CSF ASSURANCES: 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 ASSURANCES
Largest movements
- Tangible fixed assets -€8,443
down €8,443 (-22.0%), from €38,430 to €29,987
- Receivables within one year +€7,903
up €7,903 (+23.1%), from €34,248 to €42,151
of which Trade receivables: +€7,897
- Cash +€6,283
up €6,283 (+33.0%), from €19,011 to €25,294
mainly Net result for the year (+€28,113) and Depreciation (+€9,316)
- Profit (loss) carried forward +€28,113
up €28,113 (+21.9%), from -€128,653 to -€100,540
- Other debts -€24,904
down €24,904 (-15.2%), from €164,218 to €139,314
- Debts after one year -€7,306
down €7,306 (-22.7%), from €32,158 to €24,852
- Tax, wage and social debts +€5,209
new in 2025: €5,209
- Trade debts +€3,637
up €3,637 (+351.1%), from €1,036 to €4,673
- Gross operating margin +€28,563
up €28,563 (+203.4%), from €14,040 to €42,603
- Depreciation +€4,558
up €4,558 (+95.8%), from €4,758 to €9,316
- Financial charges +€1,077
up €1,077 (+49.0%), from €2,198 to €3,275
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 | €94,177 | €99,365 | +€5,188 | +5.5% |
| Formation expenses | 20 | €874 | - | -€874 | |
| Fixed assets | 21/28 | €38,730 | €30,287 | -€8,443 | -21.8% |
| Tangible fixed assets | 22/27 | €38,430 | €29,987 | -€8,443 | -22.0% |
| Leasing and similar rights | 25 | €38,430 | €29,987 | -€8,443 | -22.0% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €54,573 | €69,078 | +€14,505 | +26.6% |
| Amounts receivable within one year | 40/41 | €34,248 | €42,151 | +€7,903 | +23.1% |
| Trade receivables | 40 | €33,617 | €41,514 | +€7,897 | +23.5% |
| Other amounts receivable | 41 | €631 | €637 | +€6 | +1.0% |
| Cash at bank and in hand | 54/58 | €19,011 | €25,294 | +€6,283 | +33.0% |
| Deferred charges and accrued income | 490/1 | €1,314 | €1,633 | +€319 | +24.3% |
| Total equity and liabilities | 10/49 | €94,177 | €99,365 | +€5,188 | +5.5% |
| Equity | 10/15 | -€110,053 | -€81,940 | +€28,113 | +25.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€128,653 | -€100,540 | +€28,113 | +21.9% |
| Amounts payable | 17/49 | €204,230 | €181,305 | -€22,925 | -11.2% |
| Amounts payable after more than one year | 17 | €32,158 | €24,852 | -€7,306 | -22.7% |
| Financial debts | 170/4 | €32,158 | €24,852 | -€7,306 | -22.7% |
| Amounts payable within one year | 42/48 | €172,072 | €156,453 | -€15,619 | -9.1% |
| Current portion of amounts payable after more than one year | 42 | €6,818 | €7,257 | +€439 | +6.4% |
| Trade debts | 44 | €1,036 | €4,673 | +€3,637 | +351.1% |
| Suppliers | 440/4 | €1,036 | €4,673 | +€3,637 | +351.1% |
| Taxes, remuneration and social security | 45 | - | €5,209 | +€5,209 | |
| Taxes | 450/3 | - | €5,209 | +€5,209 | |
| Other amounts payable | 47/48 | €164,218 | €139,314 | -€24,904 | -15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,758 | €9,316 | +€4,558 | +95.8% |
| Other operating charges | 640/8 | €1,656 | €1,661 | +€5 | +0.3% |
| Gross operating margin | 9900 | €14,040 | €42,603 | +€28,563 | +203.4% |
| Operating profit (loss) | 9901 | €7,626 | €31,626 | +€24,000 | +314.7% |
| Financial income | 75/76B | €67 | €178 | +€111 | +165.7% |
| Recurring financial income | 75 | €67 | €178 | +€111 | +165.7% |
| Financial charges | 65/66B | €2,198 | €3,275 | +€1,077 | +49.0% |
| Recurring financial charges | 65 | €2,198 | €3,275 | +€1,077 | +49.0% |
| Profit (loss) for the period before taxes | 9903 | €5,495 | €28,529 | +€23,034 | +419.2% |
| Income taxes | 67/77 | €388 | €416 | +€28 | +7.2% |
| Profit (loss) for the period | 9904 | €5,107 | €28,113 | +€23,006 | +450.5% |
| Profit (loss) for the period to be appropriated | 9905 | €5,107 | €28,113 | +€23,006 | +450.5% |
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 5 October 2026 via checked.be.