CREO Advisory: what changed
CREO Advisory
Largest movements
- Cash -€35,586
down €35,586 (-34.8%), from €102,171 to €66,585
mainly Contributions, distributions and other (-€125,000) and Receivables within one year (-€28,009)
- Receivables within one year +€28,009
up €28,009 (+18.5%), from €151,598 to €179,607
of which Trade receivables: +€37,578
- Profit (loss) carried forward -€90,662
down €90,662 (-99.4%), from €91,254 to €592
- Other debts +€78,018
up €78,018 (+73.6%), from €106,072 to €184,090
- Provisions +€13,793
up €13,793 (+56.1%), from €24,591 to €38,384
- Trade debts -€7,553
down €7,553 (-94.8%), from €7,966 to €413
- Gross operating margin +€37,931
up €37,931 (+59.4%), from €63,871 to €101,801
- Financial charges +€30,349
up €30,349 (+20,677%), from €147 to €30,496
- Provisions -€10,797
down €10,797 (-43.9%), from €24,591 to €13,793
- Taxes +€7,055
up €7,055 (+52.8%), from €13,373 to €20,428
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €263,006 | €256,671 | -€6,335 | -2.4% |
| Fixed assets | 21/28 | €9,238 | €10,480 | +€1,242 | +13.4% |
| Tangible fixed assets | 22/27 | €5,540 | €6,783 | +€1,242 | +22.4% |
| Furniture and vehicles | 24 | - | €2,540 | +€2,540 | |
| Other tangible fixed assets | 26 | €5,540 | €4,242 | -€1,298 | -23.4% |
| Financial fixed assets | 28 | €3,698 | €3,698 | = | 0.0% |
| Current assets | 29/58 | €253,769 | €246,191 | -€7,577 | -3.0% |
| Amounts receivable within one year | 40/41 | €151,598 | €179,607 | +€28,009 | +18.5% |
| Trade receivables | 40 | €71,171 | €108,749 | +€37,578 | +52.8% |
| Other amounts receivable | 41 | €80,427 | €70,857 | -€9,570 | -11.9% |
| Cash at bank and in hand | 54/58 | €102,171 | €66,585 | -€35,586 | -34.8% |
| Total equity and liabilities | 10/49 | €263,006 | €256,671 | -€6,335 | -2.4% |
| Equity | 10/15 | €111,714 | €21,052 | -€90,662 | -81.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 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% |
| Profit (loss) carried forward | 14 | €91,254 | €592 | -€90,662 | -99.4% |
| Provisions and deferred taxes | 16 | €24,591 | €38,384 | +€13,793 | +56.1% |
| Provisions for liabilities and charges | 160/5 | €24,591 | €38,384 | +€13,793 | +56.1% |
| Other liabilities and charges | 164/5 | €24,591 | €38,384 | +€13,793 | +56.1% |
| Amounts payable | 17/49 | €126,701 | €197,235 | +€70,534 | +55.7% |
| Amounts payable within one year | 42/48 | €126,701 | €197,235 | +€70,534 | +55.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €7,966 | €413 | -€7,553 | -94.8% |
| Suppliers | 440/4 | €7,966 | €413 | -€7,553 | -94.8% |
| Taxes, remuneration and social security | 45 | €12,663 | €12,733 | +€69 | +0.5% |
| Taxes | 450/3 | €8,123 | €10,463 | +€2,339 | +28.8% |
| Remuneration and social security | 454/9 | €4,540 | €2,270 | -€2,270 | -50.0% |
| Other amounts payable | 47/48 | €106,072 | €184,090 | +€78,018 | +73.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,298 | €1,808 | +€510 | +39.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €24,591 | €13,793 | -€10,797 | -43.9% |
| Other operating charges | 640/8 | €1,294 | €938 | -€356 | -27.5% |
| Gross operating margin | 9900 | €63,871 | €101,801 | +€37,931 | +59.4% |
| Operating profit (loss) | 9901 | €36,688 | €85,262 | +€48,574 | +132% |
| Financial income | 75/76B | €1 | €0 | -€1 | -88.9% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -88.9% |
| Financial charges | 65/66B | €147 | €30,496 | +€30,349 | +20,677% |
| Recurring financial charges | 65 | €147 | €30,496 | +€30,349 | +20,677% |
| Profit (loss) for the period before taxes | 9903 | €36,542 | €54,766 | +€18,224 | +49.9% |
| Income taxes | 67/77 | €13,373 | €20,428 | +€7,055 | +52.8% |
| Profit (loss) for the period | 9904 | €23,169 | €34,338 | +€11,169 | +48.2% |
| Profit (loss) for the period to be appropriated | 9905 | €23,169 | €34,338 | +€11,169 | +48.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.