KREDO: 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.
KREDO
Largest movements
- Receivables within one year -€7,414
down €7,414 (-90.0%), from €8,236 to €822
of which Other amounts receivable: -€7,355
- Tangible fixed assets +€7,148
up €7,148 (+13.2%), from €54,280 to €61,428
of which Plant, machinery and equipment: +€8,331
- Cash -€2,533
down €2,533 (-78.2%), from €3,240 to €707
mainly Net result for the year (-€12,098) and Investment in fixed assets (net) (-€8,331)
- Profit (loss) carried forward -€12,098
new in 2025: -€12,098
- Other debts +€7,485
up €7,485 (+16.1%), from €46,376 to €53,861
- Tax, wage and social debts +€1,393
up €1,393 (+10.7%), from €12,963 to €14,356
of which Taxes: +€1,197
- Other operating charges +€9,463
new in 2025: €9,463
- Gross operating margin +€907
up €907 (+40.9%), from -€2,215 to -€1,308
- Depreciation -€829
down €829 (-41.2%), from €2,012 to €1,182
- Financial charges -€181
down €181 (-55.7%), from €325 to €144
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 | €78,720 | €75,921 | -€2,799 | -3.6% |
| Fixed assets | 21/28 | €67,244 | €74,392 | +€7,148 | +10.6% |
| Tangible fixed assets | 22/27 | €54,280 | €61,428 | +€7,148 | +13.2% |
| Land and buildings | 22 | €40,331 | €40,331 | = | 0.0% |
| Plant, machinery and equipment | 23 | €11,952 | €20,283 | +€8,331 | +69.7% |
| Furniture and vehicles | 24 | €777 | - | -€777 | |
| Other tangible fixed assets | 26 | €1,220 | €814 | -€405 | -33.2% |
| Financial fixed assets | 28 | €12,964 | €12,964 | = | 0.0% |
| Current assets | 29/58 | €11,476 | €1,529 | -€9,948 | -86.7% |
| Amounts receivable within one year | 40/41 | €8,236 | €822 | -€7,414 | -90.0% |
| Trade receivables | 40 | €881 | €822 | -€59 | -6.7% |
| Other amounts receivable | 41 | €7,355 | - | -€7,355 | |
| Cash at bank and in hand | 54/58 | €3,240 | €707 | -€2,533 | -78.2% |
| Total equity and liabilities | 10/49 | €78,720 | €75,921 | -€2,799 | -3.6% |
| Equity | 10/15 | €18,600 | €6,502 | -€12,098 | -65.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€12,098 | -€12,098 | |
| Amounts payable | 17/49 | €60,120 | €69,419 | +€9,299 | +15.5% |
| Amounts payable within one year | 42/48 | €60,120 | €69,419 | +€9,299 | +15.5% |
| Trade debts | 44 | €781 | €1,201 | +€420 | +53.8% |
| Suppliers | 440/4 | €781 | €1,201 | +€420 | +53.8% |
| Taxes, remuneration and social security | 45 | €12,963 | €14,356 | +€1,393 | +10.7% |
| Taxes | 450/3 | €12,963 | €14,160 | +€1,197 | +9.2% |
| Remuneration and social security | 454/9 | - | €196 | +€196 | |
| Other amounts payable | 47/48 | €46,376 | €53,861 | +€7,485 | +16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,012 | €1,182 | -€829 | -41.2% |
| Other operating charges | 640/8 | - | €9,463 | +€9,463 | |
| Gross operating margin | 9900 | -€2,215 | -€1,308 | +€907 | +40.9% |
| Operating profit (loss) | 9901 | -€4,227 | -€11,954 | -€7,727 | -182.8% |
| Financial charges | 65/66B | €325 | €144 | -€181 | -55.7% |
| Recurring financial charges | 65 | €325 | €144 | -€181 | -55.7% |
| Profit (loss) for the period before taxes | 9903 | -€4,551 | -€12,098 | -€7,546 | -165.8% |
| Profit (loss) for the period | 9904 | -€4,551 | -€12,098 | -€7,546 | -165.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,551 | -€12,098 | -€7,546 | -165.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.