CreDo: 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.
CreDo
Largest movements
- Receivables within one year +€20,201
up €20,201, from €0 to €20,201
of which Trade receivables: +€18,328
- Tangible fixed assets -€17,700
down €17,700 (-3.4%), from €518,695 to €500,995
of which Land and buildings: -€26,258
- Stocks and contracts -€13,324
down €13,324 (-100.0%), from €13,324 to €0
- Debts after one year -€54,302
down €54,302 (-9.4%), from €578,050 to €523,748
- Advances received +€17,807
up €17,807 (+55.4%), from €32,172 to €49,979
- Reserves +€12,633
up €12,633 (+141.4%), from €8,937 to €21,571
of which Distributable reserves: +€12,633
- Tax, wage and social debts +€8,906
up €8,906 (+104.6%), from €8,514 to €17,420
of which Taxes: +€8,795
- Gross operating margin +€25,199
up €25,199 (+58.7%), from €42,936 to €68,135
- Depreciation +€8,867
up €8,867 (+41.8%), from €21,207 to €30,075
- Taxes +€6,986
up €6,986 (+987.1%), from €708 to €7,693
- Financial charges +€3,558
up €3,558 (+33.0%), from €10,765 to €14,323
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €774,759 | €760,267 | -€14,492 | -1.9% |
| Fixed assets | 21/28 | €756,445 | €738,745 | -€17,700 | -2.3% |
| Tangible fixed assets | 22/27 | €518,695 | €500,995 | -€17,700 | -3.4% |
| Land and buildings | 22 | €516,477 | €490,219 | -€26,258 | -5.1% |
| Plant, machinery and equipment | 23 | - | €3,392 | +€3,392 | |
| Furniture and vehicles | 24 | - | €5,167 | +€5,167 | |
| Other tangible fixed assets | 26 | €2,218 | €2,218 | = | 0.0% |
| Financial fixed assets | 28 | €237,750 | €237,750 | = | 0.0% |
| Current assets | 29/58 | €18,314 | €21,522 | +€3,208 | +17.5% |
| Stocks and contracts in progress | 3 | €13,324 | €0 | -€13,324 | -100.0% |
| Contracts in progress | 37 | €13,324 | €0 | -€13,324 | -100.0% |
| Amounts receivable within one year | 40/41 | €0 | €20,201 | +€20,201 | |
| Trade receivables | 40 | €0 | €18,328 | +€18,328 | |
| Other amounts receivable | 41 | - | €1,873 | +€1,873 | |
| Cash at bank and in hand | 54/58 | €2,946 | €9 | -€2,937 | -99.7% |
| Deferred charges and accrued income | 490/1 | €2,044 | €1,313 | -€731 | -35.8% |
| Total equity and liabilities | 10/49 | €774,759 | €760,267 | -€14,492 | -1.9% |
| Equity | 10/15 | €68,552 | €81,185 | +€12,633 | +18.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €8,937 | €21,571 | +€12,633 | +141.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €7,077 | €19,711 | +€12,633 | +178.5% |
| Profit (loss) carried forward | 14 | €41,014 | €41,014 | = | 0.0% |
| Amounts payable | 17/49 | €706,207 | €679,082 | -€27,125 | -3.8% |
| Amounts payable after more than one year | 17 | €578,050 | €523,748 | -€54,302 | -9.4% |
| Financial debts | 170/4 | €578,050 | €523,748 | -€54,302 | -9.4% |
| Amounts payable within one year | 42/48 | €122,193 | €149,351 | +€27,158 | +22.2% |
| Current portion of amounts payable after more than one year | 42 | €61,827 | €62,750 | +€923 | +1.5% |
| Trade debts | 44 | €13,399 | €15,421 | +€2,021 | +15.1% |
| Suppliers | 440/4 | €13,399 | €15,421 | +€2,021 | +15.1% |
| Advances received on contracts in progress | 46 | €32,172 | €49,979 | +€17,807 | +55.4% |
| Taxes, remuneration and social security | 45 | €8,514 | €17,420 | +€8,906 | +104.6% |
| Taxes | 450/3 | €7,400 | €16,195 | +€8,795 | +118.8% |
| Remuneration and social security | 454/9 | €1,114 | €1,226 | +€112 | +10.0% |
| Other amounts payable | 47/48 | €6,281 | €3,780 | -€2,501 | -39.8% |
| Accrued charges and deferred income | 492/3 | €5,965 | €5,984 | +€19 | +0.3% |
| Remuneration, social security and pensions | 62 | €1,576 | €2,174 | +€598 | +37.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,207 | €30,075 | +€8,867 | +41.8% |
| Other operating charges | 640/8 | €1,603 | €1,255 | -€348 | -21.7% |
| Gross operating margin | 9900 | €42,936 | €68,135 | +€25,199 | +58.7% |
| Operating profit (loss) | 9901 | €18,550 | €34,631 | +€16,081 | +86.7% |
| Financial income | 75/76B | €0 | €18 | +€18 | |
| Recurring financial income | 75 | €0 | €18 | +€18 | |
| Financial charges | 65/66B | €10,765 | €14,323 | +€3,558 | +33.0% |
| Recurring financial charges | 65 | €10,765 | €14,323 | +€3,558 | +33.0% |
| Profit (loss) for the period before taxes | 9903 | €7,785 | €20,327 | +€12,542 | +161.1% |
| Income taxes | 67/77 | €708 | €7,693 | +€6,986 | +987.1% |
| Profit (loss) for the period | 9904 | €7,077 | €12,633 | +€5,556 | +78.5% |
| Profit (loss) for the period to be appropriated | 9905 | €7,077 | €12,633 | +€5,556 | +78.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.