C S: 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.
What changed
C S
NACE 68.321, Property management for co-owned buildings (syndics)
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€651,864
2024 · €460,830+€191,034
Equity
€3.9m
2024 · €3.2m+€651,633
Cash
€15,966
2024 · €16,005-€39
Balance sheet total
€15.7m
2024 · €16.0m-€287,518
Largest movements
Assets
- Stocks and contracts -€440,674
down €440,674 (-5.2%), from €8.5m to €8.0m
- Tangible fixed assets +€263,102
up €263,102 (+3.6%), from €7.3m to €7.6m
Equity and liabilities
- Reserves +€651,864
up €651,864 (+20.7%), from €3.1m to €3.8m
of which Distributable reserves: +€462,804
- Short-term financial debts -€518,833
down €518,833 (-8.7%), from €5.9m to €5.4m
- Other debts -€505,179
down €505,179 (-28.0%), from €1.8m to €1.3m
Income statement
- Gross operating margin +€345,491
up €345,491 (+25.4%), from €1.4m to €1.7m
- Other operating charges +€103,070
up €103,070 (+585%), from €17,615 to €120,685
- Financial charges -€37,535
down €37,535 (-7.2%), from €521,199 to €483,664
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.
Result 2024
€460,830
Gross operating margin
+€345,491
Depreciation
-€9,284
Other operating charges
-€103,070
Financial income
+€620
Financial charges
+€37,535
Taxes
-€11,120
Deferred taxes and other
-€69,138
Result 2025
€651,864
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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.
From operations
+€1.1m
Investment
-€493,590
Financing
-€633,646
Cash 2024
€16,005
From operations (derived)
+€1.1m
Net result for the year
+€651,864
Depreciation
+€230,488
Stocks and contracts
+€440,674
Receivables within one year
+€108,502
Deferred charges and accrued income
+€1,405
Provisions
+€63,020
Trade debts
+€135,698
Tax, wage and social debts
+€55,240
Other debts
-€505,179
Accrued charges and deferred income
-€54,515
Investment (derived)
-€493,590
Investment in fixed assets (net)
-€493,590
Financing
-€633,646
Debts after one year
-€153,493
Current portion of long-term debt
+€38,912
Short-term financial debts
-€518,833
Contributions, distributions and other
-€231
Cash 2025
€15,966
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,974,293 | €15,686,775 | -€287,518 | -1.8% |
| Fixed assets | 21/28 | €7,320,958 | €7,584,059 | +€263,102 | +3.6% |
| Tangible fixed assets | 22/27 | €7,320,958 | €7,584,059 | +€263,102 | +3.6% |
| Other tangible fixed assets | 26 | €7,320,958 | €7,584,059 | +€263,102 | +3.6% |
| Current assets | 29/58 | €8,653,335 | €8,102,716 | -€550,620 | -6.4% |
| Stocks and contracts in progress | 3 | €8,483,814 | €8,043,140 | -€440,674 | -5.2% |
| Stocks | 30/36 | €8,483,814 | €8,043,140 | -€440,674 | -5.2% |
| Amounts receivable within one year | 40/41 | €148,947 | €40,444 | -€108,502 | -72.8% |
| Trade receivables | 40 | €82,306 | €33,633 | -€48,673 | -59.1% |
| Other amounts receivable | 41 | €66,640 | €6,811 | -€59,829 | -89.8% |
| Cash at bank and in hand | 54/58 | €16,005 | €15,966 | -€39 | -0.2% |
| Deferred charges and accrued income | 490/1 | €4,570 | €3,165 | -€1,405 | -30.7% |
| Total equity and liabilities | 10/49 | €15,974,293 | €15,686,775 | -€287,518 | -1.8% |
| Equity | 10/15 | €3,226,800 | €3,878,432 | +€651,633 | +20.2% |
| Contributions | 10/11 | €79,767 | €79,767 | = | 0.0% |
| Reserves | 13 | €3,146,736 | €3,798,600 | +€651,864 | +20.7% |
| Tax-exempt reserves | 132 | €313,804 | €502,864 | +€189,060 | +60.2% |
| Distributable reserves | 133 | €2,832,932 | €3,295,736 | +€462,804 | +16.3% |
| Investment grants | 15 | €297 | €66 | -€231 | -77.9% |
| Provisions and deferred taxes | 16 | €101,955 | €164,975 | +€63,020 | +61.8% |
| Deferred taxes | 168 | €101,955 | €164,975 | +€63,020 | +61.8% |
| Amounts payable | 17/49 | €12,645,538 | €11,643,368 | -€1.0m | -7.9% |
| Amounts payable after more than one year | 17 | €4,204,476 | €4,050,983 | -€153,493 | -3.7% |
| Financial debts | 170/4 | €4,204,401 | €4,050,908 | -€153,493 | -3.7% |
| Other amounts payable | 178/9 | €75 | €75 | = | 0.0% |
| Amounts payable within one year | 42/48 | €8,339,550 | €7,545,387 | -€794,162 | -9.5% |
| Current portion of amounts payable after more than one year | 42 | €415,721 | €454,633 | +€38,912 | +9.4% |
| Financial debts | 43 | €5,931,077 | €5,412,244 | -€518,833 | -8.7% |
| Credit institutions | 430/8 | €5,931,077 | €5,412,244 | -€518,833 | -8.7% |
| Trade debts | 44 | €131,463 | €267,161 | +€135,698 | +103% |
| Suppliers | 440/4 | €131,463 | €267,161 | +€135,698 | +103% |
| Taxes, remuneration and social security | 45 | €54,705 | €109,945 | +€55,240 | +101% |
| Taxes | 450/3 | €54,705 | €109,945 | +€55,240 | +101% |
| Other amounts payable | 47/48 | €1,806,583 | €1,301,404 | -€505,179 | -28.0% |
| Accrued charges and deferred income | 492/3 | €101,513 | €46,998 | -€54,515 | -53.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €221,204 | €230,488 | +€9,284 | +4.2% |
| Other operating charges | 640/8 | €17,615 | €120,685 | +€103,070 | +585% |
| Gross operating margin | 9900 | €1,359,115 | €1,704,606 | +€345,491 | +25.4% |
| Operating profit (loss) | 9901 | €1,120,296 | €1,353,433 | +€233,137 | +20.8% |
| Financial income | 75/76B | €320 | €940 | +€620 | +194% |
| Recurring financial income | 75 | €320 | €940 | +€620 | +194% |
| Financial charges | 65/66B | €521,199 | €483,664 | -€37,535 | -7.2% |
| Recurring financial charges | 65 | €521,199 | €483,664 | -€37,535 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €599,417 | €870,709 | +€271,292 | +45.3% |
| Transfer from deferred taxes | 780 | €6,118 | €6,118 | = | 0.0% |
| Transfer to deferred taxes | 680 | - | €69,138 | +€69,138 | |
| Income taxes | 67/77 | €144,705 | €155,825 | +€11,120 | +7.7% |
| Profit (loss) for the period | 9904 | €460,830 | €651,864 | +€191,034 | +41.5% |
| Transfer from tax-exempt reserves | 789 | €18,354 | €18,354 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €207,414 | +€207,414 | |
| Profit (loss) for the period to be appropriated | 9905 | €479,184 | €462,804 | -€16,380 | -3.4% |
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 15 October 2026 via checked.be.