CSA-projecten: 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-projecten
Largest movements
- Cash +€32,067
up €32,067 (+44.1%), from €72,635 to €104,702
mainly Net result for the year (+€59,055) and Debts after one year (+€27,000)
- Stocks and contracts +€15,000
up €15,000 (+7.5%), from €200,782 to €215,782
- Receivables within one year +€4,152
up €4,152 (+30.0%), from €13,862 to €18,014
of which Other amounts receivable: +€3,367
- Reserves +€57,389
up €57,389 (+32.8%), from €174,885 to €232,274
- Debts after one year +€27,000
new in 2025: €27,000
- Tax, wage and social debts -€24,333
no longer reported in 2025 (was €24,333)
- Other debts -€14,702
down €14,702 (-89.8%), from €16,368 to €1,666
- Financial charges +€3,277
up €3,277 (+257.5%), from €1,272 to €4,549
- Gross operating margin -€1,604
down €1,604 (-1.9%), from €82,483 to €80,879
- Taxes -€1,113
down €1,113 (-6.9%), from €16,044 to €14,931
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 | €293,513 | €341,196 | +€47,683 | +16.2% |
| Fixed assets | 21/28 | €4,095 | €2,604 | -€1,491 | -36.4% |
| Tangible fixed assets | 22/27 | €4,095 | €2,604 | -€1,491 | -36.4% |
| Furniture and vehicles | 24 | €4,095 | €2,604 | -€1,491 | -36.4% |
| Current assets | 29/58 | €289,418 | €338,591 | +€49,174 | +17.0% |
| Stocks and contracts in progress | 3 | €200,782 | €215,782 | +€15,000 | +7.5% |
| Stocks | 30/36 | €200,782 | €215,782 | +€15,000 | +7.5% |
| Amounts receivable within one year | 40/41 | €13,862 | €18,014 | +€4,152 | +30.0% |
| Trade receivables | 40 | €13,862 | €14,647 | +€785 | +5.7% |
| Other amounts receivable | 41 | - | €3,367 | +€3,367 | |
| Cash at bank and in hand | 54/58 | €72,635 | €104,702 | +€32,067 | +44.1% |
| Deferred charges and accrued income | 490/1 | €2,139 | €93 | -€2,045 | -95.6% |
| Total equity and liabilities | 10/49 | €293,513 | €341,196 | +€47,683 | +16.2% |
| Equity | 10/15 | €180,385 | €237,774 | +€57,389 | +31.8% |
| Contributions | 10/11 | €5,500 | €5,500 | = | 0.0% |
| Reserves | 13 | €174,885 | €232,274 | +€57,389 | +32.8% |
| Distributable reserves | 133 | €174,885 | €232,274 | +€57,389 | +32.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €113,128 | €103,422 | -€9,706 | -8.6% |
| Amounts payable after more than one year | 17 | - | €27,000 | +€27,000 | |
| Financial debts | 170/4 | - | €27,000 | +€27,000 | |
| Amounts payable within one year | 42/48 | €113,128 | €76,422 | -€36,706 | -32.4% |
| Financial debts | 43 | €70,000 | €70,000 | = | 0.0% |
| Credit institutions | 430/8 | €70,000 | €70,000 | = | 0.0% |
| Trade debts | 44 | €2,427 | €4,756 | +€2,329 | +96.0% |
| Suppliers | 440/4 | €2,427 | €4,756 | +€2,329 | +96.0% |
| Taxes, remuneration and social security | 45 | €24,333 | - | -€24,333 | |
| Taxes | 450/3 | €24,333 | - | -€24,333 | |
| Other amounts payable | 47/48 | €16,368 | €1,666 | -€14,702 | -89.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,491 | €1,491 | = | 0.0% |
| Other operating charges | 640/8 | €655 | €1,010 | +€355 | +54.3% |
| Gross operating margin | 9900 | €82,483 | €80,879 | -€1,604 | -1.9% |
| Operating profit (loss) | 9901 | €80,338 | €78,378 | -€1,959 | -2.4% |
| Financial income | 75/76B | €309 | €157 | -€152 | -49.2% |
| Recurring financial income | 75 | €309 | €157 | -€152 | -49.2% |
| Financial charges | 65/66B | €1,272 | €4,549 | +€3,277 | +257.5% |
| Recurring financial charges | 65 | €1,272 | €4,549 | +€3,277 | +257.5% |
| Profit (loss) for the period before taxes | 9903 | €79,374 | €73,986 | -€5,388 | -6.8% |
| Income taxes | 67/77 | €16,044 | €14,931 | -€1,113 | -6.9% |
| Profit (loss) for the period | 9904 | €63,330 | €59,055 | -€4,275 | -6.8% |
| Profit (loss) for the period to be appropriated | 9905 | €63,330 | €59,055 | -€4,275 | -6.8% |
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 3 October 2026 via checked.be.