CREOS: 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.
CREOS
Largest movements
- Receivables within one year +€44,826
up €44,826 (+42.2%), from €106,154 to €150,980
of which Trade receivables: +€42,540
- Tangible fixed assets -€22,712
down €22,712 (-16.3%), from €138,920 to €116,209
of which Plant, machinery and equipment: -€16,379
- Cash -€10,048
down €10,048 (-31.2%), from €32,208 to €22,160
mainly Receivables within one year (-€44,826) and Net result for the year (-€26,863)
- Formation expenses -€5,000
down €5,000 (-12.4%), from €40,329 to €35,329
- Deferred charges and accrued income -€4,833
no longer reported in 2025 (was €4,833)
- Tax, wage and social debts +€89,739
up €89,739 (+67.6%), from €132,658 to €222,396
of which Remuneration and social security: +€78,070
- Profit (loss) carried forward -€26,863
down €26,863 (-10.2%), from -€264,092 to -€290,955
- Debts after one year -€22,562
down €22,562 (-22.8%), from €98,917 to €76,355
- Trade debts -€18,528
down €18,528 (-19.9%), from €93,167 to €74,639
- Short-term financial debts -€17,495
no longer reported in 2025 (was €17,495)
- Gross operating margin -€14,470
down €14,470 (-5.0%), from €288,915 to €274,446
- Staff costs +€10,249
up €10,249 (+4.4%), from €233,642 to €243,891
- Other operating charges +€6,096
up €6,096 (+44.7%), from €13,626 to €19,722
- Financial charges -€5,180
down €5,180 (-30.5%), from €16,977 to €11,797
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 | €381,935 | €383,803 | +€1,868 | +0.5% |
| Formation expenses | 20 | €40,329 | €35,329 | -€5,000 | -12.4% |
| Fixed assets | 21/28 | €142,591 | €119,879 | -€22,712 | -15.9% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €138,920 | €116,209 | -€22,712 | -16.3% |
| Plant, machinery and equipment | 23 | €121,573 | €105,194 | -€16,379 | -13.5% |
| Furniture and vehicles | 24 | €14,317 | €8,824 | -€5,492 | -38.4% |
| Other tangible fixed assets | 26 | €3,031 | €2,190 | -€841 | -27.7% |
| Financial fixed assets | 28 | €3,671 | €3,671 | = | 0.0% |
| Current assets | 29/58 | €199,015 | €228,595 | +€29,580 | +14.9% |
| Stocks and contracts in progress | 3 | €55,820 | €55,455 | -€365 | -0.7% |
| Stocks | 30/36 | €55,820 | €55,455 | -€365 | -0.7% |
| Amounts receivable within one year | 40/41 | €106,154 | €150,980 | +€44,826 | +42.2% |
| Trade receivables | 40 | €103,299 | €145,840 | +€42,540 | +41.2% |
| Other amounts receivable | 41 | €2,855 | €5,140 | +€2,285 | +80.1% |
| Cash at bank and in hand | 54/58 | €32,208 | €22,160 | -€10,048 | -31.2% |
| Deferred charges and accrued income | 490/1 | €4,833 | - | -€4,833 | |
| Total equity and liabilities | 10/49 | €381,935 | €383,803 | +€1,868 | +0.5% |
| Equity | 10/15 | €2,158 | -€24,705 | -€26,863 | |
| Contributions | 10/11 | €266,250 | €266,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€264,092 | -€290,955 | -€26,863 | -10.2% |
| Amounts payable | 17/49 | €379,776 | €408,508 | +€28,731 | +7.6% |
| Amounts payable after more than one year | 17 | €98,917 | €76,355 | -€22,562 | -22.8% |
| Financial debts | 170/4 | €98,917 | €76,355 | -€22,562 | -22.8% |
| Amounts payable within one year | 42/48 | €277,588 | €332,153 | +€54,565 | +19.7% |
| Current portion of amounts payable after more than one year | 42 | €22,003 | €22,562 | +€559 | +2.5% |
| Financial debts | 43 | €17,495 | - | -€17,495 | |
| Credit institutions | 430/8 | €17,495 | - | -€17,495 | |
| Trade debts | 44 | €93,167 | €74,639 | -€18,528 | -19.9% |
| Suppliers | 440/4 | €93,167 | €74,639 | -€18,528 | -19.9% |
| Taxes, remuneration and social security | 45 | €132,658 | €222,396 | +€89,739 | +67.6% |
| Taxes | 450/3 | €101,400 | €113,069 | +€11,669 | +11.5% |
| Remuneration and social security | 454/9 | €31,258 | €109,327 | +€78,070 | +249.8% |
| Other amounts payable | 47/48 | €12,265 | €12,555 | +€290 | +2.4% |
| Accrued charges and deferred income | 492/3 | €3,272 | - | -€3,272 | |
| Non-recurring operating income | 76A | €1,051 | - | -€1,051 | |
| Remuneration, social security and pensions | 62 | €233,642 | €243,891 | +€10,249 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,451 | €28,212 | -€1,239 | -4.2% |
| Other operating charges | 640/8 | €13,626 | €19,722 | +€6,096 | +44.7% |
| Gross operating margin | 9900 | €288,915 | €274,446 | -€14,470 | -5.0% |
| Operating profit (loss) | 9901 | €12,197 | -€17,379 | -€29,576 | |
| Financial income | 75/76B | - | €2,373 | +€2,373 | |
| Recurring financial income | 75 | - | €2,373 | +€2,373 | |
| Financial charges | 65/66B | €16,977 | €11,797 | -€5,180 | -30.5% |
| Recurring financial charges | 65 | €16,977 | €11,797 | -€5,180 | -30.5% |
| Profit (loss) for the period before taxes | 9903 | -€4,780 | -€26,803 | -€22,023 | -460.7% |
| Income taxes | 67/77 | €59 | €60 | +€1 | +1.0% |
| Profit (loss) for the period | 9904 | -€4,840 | -€26,863 | -€22,023 | -455.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,840 | -€26,863 | -€22,023 | -455.1% |
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 9 October 2026 via checked.be.