66,990 | +1503.9% |
| Current assets | 29/58 | €310,368 | €246,991 | -€63,377 | -20.4% |
| Amounts receivable within one year | 40/41 | €157,109 | €186,209 | +€29,101 | +18.5% |
| Trade receivables | 40 | €144,907 | €149,472 | +€4,565 | +3.2% |
| Other amounts receivable | 41 | €12,202 | €36,738 | +€24,536 | +201.1% |
| Cash at bank and in hand | 54/58 | €139,609 | €50,133 | -€89,476 | -64.1% |
| Deferred charges and accrued income | 490/1 | €13,650 | €10,648 | -€3,002 | -22.0% |
| Total equity and liabilities | 10/49 | €360,504 | €341,222 | -€19,282 | -5.3% |
| Equity | 10/15 | €246,301 | €176,769 | -€69,532 | -28.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €227,751 | €158,219 | -€69,532 | -30.5% |
| Distributable reserves | 133 | €227,751 | €158,219 | -€69,532 | -30.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €114,203 | €164,454 | +€50,250 | +44.0% |
| Amounts payable after more than one year | 17 | €31,957 | €110,753 | +€78,797 | +246.6% |
| Financial debts | 170/4 | €31,957 | €110,753 | +€78,797 | +246.6% |
| Amounts payable within one year | 42/48 | €82,247 | €53,701 | -€28,546 | -34.7% |
| Current portion of amounts payable after more than one year | 42 | €29,320 | €37,606 | +€8,286 | +28.3% |
| Trade debts | 44 | €5,236 | €5,285 | +€50 | +0.9% |
| Suppliers | 440/4 | €5,236 | €5,285 | +€50 | +0.9% |
| Advances received on contracts in progress | 46 | €32,375 | €1,738 | -€30,637 | -94.6% |
| Taxes, remuneration and social security | 45 | €6,816 | €9,072 | +€2,256 | +33.1% |
| Taxes | 450/3 | €4,734 | €6,989 | +€2,256 | +47.6% |
| Remuneration and social security | 454/9 | €2,083 | €2,083 | = | 0.0% |
| Other amounts payable | 47/48 | €8,500 | €0 | -€8,500 | -100.0% |
| Remuneration, social security and pensions | 62 | €2,778 | €0 | -€2,778 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,692 | €31,873 | +€5,181 | +19.4% |
| Other operating charges | 640/8 | €1,359 | €1,977 | +€618 | +45.5% |
| Gross operating margin | 9900 | €88,648 | €98,693 | +€10,046 | +11.3% |
| Operating profit (loss) | 9901 | €57,819 | €64,843 | +€7,024 | +12.1% |
| Financial income | 75/76B | €147 | €1,214 | +€1,067 | +723.9% |
| Recurring financial income | 75 | €147 | €1,214 | +€1,067 | +723.9% |
| Financial charges | 65/66B | €1,259 | €1,570 | +€311 | +24.7% |
| Recurring financial charges | 65 | €1,259 | €1,570 | +€311 | +24.7% |
| Profit (loss) for the period before taxes | 9903 | €56,707 | €64,486 | +€7,780 | +13.7% |
| Income taxes | 67/77 | €13,723 | €16,368 | +€2,646 | +19.3% |
| Profit (loss) for the period | 9904 | €42,984 | €48,118 | +€5,134 | +11.9% |
| Profit (loss) for the period to be appropriated | 9905 | €42,984 | €48,118 | +€5,134 | +11.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.