C.S.E.IMMO: 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.
C.S.E.IMMO
Largest movements
- Receivables within one year +€64,053
up €64,053 (+32.1%), from €199,301 to €263,354
of which Other amounts receivable: +€43,647
- Intangible fixed assets -€16,333
down €16,333 (-20.0%), from €81,667 to €65,333
- Reserves +€58,839
up €58,839 (+13.8%), from €425,065 to €483,904
of which Distributable reserves: +€58,839
- Tax, wage and social debts -€19,902
down €19,902 (-19.6%), from €101,294 to €81,392
of which Taxes: -€19,044
- Advances received +€16,201
up €16,201 (+1,831%), from €885 to €17,086
- Gross operating margin -€133,189
down €133,189 (-48.7%), from €273,662 to €140,472
- Taxes -€47,238
down €47,238 (-65.5%), from €72,146 to €24,908
- Financial income -€3,772
down €3,772 (-79.6%), from €4,737 to €965
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €783,925 | €830,804 | +€46,879 | +6.0% |
| Fixed assets | 21/28 | €104,513 | €85,800 | -€18,713 | -17.9% |
| Intangible fixed assets | 21 | €81,667 | €65,333 | -€16,333 | -20.0% |
| Tangible fixed assets | 22/27 | €22,599 | €20,219 | -€2,380 | -10.5% |
| Furniture and vehicles | 24 | €12,009 | €7,212 | -€4,797 | -39.9% |
| Other tangible fixed assets | 26 | €10,589 | €13,007 | +€2,418 | +22.8% |
| Financial fixed assets | 28 | €248 | €248 | = | 0.0% |
| Current assets | 29/58 | €679,411 | €745,003 | +€65,592 | +9.7% |
| Amounts receivable within one year | 40/41 | €199,301 | €263,354 | +€64,053 | +32.1% |
| Trade receivables | 40 | €123,329 | €143,734 | +€20,405 | +16.5% |
| Other amounts receivable | 41 | €75,972 | €119,620 | +€43,647 | +57.5% |
| Cash at bank and in hand | 54/58 | €473,986 | €471,979 | -€2,008 | -0.4% |
| Deferred charges and accrued income | 490/1 | €6,123 | €9,671 | +€3,548 | +57.9% |
| Total equity and liabilities | 10/49 | €783,925 | €830,804 | +€46,879 | +6.0% |
| Equity | 10/15 | €536,847 | €595,686 | +€58,839 | +11.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Contributions outside capital | 11 | €20,000 | €20,000 | = | 0.0% |
| Other | 1109/19 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €425,065 | €483,904 | +€58,839 | +13.8% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €423,065 | €481,904 | +€58,839 | +13.9% |
| Profit (loss) carried forward | 14 | €91,782 | €91,782 | = | 0.0% |
| Amounts payable | 17/49 | €247,077 | €235,118 | -€11,959 | -4.8% |
| Amounts payable within one year | 42/48 | €247,077 | €235,118 | -€11,959 | -4.8% |
| Trade debts | 44 | €144,898 | €136,639 | -€8,259 | -5.7% |
| Suppliers | 440/4 | €144,898 | €136,639 | -€8,259 | -5.7% |
| Advances received on contracts in progress | 46 | €885 | €17,086 | +€16,201 | +1,831% |
| Taxes, remuneration and social security | 45 | €101,294 | €81,392 | -€19,902 | -19.6% |
| Taxes | 450/3 | €92,950 | €73,906 | -€19,044 | -20.5% |
| Remuneration and social security | 454/9 | €8,344 | €7,487 | -€857 | -10.3% |
| Remuneration, social security and pensions | 62 | €26,537 | €26,928 | +€391 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,454 | €24,578 | +€1,124 | +4.8% |
| Other operating charges | 640/8 | €6,297 | €4,677 | -€1,620 | -25.7% |
| Gross operating margin | 9900 | €273,662 | €140,472 | -€133,189 | -48.7% |
| Operating profit (loss) | 9901 | €217,373 | €84,290 | -€133,084 | -61.2% |
| Financial income | 75/76B | €4,737 | €965 | -€3,772 | -79.6% |
| Recurring financial income | 75 | €4,737 | €965 | -€3,772 | -79.6% |
| Financial charges | 65/66B | €1,317 | €1,507 | +€190 | +14.5% |
| Recurring financial charges | 65 | €1,317 | €1,507 | +€190 | +14.5% |
| Profit (loss) for the period before taxes | 9903 | €220,793 | €83,747 | -€137,046 | -62.1% |
| Income taxes | 67/77 | €72,146 | €24,908 | -€47,238 | -65.5% |
| Profit (loss) for the period | 9904 | €148,648 | €58,839 | -€89,809 | -60.4% |
| Profit (loss) for the period to be appropriated | 9905 | €148,648 | €58,839 | -€89,809 | -60.4% |
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.