C.S.D.: 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.
C.S.D.
Largest movements
- Cash +€26,059
up €26,059 (+17.3%), from €150,311 to €176,370
mainly Net result for the year (+€45,063) and Receivables after one year (+€18,143)
- Receivables after one year -€18,143
no longer reported in 2025 (was €18,143)
- Tangible fixed assets -€13,780
down €13,780 (-21.5%), from €63,976 to €50,196
of which Furniture and vehicles: -€12,989
- Receivables within one year +€5,595
up €5,595 (+6.1%), from €91,038 to €96,633
of which Other amounts receivable: +€7,428
- Stocks and contracts +€4,998
up €4,998 (+177.5%), from €2,815 to €7,813
- Reserves +€14,000
up €14,000 (+303.5%), from €4,613 to €18,613
of which Distributable reserves: +€14,000
- Debts after one year -€11,287
down €11,287 (-21.2%), from €53,359 to €42,072
- Tax, wage and social debts -€5,600
down €5,600 (-30.3%), from €18,500 to €12,900
- Profit (loss) carried forward +€5,063
up €5,063 (+2.3%), from €216,537 to €221,600
- Gross operating margin -€38,047
down €38,047 (-32.1%), from €118,484 to €80,437
- Depreciation +€5,909
up €5,909 (+69.9%), from €8,450 to €14,359
- Financial charges +€2,428
up €2,428 (+71.6%), from €3,392 to €5,820
- Taxes -€1,564
down €1,564 (-8.5%), from €18,440 to €16,876
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 | €326,283 | €331,012 | +€4,729 | +1.4% |
| Fixed assets | 21/28 | €63,976 | €50,196 | -€13,780 | -21.5% |
| Tangible fixed assets | 22/27 | €63,976 | €50,196 | -€13,780 | -21.5% |
| Plant, machinery and equipment | 23 | €4,503 | €3,929 | -€574 | -12.7% |
| Furniture and vehicles | 24 | €57,515 | €44,526 | -€12,989 | -22.6% |
| Other tangible fixed assets | 26 | €1,958 | €1,741 | -€217 | -11.1% |
| Current assets | 29/58 | €262,307 | €280,816 | +€18,509 | +7.1% |
| Amounts receivable after more than one year | 29 | €18,143 | - | -€18,143 | |
| Other amounts receivable | 291 | €18,143 | - | -€18,143 | |
| Stocks and contracts in progress | 3 | €2,815 | €7,813 | +€4,998 | +177.5% |
| Stocks | 30/36 | €2,815 | €7,813 | +€4,998 | +177.5% |
| Amounts receivable within one year | 40/41 | €91,038 | €96,633 | +€5,595 | +6.1% |
| Trade receivables | 40 | €80,070 | €78,237 | -€1,833 | -2.3% |
| Other amounts receivable | 41 | €10,968 | €18,396 | +€7,428 | +67.7% |
| Cash at bank and in hand | 54/58 | €150,311 | €176,370 | +€26,059 | +17.3% |
| Total equity and liabilities | 10/49 | €326,283 | €331,012 | +€4,729 | +1.4% |
| Equity | 10/15 | €239,750 | €258,813 | +€19,063 | +8.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,613 | €18,613 | +€14,000 | +303.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €2,753 | €16,753 | +€14,000 | +508.5% |
| Profit (loss) carried forward | 14 | €216,537 | €221,600 | +€5,063 | +2.3% |
| Amounts payable | 17/49 | €86,533 | €72,199 | -€14,334 | -16.6% |
| Amounts payable after more than one year | 17 | €53,359 | €42,072 | -€11,287 | -21.2% |
| Financial debts | 170/4 | €53,359 | €42,072 | -€11,287 | -21.2% |
| Amounts payable within one year | 42/48 | €33,174 | €30,127 | -€3,047 | -9.2% |
| Current portion of amounts payable after more than one year | 42 | €3,610 | €5,556 | +€1,946 | +53.9% |
| Financial debts | 43 | €6,000 | €6,000 | = | 0.0% |
| Credit institutions | 430/8 | €6,000 | €6,000 | = | 0.0% |
| Trade debts | 44 | €5,064 | €5,671 | +€607 | +12.0% |
| Suppliers | 440/4 | €5,064 | €5,671 | +€607 | +12.0% |
| Taxes, remuneration and social security | 45 | €18,500 | €12,900 | -€5,600 | -30.3% |
| Taxes | 450/3 | €18,500 | €12,900 | -€5,600 | -30.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,450 | €14,359 | +€5,909 | +69.9% |
| Other operating charges | 640/8 | €828 | €844 | +€16 | +1.9% |
| Gross operating margin | 9900 | €118,484 | €80,437 | -€38,047 | -32.1% |
| Operating profit (loss) | 9901 | €109,206 | €65,234 | -€43,972 | -40.3% |
| Financial income | 75/76B | €3,228 | €2,525 | -€703 | -21.8% |
| Recurring financial income | 75 | €3,228 | €2,525 | -€703 | -21.8% |
| Financial charges | 65/66B | €3,392 | €5,820 | +€2,428 | +71.6% |
| Recurring financial charges | 65 | €3,392 | €5,820 | +€2,428 | +71.6% |
| Profit (loss) for the period before taxes | 9903 | €109,042 | €61,939 | -€47,103 | -43.2% |
| Income taxes | 67/77 | €18,440 | €16,876 | -€1,564 | -8.5% |
| Profit (loss) for the period | 9904 | €90,602 | €45,063 | -€45,539 | -50.3% |
| Profit (loss) for the period to be appropriated | 9905 | €90,602 | €45,063 | -€45,539 | -50.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.