CULOT REVALIDATION: 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.
CULOT REVALIDATION
Largest movements
- Intangible fixed assets +€544,500
new in 2025: €544,500
- Receivables within one year -€102,492
down €102,492 (-38.7%), from €265,156 to €162,664
of which Trade receivables: -€100,851
- Stocks and contracts +€49,602
up €49,602 (+56.7%), from €87,420 to €137,021
- Cash +€43,720
up €43,720 (+36.6%), from €119,400 to €163,120
mainly Debts after one year (+€455,200) and Depreciation (+€108,732)
- Tangible fixed assets +€21,768
up €21,768 (+7.0%), from €309,999 to €331,767
of which Furniture and vehicles: +€45,913
- Debts after one year +€455,200
new in 2025: €455,200
- Current portion of long-term debt +€80,600
new in 2025: €80,600
- Trade debts -€62,128
down €62,128 (-55.7%), from €111,470 to €49,342
- Short-term financial debts +€60,000
new in 2025: €60,000
- Other debts +€22,363
up €22,363 (+4.0%), from €554,876 to €577,239
- Gross operating margin +€320,245
up €320,245 (+288%), from €111,084 to €431,329
- Depreciation +€85,087
up €85,087 (+360%), from €23,645 to €108,732
- Staff costs +€76,284
up €76,284 (+32.9%), from €231,869 to €308,152
- Financial charges +€14,944
up €14,944 (+736%), from €2,029 to €16,974
- Other operating charges +€8,997
up €8,997 (+139%), from €6,478 to €15,475
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 | €792,100 | €1,349,198 | +€557,098 | +70.3% |
| Fixed assets | 21/28 | €309,999 | €876,267 | +€566,268 | +183% |
| Intangible fixed assets | 21 | - | €544,500 | +€544,500 | |
| Tangible fixed assets | 22/27 | €309,999 | €331,767 | +€21,768 | +7.0% |
| Land and buildings | 22 | €287,903 | €268,180 | -€19,723 | -6.9% |
| Plant, machinery and equipment | 23 | €21,015 | €16,594 | -€4,421 | -21.0% |
| Furniture and vehicles | 24 | €1,081 | €46,993 | +€45,913 | +4,249% |
| Current assets | 29/58 | €482,101 | €472,931 | -€9,170 | -1.9% |
| Stocks and contracts in progress | 3 | €87,420 | €137,021 | +€49,602 | +56.7% |
| Stocks | 30/36 | €87,420 | €137,021 | +€49,602 | +56.7% |
| Amounts receivable within one year | 40/41 | €265,156 | €162,664 | -€102,492 | -38.7% |
| Trade receivables | 40 | €257,156 | €156,305 | -€100,851 | -39.2% |
| Other amounts receivable | 41 | €8,000 | €6,359 | -€1,641 | -20.5% |
| Current investments | 50/53 | €10,125 | €10,125 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €119,400 | €163,120 | +€43,720 | +36.6% |
| Total equity and liabilities | 10/49 | €792,100 | €1,349,198 | +€557,098 | +70.3% |
| Equity | 10/15 | €70,110 | €56,237 | -€13,874 | -19.8% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €39,900 | €39,900 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €33,750 | €33,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€31,290 | -€45,163 | -€13,874 | -44.3% |
| Amounts payable | 17/49 | €721,990 | €1,292,961 | +€570,972 | +79.1% |
| Amounts payable after more than one year | 17 | - | €455,200 | +€455,200 | |
| Financial debts | 170/4 | - | €455,200 | +€455,200 | |
| Amounts payable within one year | 42/48 | €721,990 | €835,556 | +€113,566 | +15.7% |
| Current portion of amounts payable after more than one year | 42 | - | €80,600 | +€80,600 | |
| Financial debts | 43 | - | €60,000 | +€60,000 | |
| Credit institutions | 430/8 | - | €60,000 | +€60,000 | |
| Trade debts | 44 | €111,470 | €49,342 | -€62,128 | -55.7% |
| Suppliers | 440/4 | €111,470 | €49,342 | -€62,128 | -55.7% |
| Taxes, remuneration and social security | 45 | €55,644 | €68,375 | +€12,731 | +22.9% |
| Taxes | 450/3 | €22,862 | €18,951 | -€3,912 | -17.1% |
| Remuneration and social security | 454/9 | €32,781 | €49,424 | +€16,643 | +50.8% |
| Other amounts payable | 47/48 | €554,876 | €577,239 | +€22,363 | +4.0% |
| Accrued charges and deferred income | 492/3 | - | €2,206 | +€2,206 | |
| Remuneration, social security and pensions | 62 | €231,869 | €308,152 | +€76,284 | +32.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,645 | €108,732 | +€85,087 | +360% |
| Other operating charges | 640/8 | €6,478 | €15,475 | +€8,997 | +139% |
| Gross operating margin | 9900 | €111,084 | €431,329 | +€320,245 | +288% |
| Operating profit (loss) | 9901 | -€150,908 | -€1,029 | +€149,878 | +99.3% |
| Financial income | 75/76B | €1,091 | €4,770 | +€3,679 | +337% |
| Recurring financial income | 75 | €1,091 | €4,770 | +€3,679 | +337% |
| Financial charges | 65/66B | €2,029 | €16,974 | +€14,944 | +736% |
| Recurring financial charges | 65 | €2,029 | €16,974 | +€14,944 | +736% |
| Profit (loss) for the period before taxes | 9903 | -€151,845 | -€13,232 | +€138,613 | +91.3% |
| Income taxes | 67/77 | €140 | €641 | +€502 | +359% |
| Profit (loss) for the period | 9904 | -€151,985 | -€13,874 | +€138,111 | +90.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€151,985 | -€13,874 | +€138,111 | +90.9% |
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 17 October 2026 via checked.be.