Belgian Cutting: 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.
Belgian Cutting
Largest movements
- Receivables within one year -€60,825
down €60,825 (-29.9%), from €203,400 to €142,575
of which Trade receivables: -€62,432
- Stocks and contracts -€36,050
down €36,050 (-35.5%), from €101,420 to €65,370
- Tangible fixed assets -€9,235
down €9,235 (-4.3%), from €213,119 to €203,885
of which Land and buildings: -€10,644
- Financial fixed assets +€8,535
up €8,535 (+442.9%), from €1,927 to €10,462
- Deferred charges and accrued income -€7,514
down €7,514 (-46.0%), from €16,327 to €8,813
- Profit (loss) carried forward -€50,944
down €50,944 (-258.8%), from -€19,683 to -€70,627
- Debts after one year -€25,130
down €25,130 (-15.9%), from €158,165 to €133,036
of which Financial debts: -€25,130
- Tax, wage and social debts -€24,152
down €24,152 (-67.7%), from €35,653 to €11,501
of which Taxes: -€15,152
- Short-term financial debts +€12,742
up €12,742 (+7.9%), from €161,320 to €174,063
- Gross operating margin -€58,557
down €58,557 (-94.8%), from €61,747 to €3,190
- Financial charges -€6,775
down €6,775 (-22.5%), from €30,117 to €23,342
- Depreciation -€1,281
down €1,281 (-8.6%), from €14,914 to €13,633
- Other operating charges +€854
up €854 (+23.1%), from €3,706 to €4,560
- Taxes +€800
up €800 (+46.7%), from €1,714 to €2,514
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 | €545,616 | €447,954 | -€97,663 | -17.9% |
| Fixed assets | 21/28 | €215,046 | €214,347 | -€700 | -0.3% |
| Tangible fixed assets | 22/27 | €213,119 | €203,885 | -€9,235 | -4.3% |
| Land and buildings | 22 | €205,032 | €194,388 | -€10,644 | -5.2% |
| Plant, machinery and equipment | 23 | €2,116 | €5,633 | +€3,517 | +166.2% |
| Furniture and vehicles | 24 | €5,971 | €3,863 | -€2,107 | -35.3% |
| Financial fixed assets | 28 | €1,927 | €10,462 | +€8,535 | +442.9% |
| Current assets | 29/58 | €330,570 | €233,607 | -€96,963 | -29.3% |
| Stocks and contracts in progress | 3 | €101,420 | €65,370 | -€36,050 | -35.5% |
| Stocks | 30/36 | €101,420 | €65,370 | -€36,050 | -35.5% |
| Amounts receivable within one year | 40/41 | €203,400 | €142,575 | -€60,825 | -29.9% |
| Trade receivables | 40 | €199,576 | €137,144 | -€62,432 | -31.3% |
| Other amounts receivable | 41 | €3,824 | €5,432 | +€1,607 | +42.0% |
| Cash at bank and in hand | 54/58 | €9,423 | €16,849 | +€7,427 | +78.8% |
| Deferred charges and accrued income | 490/1 | €16,327 | €8,813 | -€7,514 | -46.0% |
| Total equity and liabilities | 10/49 | €545,616 | €447,954 | -€97,663 | -17.9% |
| Equity | 10/15 | €777 | -€50,167 | -€50,944 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€19,683 | -€70,627 | -€50,944 | -258.8% |
| Amounts payable | 17/49 | €544,839 | €498,121 | -€46,718 | -8.6% |
| Amounts payable after more than one year | 17 | €158,165 | €133,036 | -€25,130 | -15.9% |
| Financial debts | 170/4 | €158,165 | €133,036 | -€25,130 | -15.9% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €386,674 | €365,085 | -€21,588 | -5.6% |
| Current portion of amounts payable after more than one year | 42 | €25,769 | €26,848 | +€1,079 | +4.2% |
| Financial debts | 43 | €161,320 | €174,063 | +€12,742 | +7.9% |
| Credit institutions | 430/8 | €161,320 | €174,063 | +€12,742 | +7.9% |
| Trade debts | 44 | €80,608 | €75,627 | -€4,981 | -6.2% |
| Suppliers | 440/4 | €80,608 | €75,627 | -€4,981 | -6.2% |
| Advances received on contracts in progress | 46 | €27,853 | €22,525 | -€5,328 | -19.1% |
| Taxes, remuneration and social security | 45 | €35,653 | €11,501 | -€24,152 | -67.7% |
| Taxes | 450/3 | €26,653 | €11,501 | -€15,152 | -56.8% |
| Remuneration and social security | 454/9 | €9,000 | €0 | -€9,000 | -100.0% |
| Other amounts payable | 47/48 | €55,470 | €54,521 | -€949 | -1.7% |
| Remuneration, social security and pensions | 62 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,914 | €13,633 | -€1,281 | -8.6% |
| Other operating charges | 640/8 | €3,706 | €4,560 | +€854 | +23.1% |
| Non-recurring operating charges | 66A | €6,693 | €10,116 | +€3,423 | +51.1% |
| Gross operating margin | 9900 | €61,747 | €3,190 | -€58,557 | -94.8% |
| Operating profit (loss) | 9901 | €36,433 | -€25,119 | -€61,552 | |
| Financial income | 75/76B | €11 | €31 | +€20 | +191.4% |
| Recurring financial income | 75 | €11 | €31 | +€20 | +191.4% |
| Financial charges | 65/66B | €30,117 | €23,342 | -€6,775 | -22.5% |
| Recurring financial charges | 65 | €30,117 | €23,342 | -€6,775 | -22.5% |
| Profit (loss) for the period before taxes | 9903 | €6,327 | -€48,430 | -€54,757 | |
| Income taxes | 67/77 | €1,714 | €2,514 | +€800 | +46.7% |
| Profit (loss) for the period | 9904 | €4,613 | -€50,944 | -€55,557 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,613 | -€50,944 | -€55,557 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.