CTESO: 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.
CTESO
Largest movements
- Receivables within one year +€149,634
up €149,634 (+20.8%), from €717,998 to €867,632
of which Trade receivables: +€125,591
- Stocks and contracts +€55,967
up €55,967 (+13.7%), from €408,437 to €464,403
of which Contracts in progress: +€78,455
- Tangible fixed assets -€38,322
down €38,322 (-31.0%), from €123,588 to €85,266
of which Plant, machinery and equipment: -€19,348
- Receivables after one year +€23,700
new in 2025: €23,700
- Trade debts +€99,896
up €99,896 (+47.5%), from €210,288 to €310,183
- Tax, wage and social debts +€53,399
up €53,399 (+19.5%), from €274,236 to €327,635
of which Remuneration and social security: +€41,201
- Short-term financial debts +€47,594
new in 2025: €47,594
- Debts after one year -€46,082
down €46,082 (-14.2%), from €324,693 to €278,611
- Current portion of long-term debt +€25,797
up €25,797 (+48.5%), from €53,152 to €78,949
- Staff costs +€336,818
up €336,818 (+33.0%), from €1.0m to €1.4m
- Gross operating margin +€233,881
up €233,881 (+18.0%), from €1.3m to €1.5m
- Taxes -€24,575
down €24,575 (-50.7%), from €48,426 to €23,851
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 | €1,288,900 | €1,464,737 | +€175,837 | +13.6% |
| Fixed assets | 21/28 | €139,225 | €88,041 | -€51,184 | -36.8% |
| Intangible fixed assets | 21 | €12,861 | €0 | -€12,861 | -100% |
| Tangible fixed assets | 22/27 | €123,588 | €85,266 | -€38,322 | -31.0% |
| Land and buildings | 22 | €38,071 | €31,582 | -€6,488 | -17.0% |
| Plant, machinery and equipment | 23 | €59,922 | €40,574 | -€19,348 | -32.3% |
| Furniture and vehicles | 24 | €25,596 | €13,110 | -€12,486 | -48.8% |
| Financial fixed assets | 28 | €2,775 | €2,775 | = | 0.0% |
| Current assets | 29/58 | €1,149,675 | €1,376,696 | +€227,020 | +19.7% |
| Amounts receivable after more than one year | 29 | - | €23,700 | +€23,700 | |
| Trade receivables | 290 | - | €23,700 | +€23,700 | |
| Stocks and contracts in progress | 3 | €408,437 | €464,403 | +€55,967 | +13.7% |
| Stocks | 30/36 | €114,378 | €91,889 | -€22,489 | -19.7% |
| Contracts in progress | 37 | €294,059 | €372,514 | +€78,455 | +26.7% |
| Amounts receivable within one year | 40/41 | €717,998 | €867,632 | +€149,634 | +20.8% |
| Trade receivables | 40 | €679,942 | €805,533 | +€125,591 | +18.5% |
| Other amounts receivable | 41 | €38,056 | €62,099 | +€24,043 | +63.2% |
| Cash at bank and in hand | 54/58 | €9,305 | €2,876 | -€6,429 | -69.1% |
| Deferred charges and accrued income | 490/1 | €13,936 | €18,085 | +€4,149 | +29.8% |
| Total equity and liabilities | 10/49 | €1,288,900 | €1,464,737 | +€175,837 | +13.6% |
| Equity | 10/15 | €426,532 | €421,765 | -€4,767 | -1.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €407,932 | €403,165 | -€4,767 | -1.2% |
| Distributable reserves | 133 | €407,932 | €403,165 | -€4,767 | -1.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €862,368 | €1,042,972 | +€180,604 | +20.9% |
| Amounts payable after more than one year | 17 | €324,693 | €278,611 | -€46,082 | -14.2% |
| Financial debts | 170/4 | €324,693 | €278,611 | -€46,082 | -14.2% |
| Amounts payable within one year | 42/48 | €537,676 | €764,361 | +€226,686 | +42.2% |
| Current portion of amounts payable after more than one year | 42 | €53,152 | €78,949 | +€25,797 | +48.5% |
| Financial debts | 43 | - | €47,594 | +€47,594 | |
| Credit institutions | 430/8 | - | €47,594 | +€47,594 | |
| Trade debts | 44 | €210,288 | €310,183 | +€99,896 | +47.5% |
| Suppliers | 440/4 | €210,288 | €310,183 | +€99,896 | +47.5% |
| Taxes, remuneration and social security | 45 | €274,236 | €327,635 | +€53,399 | +19.5% |
| Taxes | 450/3 | €99,063 | €111,260 | +€12,198 | +12.3% |
| Remuneration and social security | 454/9 | €175,173 | €216,374 | +€41,201 | +23.5% |
| Remuneration, social security and pensions | 62 | €1,021,045 | €1,357,864 | +€336,818 | +33.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,937 | €55,837 | -€9,100 | -14.0% |
| Other operating charges | 640/8 | €13,111 | €13,090 | -€21 | -0.2% |
| Gross operating margin | 9900 | €1,296,853 | €1,530,734 | +€233,881 | +18.0% |
| Operating profit (loss) | 9901 | €197,760 | €103,944 | -€93,816 | -47.4% |
| Financial income | 75/76B | €2 | €0 | -€2 | -100% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -100% |
| Financial charges | 65/66B | €33,565 | €45,325 | +€11,760 | +35.0% |
| Recurring financial charges | 65 | €33,565 | €45,325 | +€11,760 | +35.0% |
| Profit (loss) for the period before taxes | 9903 | €164,196 | €58,619 | -€105,577 | -64.3% |
| Income taxes | 67/77 | €48,426 | €23,851 | -€24,575 | -50.7% |
| Profit (loss) for the period | 9904 | €115,770 | €34,768 | -€81,002 | -70.0% |
| Profit (loss) for the period to be appropriated | 9905 | €115,770 | €34,768 | -€81,002 | -70.0% |
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 13 October 2026 via checked.be.