CREDS: what changed
CREDS
Largest movements
- Cash +€50,857
up €50,857 (+106%), from €48,176 to €99,033
mainly Net result for the year (+€116,460) and Other debts (+€46,152)
- Tangible fixed assets -€17,976
down €17,976 (-34.2%), from €52,516 to €34,540
of which Furniture and vehicles: -€16,044
- Other debts +€46,152
up €46,152 (+64.7%), from €71,320 to €117,472
- Debts after one year -€14,121
down €14,121 (-85.7%), from €16,481 to €2,360
- Financial income +€58,013
up €58,013 (+101%), from €57,203 to €115,216
- Gross operating margin -€22,622
down €22,622 (-48.6%), from €46,557 to €23,935
- Staff costs -€4,948
down €4,948 (-80.1%), from €6,177 to €1,228
- Taxes -€4,771
down €4,771 (-75.8%), from €6,298 to €1,526
- Depreciation +€1,274
up €1,274 (+7.0%), from €18,302 to €19,575
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 | €227,581 | €261,934 | +€34,352 | +15.1% |
| Fixed assets | 21/28 | €175,916 | €157,940 | -€17,976 | -10.2% |
| Tangible fixed assets | 22/27 | €52,516 | €34,540 | -€17,976 | -34.2% |
| Plant, machinery and equipment | 23 | €12,890 | €10,958 | -€1,932 | -15.0% |
| Furniture and vehicles | 24 | €39,627 | €23,582 | -€16,044 | -40.5% |
| Financial fixed assets | 28 | €123,400 | €123,400 | = | 0.0% |
| Current assets | 29/58 | €51,665 | €103,993 | +€52,328 | +101% |
| Amounts receivable within one year | 40/41 | €3,489 | €4,961 | +€1,471 | +42.2% |
| Other amounts receivable | 41 | €3,489 | €4,961 | +€1,471 | +42.2% |
| Cash at bank and in hand | 54/58 | €48,176 | €99,033 | +€50,857 | +106% |
| Total equity and liabilities | 10/49 | €227,581 | €261,934 | +€34,352 | +15.1% |
| Equity | 10/15 | €125,014 | €124,474 | -€540 | -0.4% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €119,014 | €118,474 | -€540 | -0.5% |
| Distributable reserves | 133 | €119,014 | €118,474 | -€540 | -0.5% |
| Amounts payable | 17/49 | €102,567 | €137,459 | +€34,892 | +34.0% |
| Amounts payable after more than one year | 17 | €16,481 | €2,360 | -€14,121 | -85.7% |
| Financial debts | 170/4 | €16,481 | €2,360 | -€14,121 | -85.7% |
| Amounts payable within one year | 42/48 | €86,087 | €135,100 | +€49,013 | +56.9% |
| Current portion of amounts payable after more than one year | 42 | €14,055 | €14,121 | +€66 | +0.5% |
| Trade debts | 44 | €712 | €2,046 | +€1,333 | +187% |
| Suppliers | 440/4 | €712 | €2,046 | +€1,333 | +187% |
| Taxes, remuneration and social security | 45 | - | €1,461 | +€1,461 | |
| Taxes | 450/3 | - | €1,461 | +€1,461 | |
| Other amounts payable | 47/48 | €71,320 | €117,472 | +€46,152 | +64.7% |
| Remuneration, social security and pensions | 62 | €6,177 | €1,228 | -€4,948 | -80.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,302 | €19,575 | +€1,274 | +7.0% |
| Other operating charges | 640/8 | €1,372 | €164 | -€1,208 | -88.0% |
| Gross operating margin | 9900 | €46,557 | €23,935 | -€22,622 | -48.6% |
| Operating profit (loss) | 9901 | €20,707 | €2,967 | -€17,739 | -85.7% |
| Financial income | 75/76B | €57,203 | €115,216 | +€58,013 | +101% |
| Recurring financial income | 75 | €57,203 | €115,216 | +€58,013 | +101% |
| Financial charges | 65/66B | €279 | €198 | -€82 | -29.2% |
| Recurring financial charges | 65 | €279 | €198 | -€82 | -29.2% |
| Profit (loss) for the period before taxes | 9903 | €77,630 | €117,986 | +€40,356 | +52.0% |
| Income taxes | 67/77 | €6,298 | €1,526 | -€4,771 | -75.8% |
| Profit (loss) for the period | 9904 | €71,333 | €116,460 | +€45,127 | +63.3% |
| Profit (loss) for the period to be appropriated | 9905 | €71,333 | €116,460 | +€45,127 | +63.3% |
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 2 November 2026 via checked.be.