CUSL PATRIMOINE: what changed
What changed
CUSL PATRIMOINE
NACE 68.122, Development of non-residential building projects
filed annual accounts (NBB)
Net result for the year
€591,530
2024 · -€1.1m+€1.7m
Equity
€27.1m
2024 · €26.4m+€625,335
Cash
€64,616
2024 · €5.5m-€5.5m
Balance sheet total
€107.8m
2024 · €110.5m-€2.7m
Largest movements
Assets
- Tangible fixed assets +€17.8m
up €17.8m (+20.2%), from €88.2m to €106.0m
of which Land and buildings: +€75.9m
- Receivables within one year -€15.0m
down €15.0m (-89.8%), from €16.7m to €1.7m
- Cash -€5.5m
down €5.5m (-98.8%), from €5.5m to €64,616
mainly Investment in fixed assets (net) (-€19.9m) and Debts after one year (-€2.7m)
Equity and liabilities
- Debts after one year -€2.7m
down €2.7m (-3.4%), from €79.2m to €76.5m
Income statement
- Turnover +€1.7m
up €1.7m (+192%), from €860,047 to €2.5m
- Depreciation +€1.2m
up €1.2m (+141%), from €883,973 to €2.1m
- Financial charges +€784,156
up €784,156 (+43.5%), from €1.8m to €2.6m
- Other operating charges -€415,749
down €415,749 (-80.2%), from €518,415 to €102,666
- Financial income +€51,386
new in 2025: €51,386
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€1.1m
Turnover
+€1.7m
Services and other goods
-€12,362
Depreciation
-€1.2m
Other operating charges
+€415,749
Other operating items
+€1.6m
Financial income
+€51,386
Financial charges
-€784,156
Result 2025
€591,530
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€17.0m
Investment
-€19.9m
Financing
-€2.6m
Cash 2024
€5.5m
From operations (derived)
+€17.0m
Net result for the year
+€591,530
Depreciation
+€2.1m
Receivables within one year
+€15.0m
Trade debts
-€650,157
Smaller working-capital items
-€60,619
Investment (derived)
-€19.9m
Investment in fixed assets (net)
-€19.9m
Financing
-€2.6m
Debts after one year
-€2.7m
Current portion of long-term debt
+€43,156
Contributions, distributions and other
+€33,806
Cash 2025
€64,616
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €110,463,666 | €107,760,023 | -€2.7m | -2.4% |
| Fixed assets | 21/28 | €88,209,810 | €105,987,133 | +€17.8m | +20.2% |
| Tangible fixed assets | 22/27 | €88,209,810 | €105,987,133 | +€17.8m | +20.2% |
| Land and buildings | 22 | €25,582,287 | €101,503,676 | +€75.9m | +297% |
| Assets under construction and advance payments | 27 | €62,627,523 | €4,483,457 | -€58.1m | -92.8% |
| Current assets | 29/58 | €22,253,856 | €1,772,890 | -€20.5m | -92.0% |
| Amounts receivable within one year | 40/41 | €16,721,963 | €1,708,274 | -€15.0m | -89.8% |
| Other amounts receivable | 41 | €16,721,963 | €1,708,274 | -€15.0m | -89.8% |
| Cash at bank and in hand | 54/58 | €5,531,893 | €64,616 | -€5.5m | -98.8% |
| Total equity and liabilities | 10/49 | €110,463,666 | €107,760,023 | -€2.7m | -2.4% |
| Equity | 10/15 | €26,435,039 | €27,060,374 | +€625,335 | +2.4% |
| Profit (loss) carried forward | 14 | -€1,033,185 | -€441,655 | +€591,530 | +57.3% |
| Investment grants | 15 | €27,468,224 | €27,502,030 | +€33,806 | +0.1% |
| Amounts payable | 17/49 | €84,028,627 | €80,699,648 | -€3.3m | -4.0% |
| Amounts payable after more than one year | 17 | €79,201,181 | €76,539,821 | -€2.7m | -3.4% |
| Financial debts | 170/4 | €79,201,181 | €76,539,821 | -€2.7m | -3.4% |
| Credit institutions | 173 | €79,201,181 | €76,539,821 | -€2.7m | -3.4% |
| Amounts payable within one year | 42/48 | €3,741,951 | €3,111,768 | -€630,183 | -16.8% |
| Current portion of amounts payable after more than one year | 42 | €2,618,203 | €2,661,359 | +€43,156 | +1.6% |
| Trade debts | 44 | €996,593 | €346,436 | -€650,157 | -65.2% |
| Suppliers | 440/4 | €996,593 | €346,436 | -€650,157 | -65.2% |
| Taxes, remuneration and social security | 45 | €127,155 | €103,973 | -€23,182 | -18.2% |
| Taxes | 450/3 | €127,155 | €103,973 | -€23,182 | -18.2% |
| Accrued charges and deferred income | 492/3 | €1,085,496 | €1,048,059 | -€37,437 | -3.4% |
| Operating income | 70/76A | €2,496,615 | €5,739,159 | +€3.2m | +130% |
| Turnover | 70 | €860,047 | €2,514,964 | +€1.7m | +192% |
| Membership fees, donations, legacies and grants | 73 | €1,636,568 | €3,224,194 | +€1.6m | +97.0% |
| Operating charges | 60/66A | €1,768,228 | €2,612,076 | +€843,848 | +47.7% |
| Services and other goods | 61 | €365,840 | €378,202 | +€12,362 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €883,973 | €2,131,208 | +€1.2m | +141% |
| Other operating charges | 640/8 | €518,415 | €102,666 | -€415,749 | -80.2% |
| Operating profit (loss) | 9901 | €728,387 | €3,127,083 | +€2.4m | +329% |
| Financial income | 75/76B | - | €51,386 | +€51,386 | |
| Recurring financial income | 75 | - | €51,386 | +€51,386 | |
| Other financial income | 752/9 | - | €51,386 | +€51,386 | |
| Financial charges | 65/66B | €1,802,783 | €2,586,939 | +€784,156 | +43.5% |
| Recurring financial charges | 65 | €1,802,783 | €2,586,939 | +€784,156 | +43.5% |
| Debt charges | 650 | €1,799,379 | €2,585,452 | +€786,073 | +43.7% |
| Other financial charges | 652/9 | €3,403 | €1,487 | -€1,917 | -56.3% |
| Profit (loss) for the period before taxes | 9903 | -€1,074,396 | €591,530 | +€1.7m | |
| Profit (loss) for the period | 9904 | -€1,074,396 | €591,530 | +€1.7m | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,074,396 | €591,530 | +€1.7m |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.