C.S.W.: 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.W.
Largest movements
- Tangible fixed assets -€22,771
down €22,771 (-19.0%), from €120,148 to €97,377
- Stocks and contracts -€4,052
down €4,052 (-42.1%), from €9,617 to €5,565
- Receivables within one year -€2,458
down €2,458 (-12.4%), from €19,844 to €17,386
of which Trade receivables: -€2,891
- Profit (loss) carried forward -€44,422
down €44,422 (-29.6%), from -€150,014 to -€194,436
- Other debts +€28,788
up €28,788 (+15.4%), from €187,360 to €216,148
- Current portion of long-term debt -€7,968
down €7,968 (-100%), from €7,968 to €0
- Reserves -€3,168
down €3,168 (-9.6%), from €33,113 to €29,944
of which Tax-exempt reserves: -€3,168
- Provisions -€1,631
down €1,631 (-10.4%), from €15,759 to €14,128
- Gross operating margin -€27,179
down €27,179 (-99.5%), from €27,313 to €134
- Taxes -€7,157
down €7,157, from €4,511 to -€2,646
- Depreciation -€4,636
down €4,636 (-16.6%), from €27,946 to €23,310
- Staff costs +€2,007
up €2,007 (+8.7%), from €23,136 to €25,143
- Financial charges -€1,452
down €1,452 (-39.0%), from €3,726 to €2,274
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 | €151,644 | €122,393 | -€29,250 | -19.3% |
| Fixed assets | 21/28 | €120,398 | €97,627 | -€22,771 | -18.9% |
| Tangible fixed assets | 22/27 | €120,148 | €97,377 | -€22,771 | -19.0% |
| Land and buildings | 22 | €97,422 | €86,263 | -€11,159 | -11.5% |
| Plant, machinery and equipment | 23 | €22,065 | €11,094 | -€10,972 | -49.7% |
| Furniture and vehicles | 24 | €661 | €21 | -€640 | -96.8% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €31,246 | €24,766 | -€6,480 | -20.7% |
| Stocks and contracts in progress | 3 | €9,617 | €5,565 | -€4,052 | -42.1% |
| Stocks | 30/36 | €9,617 | €5,565 | -€4,052 | -42.1% |
| Amounts receivable within one year | 40/41 | €19,844 | €17,386 | -€2,458 | -12.4% |
| Trade receivables | 40 | €19,548 | €16,657 | -€2,891 | -14.8% |
| Other amounts receivable | 41 | €296 | €729 | +€433 | +146% |
| Cash at bank and in hand | 54/58 | €0 | €23 | +€23 | |
| Deferred charges and accrued income | 490/1 | €1,784 | €1,792 | +€8 | +0.4% |
| Total equity and liabilities | 10/49 | €151,644 | €122,393 | -€29,250 | -19.3% |
| Equity | 10/15 | -€83,436 | -€131,026 | -€47,590 | -57.0% |
| Contributions | 10/11 | €33,466 | €33,466 | = | 0.0% |
| Reserves | 13 | €33,113 | €29,944 | -€3,168 | -9.6% |
| Tax-exempt reserves | 132 | €30,605 | €27,437 | -€3,168 | -10.4% |
| Distributable reserves | 133 | €2,507 | €2,507 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€150,014 | -€194,436 | -€44,422 | -29.6% |
| Provisions and deferred taxes | 16 | €15,759 | €14,128 | -€1,631 | -10.4% |
| Deferred taxes | 168 | €15,759 | €14,128 | -€1,631 | -10.4% |
| Amounts payable | 17/49 | €219,320 | €239,292 | +€19,971 | +9.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €218,320 | €238,292 | +€19,971 | +9.1% |
| Current portion of amounts payable after more than one year | 42 | €7,968 | €0 | -€7,968 | -100% |
| Financial debts | 43 | €10,586 | €9,633 | -€954 | -9.0% |
| Credit institutions | 430/8 | €10,586 | €9,633 | -€954 | -9.0% |
| Trade debts | 44 | €3,812 | €3,948 | +€136 | +3.6% |
| Suppliers | 440/4 | €3,812 | €3,948 | +€136 | +3.6% |
| Taxes, remuneration and social security | 45 | €8,594 | €8,562 | -€31 | -0.4% |
| Taxes | 450/3 | €3,334 | €1,099 | -€2,235 | -67.0% |
| Remuneration and social security | 454/9 | €5,259 | €7,463 | +€2,204 | +41.9% |
| Other amounts payable | 47/48 | €187,360 | €216,148 | +€28,788 | +15.4% |
| Accrued charges and deferred income | 492/3 | €1,000 | €1,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €23,136 | €25,143 | +€2,007 | +8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,946 | €23,310 | -€4,636 | -16.6% |
| Other operating charges | 640/8 | €1,997 | €1,318 | -€679 | -34.0% |
| Gross operating margin | 9900 | €27,313 | €134 | -€27,179 | -99.5% |
| Operating profit (loss) | 9901 | -€25,766 | -€49,638 | -€23,871 | -92.6% |
| Financial income | 75/76B | €382 | €44 | -€338 | -88.4% |
| Recurring financial income | 75 | €382 | €44 | -€338 | -88.4% |
| Financial charges | 65/66B | €3,726 | €2,274 | -€1,452 | -39.0% |
| Recurring financial charges | 65 | €3,726 | €2,274 | -€1,452 | -39.0% |
| Profit (loss) for the period before taxes | 9903 | -€29,110 | -€51,867 | -€22,757 | -78.2% |
| Transfer from deferred taxes | 780 | €1,631 | €1,631 | = | 0.0% |
| Income taxes | 67/77 | €4,511 | -€2,646 | -€7,157 | |
| Profit (loss) for the period | 9904 | -€31,990 | -€47,590 | -€15,600 | -48.8% |
| Transfer from tax-exempt reserves | 789 | €3,168 | €3,168 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€28,821 | -€44,422 | -€15,600 | -54.1% |
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 18 October 2026 via checked.be.