C.S.O.: 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.O.
Largest movements
- Tangible fixed assets +€569,145
up €569,145 (+91.6%), from €621,192 to €1.2m
of which Land and buildings: +€558,863
- Financial fixed assets -€59,648
down €59,648 (-75.4%), from €79,118 to €19,470
- Debts after one year +€219,308
up €219,308 (+72.2%), from €303,787 to €523,095
of which Financial debts: +€205,008
- Reserves +€125,171
up €125,171 (+210%), from €59,489 to €184,660
of which Distributable reserves: +€125,171
- Other debts +€105,161
up €105,161 (+120%), from €88,000 to €193,161
- Current portion of long-term debt +€41,287
up €41,287 (+258%), from €15,975 to €57,262
- Tax, wage and social debts +€13,897
up €13,897, from €0 to €13,897
- Gross operating margin +€185,047
up €185,047 (+524%), from €35,322 to €220,369
- Depreciation +€29,858
up €29,858 (+110%), from €27,091 to €56,949
- Financial income +€14,874
new in 2025: €14,874
of which Financial income: +€14,874
- Financial charges -€8,641
down €8,641 (-17.6%), from €49,218 to €40,577
of which Non-recurring financial charges: -€13,800
- Other operating charges +€4,539
up €4,539 (+64.2%), from €7,072 to €11,612
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 | €715,597 | €1,219,313 | +€503,717 | +70.4% |
| Fixed assets | 21/28 | €700,310 | €1,209,806 | +€509,496 | +72.8% |
| Tangible fixed assets | 22/27 | €621,192 | €1,190,336 | +€569,145 | +91.6% |
| Land and buildings | 22 | €473,036 | €1,031,899 | +€558,863 | +118% |
| Plant, machinery and equipment | 23 | €148,156 | €158,437 | +€10,281 | +6.9% |
| Financial fixed assets | 28 | €79,118 | €19,470 | -€59,648 | -75.4% |
| Current assets | 29/58 | €15,287 | €9,507 | -€5,780 | -37.8% |
| Amounts receivable within one year | 40/41 | €4,800 | €4,800 | = | 0.0% |
| Other amounts receivable | 41 | €4,800 | €4,800 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €9,170 | €4,707 | -€4,463 | -48.7% |
| Deferred charges and accrued income | 490/1 | €1,316 | €0 | -€1,316 | -100% |
| Total equity and liabilities | 10/49 | €715,597 | €1,219,313 | +€503,717 | +70.4% |
| Equity | 10/15 | €303,131 | €428,302 | +€125,171 | +41.3% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Revaluation surpluses | 12 | €178,642 | €178,642 | = | 0.0% |
| Reserves | 13 | €59,489 | €184,660 | +€125,171 | +210% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Distributable reserves | 133 | €52,989 | €178,160 | +€125,171 | +236% |
| Amounts payable | 17/49 | €412,466 | €791,011 | +€378,545 | +91.8% |
| Amounts payable after more than one year | 17 | €303,787 | €523,095 | +€219,308 | +72.2% |
| Financial debts | 170/4 | €303,787 | €508,795 | +€205,008 | +67.5% |
| Other amounts payable | 178/9 | - | €14,300 | +€14,300 | |
| Amounts payable within one year | 42/48 | €108,679 | €267,916 | +€159,238 | +147% |
| Current portion of amounts payable after more than one year | 42 | €15,975 | €57,262 | +€41,287 | +258% |
| Financial debts | 43 | €210 | €0 | -€210 | -100% |
| Credit institutions | 430/8 | €210 | €0 | -€210 | -100% |
| Trade debts | 44 | €4,494 | €3,597 | -€897 | -20.0% |
| Suppliers | 440/4 | €4,494 | €3,597 | -€897 | -20.0% |
| Taxes, remuneration and social security | 45 | €0 | €13,897 | +€13,897 | |
| Taxes | 450/3 | €0 | €13,897 | +€13,897 | |
| Other amounts payable | 47/48 | €88,000 | €193,161 | +€105,161 | +120% |
| Non-recurring operating income | 76A | - | €124,244 | +€124,244 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,091 | €56,949 | +€29,858 | +110% |
| Other operating charges | 640/8 | €7,072 | €11,612 | +€4,539 | +64.2% |
| Non-recurring operating charges | 66A | €11,078 | €0 | -€11,078 | -100% |
| Gross operating margin | 9900 | €35,322 | €220,369 | +€185,047 | +524% |
| Operating profit (loss) | 9901 | -€9,919 | €151,808 | +€161,728 | |
| Financial income | 75/76B | - | €14,874 | +€14,874 | |
| Recurring financial income | 75 | - | €14,874 | +€14,874 | |
| Non-recurring financial income | 76B | - | €14,874 | +€14,874 | |
| Financial charges | 65/66B | €49,218 | €40,577 | -€8,641 | -17.6% |
| Recurring financial charges | 65 | €20,545 | €25,704 | +€5,159 | +25.1% |
| Non-recurring financial charges | 66B | €28,674 | €14,874 | -€13,800 | -48.1% |
| Profit (loss) for the period before taxes | 9903 | -€59,138 | €126,104 | +€185,242 | |
| Income taxes | 67/77 | €0 | €933 | +€933 | |
| Profit (loss) for the period | 9904 | -€59,138 | €125,171 | +€184,309 | |
| Profit (loss) for the period to be appropriated | 9905 | -€59,138 | €125,171 | +€184,309 |
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 20 October 2026 via checked.be.