CRETES: 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.
CRETES
Largest movements
- Stocks and contracts +€1.7m
up €1.7m (+46.4%), from €3.7m to €5.4m
of which Contracts in progress: +€1.9m
- Receivables within one year +€1.5m
up €1.5m (+125.7%), from €1.2m to €2.7m
of which Trade receivables: +€1.2m
- Intangible fixed assets +€854,219
new in 2025: €854,219
- Deferred charges and accrued income +€321,397
up €321,397 (+961.7%), from €33,421 to €354,819
- Cash -€252,376
down €252,376 (-100.0%), from €252,376 to €0
- Advances received +€5.7m
up €5.7m (+398.3%), from €1.4m to €7.1m
- Other debts -€1.9m
down €1.9m (-83.7%), from €2.3m to €367,326
- Reserves +€303,794
up €303,794 (+148.3%), from €204,858 to €508,652
of which Distributable reserves: +€303,794
- Trade debts -€273,148
down €273,148 (-32.9%), from €830,487 to €557,338
- Accrued charges and deferred income +€182,331
up €182,331 (+124.5%), from €146,445 to €328,776
- Gross operating margin +€1.4m
up €1.4m (+51.3%), from €2.6m to €4.0m
- Staff costs +€678,408
up €678,408 (+31.2%), from €2.2m to €2.8m
- Write-downs +€309,454
up €309,454 (+14366.5%), from €2,154 to €311,608
- Depreciation +€146,114
up €146,114 (+58.9%), from €248,161 to €394,275
- Taxes -€40,997
down €40,997 (-91.4%), from €44,859 to €3,862
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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,331,705 | €10,251,600 | +€3.9m | +61.9% |
| Fixed assets | 21/28 | €1,145,554 | €1,763,268 | +€617,714 | +53.9% |
| Intangible fixed assets | 21 | - | €854,219 | +€854,219 | |
| Tangible fixed assets | 22/27 | €1,131,044 | €909,048 | -€221,996 | -19.6% |
| Land and buildings | 22 | €463,161 | €430,087 | -€33,074 | -7.1% |
| Plant, machinery and equipment | 23 | €218,890 | €114,910 | -€103,980 | -47.5% |
| Furniture and vehicles | 24 | €443,235 | €359,406 | -€83,829 | -18.9% |
| Other tangible fixed assets | 26 | €5,758 | €4,646 | -€1,112 | -19.3% |
| Financial fixed assets | 28 | €14,510 | €0 | -€14,510 | -100.0% |
| Current assets | 29/58 | €5,186,151 | €8,488,332 | +€3.3m | +63.7% |
| Stocks and contracts in progress | 3 | €3,689,727 | €5,401,167 | +€1.7m | +46.4% |
| Stocks | 30/36 | €1,181,971 | €951,777 | -€230,194 | -19.5% |
| Contracts in progress | 37 | €2,507,756 | €4,449,390 | +€1.9m | +77.4% |
| Amounts receivable within one year | 40/41 | €1,210,628 | €2,732,346 | +€1.5m | +125.7% |
| Trade receivables | 40 | €1,190,609 | €2,363,831 | +€1.2m | +98.5% |
| Other amounts receivable | 41 | €20,019 | €368,516 | +€348,497 | +1740.8% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €252,376 | €0 | -€252,376 | -100.0% |
| Deferred charges and accrued income | 490/1 | €33,421 | €354,819 | +€321,397 | +961.7% |
| Total equity and liabilities | 10/49 | €6,331,705 | €10,251,600 | +€3.9m | +61.9% |
| Equity | 10/15 | €1,149,528 | €1,452,713 | +€303,186 | +26.4% |
| Contributions | 10/11 | €944,000 | €944,000 | = | 0.0% |
| Capital | 10 | €944,000 | €944,000 | = | 0.0% |
| Issued capital | 100 | €944,000 | €944,000 | = | 0.0% |
| Reserves | 13 | €204,858 | €508,652 | +€303,794 | +148.3% |
| Non-distributable reserves | 130/1 | €94,400 | €94,400 | = | 0.0% |
| Legal reserve | 130 | €94,400 | €94,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,677 | €5,677 | = | 0.0% |
| Distributable reserves | 133 | €104,781 | €408,575 | +€303,794 | +289.9% |
| Investment grants | 15 | €670 | €62 | -€608 | -90.8% |
| Provisions and deferred taxes | 16 | €170,762 | €157,655 | -€13,107 | -7.7% |
| Provisions for liabilities and charges | 160/5 | €170,762 | €157,655 | -€13,107 | -7.7% |
| Other liabilities and charges | 164/5 | €170,762 | €157,655 | -€13,107 | -7.7% |
| Amounts payable | 17/49 | €5,011,415 | €8,641,231 | +€3.6m | +72.4% |
| Amounts payable within one year | 42/48 | €4,864,970 | €8,312,455 | +€3.4m | +70.9% |
| Trade debts | 44 | €830,487 | €557,338 | -€273,148 | -32.9% |
| Suppliers | 440/4 | €830,487 | €557,338 | -€273,148 | -32.9% |
| Advances received on contracts in progress | 46 | €1,418,774 | €7,069,541 | +€5.7m | +398.3% |
| Taxes, remuneration and social security | 45 | €358,333 | €318,249 | -€40,084 | -11.2% |
| Taxes | 450/3 | €8,488 | €10,423 | +€1,934 | +22.8% |
| Remuneration and social security | 454/9 | €349,845 | €307,827 | -€42,018 | -12.0% |
| Other amounts payable | 47/48 | €2,257,377 | €367,326 | -€1.9m | -83.7% |
| Accrued charges and deferred income | 492/3 | €146,445 | €328,776 | +€182,331 | +124.5% |
| Non-recurring operating income | 76A | - | €1,573 | +€1,573 | |
| Remuneration, social security and pensions | 62 | €2,170,996 | €2,849,404 | +€678,408 | +31.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €248,161 | €394,275 | +€146,114 | +58.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,154 | €311,608 | +€309,454 | +14366.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€19,888 | -€13,107 | +€6,781 | +34.1% |
| Other operating charges | 640/8 | €41,301 | €81,521 | +€40,220 | +97.4% |
| Gross operating margin | 9900 | €2,631,122 | €3,981,524 | +€1.4m | +51.3% |
| Operating profit (loss) | 9901 | €188,397 | €357,823 | +€169,426 | +89.9% |
| Financial income | 75/76B | €26,672 | €5,147 | -€21,526 | -80.7% |
| Recurring financial income | 75 | €26,672 | €5,147 | -€21,526 | -80.7% |
| Financial charges | 65/66B | €85,174 | €55,314 | -€29,860 | -35.1% |
| Recurring financial charges | 65 | €85,174 | €55,314 | -€29,860 | -35.1% |
| Profit (loss) for the period before taxes | 9903 | €129,896 | €307,656 | +€177,760 | +136.8% |
| Income taxes | 67/77 | €44,859 | €3,862 | -€40,997 | -91.4% |
| Profit (loss) for the period | 9904 | €85,037 | €303,794 | +€218,757 | +257.2% |
| Profit (loss) for the period to be appropriated | 9905 | €85,037 | €303,794 | +€218,757 | +257.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.