CTSM: 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.
CTSM
Largest movements
- Receivables within one year +€193,876
up €193,876 (+62.0%), from €312,522 to €506,398
of which Trade receivables: +€184,222
- Tangible fixed assets -€123,659
down €123,659 (-56.0%), from €220,655 to €96,996
of which Furniture and vehicles: -€114,630
- Cash -€51,141
down €51,141 (-62.6%), from €81,673 to €30,533
mainly Receivables within one year (-€193,876) and Short-term financial debts (-€119,938)
- Profit (loss) carried forward +€125,767
up €125,767 (+64.6%), from €194,592 to €320,359
- Short-term financial debts -€119,938
down €119,938 (-98.3%), from €122,043 to €2,106
- Trade debts +€118,033
up €118,033 (+73.6%), from €160,417 to €278,451
- Debts after one year -€94,671
down €94,671 (-86.6%), from €109,300 to €14,628
- Current portion of long-term debt -€24,277
down €24,277 (-46.8%), from €51,871 to €27,595
- Gross operating margin +€526,147
up €526,147 (+149.9%), from €351,003 to €877,150
- Staff costs +€302,710
up €302,710 (+86.2%), from €351,321 to €654,031
- Depreciation -€28,598
down €28,598 (-46.8%), from €61,118 to €32,521
- Taxes +€16,708
up €16,708 (+15326.0%), from €109 to €16,817
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 | €709,380 | €733,264 | +€23,884 | +3.4% |
| Fixed assets | 21/28 | €230,843 | €114,220 | -€116,624 | -50.5% |
| Tangible fixed assets | 22/27 | €220,655 | €96,996 | -€123,659 | -56.0% |
| Plant, machinery and equipment | 23 | €10,915 | €8,940 | -€1,975 | -18.1% |
| Furniture and vehicles | 24 | €149,800 | €35,170 | -€114,630 | -76.5% |
| Other tangible fixed assets | 26 | €59,940 | €52,886 | -€7,054 | -11.8% |
| Financial fixed assets | 28 | €10,189 | €17,224 | +€7,035 | +69.0% |
| Current assets | 29/58 | €478,537 | €619,045 | +€140,508 | +29.4% |
| Stocks and contracts in progress | 3 | €60,451 | €60,546 | +€95 | +0.2% |
| Stocks | 30/36 | €60,451 | €60,546 | +€95 | +0.2% |
| Amounts receivable within one year | 40/41 | €312,522 | €506,398 | +€193,876 | +62.0% |
| Trade receivables | 40 | €279,105 | €463,327 | +€184,222 | +66.0% |
| Other amounts receivable | 41 | €33,416 | €43,070 | +€9,654 | +28.9% |
| Cash at bank and in hand | 54/58 | €81,673 | €30,533 | -€51,141 | -62.6% |
| Deferred charges and accrued income | 490/1 | €23,891 | €21,569 | -€2,322 | -9.7% |
| Total equity and liabilities | 10/49 | €709,380 | €733,264 | +€23,884 | +3.4% |
| Equity | 10/15 | €251,852 | €377,619 | +€125,767 | +49.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €44,860 | €44,860 | = | 0.0% |
| Distributable reserves | 133 | €44,860 | €44,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €194,592 | €320,359 | +€125,767 | +64.6% |
| Amounts payable | 17/49 | €457,528 | €355,645 | -€101,883 | -22.3% |
| Amounts payable after more than one year | 17 | €109,300 | €14,628 | -€94,671 | -86.6% |
| Financial debts | 170/4 | €109,300 | €14,628 | -€94,671 | -86.6% |
| Amounts payable within one year | 42/48 | €345,533 | €340,583 | -€4,950 | -1.4% |
| Current portion of amounts payable after more than one year | 42 | €51,871 | €27,595 | -€24,277 | -46.8% |
| Financial debts | 43 | €122,043 | €2,106 | -€119,938 | -98.3% |
| Credit institutions | 430/8 | €122,043 | €2,106 | -€119,938 | -98.3% |
| Trade debts | 44 | €160,417 | €278,451 | +€118,033 | +73.6% |
| Suppliers | 440/4 | €160,417 | €278,451 | +€118,033 | +73.6% |
| Taxes, remuneration and social security | 45 | €11,201 | €32,432 | +€21,231 | +189.6% |
| Taxes | 450/3 | €0 | €2,422 | +€2,422 | |
| Remuneration and social security | 454/9 | €11,201 | €30,010 | +€18,809 | +167.9% |
| Accrued charges and deferred income | 492/3 | €2,696 | €434 | -€2,262 | -83.9% |
| Non-recurring operating income | 76A | €7,388 | €0 | -€7,388 | -100.0% |
| Remuneration, social security and pensions | 62 | €351,321 | €654,031 | +€302,710 | +86.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,118 | €32,521 | -€28,598 | -46.8% |
| Other operating charges | 640/8 | €1,598 | €3,584 | +€1,986 | +124.3% |
| Non-recurring operating charges | 66A | €0 | €26,770 | +€26,770 | |
| Gross operating margin | 9900 | €351,003 | €877,150 | +€526,147 | +149.9% |
| Operating profit (loss) | 9901 | -€63,034 | €160,245 | +€223,278 | |
| Financial income | 75/76B | €845 | €339 | -€506 | -59.8% |
| Recurring financial income | 75 | €845 | €339 | -€506 | -59.8% |
| Financial charges | 65/66B | €20,947 | €18,000 | -€2,947 | -14.1% |
| Recurring financial charges | 65 | €20,947 | €18,000 | -€2,947 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | -€83,136 | €142,584 | +€225,720 | |
| Income taxes | 67/77 | €109 | €16,817 | +€16,708 | +15326.0% |
| Profit (loss) for the period | 9904 | -€83,245 | €125,767 | +€209,011 | |
| Profit (loss) for the period to be appropriated | 9905 | -€83,245 | €125,767 | +€209,011 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.