CSPV 2: 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.
CSPV 2
Largest movements
- Tangible fixed assets -€331,486
down €331,486 (-28.0%), from €1.2m to €853,469
- Receivables within one year +€213,848
up €213,848 (+123.8%), from €172,799 to €386,647
of which Trade receivables: +€224,339
- Cash +€131,316
up €131,316 (+77.8%), from €168,891 to €300,207
mainly Depreciation (+€335,564) and Net result for the year (+€113,771)
- Debts after one year -€177,673
down €177,673 (-18.6%), from €954,139 to €776,466
- Reserves +€113,771
up €113,771 (+48.7%), from €233,496 to €347,267
of which Distributable reserves: +€113,771
- Tax, wage and social debts +€65,538
up €65,538 (+265.7%), from €24,666 to €90,204
- Trade debts +€20,555
up €20,555 (+1242.7%), from €1,654 to €22,209
- Gross operating margin +€117,532
up €117,532 (+30.1%), from €390,982 to €508,514
- Taxes +€17,484
up €17,484, from -€8 to €17,476
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 | €1,537,732 | €1,548,150 | +€10,418 | +0.7% |
| Fixed assets | 21/28 | €1,193,110 | €857,546 | -€335,564 | -28.1% |
| Intangible fixed assets | 21 | €8,155 | €4,077 | -€4,078 | -50.0% |
| Tangible fixed assets | 22/27 | €1,184,955 | €853,469 | -€331,486 | -28.0% |
| Plant, machinery and equipment | 23 | €1,184,955 | €853,469 | -€331,486 | -28.0% |
| Current assets | 29/58 | €344,622 | €690,604 | +€345,982 | +100.4% |
| Amounts receivable within one year | 40/41 | €172,799 | €386,647 | +€213,848 | +123.8% |
| Trade receivables | 40 | €155,753 | €380,092 | +€224,339 | +144.0% |
| Other amounts receivable | 41 | €17,046 | €6,555 | -€10,491 | -61.5% |
| Cash at bank and in hand | 54/58 | €168,891 | €300,207 | +€131,316 | +77.8% |
| Deferred charges and accrued income | 490/1 | €2,932 | €3,750 | +€818 | +27.9% |
| Total equity and liabilities | 10/49 | €1,537,732 | €1,548,150 | +€10,418 | +0.7% |
| Equity | 10/15 | €350,896 | €464,667 | +€113,771 | +32.4% |
| Contributions | 10/11 | €117,400 | €117,400 | = | 0.0% |
| Reserves | 13 | €233,496 | €347,267 | +€113,771 | +48.7% |
| Non-distributable reserves | 130/1 | €12,360 | €12,360 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,360 | €12,360 | = | 0.0% |
| Distributable reserves | 133 | €221,136 | €334,907 | +€113,771 | +51.4% |
| Amounts payable | 17/49 | €1,186,836 | €1,083,483 | -€103,353 | -8.7% |
| Amounts payable after more than one year | 17 | €954,139 | €776,466 | -€177,673 | -18.6% |
| Financial debts | 170/4 | €954,139 | €776,466 | -€177,673 | -18.6% |
| Amounts payable within one year | 42/48 | €222,618 | €297,127 | +€74,509 | +33.5% |
| Current portion of amounts payable after more than one year | 42 | €178,684 | €177,700 | -€984 | -0.6% |
| Trade debts | 44 | €1,654 | €22,209 | +€20,555 | +1242.7% |
| Suppliers | 440/4 | €1,654 | €22,209 | +€20,555 | +1242.7% |
| Taxes, remuneration and social security | 45 | €24,666 | €90,204 | +€65,538 | +265.7% |
| Taxes | 450/3 | €24,666 | €90,204 | +€65,538 | +265.7% |
| Other amounts payable | 47/48 | €17,614 | €7,014 | -€10,600 | -60.2% |
| Accrued charges and deferred income | 492/3 | €10,079 | €9,890 | -€189 | -1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €335,564 | €335,564 | = | 0.0% |
| Other operating charges | 640/8 | €1,086 | €1,255 | +€169 | +15.6% |
| Gross operating margin | 9900 | €390,982 | €508,514 | +€117,532 | +30.1% |
| Operating profit (loss) | 9901 | €54,332 | €171,695 | +€117,363 | +216.0% |
| Financial income | 75/76B | €554 | €689 | +€135 | +24.4% |
| Recurring financial income | 75 | €554 | €689 | +€135 | +24.4% |
| Financial charges | 65/66B | €44,095 | €41,137 | -€2,958 | -6.7% |
| Recurring financial charges | 65 | €44,095 | €41,137 | -€2,958 | -6.7% |
| Profit (loss) for the period before taxes | 9903 | €10,791 | €131,247 | +€120,456 | +1116.3% |
| Income taxes | 67/77 | -€8 | €17,476 | +€17,484 | |
| Profit (loss) for the period | 9904 | €10,799 | €113,771 | +€102,972 | +953.5% |
| Profit (loss) for the period to be appropriated | 9905 | €10,799 | €113,771 | +€102,972 | +953.5% |
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 3 October 2026 via checked.be.