CSMNS: 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.
CSMNS
Largest movements
- Cash -€44,678
down €44,678 (-49.0%), from €91,272 to €46,594
mainly Contributions, distributions and other (-€85,678) and Current investments (-€23,195)
- Current investments +€23,195
up €23,195 (+29.1%), from €79,829 to €103,023
- Reserves -€49,739
down €49,739 (-22.8%), from €217,766 to €168,027
of which Distributable reserves: -€49,739
- Other debts +€39,616
up €39,616 (+46.9%), from €84,511 to €124,127
- Debts after one year -€10,303
down €10,303 (-15.0%), from €68,897 to €58,595
- Gross operating margin -€9,222
down €9,222 (-11.2%), from €82,286 to €73,064
- Taxes -€2,619
down €2,619 (-15.8%), from €16,614 to €13,995
- Financial charges -€1,111
down €1,111 (-12.9%), from €8,621 to €7,511
- Financial income +€863
up €863 (+93.7%), from €921 to €1,784
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 | €393,538 | €373,719 | -€19,820 | -5.0% |
| Fixed assets | 21/28 | €204,349 | €203,336 | -€1,014 | -0.5% |
| Tangible fixed assets | 22/27 | €204,349 | €203,336 | -€1,014 | -0.5% |
| Land and buildings | 22 | €197,196 | €184,557 | -€12,639 | -6.4% |
| Plant, machinery and equipment | 23 | €7,153 | €18,779 | +€11,625 | +163% |
| Current assets | 29/58 | €189,189 | €170,383 | -€18,806 | -9.9% |
| Amounts receivable within one year | 40/41 | €16,141 | €18,702 | +€2,561 | +15.9% |
| Trade receivables | 40 | €16,141 | €17,230 | +€1,089 | +6.7% |
| Other amounts receivable | 41 | - | €1,472 | +€1,472 | |
| Current investments | 50/53 | €79,829 | €103,023 | +€23,195 | +29.1% |
| Cash at bank and in hand | 54/58 | €91,272 | €46,594 | -€44,678 | -49.0% |
| Deferred charges and accrued income | 490/1 | €1,947 | €2,063 | +€116 | +6.0% |
| Total equity and liabilities | 10/49 | €393,538 | €373,719 | -€19,820 | -5.0% |
| Equity | 10/15 | €223,966 | €174,227 | -€49,739 | -22.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €217,766 | €168,027 | -€49,739 | -22.8% |
| Tax-exempt reserves | 132 | €3,432 | €3,432 | = | 0.0% |
| Distributable reserves | 133 | €214,334 | €164,594 | -€49,739 | -23.2% |
| Amounts payable | 17/49 | €169,572 | €199,492 | +€29,920 | +17.6% |
| Amounts payable after more than one year | 17 | €68,897 | €58,595 | -€10,303 | -15.0% |
| Financial debts | 170/4 | €68,897 | €58,595 | -€10,303 | -15.0% |
| Amounts payable within one year | 42/48 | €100,675 | €140,897 | +€40,222 | +40.0% |
| Current portion of amounts payable after more than one year | 42 | €10,097 | €10,303 | +€206 | +2.0% |
| Trade debts | 44 | €1,479 | €1,185 | -€294 | -19.9% |
| Suppliers | 440/4 | €1,479 | €1,185 | -€294 | -19.9% |
| Taxes, remuneration and social security | 45 | €4,588 | €5,283 | +€695 | +15.1% |
| Taxes | 450/3 | €4,588 | €4,653 | +€65 | +1.4% |
| Remuneration and social security | 454/9 | - | €630 | +€630 | |
| Other amounts payable | 47/48 | €84,511 | €124,127 | +€39,616 | +46.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,338 | €16,042 | +€704 | +4.6% |
| Other operating charges | 640/8 | €1,323 | €1,362 | +€40 | +3.0% |
| Gross operating margin | 9900 | €82,286 | €73,064 | -€9,222 | -11.2% |
| Operating profit (loss) | 9901 | €65,625 | €55,660 | -€9,965 | -15.2% |
| Financial income | 75/76B | €921 | €1,784 | +€863 | +93.7% |
| Recurring financial income | 75 | €921 | €1,784 | +€863 | +93.7% |
| Financial charges | 65/66B | €8,621 | €7,511 | -€1,111 | -12.9% |
| Recurring financial charges | 65 | €8,621 | €7,511 | -€1,111 | -12.9% |
| Profit (loss) for the period before taxes | 9903 | €57,926 | €49,934 | -€7,992 | -13.8% |
| Income taxes | 67/77 | €16,614 | €13,995 | -€2,619 | -15.8% |
| Profit (loss) for the period | 9904 | €41,312 | €35,939 | -€5,373 | -13.0% |
| Profit (loss) for the period to be appropriated | 9905 | €41,312 | €35,939 | -€5,373 | -13.0% |
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.