CREDS: 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.
CREDS
Largest movements
- Cash +€50,857
up €50,857 (+106%), from €48,176 to €99,033
mainly Net result for the year (+€116,460) and Other debts (+€46,152)
- Tangible fixed assets -€17,976
down €17,976 (-34.2%), from €52,516 to €34,540
of which Furniture and vehicles: -€16,044
- Other debts +€46,152
up €46,152 (+64.7%), from €71,320 to €117,472
- Debts after one year -€14,121
down €14,121 (-85.7%), from €16,481 to €2,360
- Financial income +€58,013
up €58,013 (+101%), from €57,203 to €115,216
- Gross operating margin -€22,622
down €22,622 (-48.6%), from €46,557 to €23,935
- Staff costs -€4,948
down €4,948 (-80.1%), from €6,177 to €1,228
- Taxes -€4,771
down €4,771 (-75.8%), from €6,298 to €1,526
- Depreciation +€1,274
up €1,274 (+7.0%), from €18,302 to €19,575
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 | €227,581 | €261,934 | +€34,352 | +15.1% |
| Fixed assets | 21/28 | €175,916 | €157,940 | -€17,976 | -10.2% |
| Tangible fixed assets | 22/27 | €52,516 | €34,540 | -€17,976 | -34.2% |
| Plant, machinery and equipment | 23 | €12,890 | €10,958 | -€1,932 | -15.0% |
| Furniture and vehicles | 24 | €39,627 | €23,582 | -€16,044 | -40.5% |
| Financial fixed assets | 28 | €123,400 | €123,400 | = | 0.0% |
| Current assets | 29/58 | €51,665 | €103,993 | +€52,328 | +101% |
| Amounts receivable within one year | 40/41 | €3,489 | €4,961 | +€1,471 | +42.2% |
| Other amounts receivable | 41 | €3,489 | €4,961 | +€1,471 | +42.2% |
| Cash at bank and in hand | 54/58 | €48,176 | €99,033 | +€50,857 | +106% |
| Total equity and liabilities | 10/49 | €227,581 | €261,934 | +€34,352 | +15.1% |
| Equity | 10/15 | €125,014 | €124,474 | -€540 | -0.4% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €119,014 | €118,474 | -€540 | -0.5% |
| Distributable reserves | 133 | €119,014 | €118,474 | -€540 | -0.5% |
| Amounts payable | 17/49 | €102,567 | €137,459 | +€34,892 | +34.0% |
| Amounts payable after more than one year | 17 | €16,481 | €2,360 | -€14,121 | -85.7% |
| Financial debts | 170/4 | €16,481 | €2,360 | -€14,121 | -85.7% |
| Amounts payable within one year | 42/48 | €86,087 | €135,100 | +€49,013 | +56.9% |
| Current portion of amounts payable after more than one year | 42 | €14,055 | €14,121 | +€66 | +0.5% |
| Trade debts | 44 | €712 | €2,046 | +€1,333 | +187% |
| Suppliers | 440/4 | €712 | €2,046 | +€1,333 | +187% |
| Taxes, remuneration and social security | 45 | - | €1,461 | +€1,461 | |
| Taxes | 450/3 | - | €1,461 | +€1,461 | |
| Other amounts payable | 47/48 | €71,320 | €117,472 | +€46,152 | +64.7% |
| Remuneration, social security and pensions | 62 | €6,177 | €1,228 | -€4,948 | -80.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,302 | €19,575 | +€1,274 | +7.0% |
| Other operating charges | 640/8 | €1,372 | €164 | -€1,208 | -88.0% |
| Gross operating margin | 9900 | €46,557 | €23,935 | -€22,622 | -48.6% |
| Operating profit (loss) | 9901 | €20,707 | €2,967 | -€17,739 | -85.7% |
| Financial income | 75/76B | €57,203 | €115,216 | +€58,013 | +101% |
| Recurring financial income | 75 | €57,203 | €115,216 | +€58,013 | +101% |
| Financial charges | 65/66B | €279 | €198 | -€82 | -29.2% |
| Recurring financial charges | 65 | €279 | €198 | -€82 | -29.2% |
| Profit (loss) for the period before taxes | 9903 | €77,630 | €117,986 | +€40,356 | +52.0% |
| Income taxes | 67/77 | €6,298 | €1,526 | -€4,771 | -75.8% |
| Profit (loss) for the period | 9904 | €71,333 | €116,460 | +€45,127 | +63.3% |
| Profit (loss) for the period to be appropriated | 9905 | €71,333 | €116,460 | +€45,127 | +63.3% |
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 14 October 2026 via checked.be.