CS PROJECTS: 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.
CS PROJECTS
Largest movements
- Cash +€148,028
up €148,028 (+60.5%), from €244,531 to €392,559
mainly Other debts (+€297,922) and Net result for the year (+€241,577)
- Tangible fixed assets -€44,922
down €44,922 (-5.6%), from €803,286 to €758,364
of which Furniture and vehicles: -€36,260
- Stocks and contracts -€30,618
down €30,618 (-17.1%), from €179,270 to €148,652
- Other debts +€297,922
up €297,922 (+30.0%), from €991,460 to €1.3m
- Reserves -€151,681
down €151,681 (-9.4%), from €1.6m to €1.5m
of which Distributable reserves: -€151,681
- Current portion of long-term debt -€45,776
down €45,776 (-59.8%), from €76,522 to €30,746
- Debts after one year -€30,746
down €30,746 (-78.8%), from €39,007 to €8,261
- Gross operating margin -€135,282
down €135,282 (-20.7%), from €652,208 to €516,926
- Taxes -€30,887
down €30,887 (-23.9%), from €128,999 to €98,112
- Staff costs -€21,175
down €21,175 (-22.7%), from €93,333 to €72,158
- Financial income -€8,042
down €8,042 (-13.7%), from €58,752 to €50,710
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 | €2,836,276 | €2,902,719 | +€66,443 | +2.3% |
| Fixed assets | 21/28 | €803,286 | €758,364 | -€44,922 | -5.6% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €803,286 | €758,364 | -€44,922 | -5.6% |
| Land and buildings | 22 | €404,502 | €390,311 | -€14,191 | -3.5% |
| Plant, machinery and equipment | 23 | €29,023 | €34,551 | +€5,528 | +19.0% |
| Furniture and vehicles | 24 | €114,395 | €78,135 | -€36,260 | -31.7% |
| Other tangible fixed assets | 26 | €255,366 | €255,366 | = | 0.0% |
| Current assets | 29/58 | €2,032,990 | €2,144,355 | +€111,365 | +5.5% |
| Stocks and contracts in progress | 3 | €179,270 | €148,652 | -€30,618 | -17.1% |
| Stocks | 30/36 | €179,270 | €148,652 | -€30,618 | -17.1% |
| Amounts receivable within one year | 40/41 | €1,602,453 | €1,597,011 | -€5,441 | -0.3% |
| Trade receivables | 40 | €112,835 | €77,602 | -€35,234 | -31.2% |
| Other amounts receivable | 41 | €1,489,617 | €1,519,409 | +€29,792 | +2.0% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €244,531 | €392,559 | +€148,028 | +60.5% |
| Deferred charges and accrued income | 490/1 | €6,737 | €6,133 | -€604 | -9.0% |
| Total equity and liabilities | 10/49 | €2,836,276 | €2,902,719 | +€66,443 | +2.3% |
| Equity | 10/15 | €1,629,058 | €1,477,377 | -€151,681 | -9.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,610,458 | €1,458,777 | -€151,681 | -9.4% |
| Tax-exempt reserves | 132 | €931 | €931 | = | 0.0% |
| Distributable reserves | 133 | €1,609,527 | €1,457,846 | -€151,681 | -9.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,207,219 | €1,425,342 | +€218,123 | +18.1% |
| Amounts payable after more than one year | 17 | €39,007 | €8,261 | -€30,746 | -78.8% |
| Financial debts | 170/4 | €39,007 | €8,261 | -€30,746 | -78.8% |
| Amounts payable within one year | 42/48 | €1,138,880 | €1,379,258 | +€240,378 | +21.1% |
| Current portion of amounts payable after more than one year | 42 | €76,522 | €30,746 | -€45,776 | -59.8% |
| Trade debts | 44 | €18,647 | €8,044 | -€10,603 | -56.9% |
| Suppliers | 440/4 | €18,647 | €8,044 | -€10,603 | -56.9% |
| Taxes, remuneration and social security | 45 | €52,250 | €51,085 | -€1,165 | -2.2% |
| Taxes | 450/3 | €42,765 | €42,151 | -€614 | -1.4% |
| Remuneration and social security | 454/9 | €9,485 | €8,934 | -€551 | -5.8% |
| Other amounts payable | 47/48 | €991,460 | €1,289,382 | +€297,922 | +30.0% |
| Accrued charges and deferred income | 492/3 | €29,331 | €37,823 | +€8,492 | +29.0% |
| Remuneration, social security and pensions | 62 | €93,333 | €72,158 | -€21,175 | -22.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,328 | €75,451 | +€6,123 | +8.8% |
| Other operating charges | 640/8 | €8,690 | €9,026 | +€335 | +3.9% |
| Non-recurring operating charges | 66A | €7,139 | €0 | -€7,139 | -100% |
| Gross operating margin | 9900 | €652,208 | €516,926 | -€135,282 | -20.7% |
| Operating profit (loss) | 9901 | €473,718 | €360,292 | -€113,426 | -23.9% |
| Financial income | 75/76B | €58,752 | €50,710 | -€8,042 | -13.7% |
| Recurring financial income | 75 | €58,752 | €50,710 | -€8,042 | -13.7% |
| Financial charges | 65/66B | €65,029 | €71,313 | +€6,284 | +9.7% |
| Recurring financial charges | 65 | €65,029 | €71,313 | +€6,284 | +9.7% |
| Profit (loss) for the period before taxes | 9903 | €467,441 | €339,689 | -€127,752 | -27.3% |
| Income taxes | 67/77 | €128,999 | €98,112 | -€30,887 | -23.9% |
| Profit (loss) for the period | 9904 | €338,442 | €241,577 | -€96,865 | -28.6% |
| Profit (loss) for the period to be appropriated | 9905 | €338,442 | €241,577 | -€96,865 | -28.6% |
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 27 October 2026 via checked.be.