C.T.S.I.: 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.T.S.I.
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€203,968
2024 · €409,541-€205,573
Equity
€17.6m
2024 · €17.5m+€97,997
Cash
€732,887
2024 · €13,198+€719,689
Balance sheet total
€27.4m
2024 · €28.5m-€1.1m
Largest movements
Assets
- Tangible fixed assets -€2.2m
down €2.2m (-8.3%), from €26.2m to €24.0m
of which Land and buildings: -€1.5m
- Receivables within one year +€865,067
up €865,067 (+60.9%), from €1.4m to €2.3m
of which Trade receivables: +€1.5m
- Cash +€719,689
up €719,689 (+5,453%), from €13,198 to €732,887
mainly Depreciation (+€2.2m) and Trade debts (+€602,978)
- Current investments -€600,000
no longer reported in 2025 (was €600,000)
Equity and liabilities
- Debts after one year -€933,332
down €933,332 (-13.5%), from €6.9m to €6.0m
- Trade debts +€602,978
up €602,978 (+32.7%), from €1.8m to €2.4m
- Current portion of long-term debt -€530,000
down €530,000 (-36.2%), from €1.5m to €933,332
Income statement
- Depreciation -€699,585
down €699,585 (-23.9%), from €2.9m to €2.2m
- Services and other goods +€655,831
up €655,831 (+33.6%), from €2.0m to €2.6m
- Turnover -€203,720
down €203,720 (-4.3%), from €4.8m to €4.6m
- Financial income -€80,151
down €80,151 (-38.6%), from €207,592 to €127,441
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
€409,541
Turnover
-€203,720
Other operating income
+€30,579
Services and other goods
-€655,831
Depreciation
+€699,585
Other operating charges
-€26,544
Financial income
-€80,151
Financial charges
+€18,194
Taxes
+€12,315
Result 2025
€203,968
raises the resultlowers the result
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
+€1.8m
Investment
+€532,170
Financing
-€1.6m
Cash 2024
€13,198
From operations (derived)
+€1.8m
Net result for the year
+€203,968
Depreciation
+€2.2m
Receivables within one year
-€865,067
Deferred charges and accrued income
-€63,829
Trade debts
+€602,978
Tax, wage and social debts
-€165,561
Other debts
-€183,516
Accrued charges and deferred income
-€1,114
Investment (derived)
+€532,170
Investment in fixed assets (net)
-€67,830
Current investments
+€600,000
Financing
-€1.6m
Debts after one year
-€933,332
Current portion of long-term debt
-€530,000
Contributions, distributions and other
-€105,972
Cash 2025
€732,887
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €28,531,953 | €27,419,403 | -€1.1m | -3.9% |
| Fixed assets | 21/28 | €26,302,383 | €24,141,250 | -€2.2m | -8.2% |
| Tangible fixed assets | 22/27 | €26,167,198 | €24,008,234 | -€2.2m | -8.3% |
| Land and buildings | 22 | €24,593,330 | €23,068,770 | -€1.5m | -6.2% |
| Plant, machinery and equipment | 23 | €1,573,868 | €939,464 | -€634,403 | -40.3% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €135,186 | €133,016 | -€2,170 | -1.6% |
| Affiliated companies | 280/1 | €130,000 | €130,000 | = | 0.0% |
| Participating interests | 280 | €130,000 | €130,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €5,186 | €3,016 | -€2,170 | -41.8% |
| Amounts receivable and cash guarantees | 285/8 | €5,186 | €3,016 | -€2,170 | -41.8% |
| Current assets | 29/58 | €2,229,569 | €3,278,154 | +€1.0m | +47.0% |
| Amounts receivable within one year | 40/41 | €1,419,563 | €2,284,629 | +€865,067 | +60.9% |
| Trade receivables | 40 | €205,043 | €1,754,415 | +€1.5m | +756% |
| Other amounts receivable | 41 | €1,214,519 | €530,214 | -€684,305 | -56.3% |
| Current investments | 50/53 | €600,000 | - | -€600,000 | |
| Other investments | 51/53 | €600,000 | - | -€600,000 | |
| Cash at bank and in hand | 54/58 | €13,198 | €732,887 | +€719,689 | +5,453% |
| Deferred charges and accrued income | 490/1 | €196,808 | €260,637 | +€63,829 | +32.4% |
| Total equity and liabilities | 10/49 | €28,531,953 | €27,419,403 | -€1.1m | -3.9% |
