CSHD: 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.
CSHD
Largest movements
- Cash +€186,195
up €186,195 (+115.9%), from €160,673 to €346,868
mainly Net result for the year (+€141,558) and Tax, wage and social debts (+€44,731)
- Receivables within one year -€3,918
down €3,918 (-19.4%), from €20,245 to €16,327
of which Trade receivables: -€5,310
- Profit (loss) carried forward +€141,558
up €141,558 (+110.1%), from €128,626 to €270,184
- Tax, wage and social debts +€44,731
up €44,731 (+120.3%), from €37,173 to €81,904
of which Taxes: +€40,938
- Trade debts -€7,398
down €7,398 (-47.2%), from €15,670 to €8,272
- Gross operating margin +€26,550
up €26,550 (+15.9%), from €167,459 to €194,009
- Staff costs +€10,139
new in 2025: €10,139
- Taxes +€4,515
up €4,515 (+12.4%), from €36,423 to €40,938
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 | €184,832 | €366,364 | +€181,531 | +98.2% |
| Fixed assets | 21/28 | €3,914 | €2,731 | -€1,184 | -30.2% |
| Tangible fixed assets | 22/27 | €3,914 | €2,731 | -€1,184 | -30.2% |
| Furniture and vehicles | 24 | €3,914 | €2,731 | -€1,184 | -30.2% |
| Current assets | 29/58 | €180,918 | €363,633 | +€182,715 | +101.0% |
| Amounts receivable within one year | 40/41 | €20,245 | €16,327 | -€3,918 | -19.4% |
| Trade receivables | 40 | €19,810 | €14,500 | -€5,310 | -26.8% |
| Other amounts receivable | 41 | €435 | €1,827 | +€1,392 | +320.1% |
| Cash at bank and in hand | 54/58 | €160,673 | €346,868 | +€186,195 | +115.9% |
| Deferred charges and accrued income | 490/1 | - | €438 | +€438 | |
| Total equity and liabilities | 10/49 | €184,832 | €366,364 | +€181,531 | +98.2% |
| Equity | 10/15 | €131,626 | €273,184 | +€141,558 | +107.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €128,626 | €270,184 | +€141,558 | +110.1% |
| Amounts payable | 17/49 | €53,206 | €93,179 | +€39,973 | +75.1% |
| Amounts payable within one year | 42/48 | €53,206 | €93,179 | +€39,973 | +75.1% |
| Trade debts | 44 | €15,670 | €8,272 | -€7,398 | -47.2% |
| Suppliers | 440/4 | €15,670 | €8,272 | -€7,398 | -47.2% |
| Taxes, remuneration and social security | 45 | €37,173 | €81,904 | +€44,731 | +120.3% |
| Taxes | 450/3 | €36,423 | €77,361 | +€40,938 | +112.4% |
| Remuneration and social security | 454/9 | €750 | €4,543 | +€3,793 | +505.7% |
| Other amounts payable | 47/48 | €363 | €3,003 | +€2,640 | +727.4% |
| Remuneration, social security and pensions | 62 | - | €10,139 | +€10,139 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €762 | €1,184 | +€422 | +55.4% |
| Other operating charges | 640/8 | €1,550 | - | -€1,550 | |
| Gross operating margin | 9900 | €167,459 | €194,009 | +€26,550 | +15.9% |
| Operating profit (loss) | 9901 | €165,147 | €182,686 | +€17,539 | +10.6% |
| Financial charges | 65/66B | €98 | €190 | +€93 | +94.9% |
| Recurring financial charges | 65 | €98 | €190 | +€93 | +94.9% |
| Profit (loss) for the period before taxes | 9903 | €165,049 | €182,496 | +€17,447 | +10.6% |
| Income taxes | 67/77 | €36,423 | €40,938 | +€4,515 | +12.4% |
| Profit (loss) for the period | 9904 | €128,626 | €141,558 | +€12,932 | +10.1% |
| Profit (loss) for the period to be appropriated | 9905 | €128,626 | €141,558 | +€12,932 | +10.1% |
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 11 October 2026 via checked.be.