KREDES: 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.
KREDES
Largest movements
- Tangible fixed assets -€56,398
down €56,398 (-11.2%), from €504,814 to €448,415
of which Land and buildings: -€59,292
- Cash +€47,635
up €47,635 (+76.9%), from €61,975 to €109,610
mainly Depreciation (+€76,539) and Other debts (+€20,000)
- Stocks and contracts -€11,413
down €11,413 (-30.5%), from €37,373 to €25,960
- Debts after one year -€33,804
down €33,804 (-14.3%), from €236,502 to €202,698
- Other debts +€20,000
up €20,000 (+85616.4%), from €23 to €20,023
- Advances received +€18,000
new in 2025: €18,000
- Reserves -€17,738
down €17,738 (-7.7%), from €231,507 to €213,768
of which Distributable reserves: -€12,243
- Trade debts -€9,261
down €9,261 (-68.6%), from €13,502 to €4,241
- Gross operating margin +€16,251
up €16,251 (+10.6%), from €153,063 to €169,314
- Depreciation +€2,592
up €2,592 (+3.5%), from €73,947 to €76,539
- Staff costs +€2,122
up €2,122 (+2.3%), from €94,125 to €96,247
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 | €607,265 | €586,461 | -€20,804 | -3.4% |
| Fixed assets | 21/28 | €504,814 | €448,715 | -€56,098 | -11.1% |
| Tangible fixed assets | 22/27 | €504,814 | €448,415 | -€56,398 | -11.2% |
| Land and buildings | 22 | €452,127 | €392,835 | -€59,292 | -13.1% |
| Plant, machinery and equipment | 23 | €34,104 | €23,113 | -€10,991 | -32.2% |
| Furniture and vehicles | 24 | €1,208 | €15,796 | +€14,588 | +1207.6% |
| Other tangible fixed assets | 26 | €17,375 | €16,672 | -€703 | -4.0% |
| Financial fixed assets | 28 | - | €300 | +€300 | |
| Current assets | 29/58 | €102,452 | €137,746 | +€35,295 | +34.4% |
| Stocks and contracts in progress | 3 | €37,373 | €25,960 | -€11,413 | -30.5% |
| Stocks | 30/36 | €37,373 | €25,960 | -€11,413 | -30.5% |
| Amounts receivable within one year | 40/41 | €2,008 | €32 | -€1,976 | -98.4% |
| Trade receivables | 40 | €1,580 | €32 | -€1,548 | -98.0% |
| Other amounts receivable | 41 | €428 | - | -€428 | |
| Cash at bank and in hand | 54/58 | €61,975 | €109,610 | +€47,635 | +76.9% |
| Deferred charges and accrued income | 490/1 | €1,095 | €2,145 | +€1,050 | +95.8% |
| Total equity and liabilities | 10/49 | €607,265 | €586,461 | -€20,804 | -3.4% |
| Equity | 10/15 | €293,507 | €275,768 | -€17,738 | -6.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €231,507 | €213,768 | -€17,738 | -7.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €38,426 | €32,930 | -€5,495 | -14.3% |
| Distributable reserves | 133 | €186,881 | €174,638 | -€12,243 | -6.6% |
| Provisions and deferred taxes | 16 | €12,809 | €10,977 | -€1,832 | -14.3% |
| Deferred taxes | 168 | €12,809 | €10,977 | -€1,832 | -14.3% |
| Amounts payable | 17/49 | €300,950 | €299,717 | -€1,233 | -0.4% |
| Amounts payable after more than one year | 17 | €236,502 | €202,698 | -€33,804 | -14.3% |
| Financial debts | 170/4 | €236,502 | €202,698 | -€33,804 | -14.3% |
| Amounts payable within one year | 42/48 | €61,207 | €93,802 | +€32,596 | +53.3% |
| Current portion of amounts payable after more than one year | 42 | €33,389 | €33,804 | +€415 | +1.2% |
| Trade debts | 44 | €13,502 | €4,241 | -€9,261 | -68.6% |
| Suppliers | 440/4 | €13,502 | €4,241 | -€9,261 | -68.6% |
| Advances received on contracts in progress | 46 | - | €18,000 | +€18,000 | |
| Taxes, remuneration and social security | 45 | €14,292 | €17,734 | +€3,442 | +24.1% |
| Taxes | 450/3 | €193 | €3,137 | +€2,944 | +1521.5% |
| Remuneration and social security | 454/9 | €14,099 | €14,597 | +€498 | +3.5% |
| Other amounts payable | 47/48 | €23 | €20,023 | +€20,000 | +85616.4% |
| Accrued charges and deferred income | 492/3 | €3,242 | €3,217 | -€25 | -0.8% |
| Remuneration, social security and pensions | 62 | €94,125 | €96,247 | +€2,122 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,947 | €76,539 | +€2,592 | +3.5% |
| Other operating charges | 640/8 | €6,484 | €5,809 | -€675 | -10.4% |
| Gross operating margin | 9900 | €153,063 | €169,314 | +€16,251 | +10.6% |
| Operating profit (loss) | 9901 | -€21,493 | -€9,281 | +€12,212 | +56.8% |
| Financial income | 75/76B | €21 | €9 | -€12 | -57.9% |
| Recurring financial income | 75 | €21 | €9 | -€12 | -57.9% |
| Financial charges | 65/66B | €9,823 | €10,054 | +€230 | +2.3% |
| Recurring financial charges | 65 | €9,823 | €10,054 | +€230 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | -€31,295 | -€19,326 | +€11,969 | +38.2% |
| Transfer from deferred taxes | 780 | €1,832 | €1,832 | = | 0.0% |
| Income taxes | 67/77 | €193 | €244 | +€51 | +26.4% |
| Profit (loss) for the period | 9904 | -€29,657 | -€17,738 | +€11,918 | +40.2% |
| Transfer from tax-exempt reserves | 789 | €5,495 | €5,495 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,162 | -€12,243 | +€11,918 | +49.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.