CSE Estate: 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.
CSE Estate
Largest movements
- Tangible fixed assets -€109,169
down €109,169 (-5.1%), from €2.1m to €2.0m
- Debts after one year -€75,200
down €75,200 (-4.8%), from €1.6m to €1.5m
of which Financial debts: -€75,200
- Profit (loss) carried forward -€39,167
down €39,167 (-15.8%), from -€248,050 to -€287,218
- Depreciation +€16,667
up €16,667 (+18.0%), from €92,502 to €109,169
- Gross operating margin +€1,978
up €1,978 (+2.0%), from €97,049 to €99,027
- Financial charges -€1,177
down €1,177 (-4.3%), from €27,292 to €26,114
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 | €2,128,533 | €2,025,125 | -€103,408 | -4.9% |
| Fixed assets | 21/28 | €2,123,787 | €2,014,619 | -€109,169 | -5.1% |
| Tangible fixed assets | 22/27 | €2,123,787 | €2,014,619 | -€109,169 | -5.1% |
| Land and buildings | 22 | €2,123,787 | €2,014,619 | -€109,169 | -5.1% |
| Current assets | 29/58 | €4,746 | €10,506 | +€5,761 | +121% |
| Amounts receivable within one year | 40/41 | - | €6,735 | +€6,735 | |
| Trade receivables | 40 | - | €6,735 | +€6,735 | |
| Cash at bank and in hand | 54/58 | €2,795 | €3,616 | +€822 | +29.4% |
| Deferred charges and accrued income | 490/1 | €1,951 | €155 | -€1,796 | -92.1% |
| Total equity and liabilities | 10/49 | €2,128,533 | €2,025,125 | -€103,408 | -4.9% |
| Equity | 10/15 | €401,950 | €362,782 | -€39,167 | -9.7% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Revaluation surpluses | 12 | €500,000 | €500,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€248,050 | -€287,218 | -€39,167 | -15.8% |
| Amounts payable | 17/49 | €1,726,583 | €1,662,343 | -€64,241 | -3.7% |
| Amounts payable after more than one year | 17 | €1,562,300 | €1,487,100 | -€75,200 | -4.8% |
| Financial debts | 170/4 | €1,560,400 | €1,485,200 | -€75,200 | -4.8% |
| Other amounts payable | 178/9 | €1,900 | €1,900 | = | 0.0% |
| Amounts payable within one year | 42/48 | €157,894 | €168,920 | +€11,026 | +7.0% |
| Current portion of amounts payable after more than one year | 42 | €75,200 | €75,200 | = | 0.0% |
| Trade debts | 44 | €8,742 | €15,404 | +€6,662 | +76.2% |
| Suppliers | 440/4 | €8,742 | €15,404 | +€6,662 | +76.2% |
| Other amounts payable | 47/48 | €73,951 | €78,316 | +€4,365 | +5.9% |
| Accrued charges and deferred income | 492/3 | €6,390 | €6,323 | -€67 | -1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,502 | €109,169 | +€16,667 | +18.0% |
| Other operating charges | 640/8 | €2,822 | €2,911 | +€89 | +3.2% |
| Gross operating margin | 9900 | €97,049 | €99,027 | +€1,978 | +2.0% |
| Operating profit (loss) | 9901 | €1,725 | -€13,053 | -€14,778 | |
| Financial income | 75/76B | €2 | - | -€2 | |
| Recurring financial income | 75 | €2 | - | -€2 | |
| Financial charges | 65/66B | €27,292 | €26,114 | -€1,177 | -4.3% |
| Recurring financial charges | 65 | €27,292 | €26,114 | -€1,177 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | -€25,565 | -€39,167 | -€13,603 | -53.2% |
| Profit (loss) for the period | 9904 | -€25,565 | -€39,167 | -€13,603 | -53.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,565 | -€39,167 | -€13,603 | -53.2% |
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 23 October 2026 via checked.be.