CREFINET: 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.
CREFINET
Largest movements
- Financial fixed assets -€204,000
no longer reported in 2025 (was €204,000)
- Tangible fixed assets -€52,471
down €52,471 (-4.7%), from €1.1m to €1.1m
of which Land and buildings: -€40,503
- Receivables within one year +€29,216
up €29,216 (+102.6%), from €28,483 to €57,698
- Profit (loss) carried forward -€91,085
down €91,085 (-63.2%), from -€144,011 to -€235,096
- Other debts -€65,682
down €65,682 (-19.2%), from €341,812 to €276,130
- Debts after one year -€65,024
down €65,024 (-7.8%), from €835,612 to €770,589
of which Financial debts: -€68,324
- Financial income +€26,608
up €26,608 (+31321.7%), from €85 to €26,693
- Gross operating margin +€20,731
up €20,731 (+274.0%), from €7,565 to €28,295
- Depreciation -€18,266
down €18,266 (-19.5%), from €93,814 to €75,547
- Staff costs -€15,706
down €15,706 (-59.4%), from €26,433 to €10,727
- Other operating charges +€7,934
up €7,934 (+30.3%), from €26,205 to €34,139
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 | €1,358,024 | €1,129,382 | -€228,642 | -16.8% |
| Fixed assets | 21/28 | €1,311,033 | €1,053,847 | -€257,185 | -19.6% |
| Intangible fixed assets | 21 | €1,028 | €314 | -€714 | -69.4% |
| Tangible fixed assets | 22/27 | €1,106,004 | €1,053,533 | -€52,471 | -4.7% |
| Land and buildings | 22 | €1,065,038 | €1,024,535 | -€40,503 | -3.8% |
| Plant, machinery and equipment | 23 | €2,730 | €2,253 | -€477 | -17.5% |
| Furniture and vehicles | 24 | €29,175 | €19,670 | -€9,505 | -32.6% |
| Other tangible fixed assets | 26 | €9,062 | €7,075 | -€1,987 | -21.9% |
| Financial fixed assets | 28 | €204,000 | - | -€204,000 | |
| Current assets | 29/58 | €46,992 | €75,535 | +€28,544 | +60.7% |
| Amounts receivable within one year | 40/41 | €28,483 | €57,698 | +€29,216 | +102.6% |
| Other amounts receivable | 41 | €28,483 | €57,698 | +€29,216 | +102.6% |
| Cash at bank and in hand | 54/58 | €17,790 | €15,679 | -€2,112 | -11.9% |
| Deferred charges and accrued income | 490/1 | €718 | €2,158 | +€1,440 | +200.4% |
| Total equity and liabilities | 10/49 | €1,358,024 | €1,129,382 | -€228,642 | -16.8% |
| Equity | 10/15 | €46,570 | -€44,515 | -€91,085 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €184,382 | €184,382 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €182,522 | €182,522 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€144,011 | -€235,096 | -€91,085 | -63.2% |
| Amounts payable | 17/49 | €1,311,454 | €1,173,897 | -€137,557 | -10.5% |
| Amounts payable after more than one year | 17 | €835,612 | €770,589 | -€65,024 | -7.8% |
| Financial debts | 170/4 | €831,842 | €763,519 | -€68,324 | -8.2% |
| Other amounts payable | 178/9 | €3,770 | €7,070 | +€3,300 | +87.5% |
| Amounts payable within one year | 42/48 | €475,842 | €403,308 | -€72,533 | -15.2% |
| Current portion of amounts payable after more than one year | 42 | €71,103 | €68,324 | -€2,779 | -3.9% |
| Financial debts | 43 | €46,000 | €46,000 | = | 0.0% |
| Credit institutions | 430/8 | €46,000 | €46,000 | = | 0.0% |
| Trade debts | 44 | €10,203 | €12,633 | +€2,430 | +23.8% |
| Suppliers | 440/4 | €10,203 | €12,633 | +€2,430 | +23.8% |
| Taxes, remuneration and social security | 45 | €6,724 | €222 | -€6,502 | -96.7% |
| Taxes | 450/3 | €199 | €222 | +€23 | +11.6% |
| Remuneration and social security | 454/9 | €6,525 | - | -€6,525 | |
| Other amounts payable | 47/48 | €341,812 | €276,130 | -€65,682 | -19.2% |
| Remuneration, social security and pensions | 62 | €26,433 | €10,727 | -€15,706 | -59.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,814 | €75,547 | -€18,266 | -19.5% |
| Other operating charges | 640/8 | €26,205 | €34,139 | +€7,934 | +30.3% |
| Gross operating margin | 9900 | €7,565 | €28,295 | +€20,731 | +274.0% |
| Operating profit (loss) | 9901 | -€138,886 | -€92,118 | +€46,768 | +33.7% |
| Financial income | 75/76B | €85 | €26,693 | +€26,608 | +31321.7% |
| Recurring financial income | 75 | €85 | €26,693 | +€26,608 | +31321.7% |
| Financial charges | 65/66B | €26,408 | €25,434 | -€974 | -3.7% |
| Recurring financial charges | 65 | €26,408 | €25,434 | -€974 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | -€165,210 | -€90,860 | +€74,350 | +45.0% |
| Income taxes | 67/77 | €225 | €225 | +€0 | +0.1% |
| Profit (loss) for the period | 9904 | -€165,434 | -€91,085 | +€74,349 | +44.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€165,434 | -€91,085 | +€74,349 | +44.9% |
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 1 October 2026 via checked.be.