CSA MANAGEMENT: 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 MANAGEMENT
Largest movements
- Current investments +€90,718
new in 2025: €90,718
- Receivables within one year -€18,937
down €18,937 (-97.2%), from €19,481 to €544
of which Trade receivables: -€18,948
- Tangible fixed assets -€16,220
down €16,220 (-23.5%), from €69,014 to €52,794
of which Furniture and vehicles: -€15,199
- Reserves +€70,000
up €70,000 (+36.5%), from €192,000 to €262,000
- Other debts -€18,802
down €18,802 (-35.7%), from €52,738 to €33,936
- Debts after one year -€8,098
down €8,098 (-36.2%), from €22,366 to €14,268
- Tax, wage and social debts +€7,402
up €7,402 (+52.9%), from €14,005 to €21,407
- Gross operating margin +€13,226
up €13,226 (+17.8%), from €74,272 to €87,499
- Financial income +€9,994
up €9,994 (+20.0%), from €50,006 to €60,000
of which Financial income: +€9,994
- Taxes +€7,243
up €7,243 (+41.9%), from €17,286 to €24,529
- Financial charges +€962
up €962 (+65.0%), from €1,480 to €2,442
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 | €532,827 | €583,132 | +€50,305 | +9.4% |
| Fixed assets | 21/28 | €389,014 | €372,794 | -€16,220 | -4.2% |
| Tangible fixed assets | 22/27 | €69,014 | €52,794 | -€16,220 | -23.5% |
| Furniture and vehicles | 24 | €60,058 | €44,860 | -€15,199 | -25.3% |
| Other tangible fixed assets | 26 | €8,956 | €7,934 | -€1,022 | -11.4% |
| Financial fixed assets | 28 | €320,000 | €320,000 | = | 0.0% |
| Current assets | 29/58 | €143,813 | €210,339 | +€66,525 | +46.3% |
| Amounts receivable within one year | 40/41 | €19,481 | €544 | -€18,937 | -97.2% |
| Trade receivables | 40 | €19,481 | €533 | -€18,948 | -97.3% |
| Other amounts receivable | 41 | - | €11 | +€11 | |
| Current investments | 50/53 | - | €90,718 | +€90,718 | |
| Cash at bank and in hand | 54/58 | €121,725 | €118,595 | -€3,130 | -2.6% |
| Deferred charges and accrued income | 490/1 | €2,607 | €481 | -€2,126 | -81.5% |
| Total equity and liabilities | 10/49 | €532,827 | €583,132 | +€50,305 | +9.4% |
| Equity | 10/15 | €434,529 | €504,673 | +€70,144 | +16.1% |
| Contributions | 10/11 | €201,410 | €201,410 | = | 0.0% |
| Reserves | 13 | €192,000 | €262,000 | +€70,000 | +36.5% |
| Distributable reserves | 133 | €192,000 | €262,000 | +€70,000 | +36.5% |
| Profit (loss) carried forward | 14 | €41,119 | €41,263 | +€144 | +0.3% |
| Amounts payable | 17/49 | €98,298 | €78,459 | -€19,839 | -20.2% |
| Amounts payable after more than one year | 17 | €22,366 | €14,268 | -€8,098 | -36.2% |
| Financial debts | 170/4 | €22,366 | €14,268 | -€8,098 | -36.2% |
| Amounts payable within one year | 42/48 | €75,932 | €64,191 | -€11,741 | -15.5% |
| Current portion of amounts payable after more than one year | 42 | €7,768 | €8,098 | +€330 | +4.3% |
| Trade debts | 44 | €1,422 | €750 | -€672 | -47.3% |
| Suppliers | 440/4 | €1,422 | €750 | -€672 | -47.3% |
| Taxes, remuneration and social security | 45 | €14,005 | €21,407 | +€7,402 | +52.9% |
| Taxes | 450/3 | €14,005 | €21,407 | +€7,402 | +52.9% |
| Other amounts payable | 47/48 | €52,738 | €33,936 | -€18,802 | -35.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,436 | €17,863 | +€428 | +2.5% |
| Other operating charges | 640/8 | €954 | €520 | -€434 | -45.5% |
| Gross operating margin | 9900 | €74,272 | €87,499 | +€13,226 | +17.8% |
| Operating profit (loss) | 9901 | €55,882 | €69,115 | +€13,233 | +23.7% |
| Financial income | 75/76B | €50,006 | €60,000 | +€9,994 | +20.0% |
| Recurring financial income | 75 | €50,006 | €60,000 | +€9,994 | +20.0% |
| Non-recurring financial income | 76B | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,480 | €2,442 | +€962 | +65.0% |
| Recurring financial charges | 65 | €1,480 | €2,442 | +€962 | +65.0% |
| Profit (loss) for the period before taxes | 9903 | €104,409 | €126,673 | +€22,264 | +21.3% |
| Income taxes | 67/77 | €17,286 | €24,529 | +€7,243 | +41.9% |
| Profit (loss) for the period | 9904 | €87,123 | €102,144 | +€15,021 | +17.2% |
| Profit (loss) for the period to be appropriated | 9905 | €87,123 | €102,144 | +€15,021 | +17.2% |
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 4 October 2026 via checked.be.