| Equity | 10/15 | €17,460,407 | €17,558,404 | +€97,997 | +0.6% |
| Contributions | 10/11 | €4,533,053 | €4,533,053 | = | 0.0% |
| Capital | 10 | €4,533,053 | €4,533,053 | = | 0.0% |
| Issued capital | 100 | €4,533,053 | €4,533,053 | = | 0.0% |
| Reserves | 13 | €1,768,248 | €1,778,446 | +€10,198 | +0.6% |
| Non-distributable reserves | 130/1 | €122,034 | €132,232 | +€10,198 | +8.4% |
| Legal reserve | 130 | €122,034 | €132,232 | +€10,198 | +8.4% |
| Tax-exempt reserves | 132 | €88,631 | €88,631 | = | 0.0% |
| Distributable reserves | 133 | €1,557,583 | €1,557,583 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,791,917 | €9,985,687 | +€193,770 | +2.0% |
| Investment grants | 15 | €1,367,190 | €1,261,218 | -€105,972 | -7.8% |
| Provisions and deferred taxes | 16 | €351,353 | €351,353 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €282,328 | €282,328 | = | 0.0% |
| Pensions and similar obligations | 160 | €282,328 | €282,328 | = | 0.0% |
| Deferred taxes | 168 | €69,025 | €69,025 | = | 0.0% |
| Amounts payable | 17/49 | €10,720,192 | €9,509,646 | -€1.2m | -11.3% |
| Amounts payable after more than one year | 17 | €6,900,009 | €5,966,677 | -€933,332 | -13.5% |
| Financial debts | 170/4 | €6,900,009 | €5,966,677 | -€933,332 | -13.5% |
| Credit institutions | 173 | €6,900,009 | €5,966,677 | -€933,332 | -13.5% |
| Amounts payable within one year | 42/48 | €3,804,917 | €3,528,818 | -€276,099 | -7.3% |
| Current portion of amounts payable after more than one year | 42 | €1,463,332 | €933,332 | -€530,000 | -36.2% |
| Trade debts | 44 | €1,843,654 | €2,446,632 | +€602,978 | +32.7% |
| Suppliers | 440/4 | €1,843,654 | €2,446,632 | +€602,978 | +32.7% |
| Taxes, remuneration and social security | 45 | €286,025 | €120,465 | -€165,561 | -57.9% |
| Taxes | 450/3 | €286,025 | €120,465 | -€165,561 | -57.9% |
| Other amounts payable | 47/48 | €211,906 | €28,390 | -€183,516 | -86.6% |
| Accrued charges and deferred income | 492/3 | €15,266 | €14,151 | -€1,114 | -7.3% |
| Operating income | 70/76A | €5,875,823 | €5,702,683 | -€173,141 | -2.9% |
| Turnover | 70 | €4,774,153 | €4,570,433 | -€203,720 | -4.3% |
| Other operating income | 74 | €1,101,671 | €1,132,250 | +€30,579 | +2.8% |
| Operating charges | 60/66A | €5,508,058 | €5,490,848 | -€17,210 | -0.3% |
| Services and other goods | 61 | €1,952,874 | €2,608,705 | +€655,831 | +33.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,928,548 | €2,228,964 | -€699,585 | -23.9% |
| Other operating charges | 640/8 | €626,636 | €653,179 | +€26,544 | +4.2% |
| Operating profit (loss) | 9901 | €367,765 | €211,834 | -€155,931 | -42.4% |
| Financial income | 75/76B | €207,592 | €127,441 | -€80,151 | -38.6% |
| Recurring financial income | 75 | €207,592 | €127,441 | -€80,151 | -38.6% |
| Income from financial fixed assets | 750 | €44,419 | €21,461 | -€22,958 | -51.7% |
| Other financial income | 752/9 | €163,173 | €105,980 | -€57,192 | -35.1% |
| Financial charges | 65/66B | €101,352 | €83,159 | -€18,194 | -18.0% |
| Recurring financial charges | 65 | €101,352 | €83,159 | -€18,194 | -18.0% |
| Debt charges | 650 | €98,146 | €79,034 | -€19,112 | -19.5% |
| Other financial charges | 652/9 | €3,207 | €4,125 | +€918 | +28.6% |
| Profit (loss) for the period before taxes | 9903 | €474,005 | €256,117 | -€217,888 | -46.0% |
| Income taxes | 67/77 | €64,463 | €52,148 | -€12,315 | -19.1% |
| Taxes | 670/3 | €64,463 | €52,148 | -€12,315 | -19.1% |
| Profit (loss) for the period | 9904 | €409,541 | €203,968 | -€205,573 | -50.2% |
| Profit (loss) for the period to be appropriated | 9905 | €409,541 | €203,968 | -€205,573 | -50.2% |
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 29 October 2026 via checked.be.