CREDO HOLDING: 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
CREDO HOLDING
NACE 82.990, Other business support services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€4,919
2024 · €30,243-€35,162
Equity
€5.0m
2024 · €5.0m-€4,919
Cash
€284,984
2024 · €85,503+€199,481
Balance sheet total
€13.1m
2024 · €9.9m+€3.1m
Largest movements
Assets
- Receivables within one year +€2.9m
up €2.9m (+67.2%), from €4.3m to €7.2m
of which Other amounts receivable: +€2.1m
- Cash +€199,481
up €199,481 (+233%), from €85,503 to €284,984
mainly Other debts (+€3.3m) and Depreciation (+€112,009)
Equity and liabilities
- Other debts +€3.3m
up €3.3m (+70.3%), from €4.7m to €7.9m
- Trade debts -€130,650
down €130,650 (-49.9%), from €261,976 to €131,327
Income statement
- Turnover +€223,792
up €223,792 (+16.1%), from €1.4m to €1.6m
- Services and other goods +€98,511
up €98,511 (+9.1%), from €1.1m to €1.2m
- Depreciation +€78,254
up €78,254 (+232%), from €33,755 to €112,009
- Staff costs -€54,796
down €54,796 (-20.3%), from €270,334 to €215,538
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
€30,243
Turnover
+€223,792
Other operating income
+€4,014
Services and other goods
-€98,511
Staff costs
+€54,796
Depreciation
-€78,254
Other operating charges
+€422
Other operating items
-€156,946
Financial income
+€14,288
Financial charges
-€11,700
Taxes
+€12,935
Result 2025
-€4,919
raises the resultlowers the resultnot broken down further in the accounts
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
+€385,130
Investment
-€185,650
Financing
€0
Cash 2024
€85,503
From operations (derived)
+€385,130
Net result for the year
-€4,919
Depreciation
+€112,009
Receivables within one year
-€2.9m
Deferred charges and accrued income
+€20,993
Trade debts
-€130,650
Tax, wage and social debts
-€10,187
Other debts
+€3.3m
Investment (derived)
-€185,650
Investment in fixed assets (net)
-€185,650
Cash 2025
€284,984
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,926,584 | €13,052,430 | +€3.1m | +31.5% |
| Fixed assets | 21/28 | €5,502,433 | €5,576,074 | +€73,641 | +1.3% |
| Intangible fixed assets | 21 | €160,713 | €240,167 | +€79,454 | +49.4% |
| Tangible fixed assets | 22/27 | €34,986 | €29,173 | -€5,812 | -16.6% |
| Furniture and vehicles | 24 | €34,986 | €29,173 | -€5,812 | -16.6% |
| Financial fixed assets | 28 | €5,306,734 | €5,306,734 | = | 0.0% |
| Affiliated companies | 280/1 | €5,306,734 | €5,306,734 | = | 0.0% |
| Participating interests | 280 | €5,306,734 | €5,306,734 | = | 0.0% |
| Current assets | 29/58 | €4,424,152 | €7,476,357 | +€3.1m | +69.0% |
| Amounts receivable within one year | 40/41 | €4,278,419 | €7,152,137 | +€2.9m | +67.2% |
| Trade receivables | 40 | €142,033 | €919,764 | +€777,731 | +548% |
| Other amounts receivable | 41 | €4,136,386 | €6,232,373 | +€2.1m | +50.7% |
| Cash at bank and in hand | 54/58 | €85,503 | €284,984 | +€199,481 | +233% |
| Deferred charges and accrued income | 490/1 | €60,230 | €39,236 | -€20,993 | -34.9% |
| Total equity and liabilities | 10/49 | €9,926,584 | €13,052,430 | +€3.1m | +31.5% |
| Equity | 10/15 | €4,967,516 | €4,962,597 | -€4,919 | -0.1% |
| Contributions | 10/11 | €2,500,000 | €2,500,000 | = | 0.0% |
| Capital | 10 | €2,500,000 | €2,500,000 | = | 0.0% |
| Issued capital | 100 | €2,500,000 | €2,500,000 | = | 0.0% |
| Reserves | 13 | €2,467,516 | €2,462,597 | -€4,919 | -0.2% |
| Non-distributable reserves | 130/1 | €165,366 | €165,366 | = | 0.0% |
| Legal reserve | 130 | €165,366 | €165,366 | = | 0.0% |
| Distributable reserves | 133 | €2,302,150 | €2,297,231 | -€4,919 | -0.2% |
| Amounts payable | 17/49 | €4,959,068 | €8,089,833 | +€3.1m | +63.1% |
| Amounts payable within one year | 42/48 | €4,959,068 | €8,089,833 | +€3.1m | +63.1% |
| Trade debts | 44 | €261,976 | €131,327 | -€130,650 | -49.9% |
| Suppliers | 440/4 | €261,976 | €131,327 | -€130,650 | -49.9% |
| Taxes, remuneration and social security | 45 | €41,065 | €30,878 | -€10,187 | -24.8% |
| Taxes | 450/3 | €15,771 | €3,262 | -€12,509 | -79.3% |
| Remuneration and social security | 454/9 | €25,294 | €27,616 | +€2,322 | +9.2% |
| Other amounts payable | 47/48 | €4,656,027 | €7,927,629 | +€3.3m | +70.3% |
| Operating income | 70/76A | €1,440,180 | €1,624,426 | +€184,246 | +12.8% |
| Turnover | 70 | €1,392,863 | €1,616,656 | +€223,792 | +16.1% |
| Own construction capitalised | 72 | €43,561 | - | -€43,561 | |
| Other operating income | 74 | €3,756 | €7,770 | +€4,014 | +107% |
| Operating charges | 60/66A | €1,386,245 | €1,621,177 | +€234,932 | +16.9% |
| Services and other goods | 61 | €1,080,735 | €1,179,246 | +€98,511 | +9.1% |
| Remuneration, social security and pensions | 62 | €270,334 | €215,538 | -€54,796 | -20.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,755 | €112,009 | +€78,254 | +232% |
| Other operating charges | 640/8 | €1,420 | €998 | -€422 | -29.7% |
| Non-recurring operating charges | 66A | - | €113,385 | +€113,385 | |
| Operating profit (loss) | 9901 | €53,935 | €3,249 | -€50,686 | -94.0% |
| Financial income | 75/76B | - | €14,288 | +€14,288 | |
| Recurring financial income | 75 | - | €14,288 | +€14,288 | |
| Income from financial fixed assets | 750 | - | €14,288 | +€14,288 | |
| Financial charges | 65/66B | €10,757 | €22,456 | +€11,700 | +109% |
| Recurring financial charges | 65 | €10,757 | €22,456 | +€11,700 | +109% |
| Debt charges | 650 | €6,965 | €22,456 | +€15,491 | +222% |
| Other financial charges | 652/9 | €3,791 | - | -€3,791 | |
| Profit (loss) for the period before taxes | 9903 | €43,179 | -€4,919 | -€48,098 | |
| Income taxes | 67/77 | €12,935 | - | -€12,935 | |
| Taxes | 670/3 | €12,935 | - | -€12,935 | |
| Profit (loss) for the period | 9904 | €30,243 | -€4,919 | -€35,162 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,243 | -€4,919 | -€35,162 |
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 20 October 2026 via checked.be.