CSM: 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.
CSM
Largest movements
- Stocks and contracts +€21,747
up €21,747 (+78.5%), from €27,704 to €49,451
- Tangible fixed assets -€16,336
down €16,336 (-7.8%), from €208,114 to €191,779
of which Land and buildings: -€12,437
- Cash -€3,736
down €3,736 (-40.4%), from €9,252 to €5,516
mainly Stocks and contracts (-€21,747) and Debts after one year (-€20,046)
- Other debts +€34,374
up €34,374 (+457.7%), from €7,510 to €41,884
- Debts after one year -€20,046
down €20,046 (-9.5%), from €210,165 to €190,119
- Profit (loss) carried forward -€18,113
down €18,113 (-110.4%), from -€16,407 to -€34,520
- Trade debts +€6,772
up €6,772 (+93.2%), from €7,266 to €14,038
- Turnover -€77,983
down €77,983 (-28.2%), from €276,759 to €198,777
- Purchases and services -€72,462
down €72,462 (-29.6%), from €244,845 to €172,384
- Gross operating margin -€10,607
down €10,607 (-25.5%), from €41,588 to €30,981
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 | €246,096 | €249,394 | +€3,298 | +1.3% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €208,289 | €192,857 | -€15,433 | -7.4% |
| Intangible fixed assets | 21 | €0 | €903 | +€903 | |
| Tangible fixed assets | 22/27 | €208,114 | €191,779 | -€16,336 | -7.8% |
| Land and buildings | 22 | €190,526 | €178,089 | -€12,437 | -6.5% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €17,589 | €13,690 | -€3,899 | -22.2% |
| Financial fixed assets | 28 | €175 | €175 | = | 0.0% |
| Current assets | 29/58 | €37,806 | €56,538 | +€18,731 | +49.5% |
| Stocks and contracts in progress | 3 | €27,704 | €49,451 | +€21,747 | +78.5% |
| Stocks | 30/36 | €27,704 | €49,451 | +€21,747 | +78.5% |
| Amounts receivable within one year | 40/41 | €6 | €705 | +€699 | +12268.6% |
| Trade receivables | 40 | €0 | €105 | +€105 | |
| Other amounts receivable | 41 | €6 | €600 | +€594 | +10426.3% |
| Cash at bank and in hand | 54/58 | €9,252 | €5,516 | -€3,736 | -40.4% |
| Deferred charges and accrued income | 490/1 | €845 | €866 | +€21 | +2.5% |
| Total equity and liabilities | 10/49 | €246,096 | €249,394 | +€3,298 | +1.3% |
| Equity | 10/15 | -€8,473 | -€26,586 | -€18,113 | -213.8% |
| Contributions | 10/11 | €434 | €434 | = | 0.0% |
| Reserves | 13 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €7,500 | €7,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,407 | -€34,520 | -€18,113 | -110.4% |
| Amounts payable | 17/49 | €254,569 | €275,981 | +€21,412 | +8.4% |
| Amounts payable after more than one year | 17 | €210,165 | €190,119 | -€20,046 | -9.5% |
| Financial debts | 170/4 | €210,165 | €190,119 | -€20,046 | -9.5% |
| Amounts payable within one year | 42/48 | €43,994 | €85,497 | +€41,503 | +94.3% |
| Current portion of amounts payable after more than one year | 42 | €23,347 | €21,943 | -€1,404 | -6.0% |
| Trade debts | 44 | €7,266 | €14,038 | +€6,772 | +93.2% |
| Suppliers | 440/4 | €7,266 | €14,038 | +€6,772 | +93.2% |
| Taxes, remuneration and social security | 45 | €5,871 | €7,632 | +€1,761 | +30.0% |
| Taxes | 450/3 | €2,823 | €4,612 | +€1,789 | +63.4% |
| Remuneration and social security | 454/9 | €3,048 | €3,020 | -€28 | -0.9% |
| Other amounts payable | 47/48 | €7,510 | €41,884 | +€34,374 | +457.7% |
| Accrued charges and deferred income | 492/3 | €410 | €365 | -€45 | -11.0% |
| Turnover | 70 | €276,759 | €198,777 | -€77,983 | -28.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €244,845 | €172,384 | -€72,462 | -29.6% |
| Remuneration, social security and pensions | 62 | €23,583 | €24,872 | +€1,289 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,516 | €18,329 | +€813 | +4.6% |
| Other operating charges | 640/8 | €1,730 | €1,628 | -€102 | -5.9% |
| Non-recurring operating charges | 66A | €2,019 | - | -€2,019 | |
| Gross operating margin | 9900 | €41,588 | €30,981 | -€10,607 | -25.5% |
| Operating profit (loss) | 9901 | -€3,260 | -€13,848 | -€10,589 | -324.8% |
| Financial income | 75/76B | €13 | €588 | +€575 | +4317.2% |
| Recurring financial income | 75 | €13 | €588 | +€575 | +4317.2% |
| Financial charges | 65/66B | €5,921 | €4,853 | -€1,067 | -18.0% |
| Recurring financial charges | 65 | €5,921 | €4,853 | -€1,067 | -18.0% |
| Profit (loss) for the period before taxes | 9903 | -€9,167 | -€18,113 | -€8,946 | -97.6% |
| Income taxes | 67/77 | €128 | - | -€128 | |
| Profit (loss) for the period | 9904 | -€9,295 | -€18,113 | -€8,819 | -94.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,295 | -€18,113 | -€8,819 | -94.9% |
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 29 September 2026 via checked.be.