CREDIM: 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.
What changed
CREDIM
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€428,779
2024 · €394,034+€34,745
Equity
€6.8m
2024 · €6.5m+€238,779
Cash
€309,149
2024 · €250,769+€58,380
Balance sheet total
€68.1m
2024 · €68.2m-€145,996
Largest movements
Assets
- Tangible fixed assets +€6.5m
up €6.5m (+13.2%), from €49.1m to €55.6m
of which Land and buildings: +€6.5m
- Stocks and contracts -€5.9m
down €5.9m (-38.1%), from €15.4m to €9.5m
- Financial fixed assets -€1.1m
down €1.1m (-92.9%), from €1.2m to €82,412
Equity and liabilities
- Current portion of long-term debt -€1.6m
down €1.6m (-36.9%), from €4.2m to €2.7m
- Debts after one year +€697,684
up €697,684 (+1.3%), from €54.9m to €55.6m
of which Advances received on contracts in progress: +€2.3m
Income statement
- Gross operating margin -€1.0m
down €1.0m (-22.4%), from €4.6m to €3.6m
- Write-downs -€1.0m
down €1.0m, from €432,859 to -€573,077
- Financial charges -€506,186
down €506,186 (-21.7%), from €2.3m to €1.8m
- Depreciation +€215,266
up €215,266 (+22.5%), from €955,725 to €1.2m
- Other operating charges +€137,692
up €137,692 (+44.4%), from €310,368 to €448,060
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.
Result 2024
€394,034
Gross operating margin
-€1.0m
Staff costs
-€44,710
Depreciation
-€215,266
Write-downs
+€1.0m
Other operating charges
-€137,692
Financial income
+€3,203
Financial charges
+€506,186
Taxes
-€53,519
Result 2025
€428,779
raises the resultlowers the result
Derived cash bridge
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.
From operations
+€7.5m
Investment
-€6.6m
Financing
-€774,897
Cash 2024
€250,769
From operations (derived)
+€7.5m
Net result for the year
+€428,779
Depreciation
+€1.2m
Stocks and contracts
+€5.9m
Receivables within one year
-€241,133
Deferred charges and accrued income
+€29,312
Provisions
-€37,180
Trade debts
+€261,708
Tax, wage and social debts
+€119,645
Other debts
+€78,204
Accrued charges and deferred income
-€222,254
Investment (derived)
-€6.6m
Investment in fixed assets (net)
-€6.6m
Financing
-€774,897
Debts after one year
+€697,684
Current portion of long-term debt
-€1.6m
Short-term financial debts
+€275,000
Contributions, distributions and other
-€190,000
Cash 2025
€309,149
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €68,221,720 | €68,075,725 | -€145,996 | -0.2% |
| Fixed assets | 21/28 | €50,274,583 | €55,733,269 | +€5.5m | +10.9% |
| Intangible fixed assets | 21 | - | €74,980 | +€74,980 | |
| Tangible fixed assets | 22/27 | €49,107,060 | €55,575,877 | +€6.5m | +13.2% |
| Land and buildings | 22 | €46,860,943 | €53,341,028 | +€6.5m | +13.8% |
| Leasing and similar rights | 25 | €2,246,117 | €2,234,848 | -€11,269 | -0.5% |
| Financial fixed assets | 28 | €1,167,523 | €82,412 | -€1.1m | -92.9% |
| Current assets | 29/58 | €17,947,137 | €12,342,456 | -€5.6m | -31.2% |
| Amounts receivable after more than one year | 29 | €1,500,000 | €1,500,000 | = | 0.0% |
| Other amounts receivable | 291 | €1,500,000 | €1,500,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €15,413,062 | €9,538,178 | -€5.9m | -38.1% |
| Stocks | 30/36 | €15,413,062 | €9,538,178 | -€5.9m | -38.1% |
| Amounts receivable within one year | 40/41 | €736,009 | €977,142 | +€241,133 | +32.8% |
| Trade receivables | 40 | €557,754 | €976,291 | +€418,537 | +75.0% |
| Other amounts receivable | 41 | €178,254 | €851 | -€177,403 | -99.5% |
| Cash at bank and in hand | 54/58 | €250,769 | €309,149 | +€58,380 | +23.3% |
| Deferred charges and accrued income | 490/1 | €47,298 | €17,987 | -€29,312 | -62.0% |
