C.S.T.: 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.T.
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€51,082
2024 · €31,521+€19,561
Equity
€2.3m
2024 · €2.5m-€218,918
Cash
€84,758
2024 · €148,389-€63,631
Balance sheet total
€2.6m
2024 · €2.8m-€161,989
Largest movements
Assets
- Tangible fixed assets -€107,890
down €107,890 (-4.1%), from €2.6m to €2.5m
of which Land and buildings: -€107,112
- Cash -€63,631
down €63,631 (-42.9%), from €148,389 to €84,758
mainly Contributions, distributions and other (-€270,000) and Receivables within one year (-€26,739)
Equity and liabilities
- Profit (loss) carried forward -€192,932
down €192,932 (-9.6%), from €2.0m to €1.8m
- Other debts +€76,331
up €76,331 (+1,382%), from €5,523 to €81,854
Income statement
- Gross operating margin +€22,913
up €22,913 (+13.7%), from €166,715 to €189,628
- Taxes +€4,285
up €4,285 (+17.3%), from €24,754 to €29,039
- Financial charges -€2,476
down €2,476 (-75.6%), from €3,274 to €797
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
€31,521
Gross operating margin
+€22,913
Depreciation
-€1,396
Other operating charges
-€506
Financial income
+€704
Financial charges
+€2,476
Taxes
-€4,285
Deferred taxes and other
-€345
Result 2025
€51,082
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
+€224,240
Investment
-€1,434
Financing
-€286,437
Cash 2024
€148,389
From operations (derived)
+€224,240
Net result for the year
+€51,082
Depreciation
+€109,324
Receivables within one year
-€26,739
Deferred charges and accrued income
+€17,208
Provisions
-€13,381
Trade debts
+€8,605
Tax, wage and social debts
+€1,461
Other debts
+€76,331
Accrued charges and deferred income
+€350
Investment (derived)
-€1,434
Investment in fixed assets (net)
-€1,434
Financing
-€286,437
Debts after one year
-€18,227
Current portion of long-term debt
+€1,790
Contributions, distributions and other
-€270,000
Cash 2025
€84,758
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,786,117 | €2,624,128 | -€161,989 | -5.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €2,615,717 | €2,507,827 | -€107,890 | -4.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €2,615,717 | €2,507,827 | -€107,890 | -4.1% |
| Land and buildings | 22 | €2,576,893 | €2,469,781 | -€107,112 | -4.2% |
| Furniture and vehicles | 24 | €1,968 | €1,190 | -€778 | -39.5% |
| Other tangible fixed assets | 26 | €36,856 | €36,856 | = | 0.0% |
| Current assets | 29/58 | €170,399 | €116,301 | -€54,099 | -31.7% |
| Amounts receivable within one year | 40/41 | €481 | €27,220 | +€26,739 | +5,563% |
| Trade receivables | 40 | €481 | €26,371 | +€25,890 | +5,387% |
| Other amounts receivable | 41 | - | €849 | +€849 | |
| Cash at bank and in hand | 54/58 | €148,389 | €84,758 | -€63,631 | -42.9% |
| Deferred charges and accrued income | 490/1 | €21,530 | €4,322 | -€17,208 | -79.9% |
| Total equity and liabilities | 10/49 | €2,786,117 | €2,624,128 | -€161,989 | -5.8% |
| Equity | 10/15 | €2,474,284 | €2,255,366 | -€218,918 | -8.8% |
| Contributions | 10/11 | €12,425 | €12,425 | = | 0.0% |
| Reserves | 13 | €456,758 | €430,772 | -€25,986 | -5.7% |
| Non-distributable reserves | 130/1 | €42,360 | €42,360 | = | 0.0% |
| Reserves not available under the articles | 1311 | €42,360 | €42,360 | = | 0.0% |
| Tax-exempt reserves | 132 | €414,398 | €388,412 | -€25,986 | -6.3% |
| Profit (loss) carried forward | 14 | €2,005,101 | €1,812,169 | -€192,932 | -9.6% |
| Provisions and deferred taxes | 16 | €213,383 | €200,002 | -€13,381 | -6.3% |
| Deferred taxes | 168 | €213,383 | €200,002 | -€13,381 | -6.3% |
| Amounts payable | 17/49 | €98,450 | €168,760 | +€70,310 | +71.4% |
| Amounts payable after more than one year | 17 | €42,987 | €24,760 | -€18,227 | -42.4% |
| Financial debts | 170/4 | €42,987 | €24,760 | -€18,227 | -42.4% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €52,987 | €141,174 | +€88,187 | +166% |
| Current portion of amounts payable after more than one year | 42 | €17,939 | €19,729 | +€1,790 | +10.0% |
| Trade debts | 44 | €1,619 | €10,224 | +€8,605 | +531% |
| Suppliers | 440/4 | €1,619 | €10,224 | +€8,605 | +531% |
| Taxes, remuneration and social security | 45 | €27,906 | €29,367 | +€1,461 | +5.2% |
| Taxes | 450/3 | €27,906 | €29,367 | +€1,461 | +5.2% |
| Other amounts payable | 47/48 | €5,523 | €81,854 | +€76,331 | +1,382% |
| Accrued charges and deferred income | 492/3 | €2,475 | €2,826 | +€350 | +14.2% |
| Non-recurring operating income | 76A | €15,228 | - | -€15,228 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €107,928 | €109,324 | +€1,396 | +1.3% |
| Other operating charges | 640/8 | €12,967 | €13,473 | +€506 | +3.9% |
| Gross operating margin | 9900 | €166,715 | €189,628 | +€22,913 | +13.7% |
| Operating profit (loss) | 9901 | €45,820 | €66,832 | +€21,011 | +45.9% |
| Financial income | 75/76B | €2 | €706 | +€704 | +28,381% |
| Recurring financial income | 75 | €2 | €4 | +€1 | +54.8% |
| Non-recurring financial income | 76B | - | €702 | +€702 | |
| Financial charges | 65/66B | €3,274 | €797 | -€2,476 | -75.6% |
| Recurring financial charges | 65 | €3,274 | €797 | -€2,476 | -75.6% |
| Profit (loss) for the period before taxes | 9903 | €42,549 | €66,741 | +€24,191 | +56.9% |
| Transfer from deferred taxes | 780 | €13,726 | €13,381 | -€345 | -2.5% |
| Income taxes | 67/77 | €24,754 | €29,039 | +€4,285 | +17.3% |
| Profit (loss) for the period | 9904 | €31,521 | €51,082 | +€19,561 | +62.1% |
| Transfer from tax-exempt reserves | 789 | €26,656 | €25,986 | -€670 | -2.5% |
| Profit (loss) for the period to be appropriated | 9905 | €58,176 | €77,068 | +€18,892 | +32.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.