CSF: 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.
CSF
Largest movements
- Cash +€25,475
up €25,475 (+14.4%), from €177,189 to €202,664
mainly Net result for the year (+€63,865) and Depreciation (+€15,524)
- Deferred charges and accrued income -€6,900
down €6,900 (-26.3%), from €26,230 to €19,330
- Receivables within one year +€6,619
up €6,619 (+15.1%), from €43,955 to €50,574
of which Trade receivables: +€3,478
- Tangible fixed assets +€5,975
up €5,975 (+17.6%), from €34,026 to €40,001
- Reserves +€34,727
up €34,727 (+12.6%), from €276,047 to €310,774
- Gross operating margin -€43,947
down €43,947 (-20.2%), from €217,578 to €173,631
- Taxes -€17,042
down €17,042 (-37.8%), from €45,134 to €28,093
- Depreciation +€7,272
up €7,272 (+88.1%), from €8,253 to €15,524
- Other operating charges +€4,884
up €4,884 (+386.0%), from €1,265 to €6,149
- Staff costs +€2,253
up €2,253 (+4.2%), from €53,940 to €56,193
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 | €296,739 | €325,876 | +€29,137 | +9.8% |
| Fixed assets | 21/28 | €34,176 | €40,151 | +€5,975 | +17.5% |
| Tangible fixed assets | 22/27 | €34,026 | €40,001 | +€5,975 | +17.6% |
| Furniture and vehicles | 24 | €34,026 | €40,001 | +€5,975 | +17.6% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €262,563 | €285,725 | +€23,162 | +8.8% |
| Stocks and contracts in progress | 3 | €15,188 | €13,157 | -€2,031 | -13.4% |
| Stocks | 30/36 | €15,188 | €13,157 | -€2,031 | -13.4% |
| Amounts receivable within one year | 40/41 | €43,955 | €50,574 | +€6,619 | +15.1% |
| Trade receivables | 40 | €43,903 | €47,381 | +€3,478 | +7.9% |
| Other amounts receivable | 41 | €52 | €3,193 | +€3,141 | +6070.5% |
| Cash at bank and in hand | 54/58 | €177,189 | €202,664 | +€25,475 | +14.4% |
| Deferred charges and accrued income | 490/1 | €26,230 | €19,330 | -€6,900 | -26.3% |
| Total equity and liabilities | 10/49 | €296,739 | €325,876 | +€29,137 | +9.8% |
| Equity | 10/15 | €276,047 | €310,774 | +€34,727 | +12.6% |
| Reserves | 13 | €276,047 | €310,774 | +€34,727 | +12.6% |
| Distributable reserves | 133 | €276,047 | €310,774 | +€34,727 | +12.6% |
| Amounts payable | 17/49 | €20,692 | €15,103 | -€5,590 | -27.0% |
| Amounts payable within one year | 42/48 | €20,692 | €14,915 | -€5,777 | -27.9% |
| Trade debts | 44 | €7,308 | €4,300 | -€3,008 | -41.2% |
| Suppliers | 440/4 | €7,308 | €4,300 | -€3,008 | -41.2% |
| Taxes, remuneration and social security | 45 | €11,617 | €9,298 | -€2,319 | -20.0% |
| Taxes | 450/3 | €4,775 | €2,212 | -€2,563 | -53.7% |
| Remuneration and social security | 454/9 | €6,842 | €7,086 | +€244 | +3.6% |
| Other amounts payable | 47/48 | €1,767 | €1,317 | -€450 | -25.5% |
| Accrued charges and deferred income | 492/3 | - | €188 | +€188 | |
| Remuneration, social security and pensions | 62 | €53,940 | €56,193 | +€2,253 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,253 | €15,524 | +€7,272 | +88.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€982 | -€982 | |
| Other operating charges | 640/8 | €1,265 | €6,149 | +€4,884 | +386.0% |
| Gross operating margin | 9900 | €217,578 | €173,631 | -€43,947 | -20.2% |
| Operating profit (loss) | 9901 | €154,120 | €96,747 | -€57,374 | -37.2% |
| Financial income | 75/76B | €96 | €60 | -€36 | -37.5% |
| Recurring financial income | 75 | €96 | €60 | -€36 | -37.5% |
| Financial charges | 65/66B | €5,986 | €4,849 | -€1,137 | -19.0% |
| Recurring financial charges | 65 | €5,986 | €4,849 | -€1,137 | -19.0% |
| Profit (loss) for the period before taxes | 9903 | €148,231 | €91,958 | -€56,273 | -38.0% |
| Income taxes | 67/77 | €45,134 | €28,093 | -€17,042 | -37.8% |
| Profit (loss) for the period | 9904 | €103,097 | €63,865 | -€39,231 | -38.1% |
| Profit (loss) for the period to be appropriated | 9905 | €103,097 | €63,865 | -€39,231 | -38.1% |
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 4 October 2026 via checked.be.