| Total equity and liabilities | 10/49 | €68,221,720 | €68,075,725 | -€145,996 | -0.2% |
| Equity | 10/15 | €6,542,993 | €6,781,772 | +€238,779 | +3.6% |
| Contributions | 10/11 | €1,872,040 | €1,872,040 | = | 0.0% |
| Capital | 10 | €1,872,040 | €1,872,040 | = | 0.0% |
| Issued capital | 100 | €1,872,040 | €1,872,040 | = | 0.0% |
| Revaluation surpluses | 12 | €260,392 | €227,843 | -€32,549 | -12.5% |
| Reserves | 13 | €4,410,561 | €4,681,889 | +€271,328 | +6.2% |
| Non-distributable reserves | 130/1 | €107,866 | €130,583 | +€22,717 | +21.1% |
| Legal reserve | 130 | €107,866 | €130,583 | +€22,717 | +21.1% |
| Tax-exempt reserves | 132 | €380,270 | €354,704 | -€25,567 | -6.7% |
| Distributable reserves | 133 | €3,922,425 | €4,196,603 | +€274,178 | +7.0% |
| Provisions and deferred taxes | 16 | €532,365 | €495,185 | -€37,180 | -7.0% |
| Deferred taxes | 168 | €532,365 | €495,185 | -€37,180 | -7.0% |
| Amounts payable | 17/49 | €61,146,362 | €60,798,767 | -€347,595 | -0.6% |
| Amounts payable after more than one year | 17 | €54,906,083 | €55,603,767 | +€697,684 | +1.3% |
| Financial debts | 170/4 | €44,090,760 | €43,947,041 | -€143,719 | -0.3% |
| Advances received on contracts in progress | 176 | €8,481,233 | €10,763,761 | +€2.3m | +26.9% |
| Other amounts payable | 178/9 | €2,334,090 | €892,966 | -€1.4m | -61.7% |
| Amounts payable within one year | 42/48 | €5,883,715 | €5,060,691 | -€823,024 | -14.0% |
| Current portion of amounts payable after more than one year | 42 | €4,218,637 | €2,661,056 | -€1.6m | -36.9% |
| Financial debts | 43 | €1,275,000 | €1,550,000 | +€275,000 | +21.6% |
| Credit institutions | 430/8 | €1,275,000 | €1,550,000 | +€275,000 | +21.6% |
| Trade debts | 44 | €45,298 | €307,005 | +€261,708 | +578% |
| Suppliers | 440/4 | €45,298 | €307,005 | +€261,708 | +578% |
| Advances received on contracts in progress | 46 | €222,420 | €222,420 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €103,418 | €223,063 | +€119,645 | +116% |
| Taxes | 450/3 | €82,443 | €196,512 | +€114,069 | +138% |
| Remuneration and social security | 454/9 | €20,976 | €26,551 | +€5,576 | +26.6% |
| Other amounts payable | 47/48 | €18,943 | €97,147 | +€78,204 | +413% |
| Accrued charges and deferred income | 492/3 | €356,563 | €134,309 | -€222,254 | -62.3% |
| Remuneration, social security and pensions | 62 | €165,340 | €210,050 | +€44,710 | +27.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €955,725 | €1,170,991 | +€215,266 | +22.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €432,859 | -€573,077 | -€1.0m | |
| Other operating charges | 640/8 | €310,368 | €448,060 | +€137,692 | +44.4% |
| Gross operating margin | 9900 | €4,599,272 | €3,569,880 | -€1.0m | -22.4% |
| Operating profit (loss) | 9901 | €2,734,981 | €2,313,856 | -€421,124 | -15.4% |
| Financial income | 75/76B | €18,905 | €22,108 | +€3,203 | +16.9% |
| Recurring financial income | 75 | €18,905 | €22,108 | +€3,203 | +16.9% |
| Financial charges | 65/66B | €2,333,318 | €1,827,132 | -€506,186 | -21.7% |
| Recurring financial charges | 65 | €2,333,318 | €1,827,132 | -€506,186 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | €420,568 | €508,833 | +€88,265 | +21.0% |
| Transfer from deferred taxes | 780 | €37,180 | €37,180 | = | 0.0% |
| Income taxes | 67/77 | €63,714 | €117,233 | +€53,519 | +84.0% |
| Profit (loss) for the period | 9904 | €394,034 | €428,779 | +€34,745 | +8.8% |
| Transfer from tax-exempt reserves | 789 | €25,567 | €25,567 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €419,600 | €454,346 | +€34,745 | +8.3% |
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 14 October 2026 via checked.be.