CSA IMMO: 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 IMMO
Largest movements
- Tangible fixed assets -€65,242
down €65,242 (-8.6%), from €762,321 to €697,079
of which Plant, machinery and equipment: -€46,235
- Receivables within one year -€44,163
down €44,163 (-73.8%), from €59,814 to €15,651
of which Trade receivables: -€44,168
- Debts after one year -€94,459
down €94,459 (-15.5%), from €607,759 to €513,301
- Trade debts -€43,339
down €43,339 (-98.1%), from €44,168 to €829
- Profit (loss) carried forward +€29,279
up €29,279 (+37.0%), from €79,094 to €108,373
- Gross operating margin +€2,196
up €2,196 (+1.8%), from €119,956 to €122,152
- Financial charges -€1,353
down €1,353 (-8.9%), from €15,190 to €13,838
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 | €858,391 | €752,958 | -€105,433 | -12.3% |
| Formation expenses | 20 | €30,604 | €27,569 | -€3,035 | -9.9% |
| Fixed assets | 21/28 | €762,321 | €697,079 | -€65,242 | -8.6% |
| Tangible fixed assets | 22/27 | €762,321 | €697,079 | -€65,242 | -8.6% |
| Land and buildings | 22 | €190,278 | €171,271 | -€19,007 | -10.0% |
| Plant, machinery and equipment | 23 | €572,043 | €525,808 | -€46,235 | -8.1% |
| Current assets | 29/58 | €65,466 | €28,310 | -€37,156 | -56.8% |
| Amounts receivable within one year | 40/41 | €59,814 | €15,651 | -€44,163 | -73.8% |
| Trade receivables | 40 | €54,168 | €10,000 | -€44,168 | -81.5% |
| Other amounts receivable | 41 | €5,646 | €5,651 | +€5 | +0.1% |
| Cash at bank and in hand | 54/58 | €5,652 | €12,373 | +€6,721 | +118.9% |
| Deferred charges and accrued income | 490/1 | - | €286 | +€286 | |
| Total equity and liabilities | 10/49 | €858,391 | €752,958 | -€105,433 | -12.3% |
| Equity | 10/15 | €138,885 | €168,164 | +€29,279 | +21.1% |
| Contributions | 10/11 | €22,500 | €22,500 | = | 0.0% |
| Reserves | 13 | €37,291 | €37,291 | = | 0.0% |
| Distributable reserves | 133 | €37,291 | €37,291 | = | 0.0% |
| Profit (loss) carried forward | 14 | €79,094 | €108,373 | +€29,279 | +37.0% |
| Amounts payable | 17/49 | €719,506 | €584,794 | -€134,712 | -18.7% |
| Amounts payable after more than one year | 17 | €607,759 | €513,301 | -€94,459 | -15.5% |
| Financial debts | 170/4 | €607,759 | €513,301 | -€94,459 | -15.5% |
| Amounts payable within one year | 42/48 | €111,747 | €71,493 | -€40,253 | -36.0% |
| Current portion of amounts payable after more than one year | 42 | €67,135 | €68,888 | +€1,753 | +2.6% |
| Trade debts | 44 | €44,168 | €829 | -€43,339 | -98.1% |
| Suppliers | 440/4 | €44,168 | €829 | -€43,339 | -98.1% |
| Taxes, remuneration and social security | 45 | - | €1,760 | +€1,760 | |
| Taxes | 450/3 | - | €1,760 | +€1,760 | |
| Other amounts payable | 47/48 | €443 | €16 | -€427 | -96.4% |
| Non-recurring operating income | 76A | €290 | €0 | -€290 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,277 | €68,277 | = | 0.0% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | €119,956 | €122,152 | +€2,196 | +1.8% |
| Operating profit (loss) | 9901 | €50,712 | €52,877 | +€2,165 | +4.3% |
| Financial charges | 65/66B | €15,190 | €13,838 | -€1,353 | -8.9% |
| Recurring financial charges | 65 | €15,190 | €13,838 | -€1,353 | -8.9% |
| Profit (loss) for the period before taxes | 9903 | €35,522 | €39,039 | +€3,517 | +9.9% |
| Income taxes | 67/77 | €8,880 | €9,760 | +€879 | +9.9% |
| Profit (loss) for the period | 9904 | €26,641 | €29,279 | +€2,638 | +9.9% |
| Profit (loss) for the period to be appropriated | 9905 | €26,641 | €29,279 | +€2,638 | +9.9% |
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 9 October 2026 via checked.be.