CREFINAM: 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.
CREFINAM
Largest movements
- Cash -€448,709
down €448,709 (-75.0%), from €598,544 to €149,835
mainly Investment in fixed assets (net) (-€250,759) and Other debts (-€146,875)
- Tangible fixed assets +€148,495
up €148,495 (+7.8%), from €1.9m to €2.1m
of which Other tangible fixed assets: +€85,360
- Other debts -€146,875
down €146,875 (-18.8%), from €781,998 to €635,123
- Profit (loss) carried forward -€65,858
down €65,858 (-35.2%), from €187,340 to €121,482
- Reserves -€38,102
down €38,102 (-3.8%), from €1.0m to €977,859
of which Tax-exempt reserves: -€38,102
- Trade debts -€30,360
down €30,360 (-81.6%), from €37,225 to €6,865
- Gross operating margin -€798,856
down €798,856, from €780,135 to -€18,721
- Purchases and services -€16,970
down €16,970 (-22.3%), from €75,959 to €58,989
- Turnover +€15,773
up €15,773 (+64.4%), from €24,494 to €40,267
- Financial charges -€8,420
down €8,420 (-58.8%), from €14,308 to €5,888
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 | €2,681,906 | €2,393,999 | -€287,907 | -10.7% |
| Fixed assets | 21/28 | €1,902,729 | €2,069,351 | +€166,622 | +8.8% |
| Tangible fixed assets | 22/27 | €1,902,729 | €2,051,224 | +€148,495 | +7.8% |
| Land and buildings | 22 | €1,883,269 | €1,956,134 | +€72,865 | +3.9% |
| Furniture and vehicles | 24 | €19,460 | €9,730 | -€9,730 | -50.0% |
| Other tangible fixed assets | 26 | - | €85,360 | +€85,360 | |
| Financial fixed assets | 28 | - | €18,127 | +€18,127 | |
| Current assets | 29/58 | €779,177 | €324,648 | -€454,529 | -58.3% |
| Amounts receivable within one year | 40/41 | €180,633 | €174,813 | -€5,820 | -3.2% |
| Trade receivables | 40 | €176,725 | €174,813 | -€1,912 | -1.1% |
| Other amounts receivable | 41 | €3,908 | - | -€3,908 | |
| Cash at bank and in hand | 54/58 | €598,544 | €149,835 | -€448,709 | -75.0% |
| Total equity and liabilities | 10/49 | €2,681,906 | €2,393,999 | -€287,907 | -10.7% |
| Equity | 10/15 | €1,288,515 | €1,184,555 | -€103,960 | -8.1% |
| Contributions | 10/11 | €85,214 | €85,214 | = | 0.0% |
| Capital | 10 | €85,214 | €85,214 | = | 0.0% |
| Issued capital | 100 | €85,214 | €85,214 | = | 0.0% |
| Reserves | 13 | €1,015,961 | €977,859 | -€38,102 | -3.8% |
| Non-distributable reserves | 130/1 | €29,246 | €29,246 | = | 0.0% |
| Legal reserve | 130 | €29,246 | €29,246 | = | 0.0% |
| Tax-exempt reserves | 132 | €986,715 | €948,613 | -€38,102 | -3.9% |
| Profit (loss) carried forward | 14 | €187,340 | €121,482 | -€65,858 | -35.2% |
| Provisions and deferred taxes | 16 | €390,868 | €375,272 | -€15,596 | -4.0% |
| Deferred taxes | 168 | €390,868 | €375,272 | -€15,596 | -4.0% |
| Amounts payable | 17/49 | €1,002,523 | €834,172 | -€168,351 | -16.8% |
| Amounts payable after more than one year | 17 | €166,979 | €171,774 | +€4,795 | +2.9% |
| Financial debts | 170/4 | €166,979 | €171,774 | +€4,795 | +2.9% |
| Amounts payable within one year | 42/48 | €835,544 | €641,988 | -€193,556 | -23.2% |
| Current portion of amounts payable after more than one year | 42 | €16,054 | - | -€16,054 | |
| Trade debts | 44 | €37,225 | €6,865 | -€30,360 | -81.6% |
| Suppliers | 440/4 | €37,225 | €6,865 | -€30,360 | -81.6% |
| Taxes, remuneration and social security | 45 | €267 | - | -€267 | |
| Taxes | 450/3 | €267 | - | -€267 | |
| Other amounts payable | 47/48 | €781,998 | €635,123 | -€146,875 | -18.8% |
| Accrued charges and deferred income | 492/3 | - | €20,410 | +€20,410 | |
| Turnover | 70 | €24,494 | €40,267 | +€15,773 | +64.4% |
| Non-recurring operating income | 76A | €831,600 | - | -€831,600 | |
| Goods, raw materials, services and sundry goods | 60/61 | €75,959 | €58,989 | -€16,970 | -22.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,464 | €84,137 | +€673 | +0.8% |
| Other operating charges | 640/8 | €15,335 | €10,838 | -€4,497 | -29.3% |
| Gross operating margin | 9900 | €780,135 | -€18,721 | -€798,856 | |
| Operating profit (loss) | 9901 | €681,336 | -€113,696 | -€795,032 | |
| Financial charges | 65/66B | €14,308 | €5,888 | -€8,420 | -58.8% |
| Recurring financial charges | 65 | €14,308 | €5,888 | -€8,420 | -58.8% |
| Profit (loss) for the period before taxes | 9903 | €667,028 | -€119,584 | -€786,612 | |
| Transfer from deferred taxes | 780 | €15,596 | €15,596 | = | 0.0% |
| Transfer to deferred taxes | 680 | €202,900 | - | -€202,900 | |
| Income taxes | 67/77 | €267 | -€28 | -€295 | |
| Profit (loss) for the period | 9904 | €479,457 | -€103,960 | -€583,417 | |
| Transfer from tax-exempt reserves | 789 | €38,101 | €38,102 | +€1 | 0.0% |
| Transfer to tax-exempt reserves | 689 | €628,800 | - | -€628,800 | |
| Profit (loss) for the period to be appropriated | 9905 | -€111,242 | -€65,858 | +€45,384 | +40.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.