CSD IMMO: what changed
Two financial 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.
CSD IMMO
Largest movements
- Tangible fixed assets -€106,373
down €106,373 (-6.1%), from €1.7m to €1.6m
of which Land and buildings: -€59,399
- Cash +€52,848
up €52,848 (+20.2%), from €261,805 to €314,653
mainly Net result for the year (+€190,408) and Depreciation (+€110,157)
- Debts after one year -€123,585
down €123,585 (-8.7%), from €1.4m to €1.3m
- Other debts +€55,644
up €55,644 (+48.0%), from €115,920 to €171,564
- Taxes -€35,451
down €35,451 (-85.2%), from €41,606 to €6,155
- Gross operating margin +€17,198
up €17,198 (+5.4%), from €317,552 to €334,750
- Other operating charges -€10,190
down €10,190 (-90.6%), from €11,251 to €1,060
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.
Derived cash bridge
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 | €2,031,142 | €1,993,648 | -€37,494 | -1.8% |
| Fixed assets | 21/28 | €1,737,453 | €1,631,079 | -€106,373 | -6.1% |
| Tangible fixed assets | 22/27 | €1,737,453 | €1,631,079 | -€106,373 | -6.1% |
| Land and buildings | 22 | €1,486,593 | €1,427,194 | -€59,399 | -4.0% |
| Plant, machinery and equipment | 23 | €244,219 | €198,744 | -€45,475 | -18.6% |
| Other tangible fixed assets | 26 | €6,641 | €5,141 | -€1,500 | -22.6% |
| Current assets | 29/58 | €293,689 | €362,569 | +€68,880 | +23.5% |
| Amounts receivable within one year | 40/41 | €31,885 | €47,916 | +€16,031 | +50.3% |
| Trade receivables | 40 | €13,960 | €36,342 | +€22,382 | +160% |
| Other amounts receivable | 41 | €17,925 | €11,574 | -€6,351 | -35.4% |
| Cash at bank and in hand | 54/58 | €261,805 | €314,653 | +€52,848 | +20.2% |
| Total equity and liabilities | 10/49 | €2,031,142 | €1,993,648 | -€37,494 | -1.8% |
| Equity | 10/15 | €361,950 | €380,795 | +€18,845 | +5.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €311,950 | €330,795 | +€18,845 | +6.0% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €306,950 | €325,795 | +€18,845 | +6.1% |
| Amounts payable | 17/49 | €1,669,192 | €1,612,854 | -€56,338 | -3.4% |
| Amounts payable after more than one year | 17 | €1,427,357 | €1,303,773 | -€123,585 | -8.7% |
| Financial debts | 170/4 | €1,427,357 | €1,303,773 | -€123,585 | -8.7% |
| Amounts payable within one year | 42/48 | €239,097 | €306,192 | +€67,095 | +28.1% |
| Current portion of amounts payable after more than one year | 42 | €121,483 | €123,585 | +€2,102 | +1.7% |
| Trade debts | 44 | €1,695 | €1,575 | -€120 | -7.1% |
| Suppliers | 440/4 | €1,695 | €1,575 | -€120 | -7.1% |
| Taxes, remuneration and social security | 45 | - | €9,469 | +€9,469 | |
| Taxes | 450/3 | - | €9,469 | +€9,469 | |
| Other amounts payable | 47/48 | €115,920 | €171,564 | +€55,644 | +48.0% |
| Accrued charges and deferred income | 492/3 | €2,738 | €2,889 | +€152 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €107,022 | €110,157 | +€3,135 | +2.9% |
| Other operating charges | 640/8 | €11,251 | €1,060 | -€10,190 | -90.6% |
| Gross operating margin | 9900 | €317,552 | €334,750 | +€17,198 | +5.4% |
| Operating profit (loss) | 9901 | €199,280 | €223,533 | +€24,253 | +12.2% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Non-recurring financial income | 76B | €0 | - | -€0 | |
| Financial charges | 65/66B | €29,004 | €26,969 | -€2,035 | -7.0% |
| Recurring financial charges | 65 | €29,004 | €26,969 | -€2,035 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €170,276 | €196,564 | +€26,288 | +15.4% |
| Income taxes | 67/77 | €41,606 | €6,155 | -€35,451 | -85.2% |
| Profit (loss) for the period | 9904 | €128,670 | €190,408 | +€61,739 | +48.0% |
| Profit (loss) for the period to be appropriated | 9905 | €128,670 | €190,408 | +€61,739 | +48.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.