CSW-HOLDING: 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.
CSW-HOLDING
Largest movements
- Financial fixed assets -€639,176
down €639,176 (-22.6%), from €2.8m to €2.2m
- Cash -€544,630
down €544,630 (-91.5%), from €595,143 to €50,513
mainly Contributions, distributions and other (-€646,002) and Receivables after one year (-€488,023)
- Receivables after one year +€488,023
new in 2025: €488,023
- Receivables within one year +€133,625
new in 2025: €133,625
- Reserves -€448,627
down €448,627 (-29.2%), from €1.5m to €1.1m
of which Distributable reserves: -€448,627
- Debts after one year -€55,454
down €55,454 (-19.5%), from €284,589 to €229,135
- Tax, wage and social debts -€36,503
down €36,503 (-64.9%), from €56,241 to €19,738
- Financial charges +€235,076
up €235,076 (+4,356%), from €5,397 to €240,472
of which Non-recurring financial charges: +€235,813
- Financial income -€167,236
down €167,236 (-26.3%), from €635,139 to €467,903
- Taxes -€36,503
down €36,503 (-64.9%), from €56,241 to €19,738
- Gross operating margin +€998
up €998 (+9.8%), from -€10,132 to -€9,134
- Depreciation +€187
new in 2025: €187
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 | €3,420,984 | €2,880,327 | -€540,657 | -15.8% |
| Fixed assets | 21/28 | €2,825,841 | €2,187,263 | -€638,578 | -22.6% |
| Tangible fixed assets | 22/27 | - | €598 | +€598 | |
| Plant, machinery and equipment | 23 | - | €598 | +€598 | |
| Financial fixed assets | 28 | €2,825,841 | €2,186,665 | -€639,176 | -22.6% |
| Current assets | 29/58 | €595,143 | €693,064 | +€97,921 | +16.5% |
| Amounts receivable after more than one year | 29 | - | €488,023 | +€488,023 | |
| Other amounts receivable | 291 | - | €488,023 | +€488,023 | |
| Amounts receivable within one year | 40/41 | - | €133,625 | +€133,625 | |
| Other amounts receivable | 41 | - | €133,625 | +€133,625 | |
| Cash at bank and in hand | 54/58 | €595,143 | €50,513 | -€544,630 | -91.5% |
| Deferred charges and accrued income | 490/1 | - | €20,903 | +€20,903 | |
| Total equity and liabilities | 10/49 | €3,420,984 | €2,880,327 | -€540,657 | -15.8% |
| Equity | 10/15 | €3,017,458 | €2,568,831 | -€448,627 | -14.9% |
| Contributions | 10/11 | €1,480,000 | €1,480,000 | = | 0.0% |
| Reserves | 13 | €1,537,458 | €1,088,831 | -€448,627 | -29.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,537,458 | €1,088,831 | -€448,627 | -29.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €403,526 | €311,496 | -€92,030 | -22.8% |
| Amounts payable after more than one year | 17 | €284,589 | €229,135 | -€55,454 | -19.5% |
| Financial debts | 170/4 | €284,589 | €229,135 | -€55,454 | -19.5% |
| Amounts payable within one year | 42/48 | €118,937 | €82,361 | -€36,576 | -30.8% |
| Current portion of amounts payable after more than one year | 42 | €54,684 | €55,454 | +€771 | +1.4% |
| Trade debts | 44 | €8,013 | €7,170 | -€843 | -10.5% |
| Suppliers | 440/4 | €8,013 | €7,170 | -€843 | -10.5% |
| Taxes, remuneration and social security | 45 | €56,241 | €19,738 | -€36,503 | -64.9% |
| Taxes | 450/3 | €56,241 | €19,738 | -€36,503 | -64.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €187 | +€187 | |
| Other operating charges | 640/8 | €960 | €996 | +€36 | +3.7% |
| Gross operating margin | 9900 | -€10,132 | -€9,134 | +€998 | +9.8% |
| Operating profit (loss) | 9901 | -€11,093 | -€10,318 | +€775 | +7.0% |
| Financial income | 75/76B | €635,139 | €467,903 | -€167,236 | -26.3% |
| Recurring financial income | 75 | €635,139 | €467,903 | -€167,236 | -26.3% |
| Financial charges | 65/66B | €5,397 | €240,472 | +€235,076 | +4,356% |
| Recurring financial charges | 65 | €5,397 | €4,660 | -€737 | -13.7% |
| Non-recurring financial charges | 66B | - | €235,813 | +€235,813 | |
| Profit (loss) for the period before taxes | 9903 | €618,649 | €217,113 | -€401,537 | -64.9% |
| Income taxes | 67/77 | €56,241 | €19,738 | -€36,503 | -64.9% |
| Profit (loss) for the period | 9904 | €562,409 | €197,375 | -€365,033 | -64.9% |
| Profit (loss) for the period to be appropriated | 9905 | €562,409 | €197,375 | -€365,033 | -64.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.