CSA: 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.
CSA
Largest movements
- Tangible fixed assets -€23,312
down €23,312 (-2.5%), from €930,556 to €907,244
of which Land and buildings: -€16,750
- Receivables within one year +€19,372
up €19,372 (+47.2%), from €41,046 to €60,419
of which Other amounts receivable: +€16,195
- Reserves +€229,725
new in 2025: €229,725
- Profit (loss) carried forward -€177,483
no longer reported in 2025 (was €177,483)
- Debts after one year -€50,526
down €50,526 (-7.3%), from €693,282 to €642,756
- Tax, wage and social debts -€11,401
down €11,401 (-24.8%), from €45,971 to €34,570
- Gross operating margin +€12,798
up €12,798 (+11.1%), from €115,250 to €128,048
- Depreciation -€2,277
down €2,277 (-6.3%), from €35,884 to €33,607
- Taxes +€1,677
up €1,677 (+13.2%), from €12,748 to €14,425
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 | €1,035,567 | €1,023,553 | -€12,013 | -1.2% |
| Formation expenses | 20 | €546 | €273 | -€273 | -50.0% |
| Fixed assets | 21/28 | €930,556 | €907,244 | -€23,312 | -2.5% |
| Tangible fixed assets | 22/27 | €930,556 | €907,244 | -€23,312 | -2.5% |
| Land and buildings | 22 | €884,593 | €867,843 | -€16,750 | -1.9% |
| Plant, machinery and equipment | 23 | €4,364 | €4,100 | -€265 | -6.1% |
| Furniture and vehicles | 24 | €41,599 | €35,301 | -€6,298 | -15.1% |
| Current assets | 29/58 | €104,465 | €116,037 | +€11,572 | +11.1% |
| Stocks and contracts in progress | 3 | €34,808 | €34,808 | = | 0.0% |
| Stocks | 30/36 | €34,808 | €34,808 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €41,046 | €60,419 | +€19,372 | +47.2% |
| Trade receivables | 40 | €40,823 | €44,000 | +€3,177 | +7.8% |
| Other amounts receivable | 41 | €224 | €16,419 | +€16,195 | +7240.9% |
| Cash at bank and in hand | 54/58 | €28,610 | €20,810 | -€7,800 | -27.3% |
| Total equity and liabilities | 10/49 | €1,035,567 | €1,023,553 | -€12,013 | -1.2% |
| Equity | 10/15 | €182,483 | €234,725 | +€52,243 | +28.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | - | €229,725 | +€229,725 | |
| Distributable reserves | 133 | - | €229,725 | +€229,725 | |
| Profit (loss) carried forward | 14 | €177,483 | - | -€177,483 | |
| Amounts payable | 17/49 | €853,084 | €788,828 | -€64,256 | -7.5% |
| Amounts payable after more than one year | 17 | €693,282 | €642,756 | -€50,526 | -7.3% |
| Financial debts | 170/4 | €693,282 | €642,756 | -€50,526 | -7.3% |
| Amounts payable within one year | 42/48 | €155,720 | €146,072 | -€9,649 | -6.2% |
| Current portion of amounts payable after more than one year | 42 | €56,885 | €50,526 | -€6,360 | -11.2% |
| Trade debts | 44 | €4,124 | €9,181 | +€5,057 | +122.6% |
| Suppliers | 440/4 | €4,124 | €9,181 | +€5,057 | +122.6% |
| Taxes, remuneration and social security | 45 | €45,971 | €34,570 | -€11,401 | -24.8% |
| Taxes | 450/3 | €45,971 | €34,570 | -€11,401 | -24.8% |
| Other amounts payable | 47/48 | €48,740 | €51,795 | +€3,055 | +6.3% |
| Accrued charges and deferred income | 492/3 | €4,082 | - | -€4,082 | |
| Non-recurring operating income | 76A | - | €11,887 | +€11,887 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,884 | €33,607 | -€2,277 | -6.3% |
| Other operating charges | 640/8 | €2,209 | €1,874 | -€335 | -15.2% |
| Gross operating margin | 9900 | €115,250 | €128,048 | +€12,798 | +11.1% |
| Operating profit (loss) | 9901 | €77,157 | €92,567 | +€15,410 | +20.0% |
| Financial charges | 65/66B | €25,630 | €25,900 | +€270 | +1.1% |
| Recurring financial charges | 65 | €25,630 | €25,900 | +€270 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | €51,527 | €66,667 | +€15,140 | +29.4% |
| Income taxes | 67/77 | €12,748 | €14,425 | +€1,677 | +13.2% |
| Profit (loss) for the period | 9904 | €38,779 | €52,243 | +€13,463 | +34.7% |
| Profit (loss) for the period to be appropriated | 9905 | €38,779 | €52,243 | +€13,463 | +34.7% |
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 8 October 2026 via checked.be.