CSMA: 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.
CSMA
Largest movements
- Receivables within one year +€81,181
up €81,181 (+48.6%), from €167,209 to €248,389
of which Trade receivables: +€45,238
- Trade debts +€59,977
up €59,977 (+3,147%), from €1,906 to €61,882
- Reserves +€55,250
up €55,250 (+14.9%), from €371,544 to €426,794
- Current portion of long-term debt -€23,926
down €23,926 (-80.5%), from €29,738 to €5,812
- Debts after one year -€5,812
down €5,812 (-100%), from €5,812 to €0
- Gross operating margin +€48,557
up €48,557 (+132%), from €36,786 to €85,344
- Taxes +€11,051
up €11,051 (+58.5%), from €18,906 to €29,957
- Financial charges +€5,092
up €5,092 (+91.1%), from €5,591 to €10,683
- Other operating charges -€2,667
down €2,667 (-48.4%), from €5,505 to €2,838
- Financial income +€1,583
up €1,583 (+11.3%), from €13,967 to €15,550
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 | €466,208 | €549,411 | +€83,203 | +17.8% |
| Fixed assets | 21/28 | €3,657 | €2,325 | -€1,332 | -36.4% |
| Tangible fixed assets | 22/27 | €3,657 | €2,325 | -€1,332 | -36.4% |
| Plant, machinery and equipment | 23 | €2,422 | €1,810 | -€612 | -25.3% |
| Furniture and vehicles | 24 | €1,235 | €514 | -€721 | -58.4% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €462,551 | €547,086 | +€84,536 | +18.3% |
| Amounts receivable after more than one year | 29 | €270,340 | €270,340 | = | 0.0% |
| Other amounts receivable | 291 | €270,340 | €270,340 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €167,209 | €248,389 | +€81,181 | +48.6% |
| Trade receivables | 40 | €13,950 | €59,188 | +€45,238 | +324% |
| Other amounts receivable | 41 | €153,259 | €189,201 | +€35,943 | +23.5% |
| Cash at bank and in hand | 54/58 | €10,944 | €12,440 | +€1,496 | +13.7% |
| Deferred charges and accrued income | 490/1 | €14,058 | €15,916 | +€1,859 | +13.2% |
| Total equity and liabilities | 10/49 | €466,208 | €549,411 | +€83,203 | +17.8% |
| Equity | 10/15 | €377,744 | €432,994 | +€55,250 | +14.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €371,544 | €426,794 | +€55,250 | +14.9% |
| Distributable reserves | 133 | €371,544 | €426,794 | +€55,250 | +14.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €88,464 | €116,416 | +€27,953 | +31.6% |
| Amounts payable after more than one year | 17 | €5,812 | €0 | -€5,812 | -100% |
| Financial debts | 170/4 | €5,812 | €0 | -€5,812 | -100% |
| Amounts payable within one year | 42/48 | €82,651 | €114,901 | +€32,250 | +39.0% |
| Current portion of amounts payable after more than one year | 42 | €29,738 | €5,812 | -€23,926 | -80.5% |
| Financial debts | 43 | €652 | €174 | -€478 | -73.4% |
| Credit institutions | 430/8 | €652 | €174 | -€478 | -73.4% |
| Trade debts | 44 | €1,906 | €61,882 | +€59,977 | +3,147% |
| Suppliers | 440/4 | €1,906 | €61,882 | +€59,977 | +3,147% |
| Taxes, remuneration and social security | 45 | €49,522 | €46,200 | -€3,323 | -6.7% |
| Taxes | 450/3 | €49,522 | €46,200 | -€3,323 | -6.7% |
| Other amounts payable | 47/48 | €833 | €833 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €1,515 | +€1,515 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,436 | €1,332 | -€103 | -7.2% |
| Other operating charges | 640/8 | €5,505 | €2,838 | -€2,667 | -48.4% |
| Gross operating margin | 9900 | €36,786 | €85,344 | +€48,557 | +132% |
| Operating profit (loss) | 9901 | €29,846 | €81,173 | +€51,327 | +172% |
| Financial income | 75/76B | €13,967 | €15,550 | +€1,583 | +11.3% |
| Recurring financial income | 75 | €13,967 | €15,550 | +€1,583 | +11.3% |
| Financial charges | 65/66B | €5,591 | €10,683 | +€5,092 | +91.1% |
| Recurring financial charges | 65 | €5,591 | €10,683 | +€5,092 | +91.1% |
| Profit (loss) for the period before taxes | 9903 | €38,221 | €86,040 | +€47,819 | +125% |
| Income taxes | 67/77 | €18,906 | €29,957 | +€11,051 | +58.5% |
| Profit (loss) for the period | 9904 | €19,316 | €56,083 | +€36,768 | +190% |
| Profit (loss) for the period to be appropriated | 9905 | €19,316 | €56,083 | +€36,768 | +190% |
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 14 October 2026 via checked.be.