CSA: 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.
CSA
Largest movements
- Stocks and contracts -€712,040
down €712,040 (-5.2%), from €13.6m to €12.9m
of which Stocks: -€687,040
- Short-term financial debts -€858,594
down €858,594 (-9.0%), from €9.5m to €8.6m
- Other debts +€738,804
up €738,804 (+15.5%), from €4.8m to €5.5m
- Profit (loss) carried forward -€597,064
down €597,064 (-28.1%), from -€2.1m to -€2.7m
- Financial charges -€189,142
down €189,142 (-25.5%), from €741,746 to €552,603
- Gross operating margin -€71,289
down €71,289, from €28,084 to -€43,205
- Other operating charges -€43,103
down €43,103 (-97.2%), from €44,359 to €1,256
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 | €13,631,625 | €12,936,821 | -€694,804 | -5.1% |
| Current assets | 29/58 | €13,631,625 | €12,936,821 | -€694,804 | -5.1% |
| Stocks and contracts in progress | 3 | €13,610,509 | €12,898,468 | -€712,040 | -5.2% |
| Stocks | 30/36 | €13,176,963 | €12,489,923 | -€687,040 | -5.2% |
| Contracts in progress | 37 | €433,545 | €408,545 | -€25,000 | -5.8% |
| Amounts receivable within one year | 40/41 | €0 | €31,046 | +€31,046 | |
| Trade receivables | 40 | - | €30,872 | +€30,872 | |
| Other amounts receivable | 41 | €0 | €174 | +€174 | |
| Cash at bank and in hand | 54/58 | €17,774 | €3,935 | -€13,838 | -77.9% |
| Deferred charges and accrued income | 490/1 | €3,342 | €3,371 | +€29 | +0.9% |
| Total equity and liabilities | 10/49 | €13,631,625 | €12,936,821 | -€694,804 | -5.1% |
| Equity | 10/15 | -€1,932,959 | -€2,530,023 | -€597,064 | -30.9% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €183,800 | €183,800 | = | 0.0% |
| Distributable reserves | 133 | €183,800 | €183,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,123,759 | -€2,720,823 | -€597,064 | -28.1% |
| Amounts payable | 17/49 | €15,564,584 | €15,466,844 | -€97,740 | -0.6% |
| Amounts payable within one year | 42/48 | €15,564,584 | €15,466,844 | -€97,740 | -0.6% |
| Financial debts | 43 | €9,500,000 | €8,641,406 | -€858,594 | -9.0% |
| Credit institutions | 430/8 | €9,500,000 | €8,641,406 | -€858,594 | -9.0% |
| Trade debts | 44 | €1,251,877 | €1,273,622 | +€21,745 | +1.7% |
| Suppliers | 440/4 | €1,251,877 | €1,273,622 | +€21,745 | +1.7% |
| Advances received on contracts in progress | 46 | €50,000 | €50,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | - | €305 | +€305 | |
| Taxes | 450/3 | - | €305 | +€305 | |
| Other amounts payable | 47/48 | €4,762,707 | €5,501,511 | +€738,804 | +15.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Other operating charges | 640/8 | €44,359 | €1,256 | -€43,103 | -97.2% |
| Gross operating margin | 9900 | €28,084 | -€43,205 | -€71,289 | |
| Operating profit (loss) | 9901 | -€16,275 | -€44,461 | -€28,186 | -173% |
| Financial charges | 65/66B | €741,746 | €552,603 | -€189,142 | -25.5% |
| Recurring financial charges | 65 | €741,746 | €552,603 | -€189,142 | -25.5% |
| Profit (loss) for the period before taxes | 9903 | -€758,020 | -€597,064 | +€160,956 | +21.2% |
| Profit (loss) for the period | 9904 | -€758,020 | -€597,064 | +€160,956 | +21.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€758,020 | -€597,064 | +€160,956 | +21.2% |
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 25 October 2026 via checked.be.