C&S Projects Management: 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 Projects Management
Largest movements
- Tangible fixed assets -€612,413
down €612,413 (-74.7%), from €820,147 to €207,733
of which Land and buildings: -€607,554
- Cash -€49,686
down €49,686 (-31.2%), from €159,070 to €109,385
mainly Debts after one year (-€440,611) and Short-term financial debts (-€200,000)
- Receivables within one year +€33,512
up €33,512 (+74.5%), from €45,000 to €78,512
of which Other amounts receivable: +€50,000
- Debts after one year -€440,611
down €440,611 (-57.7%), from €763,420 to €322,809
of which Financial debts: -€651,819
- Profit (loss) carried forward +€276,120
up €276,120 (+217.9%), from €126,730 to €402,850
- Short-term financial debts -€200,000
down €200,000 (-75.5%), from €265,000 to €65,000
- Other debts -€131,251
down €131,251 (-56.6%), from €232,036 to €100,785
- Tax, wage and social debts -€76,743
down €76,743 (-69.8%), from €109,948 to €33,205
- Gross operating margin +€372,814
up €372,814 (+228.9%), from €162,847 to €535,661
- Depreciation -€89,158
down €89,158 (-78.7%), from €113,291 to €24,133
- Taxes +€88,217
up €88,217, from -€67 to €88,150
- Financial charges -€19,145
down €19,145 (-31.0%), from €61,818 to €42,673
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 | €1,840,260 | €1,220,139 | -€620,121 | -33.7% |
| Fixed assets | 21/28 | €821,555 | €208,472 | -€613,083 | -74.6% |
| Intangible fixed assets | 21 | €908 | €239 | -€670 | -73.7% |
| Tangible fixed assets | 22/27 | €820,147 | €207,733 | -€612,413 | -74.7% |
| Land and buildings | 22 | €801,705 | €194,151 | -€607,554 | -75.8% |
| Plant, machinery and equipment | 23 | €11,098 | €8,105 | -€2,993 | -27.0% |
| Furniture and vehicles | 24 | €7,344 | €5,478 | -€1,866 | -25.4% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €1,018,705 | €1,011,667 | -€7,039 | -0.7% |
| Stocks and contracts in progress | 3 | €814,635 | €823,770 | +€9,135 | +1.1% |
| Stocks | 30/36 | €814,635 | €823,770 | +€9,135 | +1.1% |
| Amounts receivable within one year | 40/41 | €45,000 | €78,512 | +€33,512 | +74.5% |
| Trade receivables | 40 | €20,000 | €3,512 | -€16,488 | -82.4% |
| Other amounts receivable | 41 | €25,000 | €75,000 | +€50,000 | +200.0% |
| Cash at bank and in hand | 54/58 | €159,070 | €109,385 | -€49,686 | -31.2% |
| Total equity and liabilities | 10/49 | €1,840,260 | €1,220,139 | -€620,121 | -33.7% |
| Equity | 10/15 | €344,811 | €619,312 | +€274,501 | +79.6% |
| Contributions | 10/11 | €17,281 | €17,281 | = | 0.0% |
| Reserves | 13 | €193,605 | €193,605 | = | 0.0% |
| Tax-exempt reserves | 132 | €17,420 | €17,420 | = | 0.0% |
| Distributable reserves | 133 | €176,185 | €176,185 | = | 0.0% |
| Profit (loss) carried forward | 14 | €126,730 | €402,850 | +€276,120 | +217.9% |
| Investment grants | 15 | €7,194 | €5,576 | -€1,619 | -22.5% |
| Amounts payable | 17/49 | €1,495,449 | €600,827 | -€894,622 | -59.8% |
| Amounts payable after more than one year | 17 | €763,420 | €322,809 | -€440,611 | -57.7% |
| Financial debts | 170/4 | €763,420 | €111,601 | -€651,819 | -85.4% |
| Other amounts payable | 178/9 | - | €211,208 | +€211,208 | |
| Amounts payable within one year | 42/48 | €725,771 | €277,020 | -€448,751 | -61.8% |
| Current portion of amounts payable after more than one year | 42 | €63,263 | €47,539 | -€15,724 | -24.9% |
| Financial debts | 43 | €265,000 | €65,000 | -€200,000 | -75.5% |
| Credit institutions | 430/8 | €265,000 | €65,000 | -€200,000 | -75.5% |
| Trade debts | 44 | €55,525 | €30,491 | -€25,033 | -45.1% |
| Suppliers | 440/4 | €55,525 | €30,491 | -€25,033 | -45.1% |
| Taxes, remuneration and social security | 45 | €109,948 | €33,205 | -€76,743 | -69.8% |
| Taxes | 450/3 | €109,948 | €33,205 | -€76,743 | -69.8% |
| Other amounts payable | 47/48 | €232,036 | €100,785 | -€131,251 | -56.6% |
| Accrued charges and deferred income | 492/3 | €6,258 | €998 | -€5,260 | -84.0% |
| Remuneration, social security and pensions | 62 | - | €4 | +€4 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,291 | €24,133 | -€89,158 | -78.7% |
| Other operating charges | 640/8 | €8,240 | €6,765 | -€1,475 | -17.9% |
| Gross operating margin | 9900 | €162,847 | €535,661 | +€372,814 | +228.9% |
| Operating profit (loss) | 9901 | €41,316 | €504,760 | +€463,444 | +1121.7% |
| Financial income | 75/76B | €2,024 | €2,183 | +€158 | +7.8% |
| Recurring financial income | 75 | €2,024 | €2,183 | +€158 | +7.8% |
| Financial charges | 65/66B | €61,818 | €42,673 | -€19,145 | -31.0% |
| Recurring financial charges | 65 | €61,818 | €42,673 | -€19,145 | -31.0% |
| Profit (loss) for the period before taxes | 9903 | -€18,478 | €464,270 | +€482,747 | |
| Income taxes | 67/77 | -€67 | €88,150 | +€88,217 | |
| Profit (loss) for the period | 9904 | -€18,411 | €376,120 | +€394,530 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,411 | €376,120 | +€394,530 |
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 4 October 2026 via checked.be.