CSM Development: 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.
CSM Development
Largest movements
- Cash -€4,165
down €4,165 (-79.5%), from €5,240 to €1,075
mainly Net result for the year (-€267,567) and Trade debts (-€645)
- Profit (loss) carried forward -€267,567
down €267,567 (-5.4%), from -€5.0m to -€5.3m
- Debts after one year +€264,048
up €264,048 (+5.4%), from €4.9m to €5.2m
- Trade debts -€645
down €645 (-21.3%), from €3,031 to €2,385
- Financial charges -€52,757
down €52,757 (-16.6%), from €317,433 to €264,676
- Gross operating margin +€1,755
up €1,755 (+41.5%), from -€4,228 to -€2,473
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 | €5,240 | €1,075 | -€4,165 | -79.5% |
| Current assets | 29/58 | €5,240 | €1,075 | -€4,165 | -79.5% |
| Cash at bank and in hand | 54/58 | €5,240 | €1,075 | -€4,165 | -79.5% |
| Total equity and liabilities | 10/49 | €5,240 | €1,075 | -€4,165 | -79.5% |
| Equity | 10/15 | -€4,922,989 | -€5,190,557 | -€267,567 | -5.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,984,989 | -€5,252,557 | -€267,567 | -5.4% |
| Amounts payable | 17/49 | €4,928,229 | €5,191,632 | +€263,402 | +5.3% |
| Amounts payable after more than one year | 17 | €4,925,198 | €5,189,246 | +€264,048 | +5.4% |
| Other amounts payable | 178/9 | €4,925,198 | €5,189,246 | +€264,048 | +5.4% |
| Amounts payable within one year | 42/48 | €3,031 | €2,385 | -€645 | -21.3% |
| Trade debts | 44 | €3,031 | €2,385 | -€645 | -21.3% |
| Suppliers | 440/4 | €3,031 | €2,385 | -€645 | -21.3% |
| Other operating charges | 640/8 | €387 | €418 | +€31 | +8.0% |
| Gross operating margin | 9900 | -€4,228 | -€2,473 | +€1,755 | +41.5% |
| Operating profit (loss) | 9901 | -€4,615 | -€2,891 | +€1,724 | +37.3% |
| Financial charges | 65/66B | €317,433 | €264,676 | -€52,757 | -16.6% |
| Recurring financial charges | 65 | €317,433 | €264,676 | -€52,757 | -16.6% |
| Profit (loss) for the period before taxes | 9903 | -€322,049 | -€267,567 | +€54,481 | +16.9% |
| Profit (loss) for the period | 9904 | -€322,049 | -€267,567 | +€54,481 | +16.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€322,049 | -€267,567 | +€54,481 | +16.9% |
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 15 October 2026 via checked.be.