CSE 3: 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.
CSE 3
Largest movements
- Tangible fixed assets -€5.6m
no longer reported in 2025 (was €5.6m)
of which Land and buildings: -€5.5m
- Financial fixed assets +€4.4m
new in 2025: €4.4m
of which Affiliated companies: +€4.4m
- Stocks and contracts +€1.5m
up €1.5m (+2107.2%), from €71,781 to €1.6m
- Receivables within one year +€88,181
new in 2025: €88,181
of which Other amounts receivable: +€85,295
- Cash -€85,491
down €85,491 (-72.6%), from €117,787 to €32,296
mainly Stocks and contracts (-€1.5m) and Trade debts (-€476,230)
- Profit (loss) carried forward +€762,382
up €762,382, from -€496,526 to €265,855
- Trade debts -€476,230
down €476,230 (-97.8%), from €486,816 to €10,586
- Tax, wage and social debts +€95,800
new in 2025: €95,800
- Debts after one year -€68,957
down €68,957 (-11.6%), from €594,226 to €525,269
- Other operating income +€811,085
new in 2025: €811,085
- Services and other goods -€459,072
down €459,072 (-85.4%), from €537,444 to €78,372
- Turnover -€247,582
no longer reported in 2025 (was €247,582)
- Financial income +€137,572
new in 2025: €137,572
- Depreciation -€110,289
no longer reported in 2025 (was €110,289)
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,845,380 | €6,158,374 | +€312,994 | +5.4% |
| Fixed assets | 21/28 | €5,645,166 | €4,443,411 | -€1.2m | -21.3% |
| Tangible fixed assets | 22/27 | €5,645,166 | - | -€5.6m | |
| Land and buildings | 22 | €5,535,619 | - | -€5.5m | |
| Plant, machinery and equipment | 23 | €109,547 | - | -€109,547 | |
| Financial fixed assets | 28 | - | €4,443,411 | +€4.4m | |
| Affiliated companies | 280/1 | - | €4,353,411 | +€4.4m | |
| Amounts receivable | 281 | - | €4,353,411 | +€4.4m | |
| Other financial fixed assets | 284/8 | - | €90,000 | +€90,000 | |
| Amounts receivable and cash guarantees | 285/8 | - | €90,000 | +€90,000 | |
| Current assets | 29/58 | €200,214 | €1,714,962 | +€1.5m | +756.6% |
| Stocks and contracts in progress | 3 | €71,781 | €1,584,319 | +€1.5m | +2107.2% |
| Contracts in progress | 37 | €71,781 | €1,584,319 | +€1.5m | +2107.2% |
| Amounts receivable within one year | 40/41 | - | €88,181 | +€88,181 | |
| Trade receivables | 40 | - | €2,886 | +€2,886 | |
| Other amounts receivable | 41 | - | €85,295 | +€85,295 | |
| Cash at bank and in hand | 54/58 | €117,787 | €32,296 | -€85,491 | -72.6% |
| Deferred charges and accrued income | 490/1 | €10,646 | €10,166 | -€480 | -4.5% |
| Total equity and liabilities | 10/49 | €5,845,380 | €6,158,374 | +€312,994 | +5.4% |
| Equity | 10/15 | €4,764,338 | €5,526,720 | +€762,382 | +16.0% |
| Contributions | 10/11 | €5,260,769 | €5,260,769 | = | 0.0% |
| Reserves | 13 | €95 | €95 | = | 0.0% |
| Non-distributable reserves | 130/1 | €95 | €95 | = | 0.0% |
| Reserves not available under the articles | 1311 | €95 | €95 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€496,526 | €265,855 | +€762,382 | |
| Amounts payable | 17/49 | €1,081,042 | €631,654 | -€449,388 | -41.6% |
| Amounts payable after more than one year | 17 | €594,226 | €525,269 | -€68,957 | -11.6% |
| Other amounts payable | 178/9 | €594,226 | €525,269 | -€68,957 | -11.6% |
| Amounts payable within one year | 42/48 | €486,816 | €106,385 | -€380,431 | -78.1% |
| Trade debts | 44 | €486,816 | €10,586 | -€476,230 | -97.8% |
| Suppliers | 440/4 | €486,816 | €10,586 | -€476,230 | -97.8% |
| Taxes, remuneration and social security | 45 | - | €95,800 | +€95,800 | |
| Taxes | 450/3 | - | €95,800 | +€95,800 | |
| Operating income | 70/76A | €318,877 | €925,912 | +€607,035 | +190.4% |
| Turnover | 70 | €247,582 | - | -€247,582 | |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €71,295 | €114,827 | +€43,532 | +61.1% |
| Other operating income | 74 | - | €811,085 | +€811,085 | |
| Operating charges | 60/66A | €742,754 | €178,411 | -€564,343 | -76.0% |
| Services and other goods | 61 | €537,444 | €78,372 | -€459,072 | -85.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,289 | - | -€110,289 | |
| Other operating charges | 640/8 | €95,021 | €100,039 | +€5,018 | +5.3% |
| Operating profit (loss) | 9901 | -€423,877 | €747,501 | +€1.2m | |
| Financial income | 75/76B | - | €137,572 | +€137,572 | |
| Recurring financial income | 75 | - | €137,572 | +€137,572 | |
| Income from financial fixed assets | 750 | - | €137,572 | +€137,572 | |
| Financial charges | 65/66B | €8,868 | €26,891 | +€18,022 | +203.2% |
| Recurring financial charges | 65 | €8,868 | €26,891 | +€18,022 | +203.2% |
| Debt charges | 650 | €8,483 | €25,203 | +€16,720 | +197.1% |
| Other financial charges | 652/9 | €385 | €1,687 | +€1,302 | +338.1% |
| Profit (loss) for the period before taxes | 9903 | -€432,745 | €858,182 | +€1.3m | |
| Income taxes | 67/77 | - | €95,800 | +€95,800 | |
| Taxes | 670/3 | - | €95,800 | +€95,800 | |
| Profit (loss) for the period | 9904 | -€432,745 | €762,382 | +€1.2m | |
| Profit (loss) for the period to be appropriated | 9905 | -€432,745 | €762,382 | +€1.2m |
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 8 October 2026 via checked.be.