CS Topco: what changed
What changed
CS Topco
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€2.7m
2024 · €2.3m+€437,434
Equity
€26.0m
2024 · €23.3m+€2.7m
Cash
€1.4m
2024 · €815,384+€560,847
Balance sheet total
€37.0m
2024 · €36.0m+€1.0m
Largest movements
Assets
- Financial fixed assets +€1.3m
up €1.3m (+3.6%), from €34.3m to €35.6m
- Receivables within one year -€762,476
down €762,476 (-88.6%), from €860,534 to €98,058
of which Other amounts receivable: -€798,443
- Cash +€560,847
up €560,847 (+68.8%), from €815,384 to €1.4m
mainly Net result for the year (+€2.7m) and Receivables within one year (+€762,476)
Equity and liabilities
- Reserves +€2.7m
up €2.7m (+119%), from €2.3m to €5.0m
- Debts after one year -€1.7m
down €1.7m (-15.2%), from €11.3m to €9.6m
Income statement
- Turnover +€187,445
up €187,445 (+36.9%), from €508,618 to €696,063
- Financial income +€122,813
up €122,813 (+4.4%), from €2.8m to €2.9m
- Financial charges -€103,897
down €103,897 (-16.2%), from €640,686 to €536,789
- Services and other goods -€23,681
down €23,681 (-6.5%), from €362,874 to €339,193
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€2.3m
Turnover
+€187,445
Services and other goods
+€23,681
Other operating charges
-€402
Financial income
+€122,813
Financial charges
+€103,897
Result 2025
€2.7m
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€3.5m
Investment
-€1.3m
Financing
-€1.7m
Cash 2024
€815,384
From operations (derived)
+€3.5m
Net result for the year
+€2.7m
Receivables within one year
+€762,476
Smaller working-capital items
-€2,512
Accrued charges and deferred income
+€45,864
Investment (derived)
-€1.3m
Investment in fixed assets (net)
-€1.3m
Financing
-€1.7m
Debts after one year
-€1.7m
Cash 2025
€1.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €35,975,918 | €37,024,289 | +€1.0m | +2.9% |
| Fixed assets | 21/28 | €34,300,000 | €35,550,000 | +€1.3m | +3.6% |
| Financial fixed assets | 28 | €34,300,000 | €35,550,000 | +€1.3m | +3.6% |
| Affiliated companies | 280/1 | €34,300,000 | €35,550,000 | +€1.3m | +3.6% |
| Participating interests | 280 | €34,300,000 | €35,550,000 | +€1.3m | +3.6% |
| Current assets | 29/58 | €1,675,918 | €1,474,289 | -€201,629 | -12.0% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €860,534 | €98,058 | -€762,476 | -88.6% |
| Trade receivables | 40 | €60,534 | €96,501 | +€35,967 | +59.4% |
| Other amounts receivable | 41 | €800,000 | €1,557 | -€798,443 | -99.8% |
| Cash at bank and in hand | 54/58 | €815,384 | €1,376,231 | +€560,847 | +68.8% |
| Total equity and liabilities | 10/49 | €35,975,918 | €37,024,289 | +€1.0m | +2.9% |
| Equity | 10/15 | €23,287,318 | €26,012,070 | +€2.7m | +11.7% |
| Contributions | 10/11 | €21,000,000 | €21,000,000 | = | 0.0% |
| Reserves | 13 | €2,287,318 | €5,012,070 | +€2.7m | +119% |
| Distributable reserves | 133 | €2,287,318 | €5,012,070 | +€2.7m | +119% |
| Amounts payable | 17/49 | €12,688,600 | €11,012,219 | -€1.7m | -13.2% |
| Amounts payable after more than one year | 17 | €11,333,333 | €9,613,600 | -€1.7m | -15.2% |
| Financial debts | 170/4 | €11,333,333 | €9,613,600 | -€1.7m | -15.2% |
| Credit institutions | 173 | €11,333,333 | €9,613,600 | -€1.7m | -15.2% |
| Amounts payable within one year | 42/48 | €1,355,267 | €1,352,755 | -€2,512 | -0.2% |
| Current portion of amounts payable after more than one year | 42 | €1,333,333 | €1,333,333 | = | 0.0% |
| Trade debts | 44 | €2,399 | €29 | -€2,370 | -98.8% |
| Suppliers | 440/4 | €2,399 | €29 | -€2,370 | -98.8% |
| Taxes, remuneration and social security | 45 | €19,535 | €19,393 | -€142 | -0.7% |
| Taxes | 450/3 | €19,535 | €19,393 | -€142 | -0.7% |
| Accrued charges and deferred income | 492/3 | - | €45,864 | +€45,864 | |
| Operating income | 70/76A | €508,618 | €696,063 | +€187,445 | +36.9% |
| Turnover | 70 | €508,618 | €696,063 | +€187,445 | +36.9% |
| Operating charges | 60/66A | €362,992 | €339,713 | -€23,279 | -6.4% |
| Services and other goods | 61 | €362,874 | €339,193 | -€23,681 | -6.5% |
| Other operating charges | 640/8 | €118 | €520 | +€402 | +340% |
| Operating profit (loss) | 9901 | €145,626 | €356,350 | +€210,724 | +145% |
| Financial income | 75/76B | €2,782,378 | €2,905,190 | +€122,813 | +4.4% |
| Recurring financial income | 75 | €2,782,378 | €2,905,190 | +€122,813 | +4.4% |
| Income from financial fixed assets | 750 | €2,750,000 | €2,900,000 | +€150,000 | +5.5% |
| Income from current assets | 751 | €32,366 | €5,190 | -€27,175 | -84.0% |
| Other financial income | 752/9 | €12 | €0 | -€12 | -100% |
| Financial charges | 65/66B | €640,686 | €536,789 | -€103,897 | -16.2% |
| Recurring financial charges | 65 | €640,686 | €536,789 | -€103,897 | -16.2% |
| Debt charges | 650 | €632,686 | €536,076 | -€96,610 | -15.3% |
| Other financial charges | 652/9 | €7,999 | €713 | -€7,287 | -91.1% |
| Profit (loss) for the period before taxes | 9903 | €2,287,318 | €2,724,752 | +€437,434 | +19.1% |
| Profit (loss) for the period | 9904 | €2,287,318 | €2,724,752 | +€437,434 | +19.1% |
| Profit (loss) for the period to be appropriated | 9905 | €2,287,318 | €2,724,752 | +€437,434 | +19.1% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.