CSFL INVEST: 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.
CSFL INVEST
Largest movements
- Receivables within one year -€75,711
down €75,711 (-66.6%), from €113,617 to €37,906
of which Trade receivables: -€111,475
- Tangible fixed assets -€26,161
down €26,161 (-8.8%), from €297,342 to €271,180
of which Furniture and vehicles: -€22,951
- Cash -€25,238
down €25,238 (-52.4%), from €48,206 to €22,968
mainly Trade debts (-€100,397) and Debts after one year (-€66,685)
- Trade debts -€100,397
down €100,397 (-96.0%), from €104,551 to €4,154
- Debts after one year -€66,685
down €66,685 (-28.9%), from €230,895 to €164,210
of which Other amounts payable: -€43,000
- Other debts +€46,998
up €46,998 (+361%), from €13,002 to €60,000
- Accrued charges and deferred income -€6,500
no longer reported in 2025 (was €6,500)
- Financial income -€34,581
down €34,581 (-18.9%), from €183,429 to €148,847
- Gross operating margin +€20,101
up €20,101 (+60.9%), from -€33,031 to -€12,931
- Depreciation +€17,286
up €17,286 (+164%), from €10,523 to €27,809
- Staff costs +€16,160
up €16,160 (+231%), from €7,006 to €23,166
- Financial charges +€7,147
up €7,147 (+99.0%), from €7,220 to €14,367
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 | €541,362 | €414,218 | -€127,144 | -23.5% |
| Fixed assets | 21/28 | €375,342 | €349,180 | -€26,161 | -7.0% |
| Tangible fixed assets | 22/27 | €297,342 | €271,180 | -€26,161 | -8.8% |
| Land and buildings | 22 | €184,207 | €182,425 | -€1,782 | -1.0% |
| Furniture and vehicles | 24 | €100,019 | €77,068 | -€22,951 | -22.9% |
| Other tangible fixed assets | 26 | €13,116 | €11,688 | -€1,428 | -10.9% |
| Financial fixed assets | 28 | €78,000 | €78,000 | = | 0.0% |
| Current assets | 29/58 | €166,020 | €65,038 | -€100,983 | -60.8% |
| Amounts receivable within one year | 40/41 | €113,617 | €37,906 | -€75,711 | -66.6% |
| Trade receivables | 40 | €113,617 | €2,142 | -€111,475 | -98.1% |
| Other amounts receivable | 41 | - | €35,764 | +€35,764 | |
| Cash at bank and in hand | 54/58 | €48,206 | €22,968 | -€25,238 | -52.4% |
| Deferred charges and accrued income | 490/1 | €4,198 | €4,164 | -€34 | -0.8% |
| Total equity and liabilities | 10/49 | €541,362 | €414,218 | -€127,144 | -23.5% |
| Equity | 10/15 | €150,534 | €152,552 | +€2,018 | +1.3% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €150,434 | €152,452 | +€2,018 | +1.3% |
| Distributable reserves | 133 | €150,434 | €152,452 | +€2,018 | +1.3% |
| Amounts payable | 17/49 | €390,828 | €261,666 | -€129,162 | -33.0% |
| Amounts payable after more than one year | 17 | €230,895 | €164,210 | -€66,685 | -28.9% |
| Financial debts | 170/4 | €187,895 | €164,210 | -€23,685 | -12.6% |
| Other amounts payable | 178/9 | €43,000 | - | -€43,000 | |
| Amounts payable within one year | 42/48 | €153,433 | €97,456 | -€55,978 | -36.5% |
| Current portion of amounts payable after more than one year | 42 | €22,808 | €23,685 | +€877 | +3.8% |
| Trade debts | 44 | €104,551 | €4,154 | -€100,397 | -96.0% |
| Suppliers | 440/4 | €104,551 | €4,154 | -€100,397 | -96.0% |
| Taxes, remuneration and social security | 45 | €13,073 | €9,617 | -€3,456 | -26.4% |
| Taxes | 450/3 | €9,355 | €4,416 | -€4,938 | -52.8% |
| Remuneration and social security | 454/9 | €3,719 | €5,201 | +€1,482 | +39.9% |
| Other amounts payable | 47/48 | €13,002 | €60,000 | +€46,998 | +361% |
| Accrued charges and deferred income | 492/3 | €6,500 | - | -€6,500 | |
| Non-recurring operating income | 76A | - | €4,004 | +€4,004 | |
| Remuneration, social security and pensions | 62 | €7,006 | €23,166 | +€16,160 | +231% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,523 | €27,809 | +€17,286 | +164% |
| Other operating charges | 640/8 | €4,616 | €2,452 | -€2,164 | -46.9% |
| Gross operating margin | 9900 | -€33,031 | -€12,931 | +€20,101 | +60.9% |
| Operating profit (loss) | 9901 | -€55,176 | -€66,357 | -€11,181 | -20.3% |
| Financial income | 75/76B | €183,429 | €148,847 | -€34,581 | -18.9% |
| Recurring financial income | 75 | €183,429 | €148,847 | -€34,581 | -18.9% |
| Financial charges | 65/66B | €7,220 | €14,367 | +€7,147 | +99.0% |
| Recurring financial charges | 65 | €7,220 | €14,367 | +€7,147 | +99.0% |
| Profit (loss) for the period before taxes | 9903 | €121,032 | €68,123 | -€52,909 | -43.7% |
| Income taxes | 67/77 | €530 | €6,105 | +€5,575 | +1,051% |
| Profit (loss) for the period | 9904 | €120,502 | €62,018 | -€58,484 | -48.5% |
| Profit (loss) for the period to be appropriated | 9905 | €120,502 | €62,018 | -€58,484 | -48.5% |
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 26 October 2026 via checked.be.