CS4: 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.
CS4
Largest movements
- Tangible fixed assets +€498,321
up €498,321 (+13207.5%), from €3,773 to €502,094
of which Land and buildings: +€479,685
- Cash -€26,627
down €26,627 (-97.0%), from €27,455 to €829
mainly Investment in fixed assets (net) (-€517,608) and Receivables within one year (-€18,198)
- Receivables within one year +€18,198
up €18,198 (+252.8%), from €7,199 to €25,397
of which Trade receivables: +€16,371
- Debts after one year +€424,339
new in 2025: €424,339
- Reserves +€43,295
new in 2025: €43,295
- Current portion of long-term debt +€31,661
new in 2025: €31,661
- Other debts -€13,164
down €13,164 (-77.4%), from €17,000 to €3,836
- Gross operating margin +€62,804
up €62,804 (+659.5%), from €9,523 to €72,327
- Depreciation +€18,256
up €18,256 (+1770.7%), from €1,031 to €19,287
- Taxes +€7,300
up €7,300 (+165.9%), from €4,400 to €11,700
- Financial charges +€1,754
up €1,754 (+2192.4%), from €80 to €1,834
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 | €38,427 | €528,319 | +€489,892 | +1274.9% |
| Fixed assets | 21/28 | €3,773 | €502,094 | +€498,321 | +13207.5% |
| Tangible fixed assets | 22/27 | €3,773 | €502,094 | +€498,321 | +13207.5% |
| Land and buildings | 22 | - | €479,685 | +€479,685 | |
| Plant, machinery and equipment | 23 | €1,547 | €20,487 | +€18,940 | +1224.3% |
| Furniture and vehicles | 24 | €2,226 | €1,921 | -€305 | -13.7% |
| Current assets | 29/58 | €34,654 | €26,226 | -€8,428 | -24.3% |
| Amounts receivable within one year | 40/41 | €7,199 | €25,397 | +€18,198 | +252.8% |
| Trade receivables | 40 | €7,199 | €23,570 | +€16,371 | +227.4% |
| Other amounts receivable | 41 | - | €1,828 | +€1,828 | |
| Cash at bank and in hand | 54/58 | €27,455 | €829 | -€26,627 | -97.0% |
| Total equity and liabilities | 10/49 | €38,427 | €528,319 | +€489,892 | +1274.9% |
| Equity | 10/15 | €7,024 | €46,295 | +€39,271 | +559.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | - | €43,295 | +€43,295 | |
| Distributable reserves | 133 | - | €43,295 | +€43,295 | |
| Profit (loss) carried forward | 14 | €4,024 | - | -€4,024 | |
| Amounts payable | 17/49 | €31,403 | €482,025 | +€450,622 | +1435.0% |
| Amounts payable after more than one year | 17 | - | €424,339 | +€424,339 | |
| Financial debts | 170/4 | - | €424,339 | +€424,339 | |
| Amounts payable within one year | 42/48 | €31,403 | €55,270 | +€23,867 | +76.0% |
| Current portion of amounts payable after more than one year | 42 | - | €31,661 | +€31,661 | |
| Trade debts | 44 | - | €5,052 | +€5,052 | |
| Suppliers | 440/4 | - | €5,052 | +€5,052 | |
| Taxes, remuneration and social security | 45 | €14,403 | €14,722 | +€319 | +2.2% |
| Taxes | 450/3 | €10,124 | €14,722 | +€4,598 | +45.4% |
| Remuneration and social security | 454/9 | €4,279 | - | -€4,279 | |
| Other amounts payable | 47/48 | €17,000 | €3,836 | -€13,164 | -77.4% |
| Accrued charges and deferred income | 492/3 | - | €2,416 | +€2,416 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,031 | €19,287 | +€18,256 | +1770.7% |
| Other operating charges | 640/8 | - | €388 | +€388 | |
| Gross operating margin | 9900 | €9,523 | €72,327 | +€62,804 | +659.5% |
| Operating profit (loss) | 9901 | €8,492 | €52,652 | +€44,160 | +520.0% |
| Financial income | 75/76B | €12 | €153 | +€141 | +1170.9% |
| Recurring financial income | 75 | €12 | €153 | +€141 | +1170.9% |
| Financial charges | 65/66B | €80 | €1,834 | +€1,754 | +2192.4% |
| Recurring financial charges | 65 | €80 | €1,834 | +€1,754 | +2192.4% |
| Profit (loss) for the period before taxes | 9903 | €8,424 | €50,971 | +€42,547 | +505.1% |
| Income taxes | 67/77 | €4,400 | €11,700 | +€7,300 | +165.9% |
| Profit (loss) for the period | 9904 | €4,024 | €39,271 | +€35,247 | +875.9% |
| Profit (loss) for the period to be appropriated | 9905 | €4,024 | €39,271 | +€35,247 | +875.9% |
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 7 October 2026 via checked.be.