Credo Estates: 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 Estates
Largest movements
- Stocks and contracts +€2.2m
up €2.2m (+351.8%), from €612,144 to €2.8m
of which Stocks: +€2.4m
- Deferred charges and accrued income -€2.1m
down €2.1m (-80.5%), from €2.6m to €499,077
- Receivables within one year -€320,516
down €320,516 (-91.8%), from €349,245 to €28,729
of which Trade receivables: -€320,516
- Cash +€155,130
up €155,130 (+985.2%), from €15,747 to €170,876
mainly Deferred charges and accrued income (+€2.1m) and Debts after one year (+€768,000)
- Debts after one year +€768,000
up €768,000, from €0 to €768,000
- Other debts -€666,696
down €666,696 (-33.5%), from €2.0m to €1.3m
- Advances received -€210,000
down €210,000 (-100.0%), from €210,000 to €0
- Accrued charges and deferred income -€120,091
down €120,091 (-93.6%), from €128,358 to €8,267
- Short-term financial debts +€106,550
up €106,550 (+12.2%), from €869,950 to €976,500
- Other operating charges +€156,223
up €156,223 (+427.3%), from €36,559 to €192,782
- Financial charges -€149,226
down €149,226 (-79.5%), from €187,628 to €38,403
- Gross operating margin -€39,749
down €39,749 (-13.2%), from €301,993 to €262,245
- Taxes -€15,396
down €15,396 (-87.6%), from €17,582 to €2,185
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 | €3,541,717 | €3,475,328 | -€66,389 | -1.9% |
| Fixed assets | 21/28 | €9,715 | €11,248 | +€1,533 | +15.8% |
| Tangible fixed assets | 22/27 | €9,715 | €11,248 | +€1,533 | +15.8% |
| Plant, machinery and equipment | 23 | €1,199 | €329 | -€870 | -72.6% |
| Furniture and vehicles | 24 | €4,422 | €10,919 | +€6,497 | +146.9% |
| Other tangible fixed assets | 26 | €4,094 | €0 | -€4,094 | -100.0% |
| Current assets | 29/58 | €3,532,002 | €3,464,080 | -€67,922 | -1.9% |
| Stocks and contracts in progress | 3 | €612,144 | €2,765,397 | +€2.2m | +351.8% |
| Stocks | 30/36 | €400,399 | €2,765,397 | +€2.4m | +590.7% |
| Contracts in progress | 37 | €211,745 | €0 | -€211,745 | -100.0% |
| Amounts receivable within one year | 40/41 | €349,245 | €28,729 | -€320,516 | -91.8% |
| Trade receivables | 40 | €349,245 | €28,729 | -€320,516 | -91.8% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €15,747 | €170,876 | +€155,130 | +985.2% |
| Deferred charges and accrued income | 490/1 | €2,554,867 | €499,077 | -€2.1m | -80.5% |
| Total equity and liabilities | 10/49 | €3,541,717 | €3,475,328 | -€66,389 | -1.9% |
| Equity | 10/15 | €222,069 | €242,701 | +€20,633 | +9.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €212,069 | €232,701 | +€20,633 | +9.7% |
| Distributable reserves | 133 | €212,069 | €232,701 | +€20,633 | +9.7% |
| Amounts payable | 17/49 | €3,319,648 | €3,232,626 | -€87,022 | -2.6% |
| Amounts payable after more than one year | 17 | €0 | €768,000 | +€768,000 | |
| Financial debts | 170/4 | €0 | €768,000 | +€768,000 | |
| Amounts payable within one year | 42/48 | €3,191,290 | €2,456,359 | -€734,931 | -23.0% |
| Financial debts | 43 | €869,950 | €976,500 | +€106,550 | +12.2% |
| Credit institutions | 430/8 | €869,950 | €976,500 | +€106,550 | +12.2% |
| Trade debts | 44 | €93,023 | €125,666 | +€32,642 | +35.1% |
| Suppliers | 440/4 | €93,023 | €125,666 | +€32,642 | +35.1% |
| Advances received on contracts in progress | 46 | €210,000 | €0 | -€210,000 | -100.0% |
| Taxes, remuneration and social security | 45 | €29,444 | €32,017 | +€2,573 | +8.7% |
| Taxes | 450/3 | €29,444 | €32,017 | +€2,573 | +8.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,988,873 | €1,322,177 | -€666,696 | -33.5% |
| Accrued charges and deferred income | 492/3 | €128,358 | €8,267 | -€120,091 | -93.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,706 | €4,637 | -€1,069 | -18.7% |
| Other operating charges | 640/8 | €36,559 | €192,782 | +€156,223 | +427.3% |
| Non-recurring operating charges | 66A | - | €4,094 | +€4,094 | |
| Gross operating margin | 9900 | €301,993 | €262,245 | -€39,749 | -13.2% |
| Operating profit (loss) | 9901 | €259,728 | €60,732 | -€198,996 | -76.6% |
| Financial income | 75/76B | €187 | €489 | +€302 | +161.0% |
| Recurring financial income | 75 | €187 | €489 | +€302 | +161.0% |
| Financial charges | 65/66B | €187,628 | €38,403 | -€149,226 | -79.5% |
| Recurring financial charges | 65 | €187,628 | €38,403 | -€149,226 | -79.5% |
| Profit (loss) for the period before taxes | 9903 | €72,287 | €22,818 | -€49,469 | -68.4% |
| Income taxes | 67/77 | €17,582 | €2,185 | -€15,396 | -87.6% |
| Profit (loss) for the period | 9904 | €54,705 | €20,633 | -€34,072 | -62.3% |
| Profit (loss) for the period to be appropriated | 9905 | €54,705 | €20,633 | -€34,072 | -62.3% |
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 29 September 2026 via checked.be.