CST MANAGEMENT: 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.
CST MANAGEMENT
Largest movements
- Tangible fixed assets +€183,257
up €183,257 (+7.8%), from €2.4m to €2.5m
of which Land and buildings: +€168,453
- Receivables within one year -€155,257
down €155,257 (-76.4%), from €203,124 to €47,867
of which Trade receivables: -€170,647
- Cash +€49,517
up €49,517 (+142%), from €34,902 to €84,419
mainly Receivables within one year (+€155,257) and Depreciation (+€98,539)
- Trade debts -€101,287
down €101,287 (-94.6%), from €107,075 to €5,788
- Debts after one year +€92,442
up €92,442 (+7.0%), from €1.3m to €1.4m
of which Financial debts: +€86,942
- Profit (loss) carried forward +€67,885
up €67,885 (+20.1%), from €336,963 to €404,847
- Gross operating margin -€163,625
down €163,625 (-37.7%), from €433,835 to €270,210
- Taxes -€38,033
down €38,033 (-47.1%), from €80,697 to €42,664
- Depreciation -€12,214
down €12,214 (-11.0%), from €110,753 to €98,539
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 | €2,594,383 | €2,674,373 | +€79,990 | +3.1% |
| Fixed assets | 21/28 | €2,353,128 | €2,536,385 | +€183,257 | +7.8% |
| Tangible fixed assets | 22/27 | €2,353,128 | €2,536,385 | +€183,257 | +7.8% |
| Land and buildings | 22 | €2,305,900 | €2,474,353 | +€168,453 | +7.3% |
| Furniture and vehicles | 24 | €12,203 | €27,006 | +€14,804 | +121% |
| Other tangible fixed assets | 26 | €35,026 | €35,026 | = | 0.0% |
| Current assets | 29/58 | €241,254 | €137,988 | -€103,267 | -42.8% |
| Amounts receivable within one year | 40/41 | €203,124 | €47,867 | -€155,257 | -76.4% |
| Trade receivables | 40 | €202,323 | €31,676 | -€170,647 | -84.3% |
| Other amounts receivable | 41 | €800 | €16,191 | +€15,390 | +1,923% |
| Cash at bank and in hand | 54/58 | €34,902 | €84,419 | +€49,517 | +142% |
| Deferred charges and accrued income | 490/1 | €3,229 | €5,702 | +€2,473 | +76.6% |
| Total equity and liabilities | 10/49 | €2,594,383 | €2,674,373 | +€79,990 | +3.1% |
| Equity | 10/15 | €995,026 | €1,062,910 | +€67,885 | +6.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €648,063 | €648,063 | = | 0.0% |
| Tax-exempt reserves | 132 | €105,250 | €105,250 | = | 0.0% |
| Distributable reserves | 133 | €542,813 | €542,813 | = | 0.0% |
| Profit (loss) carried forward | 14 | €336,963 | €404,847 | +€67,885 | +20.1% |
| Amounts payable | 17/49 | €1,599,357 | €1,611,463 | +€12,106 | +0.8% |
| Amounts payable after more than one year | 17 | €1,316,526 | €1,408,967 | +€92,442 | +7.0% |
| Financial debts | 170/4 | €1,316,526 | €1,403,467 | +€86,942 | +6.6% |
| Other amounts payable | 178/9 | - | €5,500 | +€5,500 | |
| Amounts payable within one year | 42/48 | €279,828 | €198,961 | -€80,867 | -28.9% |
| Current portion of amounts payable after more than one year | 42 | €105,966 | €122,445 | +€16,480 | +15.6% |
| Trade debts | 44 | €107,075 | €5,788 | -€101,287 | -94.6% |
| Suppliers | 440/4 | €107,075 | €5,788 | -€101,287 | -94.6% |
| Taxes, remuneration and social security | 45 | €59,287 | €59,215 | -€72 | -0.1% |
| Taxes | 450/3 | €59,287 | €59,215 | -€72 | -0.1% |
| Other amounts payable | 47/48 | €7,500 | €11,513 | +€4,013 | +53.5% |
| Accrued charges and deferred income | 492/3 | €3,004 | €3,535 | +€531 | +17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,753 | €98,539 | -€12,214 | -11.0% |
| Other operating charges | 640/8 | €8,708 | €9,012 | +€304 | +3.5% |
| Gross operating margin | 9900 | €433,835 | €270,210 | -€163,625 | -37.7% |
| Operating profit (loss) | 9901 | €314,373 | €162,659 | -€151,714 | -48.3% |
| Financial income | 75/76B | €24 | - | -€24 | |
| Recurring financial income | 75 | €24 | - | -€24 | |
| Financial charges | 65/66B | €45,166 | €42,110 | -€3,056 | -6.8% |
| Recurring financial charges | 65 | €45,166 | €42,110 | -€3,056 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | €269,231 | €120,548 | -€148,682 | -55.2% |
| Income taxes | 67/77 | €80,697 | €42,664 | -€38,033 | -47.1% |
| Profit (loss) for the period | 9904 | €188,533 | €77,885 | -€110,649 | -58.7% |
| Transfer to tax-exempt reserves | 689 | €105,250 | - | -€105,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €83,283 | €77,885 | -€5,399 | -6.5% |
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 21 October 2026 via checked.be.