CSE RETAIL: 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 RETAIL
Largest movements
- Financial fixed assets +€15.4m
up €15.4m (+1,305%), from €1.2m to €16.6m
- Receivables within one year -€1.2m
down €1.2m (-87.2%), from €1.4m to €177,095
of which Other amounts receivable: -€1.1m
- Tangible fixed assets -€1.1m
down €1.1m (-28.3%), from €3.8m to €2.7m
- Debts after one year +€10.8m
up €10.8m (+279%), from €3.9m to €14.7m
of which Financial debts: +€10.8m
- Short-term financial debts +€1.3m
new in 2025: €1.3m
- Reserves +€694,186
up €694,186 (+37,322%), from €1,860 to €696,046
of which Tax-exempt reserves: +€694,186
- Trade debts -€277,607
down €277,607 (-93.0%), from €298,431 to €20,824
- Current portion of long-term debt +€248,118
up €248,118 (+78.7%), from €315,105 to €563,223
- Financial income +€925,582
new in 2025: €925,582
of which Financial income: +€925,582
- Financial charges +€208,809
up €208,809 (+122%), from €170,606 to €379,416
of which Financial charges: +€209,309
- Gross operating margin +€163,839
up €163,839 (+20.7%), from €793,120 to €956,959
- Taxes -€12,818
down €12,818 (-16.3%), from €78,761 to €65,944
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 | €6,444,166 | €19,479,957 | +€13.0m | +202% |
| Fixed assets | 21/28 | €4,954,006 | €19,286,709 | +€14.3m | +289% |
| Tangible fixed assets | 22/27 | €3,773,676 | €2,705,743 | -€1.1m | -28.3% |
| Land and buildings | 22 | €3,773,676 | €2,705,743 | -€1.1m | -28.3% |
| Financial fixed assets | 28 | €1,180,330 | €16,580,965 | +€15.4m | +1,305% |
| Current assets | 29/58 | €1,490,160 | €193,248 | -€1.3m | -87.0% |
| Amounts receivable within one year | 40/41 | €1,384,172 | €177,095 | -€1.2m | -87.2% |
| Trade receivables | 40 | €283,902 | €131,950 | -€151,952 | -53.5% |
| Other amounts receivable | 41 | €1,100,271 | €45,145 | -€1.1m | -95.9% |
| Cash at bank and in hand | 54/58 | €80,988 | €16,153 | -€64,835 | -80.1% |
| Deferred charges and accrued income | 490/1 | €25,000 | - | -€25,000 | |
| Total equity and liabilities | 10/49 | €6,444,166 | €19,479,957 | +€13.0m | +202% |
| Equity | 10/15 | €1,663,248 | €2,557,601 | +€894,353 | +53.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €696,046 | +€694,186 | +37,322% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €694,186 | +€694,186 | |
| Profit (loss) carried forward | 14 | €1,642,788 | €1,842,955 | +€200,167 | +12.2% |
| Provisions and deferred taxes | 16 | - | €231,395 | +€231,395 | |
| Deferred taxes | 168 | - | €231,395 | +€231,395 | |
| Amounts payable | 17/49 | €4,780,919 | €16,690,961 | +€11.9m | +249% |
| Amounts payable after more than one year | 17 | €3,883,746 | €14,700,523 | +€10.8m | +279% |
| Financial debts | 170/4 | €3,879,226 | €14,696,003 | +€10.8m | +279% |
| Other amounts payable | 178/9 | €4,520 | €4,520 | = | 0.0% |
| Amounts payable within one year | 42/48 | €817,002 | €1,910,277 | +€1.1m | +134% |
| Current portion of amounts payable after more than one year | 42 | €315,105 | €563,223 | +€248,118 | +78.7% |
| Financial debts | 43 | - | €1,272,055 | +€1.3m | |
| Other loans | 439 | - | €1,272,055 | +€1.3m | |
| Trade debts | 44 | €298,431 | €20,824 | -€277,607 | -93.0% |
| Suppliers | 440/4 | €298,431 | €20,824 | -€277,607 | -93.0% |
| Advances received on contracts in progress | 46 | €163,527 | - | -€163,527 | |
| Taxes, remuneration and social security | 45 | €24,867 | €39,102 | +€14,235 | +57.2% |
| Taxes | 450/3 | €24,867 | €39,102 | +€14,235 | +57.2% |
| Other amounts payable | 47/48 | €15,072 | €15,072 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €80,170 | €80,161 | -€9 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €252,773 | €252,907 | +€134 | +0.1% |
| Other operating charges | 640/8 | €55,297 | €58,526 | +€3,228 | +5.8% |
| Gross operating margin | 9900 | €793,120 | €956,959 | +€163,839 | +20.7% |
| Operating profit (loss) | 9901 | €485,050 | €645,526 | +€160,477 | +33.1% |
| Financial income | 75/76B | - | €925,582 | +€925,582 | |
| Recurring financial income | 75 | - | €925,582 | +€925,582 | |
| Non-recurring financial income | 76B | - | €925,582 | +€925,582 | |
| Financial charges | 65/66B | €170,606 | €379,416 | +€208,809 | +122% |
| Recurring financial charges | 65 | €170,106 | €379,416 | +€209,309 | +123% |
| Non-recurring financial charges | 66B | €500 | - | -€500 | |
| Profit (loss) for the period before taxes | 9903 | €314,443 | €1,191,693 | +€877,249 | +279% |
| Transfer to deferred taxes | 680 | - | €231,395 | +€231,395 | |
| Income taxes | 67/77 | €78,761 | €65,944 | -€12,818 | -16.3% |
| Profit (loss) for the period | 9904 | €235,682 | €894,353 | +€658,671 | +279% |
| Transfer to tax-exempt reserves | 689 | - | €694,186 | +€694,186 | |
| Profit (loss) for the period to be appropriated | 9905 | €235,682 | €200,167 | -€35,515 | -15.1% |
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 22 October 2026 via checked.be.