CREDO CONSULTING: 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.
CREDO CONSULTING
Largest movements
- Tangible fixed assets +€66,810
up €66,810 (+5.0%), from €1.3m to €1.4m
of which Furniture and vehicles: +€64,348
- Receivables within one year +€30,443
up €30,443 (+21.4%), from €142,027 to €172,470
- Cash -€26,377
down €26,377 (-7.5%), from €349,634 to €323,257
mainly Contributions, distributions and other (-€452,074) and Investment in fixed assets (net) (-€95,246)
- Other debts +€364,142
up €364,142 (+91.6%), from €397,624 to €761,766
- Reserves -€303,660
down €303,660 (-30.3%), from €1.0m to €699,934
of which Distributable reserves: -€303,660
- Trade debts +€22,064
up €22,064 (+52.9%), from €41,674 to €63,737
- Staff costs -€33,227
down €33,227 (-17.8%), from €186,330 to €153,103
- Gross operating margin -€31,668
down €31,668 (-7.0%), from €449,711 to €418,042
- Taxes +€7,826
up €7,826 (+12.2%), from €64,137 to €71,963
- Financial charges -€6,534
down €6,534 (-29.3%), from €22,317 to €15,783
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,822,542 | €1,893,418 | +€70,876 | +3.9% |
| Fixed assets | 21/28 | €1,330,881 | €1,397,691 | +€66,810 | +5.0% |
| Tangible fixed assets | 22/27 | €1,330,881 | €1,397,691 | +€66,810 | +5.0% |
| Land and buildings | 22 | €1,301,405 | €1,304,460 | +€3,055 | +0.2% |
| Plant, machinery and equipment | 23 | €3,616 | €3,023 | -€594 | -16.4% |
| Furniture and vehicles | 24 | €25,860 | €90,208 | +€64,348 | +249% |
| Current assets | 29/58 | €491,662 | €495,727 | +€4,066 | +0.8% |
| Amounts receivable within one year | 40/41 | €142,027 | €172,470 | +€30,443 | +21.4% |
| Trade receivables | 40 | €142,027 | €172,470 | +€30,443 | +21.4% |
| Cash at bank and in hand | 54/58 | €349,634 | €323,257 | -€26,377 | -7.5% |
| Total equity and liabilities | 10/49 | €1,822,542 | €1,893,418 | +€70,876 | +3.9% |
| Equity | 10/15 | €1,160,714 | €857,054 | -€303,660 | -26.2% |
| Contributions | 10/11 | €157,120 | €157,120 | = | 0.0% |
| Capital | 10 | €157,120 | €157,120 | = | 0.0% |
| Issued capital | 100 | €157,120 | €157,120 | = | 0.0% |
| Reserves | 13 | €1,003,594 | €699,934 | -€303,660 | -30.3% |
| Non-distributable reserves | 130/1 | €15,712 | €15,712 | = | 0.0% |
| Legal reserve | 130 | €15,712 | €15,712 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €982,882 | €679,222 | -€303,660 | -30.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €661,829 | €1,036,364 | +€374,536 | +56.6% |
| Amounts payable after more than one year | 17 | €157,120 | €157,120 | = | 0.0% |
| Financial debts | 170/4 | €157,120 | €157,120 | = | 0.0% |
| Amounts payable within one year | 42/48 | €504,709 | €879,244 | +€374,536 | +74.2% |
| Current portion of amounts payable after more than one year | 42 | €14,452 | €4,275 | -€10,178 | -70.4% |
| Trade debts | 44 | €41,674 | €63,737 | +€22,064 | +52.9% |
| Suppliers | 440/4 | €41,674 | €63,737 | +€22,064 | +52.9% |
| Taxes, remuneration and social security | 45 | €50,959 | €49,467 | -€1,492 | -2.9% |
| Taxes | 450/3 | €32,617 | €24,421 | -€8,196 | -25.1% |
| Remuneration and social security | 454/9 | €18,342 | €25,046 | +€6,704 | +36.6% |
| Other amounts payable | 47/48 | €397,624 | €761,766 | +€364,142 | +91.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €186,330 | €153,103 | -€33,227 | -17.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,567 | €28,436 | -€1,131 | -3.8% |
| Other operating charges | 640/8 | €2,999 | €2,181 | -€817 | -27.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €449,711 | €418,042 | -€31,668 | -7.0% |
| Operating profit (loss) | 9901 | €230,814 | €234,322 | +€3,507 | +1.5% |
| Financial income | 75/76B | €767 | €1,838 | +€1,072 | +140% |
| Recurring financial income | 75 | €767 | €1,838 | +€1,072 | +140% |
| Financial charges | 65/66B | €22,317 | €15,783 | -€6,534 | -29.3% |
| Recurring financial charges | 65 | €22,317 | €15,783 | -€6,534 | -29.3% |
| Profit (loss) for the period before taxes | 9903 | €209,264 | €220,377 | +€11,113 | +5.3% |
| Income taxes | 67/77 | €64,137 | €71,963 | +€7,826 | +12.2% |
| Profit (loss) for the period | 9904 | €145,126 | €148,414 | +€3,287 | +2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €145,126 | €148,414 | +€3,287 | +2.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.