CSE: what changed
CSE
Largest movements
- Current investments +€115,897
up €115,897 (+340%), from €34,130 to €150,027
- Cash -€93,493
down €93,493 (-69.1%), from €135,267 to €41,774
mainly Current investments (-€115,897) and Tax, wage and social debts (-€30,446)
- Tangible fixed assets +€3,655
up €3,655 (+155%), from €2,360 to €6,015
of which Furniture and vehicles: +€4,658
- Profit (loss) carried forward +€72,034
up €72,034 (+63.1%), from €114,166 to €186,200
- Tax, wage and social debts -€30,446
down €30,446 (-69.0%), from €44,148 to €13,701
of which Taxes: -€26,831
- Other debts -€15,668
down €15,668 (-95.7%), from €16,375 to €707
- Gross operating margin -€19,892
down €19,892 (-17.7%), from €112,399 to €92,507
- Taxes -€6,328
down €6,328 (-27.6%), from €22,938 to €16,609
- Financial income +€4,056
up €4,056 (+1,291%), from €314 to €4,370
- Other operating charges +€3,644
up €3,644 (+563%), from €648 to €4,292
- Depreciation +€1,189
up €1,189 (+51.0%), from €2,328 to €3,517
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €210,369 | €236,289 | +€25,920 | +12.3% |
| Fixed assets | 21/28 | €2,460 | €6,115 | +€3,655 | +149% |
| Tangible fixed assets | 22/27 | €2,360 | €6,015 | +€3,655 | +155% |
| Plant, machinery and equipment | 23 | €1,533 | €530 | -€1,003 | -65.4% |
| Furniture and vehicles | 24 | €827 | €5,485 | +€4,658 | +563% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €207,909 | €230,174 | +€22,265 | +10.7% |
| Amounts receivable within one year | 40/41 | €35,867 | €35,414 | -€453 | -1.3% |
| Trade receivables | 40 | €8,860 | - | -€8,860 | |
| Other amounts receivable | 41 | €27,007 | €35,414 | +€8,407 | +31.1% |
| Current investments | 50/53 | €34,130 | €150,027 | +€115,897 | +340% |
| Cash at bank and in hand | 54/58 | €135,267 | €41,774 | -€93,493 | -69.1% |
| Deferred charges and accrued income | 490/1 | €2,644 | €2,959 | +€315 | +11.9% |
| Total equity and liabilities | 10/49 | €210,369 | €236,289 | +€25,920 | +12.3% |
| Equity | 10/15 | €149,846 | €221,881 | +€72,034 | +48.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €17,080 | €17,080 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €15,220 | €15,220 | = | 0.0% |
| Profit (loss) carried forward | 14 | €114,166 | €186,200 | +€72,034 | +63.1% |
| Amounts payable | 17/49 | €60,523 | €14,409 | -€46,114 | -76.2% |
| Amounts payable within one year | 42/48 | €60,523 | €14,409 | -€46,114 | -76.2% |
| Trade debts | 44 | €0 | €0 | = | |
| Suppliers | 440/4 | €0 | €0 | = | |
| Taxes, remuneration and social security | 45 | €44,148 | €13,701 | -€30,446 | -69.0% |
| Taxes | 450/3 | €38,354 | €11,523 | -€26,831 | -70.0% |
| Remuneration and social security | 454/9 | €5,793 | €2,178 | -€3,615 | -62.4% |
| Other amounts payable | 47/48 | €16,375 | €707 | -€15,668 | -95.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,328 | €3,517 | +€1,189 | +51.0% |
| Other operating charges | 640/8 | €648 | €4,292 | +€3,644 | +563% |
| Gross operating margin | 9900 | €112,399 | €92,507 | -€19,892 | -17.7% |
| Operating profit (loss) | 9901 | €109,422 | €84,699 | -€24,724 | -22.6% |
| Financial income | 75/76B | €314 | €4,370 | +€4,056 | +1,291% |
| Recurring financial income | 75 | €314 | €4,370 | +€4,056 | +1,291% |
| Financial charges | 65/66B | €727 | €425 | -€302 | -41.6% |
| Recurring financial charges | 65 | €727 | €425 | -€302 | -41.6% |
| Profit (loss) for the period before taxes | 9903 | €109,009 | €88,644 | -€20,366 | -18.7% |
| Income taxes | 67/77 | €22,938 | €16,609 | -€6,328 | -27.6% |
| Profit (loss) for the period | 9904 | €86,072 | €72,034 | -€14,037 | -16.3% |
| Profit (loss) for the period to be appropriated | 9905 | €86,072 | €72,034 | -€14,037 | -16.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.