CREDOFIN: 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.
CREDOFIN
Largest movements
- Tangible fixed assets +€1.2m
up €1.2m (+475%), from €252,668 to €1.5m
of which Land and buildings: +€1.1m
- Intangible fixed assets -€82,000
down €82,000 (-21.1%), from €389,388 to €307,388
- Deferred charges and accrued income +€54,862
up €54,862 (+132%), from €41,501 to €96,363
- Debts after one year +€829,231
up €829,231 (+184%), from €451,761 to €1.3m
- Other debts +€122,730
up €122,730 (+5,359%), from €2,290 to €125,020
- Trade debts +€101,635
up €101,635 (+240%), from €42,260 to €143,895
- Tax, wage and social debts +€65,014
up €65,014 (+123%), from €52,700 to €117,713
of which Remuneration and social security: +€34,695
- Current portion of long-term debt +€52,356
up €52,356 (+69.2%), from €75,708 to €128,064
- Gross operating margin +€558,747
up €558,747 (+164%), from €341,581 to €900,328
- Staff costs +€250,786
up €250,786 (+112%), from €224,324 to €475,110
- Depreciation +€218,364
up €218,364 (+271%), from €80,460 to €298,824
- Financial charges +€26,794
up €26,794 (+240%), from €11,144 to €37,938
- Taxes -€11,279
down €11,279 (-89.6%), from €12,594 to €1,316
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 | €899,422 | €2,094,236 | +€1.2m | +133% |
| Fixed assets | 21/28 | €642,156 | €1,761,513 | +€1.1m | +174% |
| Intangible fixed assets | 21 | €389,388 | €307,388 | -€82,000 | -21.1% |
| Tangible fixed assets | 22/27 | €252,668 | €1,454,025 | +€1.2m | +475% |
| Land and buildings | 22 | €240,283 | €1,388,539 | +€1.1m | +478% |
| Plant, machinery and equipment | 23 | €4,679 | €281 | -€4,398 | -94.0% |
| Furniture and vehicles | 24 | €7,706 | €61,465 | +€53,759 | +698% |
| Other tangible fixed assets | 26 | - | €3,741 | +€3,741 | |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €257,265 | €332,723 | +€75,457 | +29.3% |
| Amounts receivable within one year | 40/41 | €127,785 | €146,427 | +€18,642 | +14.6% |
| Trade receivables | 40 | €103,208 | €65,221 | -€37,987 | -36.8% |
| Other amounts receivable | 41 | €24,577 | €81,206 | +€56,629 | +230% |
| Cash at bank and in hand | 54/58 | €87,979 | €89,933 | +€1,954 | +2.2% |
| Deferred charges and accrued income | 490/1 | €41,501 | €96,363 | +€54,862 | +132% |
| Total equity and liabilities | 10/49 | €899,422 | €2,094,236 | +€1.2m | +133% |
| Equity | 10/15 | €259,985 | €256,027 | -€3,958 | -1.5% |
| Contributions | 10/11 | €183,592 | €202,192 | +€18,600 | +10.1% |
| Reserves | 13 | €76,393 | €53,835 | -€22,558 | -29.5% |
| Non-distributable reserves | 130/1 | - | €1,860 | +€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Tax-exempt reserves | 132 | €50,349 | €43,625 | -€6,724 | -13.4% |
| Distributable reserves | 133 | €26,044 | €8,350 | -€17,694 | -67.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €14,717 | €12,476 | -€2,241 | -15.2% |
| Deferred taxes | 168 | €14,717 | €12,476 | -€2,241 | -15.2% |
| Amounts payable | 17/49 | €624,719 | €1,825,733 | +€1.2m | +192% |
| Amounts payable after more than one year | 17 | €451,761 | €1,280,992 | +€829,231 | +184% |
| Financial debts | 170/4 | €451,761 | €1,280,992 | +€829,231 | +184% |
| Amounts payable within one year | 42/48 | €172,958 | €544,741 | +€371,783 | +215% |
| Current portion of amounts payable after more than one year | 42 | €75,708 | €128,064 | +€52,356 | +69.2% |
| Financial debts | 43 | - | €30,049 | +€30,049 | |
| Credit institutions | 430/8 | - | €30,049 | +€30,049 | |
| Trade debts | 44 | €42,260 | €143,895 | +€101,635 | +240% |
| Suppliers | 440/4 | €42,260 | €143,895 | +€101,635 | +240% |
| Taxes, remuneration and social security | 45 | €52,700 | €117,713 | +€65,014 | +123% |
| Taxes | 450/3 | €13,618 | €43,937 | +€30,319 | +223% |
| Remuneration and social security | 454/9 | €39,082 | €73,777 | +€34,695 | +88.8% |
| Other amounts payable | 47/48 | €2,290 | €125,020 | +€122,730 | +5,359% |
| Remuneration, social security and pensions | 62 | €224,324 | €475,110 | +€250,786 | +112% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,460 | €298,824 | +€218,364 | +271% |
| Other operating charges | 640/8 | €2,616 | €7,255 | +€4,639 | +177% |
| Non-recurring operating charges | 66A | - | €100,000 | +€100,000 | |
| Gross operating margin | 9900 | €341,581 | €900,328 | +€558,747 | +164% |
| Operating profit (loss) | 9901 | €34,181 | €19,139 | -€15,042 | -44.0% |
| Financial income | 75/76B | €902 | €2,209 | +€1,307 | +145% |
| Recurring financial income | 75 | €902 | €2,209 | +€1,307 | +145% |
| Financial charges | 65/66B | €11,144 | €37,938 | +€26,794 | +240% |
| Recurring financial charges | 65 | €11,144 | €37,938 | +€26,794 | +240% |
| Profit (loss) for the period before taxes | 9903 | €23,939 | -€16,591 | -€40,530 | |
| Transfer from deferred taxes | 780 | €2,241 | €2,241 | = | 0.0% |
| Income taxes | 67/77 | €12,594 | €1,316 | -€11,279 | -89.6% |
| Profit (loss) for the period | 9904 | €13,587 | -€15,665 | -€29,251 | |
| Transfer from tax-exempt reserves | 789 | €6,724 | €6,724 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €20,311 | -€8,940 | -€29,251 |
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 28 October 2026 via checked.be.