Anthony VAN PUTTE: what changed
Two fiscal 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.
Anthony VAN PUTTE
Largest movements
- Tangible fixed assets -€32,420
down €32,420 (-4.6%), from €710,142 to €677,722
of which Plant, machinery and equipment: -€18,418
- Cash +€20,556
up €20,556 (+84.8%), from €24,243 to €44,799
mainly Net result for the year (+€49,464) and Depreciation (+€47,716)
- Receivables within one year +€11,918
up €11,918 (+279.3%), from €4,267 to €16,185
of which Other amounts receivable: +€13,242
- Reserves +€49,464
up €49,464 (+30.8%), from €160,479 to €209,943
of which Distributable reserves: +€49,464
- Debts after one year -€41,352
down €41,352 (-9.3%), from €446,834 to €405,482
- Current portion of long-term debt -€17,677
down €17,677 (-27.5%), from €64,275 to €46,598
- Gross operating margin +€11,130
up €11,130 (+9.7%), from €115,224 to €126,354
- Depreciation -€6,777
down €6,777 (-12.4%), from €54,493 to €47,716
- Taxes +€5,433
up €5,433 (+38.9%), from €13,953 to €19,386
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 | €884,694 | €886,937 | +€2,243 | +0.3% |
| Fixed assets | 21/28 | €710,142 | €677,722 | -€32,420 | -4.6% |
| Tangible fixed assets | 22/27 | €710,142 | €677,722 | -€32,420 | -4.6% |
| Land and buildings | 22 | €582,608 | €567,483 | -€15,125 | -2.6% |
| Plant, machinery and equipment | 23 | €117,931 | €99,513 | -€18,418 | -15.6% |
| Furniture and vehicles | 24 | €9,603 | €10,725 | +€1,123 | +11.7% |
| Current assets | 29/58 | €174,552 | €209,215 | +€34,663 | +19.9% |
| Amounts receivable within one year | 40/41 | €4,267 | €16,185 | +€11,918 | +279.3% |
| Trade receivables | 40 | €1,574 | €250 | -€1,324 | -84.1% |
| Other amounts receivable | 41 | €2,693 | €15,935 | +€13,242 | +491.8% |
| Current investments | 50/53 | €144,103 | €145,026 | +€923 | +0.6% |
| Cash at bank and in hand | 54/58 | €24,243 | €44,799 | +€20,556 | +84.8% |
| Deferred charges and accrued income | 490/1 | €1,939 | €3,205 | +€1,266 | +65.3% |
| Total equity and liabilities | 10/49 | €884,694 | €886,937 | +€2,243 | +0.3% |
| Equity | 10/15 | €322,950 | €372,414 | +€49,464 | +15.3% |
| Contributions | 10/11 | €7,440 | €7,440 | = | 0.0% |
| Reserves | 13 | €160,479 | €209,943 | +€49,464 | +30.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €158,619 | €208,083 | +€49,464 | +31.2% |
| Profit (loss) carried forward | 14 | €155,031 | €155,031 | = | 0.0% |
| Amounts payable | 17/49 | €561,744 | €514,523 | -€47,221 | -8.4% |
| Amounts payable after more than one year | 17 | €446,834 | €405,482 | -€41,352 | -9.3% |
| Financial debts | 170/4 | €446,834 | €405,482 | -€41,352 | -9.3% |
| Amounts payable within one year | 42/48 | €85,120 | €74,108 | -€11,012 | -12.9% |
| Current portion of amounts payable after more than one year | 42 | €64,275 | €46,598 | -€17,677 | -27.5% |
| Trade debts | 44 | €3,050 | €4,153 | +€1,103 | +36.2% |
| Suppliers | 440/4 | €3,050 | €4,153 | +€1,103 | +36.2% |
| Taxes, remuneration and social security | 45 | €14,037 | €18,447 | +€4,409 | +31.4% |
| Taxes | 450/3 | €14,037 | €18,447 | +€4,409 | +31.4% |
| Other amounts payable | 47/48 | €3,758 | €4,910 | +€1,152 | +30.7% |
| Accrued charges and deferred income | 492/3 | €29,790 | €34,933 | +€5,143 | +17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,493 | €47,716 | -€6,777 | -12.4% |
| Other operating charges | 640/8 | €3,226 | €3,959 | +€733 | +22.7% |
| Gross operating margin | 9900 | €115,224 | €126,354 | +€11,130 | +9.7% |
| Operating profit (loss) | 9901 | €57,505 | €74,679 | +€17,174 | +29.9% |
| Financial income | 75/76B | - | €776 | +€776 | |
| Recurring financial income | 75 | - | €17 | +€17 | |
| Non-recurring financial income | 76B | - | €759 | +€759 | |
| Financial charges | 65/66B | €7,859 | €6,605 | -€1,254 | -16.0% |
| Recurring financial charges | 65 | €7,859 | €6,605 | -€1,254 | -16.0% |
| Profit (loss) for the period before taxes | 9903 | €49,646 | €68,850 | +€19,204 | +38.7% |
| Income taxes | 67/77 | €13,953 | €19,386 | +€5,433 | +38.9% |
| Profit (loss) for the period | 9904 | €35,693 | €49,464 | +€13,771 | +38.6% |
| Profit (loss) for the period to be appropriated | 9905 | €35,693 | €49,464 | +€13,771 | +38.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.