CREFOREX: 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.
CREFOREX
Largest movements
- Receivables within one year -€27,203
down €27,203 (-80.9%), from €33,643 to €6,440
- Cash -€11,303
down €11,303 (-62.7%), from €18,038 to €6,735
mainly Debts after one year (-€21,314) and Trade debts (-€16,315)
- Deferred charges and accrued income -€4,170
down €4,170 (-26.6%), from €15,666 to €11,497
- Debts after one year -€21,314
down €21,314 (-7.5%), from €284,344 to €263,030
of which Financial debts: -€10,802
- Trade debts -€16,315
down €16,315 (-76.1%), from €21,428 to €5,113
- Profit (loss) carried forward -€8,840
down €8,840 (-74.5%), from €11,873 to €3,033
- Gross operating margin -€26,691
down €26,691 (-73.1%), from €36,507 to €9,816
- Write-downs -€17,591
down €17,591, from €3,909 to -€13,682
- Staff costs +€8,704
new in 2025: €8,704
- Financial income +€4,329
up €4,329 (+719%), from €602 to €4,931
- Depreciation +€1,236
up €1,236 (+8.9%), from €13,894 to €15,130
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 | €358,195 | €309,195 | -€49,000 | -13.7% |
| Fixed assets | 21/28 | €272,770 | €269,496 | -€3,274 | -1.2% |
| Tangible fixed assets | 22/27 | €271,953 | €268,679 | -€3,274 | -1.2% |
| Land and buildings | 22 | €267,634 | €256,482 | -€11,152 | -4.2% |
| Plant, machinery and equipment | 23 | €194 | €7,992 | +€7,798 | +4,022% |
| Furniture and vehicles | 24 | €4,125 | €4,205 | +€80 | +1.9% |
| Financial fixed assets | 28 | €817 | €817 | = | 0.0% |
| Current assets | 29/58 | €85,426 | €39,699 | -€45,727 | -53.5% |
| Stocks and contracts in progress | 3 | €18,079 | €15,027 | -€3,051 | -16.9% |
| Stocks | 30/36 | €18,079 | €15,027 | -€3,051 | -16.9% |
| Amounts receivable within one year | 40/41 | €33,643 | €6,440 | -€27,203 | -80.9% |
| Trade receivables | 40 | €33,643 | €6,440 | -€27,203 | -80.9% |
| Cash at bank and in hand | 54/58 | €18,038 | €6,735 | -€11,303 | -62.7% |
| Deferred charges and accrued income | 490/1 | €15,666 | €11,497 | -€4,170 | -26.6% |
| Total equity and liabilities | 10/49 | €358,195 | €309,195 | -€49,000 | -13.7% |
| Equity | 10/15 | €30,473 | €21,633 | -€8,840 | -29.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Share premium | 1100/10 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,873 | €3,033 | -€8,840 | -74.5% |
| Amounts payable | 17/49 | €327,722 | €287,562 | -€40,160 | -12.3% |
| Amounts payable after more than one year | 17 | €284,344 | €263,030 | -€21,314 | -7.5% |
| Financial debts | 170/4 | €233,891 | €223,089 | -€10,802 | -4.6% |
| Other amounts payable | 178/9 | €50,453 | €39,941 | -€10,513 | -20.8% |
| Amounts payable within one year | 42/48 | €41,661 | €24,531 | -€17,130 | -41.1% |
| Current portion of amounts payable after more than one year | 42 | €10,916 | €11,531 | +€615 | +5.6% |
| Trade debts | 44 | €21,428 | €5,113 | -€16,315 | -76.1% |
| Suppliers | 440/4 | €21,428 | €5,113 | -€16,315 | -76.1% |
| Taxes, remuneration and social security | 45 | €6,306 | €4,876 | -€1,430 | -22.7% |
| Taxes | 450/3 | €6,306 | €4,876 | -€1,430 | -22.7% |
| Other amounts payable | 47/48 | €3,011 | €3,011 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,717 | - | -€1,717 | |
| Remuneration, social security and pensions | 62 | - | €8,704 | +€8,704 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,894 | €15,130 | +€1,236 | +8.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,909 | -€13,682 | -€17,591 | |
| Other operating charges | 640/8 | €977 | €1,679 | +€702 | +71.8% |
| Gross operating margin | 9900 | €36,507 | €9,816 | -€26,691 | -73.1% |
| Operating profit (loss) | 9901 | €17,726 | -€2,015 | -€19,741 | |
| Financial income | 75/76B | €602 | €4,931 | +€4,329 | +719% |
| Recurring financial income | 75 | €602 | €4,931 | +€4,329 | +719% |
| Financial charges | 65/66B | €12,828 | €11,756 | -€1,072 | -8.4% |
| Recurring financial charges | 65 | €12,828 | €11,756 | -€1,072 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €5,500 | -€8,840 | -€14,340 | |
| Income taxes | 67/77 | €1,056 | - | -€1,056 | |
| Profit (loss) for the period | 9904 | €4,445 | -€8,840 | -€13,285 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,445 | -€8,840 | -€13,285 |
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 15 October 2026 via checked.be.