CSO CONSTRUCT: 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.
CSO CONSTRUCT
Largest movements
- Tangible fixed assets +€118,011
up €118,011 (+17.1%), from €689,348 to €807,359
of which Assets under construction and advance payments: +€187,612
- Receivables within one year +€72,555
up €72,555 (+62.4%), from €116,329 to €188,884
of which Trade receivables: +€56,422
- Stocks and contracts +€54,106
up €54,106 (+107.5%), from €50,311 to €104,417
of which Contracts in progress: +€56,017
- Cash +€29,660
up €29,660 (+23358.3%), from €127 to €29,787
mainly Debts after one year (+€119,127) and Depreciation (+€98,276)
- Debts after one year +€119,127
up €119,127 (+54.9%), from €216,947 to €336,074
of which Financial debts: +€119,127
- Trade debts +€79,902
up €79,902 (+328.7%), from €24,308 to €104,211
- Other debts +€50,350
new in 2025: €50,350
- Short-term financial debts +€25,057
up €25,057 (+307.1%), from €8,160 to €33,218
- Current portion of long-term debt -€20,449
down €20,449 (-23.6%), from €86,527 to €66,078
- Gross operating margin +€68,924
up €68,924 (+21.5%), from €320,990 to €389,914
- Staff costs +€33,324
up €33,324 (+21.9%), from €152,315 to €185,639
- Taxes +€14,096
up €14,096 (+86.6%), from €16,275 to €30,372
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 | €860,045 | €1,134,823 | +€274,778 | +31.9% |
| Fixed assets | 21/28 | €689,533 | €807,544 | +€118,011 | +17.1% |
| Tangible fixed assets | 22/27 | €689,348 | €807,359 | +€118,011 | +17.1% |
| Land and buildings | 22 | €499,393 | €470,770 | -€28,623 | -5.7% |
| Plant, machinery and equipment | 23 | €143,612 | €106,808 | -€36,804 | -25.6% |
| Furniture and vehicles | 24 | €16,537 | €27,401 | +€10,864 | +65.7% |
| Leasing and similar rights | 25 | €29,807 | €14,768 | -€15,039 | -50.5% |
| Assets under construction and advance payments | 27 | - | €187,612 | +€187,612 | |
| Financial fixed assets | 28 | €185 | €185 | = | 0.0% |
| Current assets | 29/58 | €170,512 | €327,279 | +€156,767 | +91.9% |
| Stocks and contracts in progress | 3 | €50,311 | €104,417 | +€54,106 | +107.5% |
| Stocks | 30/36 | €25,061 | €23,150 | -€1,911 | -7.6% |
| Contracts in progress | 37 | €25,250 | €81,267 | +€56,017 | +221.9% |
| Amounts receivable within one year | 40/41 | €116,329 | €188,884 | +€72,555 | +62.4% |
| Trade receivables | 40 | €62,157 | €118,579 | +€56,422 | +90.8% |
| Other amounts receivable | 41 | €54,172 | €70,305 | +€16,133 | +29.8% |
| Cash at bank and in hand | 54/58 | €127 | €29,787 | +€29,660 | +23358.3% |
| Deferred charges and accrued income | 490/1 | €3,745 | €4,190 | +€445 | +11.9% |
| Total equity and liabilities | 10/49 | €860,045 | €1,134,823 | +€274,778 | +31.9% |
| Equity | 10/15 | €394,743 | €393,777 | -€966 | -0.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €155,808 | €158,128 | +€2,319 | +1.5% |
| Distributable reserves | 133 | €155,808 | €158,128 | +€2,319 | +1.5% |
| Profit (loss) carried forward | 14 | €184,199 | €184,199 | = | 0.0% |
| Investment grants | 15 | €36,135 | €32,850 | -€3,285 | -9.1% |
| Amounts payable | 17/49 | €465,303 | €741,046 | +€275,743 | +59.3% |
| Amounts payable after more than one year | 17 | €216,947 | €336,074 | +€119,127 | +54.9% |
| Financial debts | 170/4 | €178,947 | €298,074 | +€119,127 | +66.6% |
| Other amounts payable | 178/9 | €38,000 | €38,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €248,290 | €404,725 | +€156,434 | +63.0% |
| Current portion of amounts payable after more than one year | 42 | €86,527 | €66,078 | -€20,449 | -23.6% |
| Financial debts | 43 | €8,160 | €33,218 | +€25,057 | +307.1% |
| Credit institutions | 430/8 | €8,160 | €33,218 | +€25,057 | +307.1% |
| Trade debts | 44 | €24,308 | €104,211 | +€79,902 | +328.7% |
| Suppliers | 440/4 | €24,308 | €104,211 | +€79,902 | +328.7% |
| Advances received on contracts in progress | 46 | €101,000 | €110,000 | +€9,000 | +8.9% |
| Taxes, remuneration and social security | 45 | €28,294 | €40,868 | +€12,574 | +44.4% |
| Taxes | 450/3 | €10,251 | €19,522 | +€9,271 | +90.4% |
| Remuneration and social security | 454/9 | €18,043 | €21,346 | +€3,303 | +18.3% |
| Other amounts payable | 47/48 | - | €50,350 | +€50,350 | |
| Accrued charges and deferred income | 492/3 | €66 | €247 | +€182 | +276.4% |
| Remuneration, social security and pensions | 62 | €152,315 | €185,639 | +€33,324 | +21.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,661 | €98,276 | +€3,615 | +3.8% |
| Other operating charges | 640/8 | €9,109 | €10,553 | +€1,444 | +15.9% |
| Gross operating margin | 9900 | €320,990 | €389,914 | +€68,924 | +21.5% |
| Operating profit (loss) | 9901 | €64,904 | €95,445 | +€30,541 | +47.1% |
| Financial income | 75/76B | €3,433 | €5,906 | +€2,474 | +72.1% |
| Recurring financial income | 75 | €3,433 | €5,906 | +€2,474 | +72.1% |
| Financial charges | 65/66B | €17,660 | €15,660 | -€1,999 | -11.3% |
| Recurring financial charges | 65 | €17,660 | €15,660 | -€1,999 | -11.3% |
| Profit (loss) for the period before taxes | 9903 | €50,678 | €85,691 | +€35,014 | +69.1% |
| Income taxes | 67/77 | €16,275 | €30,372 | +€14,096 | +86.6% |
| Profit (loss) for the period | 9904 | €34,402 | €55,319 | +€20,917 | +60.8% |
| Profit (loss) for the period to be appropriated | 9905 | €34,402 | €55,319 | +€20,917 | +60.8% |
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 12 October 2026 via checked.be.