CS SYNDIC: 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.
CS SYNDIC
Largest movements
- Receivables within one year -€26,671
down €26,671 (-32.8%), from €81,373 to €54,702
of which Other amounts receivable: -€14,174
- Intangible fixed assets -€6,562
down €6,562 (-8.1%), from €80,680 to €74,117
- Tangible fixed assets +€4,079
up €4,079 (+15.3%), from €26,675 to €30,754
of which Other tangible fixed assets: +€7,677
- Trade debts -€36,191
down €36,191 (-33.0%), from €109,511 to €73,320
- Tax, wage and social debts +€13,885
up €13,885 (+141.0%), from €9,848 to €23,733
of which Remuneration and social security: +€10,293
- Debts after one year -€12,322
down €12,322 (-14.8%), from €83,534 to €71,212
- Profit (loss) carried forward +€3,738
up €3,738 (+5.2%), from -€71,707 to -€67,969
- Gross operating margin +€31,637
up €31,637 (+24.9%), from €127,161 to €158,798
- Staff costs +€14,822
up €14,822 (+15.1%), from €97,999 to €112,821
- Depreciation +€12,047
up €12,047 (+240.7%), from €5,006 to €17,053
- Financial charges +€3,714
up €3,714 (+24.1%), from €15,402 to €19,116
of which Financial charges: +€3,714
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 | €196,953 | €167,998 | -€28,955 | -14.7% |
| Fixed assets | 21/28 | €107,665 | €105,181 | -€2,484 | -2.3% |
| Intangible fixed assets | 21 | €80,680 | €74,117 | -€6,562 | -8.1% |
| Tangible fixed assets | 22/27 | €26,675 | €30,754 | +€4,079 | +15.3% |
| Plant, machinery and equipment | 23 | €4,185 | €3,763 | -€422 | -10.1% |
| Furniture and vehicles | 24 | €10,515 | €6,405 | -€4,110 | -39.1% |
| Leasing and similar rights | 25 | €8,546 | €9,479 | +€933 | +10.9% |
| Other tangible fixed assets | 26 | €3,429 | €11,107 | +€7,677 | +223.9% |
| Financial fixed assets | 28 | €310 | €310 | = | 0.0% |
| Current assets | 29/58 | €89,287 | €62,816 | -€26,471 | -29.6% |
| Amounts receivable within one year | 40/41 | €81,373 | €54,702 | -€26,671 | -32.8% |
| Trade receivables | 40 | €36,979 | €24,482 | -€12,497 | -33.8% |
| Other amounts receivable | 41 | €44,394 | €30,220 | -€14,174 | -31.9% |
| Cash at bank and in hand | 54/58 | €6,260 | €7,366 | +€1,106 | +17.7% |
| Deferred charges and accrued income | 490/1 | €1,654 | €748 | -€906 | -54.8% |
| Total equity and liabilities | 10/49 | €196,953 | €167,998 | -€28,955 | -14.7% |
| Equity | 10/15 | -€19,766 | -€16,028 | +€3,738 | +18.9% |
| Contributions | 10/11 | €39,500 | €39,500 | = | 0.0% |
| Reserves | 13 | €12,441 | €12,441 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,794 | €10,794 | = | 0.0% |
| Distributable reserves | 133 | €1,647 | €1,647 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€71,707 | -€67,969 | +€3,738 | +5.2% |
| Amounts payable | 17/49 | €216,718 | €184,025 | -€32,693 | -15.1% |
| Amounts payable after more than one year | 17 | €83,534 | €71,212 | -€12,322 | -14.8% |
| Financial debts | 170/4 | €83,534 | €71,212 | -€12,322 | -14.8% |
| Amounts payable within one year | 42/48 | €133,185 | €112,814 | -€20,371 | -15.3% |
| Current portion of amounts payable after more than one year | 42 | €11,602 | €12,322 | +€720 | +6.2% |
| Trade debts | 44 | €109,511 | €73,320 | -€36,191 | -33.0% |
| Suppliers | 440/4 | €109,511 | €73,320 | -€36,191 | -33.0% |
| Taxes, remuneration and social security | 45 | €9,848 | €23,733 | +€13,885 | +141.0% |
| Taxes | 450/3 | €184 | €3,776 | +€3,592 | +1950.5% |
| Remuneration and social security | 454/9 | €9,664 | €19,957 | +€10,293 | +106.5% |
| Other amounts payable | 47/48 | €2,223 | €3,439 | +€1,216 | +54.7% |
| Non-recurring operating income | 76A | €169 | €14,542 | +€14,372 | +8484.3% |
| Remuneration, social security and pensions | 62 | €97,999 | €112,821 | +€14,822 | +15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,006 | €17,053 | +€12,047 | +240.7% |
| Other operating charges | 640/8 | €6,826 | €5,783 | -€1,043 | -15.3% |
| Non-recurring operating charges | 66A | €111 | €0 | -€111 | -100.0% |
| Gross operating margin | 9900 | €127,161 | €158,798 | +€31,637 | +24.9% |
| Operating profit (loss) | 9901 | €17,220 | €23,142 | +€5,922 | +34.4% |
| Financial income | 75/76B | €1 | €2 | +€1 | +49.7% |
| Recurring financial income | 75 | €1 | €2 | +€1 | +49.7% |
| Financial charges | 65/66B | €15,402 | €19,116 | +€3,714 | +24.1% |
| Recurring financial charges | 65 | €15,402 | €19,116 | +€3,714 | +24.1% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €1,820 | €4,028 | +€2,209 | +121.4% |
| Income taxes | 67/77 | €184 | €290 | +€106 | +57.6% |
| Profit (loss) for the period | 9904 | €1,635 | €3,738 | +€2,103 | +128.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,635 | €3,738 | +€2,103 | +128.6% |
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 3 October 2026 via checked.be.