CSE Solutions: 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 Solutions
Largest movements
- Receivables within one year +€172,921
up €172,921 (+52.3%), from €330,365 to €503,286
of which Trade receivables: +€200,240
- Stocks and contracts -€73,709
down €73,709 (-11.1%), from €664,318 to €590,610
of which Stocks: -€87,384
- Intangible fixed assets -€53,507
down €53,507 (-9.4%), from €569,431 to €515,923
- Cash +€40,402
up €40,402 (+8868.7%), from €456 to €40,858
mainly Depreciation (+€179,653) and Net result for the year (+€119,543)
- Receivables after one year -€25,650
down €25,650 (-100.0%), from €25,650 to €0
- Reserves +€119,543
up €119,543 (+77.6%), from €153,998 to €273,541
- Trade debts -€106,720
down €106,720 (-23.4%), from €456,349 to €349,629
- Short-term financial debts +€75,534
up €75,534 (+101.4%), from €74,466 to €150,000
- Debts after one year -€40,378
down €40,378 (-4.7%), from €868,221 to €827,843
of which Financial debts: -€41,802
- Gross operating margin +€504,200
up €504,200 (+68.6%), from €735,215 to €1.2m
- Staff costs +€245,838
up €245,838 (+49.0%), from €502,176 to €748,014
- Write-downs +€107,703
up €107,703, from -€51,237 to €56,466
- Depreciation +€66,222
up €66,222 (+58.4%), from €113,431 to €179,653
- Financial charges +€49,664
up €49,664 (+122.6%), from €40,496 to €90,160
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.
Cash bridge derived
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 | €1,957,051 | €2,030,101 | +€73,050 | +3.7% |
| Fixed assets | 21/28 | €925,758 | €886,967 | -€38,792 | -4.2% |
| Intangible fixed assets | 21 | €569,431 | €515,923 | -€53,507 | -9.4% |
| Tangible fixed assets | 22/27 | €334,420 | €356,675 | +€22,255 | +6.7% |
| Plant, machinery and equipment | 23 | €283,804 | €210,885 | -€72,919 | -25.7% |
| Furniture and vehicles | 24 | €50,616 | €145,790 | +€95,174 | +188.0% |
| Financial fixed assets | 28 | €21,907 | €14,368 | -€7,539 | -34.4% |
| Current assets | 29/58 | €1,031,293 | €1,143,134 | +€111,841 | +10.8% |
| Amounts receivable after more than one year | 29 | €25,650 | €0 | -€25,650 | -100.0% |
| Other amounts receivable | 291 | €25,650 | €0 | -€25,650 | -100.0% |
| Stocks and contracts in progress | 3 | €664,318 | €590,610 | -€73,709 | -11.1% |
| Stocks | 30/36 | €495,998 | €408,614 | -€87,384 | -17.6% |
| Contracts in progress | 37 | €168,320 | €181,995 | +€13,675 | +8.1% |
| Amounts receivable within one year | 40/41 | €330,365 | €503,286 | +€172,921 | +52.3% |
| Trade receivables | 40 | €278,597 | €478,838 | +€200,240 | +71.9% |
| Other amounts receivable | 41 | €51,767 | €24,448 | -€27,320 | -52.8% |
| Cash at bank and in hand | 54/58 | €456 | €40,858 | +€40,402 | +8868.7% |
| Deferred charges and accrued income | 490/1 | €10,505 | €8,381 | -€2,124 | -20.2% |
| Total equity and liabilities | 10/49 | €1,957,051 | €2,030,101 | +€73,050 | +3.7% |
| Equity | 10/15 | €303,998 | €423,541 | +€119,543 | +39.3% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €153,998 | €273,541 | +€119,543 | +77.6% |
| Distributable reserves | 133 | €153,998 | €273,541 | +€119,543 | +77.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,653,053 | €1,606,559 | -€46,493 | -2.8% |
| Amounts payable after more than one year | 17 | €868,221 | €827,843 | -€40,378 | -4.7% |
| Financial debts | 170/4 | €793,139 | €751,337 | -€41,802 | -5.3% |
| Other amounts payable | 178/9 | €75,082 | €76,506 | +€1,424 | +1.9% |
| Amounts payable within one year | 42/48 | €780,724 | €778,027 | -€2,696 | -0.3% |
| Current portion of amounts payable after more than one year | 42 | €181,898 | €199,310 | +€17,412 | +9.6% |
| Financial debts | 43 | €74,466 | €150,000 | +€75,534 | +101.4% |
| Credit institutions | 430/8 | €74,466 | €150,000 | +€75,534 | +101.4% |
| Trade debts | 44 | €456,349 | €349,629 | -€106,720 | -23.4% |
| Suppliers | 440/4 | €456,349 | €349,629 | -€106,720 | -23.4% |
| Advances received on contracts in progress | 46 | €4,000 | €4,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €64,011 | €75,089 | +€11,078 | +17.3% |
| Taxes | 450/3 | €33,854 | €40,659 | +€6,805 | +20.1% |
| Remuneration and social security | 454/9 | €30,157 | €34,429 | +€4,273 | +14.2% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €4,108 | €690 | -€3,419 | -83.2% |
| Remuneration, social security and pensions | 62 | €502,176 | €748,014 | +€245,838 | +49.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,431 | €179,653 | +€66,222 | +58.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€51,237 | €56,466 | +€107,703 | |
| Other operating charges | 640/8 | €6,739 | €6,662 | -€77 | -1.1% |
| Gross operating margin | 9900 | €735,215 | €1,239,415 | +€504,200 | +68.6% |
| Operating profit (loss) | 9901 | €164,107 | €248,620 | +€84,513 | +51.5% |
| Financial income | 75/76B | €141 | €1,459 | +€1,319 | +937.0% |
| Recurring financial income | 75 | €141 | €1,459 | +€1,319 | +937.0% |
| Financial charges | 65/66B | €40,496 | €90,160 | +€49,664 | +122.6% |
| Recurring financial charges | 65 | €40,496 | €90,160 | +€49,664 | +122.6% |
| Profit (loss) for the period before taxes | 9903 | €123,752 | €159,920 | +€36,168 | +29.2% |
| Income taxes | 67/77 | €33,854 | €40,377 | +€6,523 | +19.3% |
| Profit (loss) for the period | 9904 | €89,898 | €119,543 | +€29,645 | +33.0% |
| Profit (loss) for the period to be appropriated | 9905 | €89,898 | €119,543 | +€29,645 | +33.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.