CUTAWAY: 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.
What changed
CUTAWAY
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.5m
2024 · €3.6m-€1.1m
Equity
€89.8m
2024 · €87.3m+€2.5m
Cash
€269,477
2024 · €294,761-€25,285
Balance sheet total
€91.2m
2024 · €89.2m+€2.0m
Largest movements
Assets
- Financial fixed assets +€3.2m
up €3.2m (+5.1%), from €62.3m to €65.5m
- Current investments -€1.8m
down €1.8m (-11.4%), from €16.0m to €14.2m
Equity and liabilities
- Reserves +€2.5m
up €2.5m (+7.0%), from €35.4m to €37.9m
Income statement
- Financial income -€1.1m
down €1.1m (-27.8%), from €3.9m to €2.8m
of which Financial income: -€1.1m
- Taxes -€270,026
down €270,026 (-99.8%), from €270,595 to €570
- Gross operating margin -€233,686
down €233,686, from €215,107 to -€18,579
- Depreciation +€77,036
up €77,036 (+41.7%), from €184,901 to €261,937
- Financial charges +€5,048
up €5,048 (+45.4%), from €11,131 to €16,180
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.
Result 2024
€3.6m
Gross operating margin
-€233,686
Depreciation
-€77,036
Other operating charges
-€1,685
Financial income
-€1.1m
Financial charges
-€5,048
Taxes
+€270,026
Result 2025
€2.5m
raises the resultlowers the result
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.
From operations
+€1.8m
Investment
-€2.0m
Financing
+€253,529
Cash 2024
€294,761
From operations (derived)
+€1.8m
Net result for the year
+€2.5m
Depreciation
+€261,937
Receivables after one year
-€615,600
Receivables within one year
+€394,984
Deferred charges and accrued income
-€39,884
Trade debts
-€22,630
Tax, wage and social debts
-€249,073
Other debts
-€451,081
Accrued charges and deferred income
+€1,515
Investment (derived)
-€2.0m
Investment in fixed assets (net)
-€3.9m
Current investments
+€1.8m
Financing
+€253,529
Current portion of long-term debt
+€253,529
Cash 2025
€269,477
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €89,190,070 | €91,194,498 | +€2.0m | +2.2% |
| Fixed assets | 21/28 | €65,497,737 | €69,099,391 | +€3.6m | +5.5% |
| Tangible fixed assets | 22/27 | €3,217,304 | €3,642,531 | +€425,228 | +13.2% |
| Land and buildings | 22 | €3,077,159 | €3,530,546 | +€453,387 | +14.7% |
| Plant, machinery and equipment | 23 | €3,189 | €11,323 | +€8,134 | +255% |
| Furniture and vehicles | 24 | €136,956 | €100,662 | -€36,293 | -26.5% |
| Financial fixed assets | 28 | €62,280,434 | €65,456,860 | +€3.2m | +5.1% |
| Current assets | 29/58 | €23,692,333 | €22,095,107 | -€1.6m | -6.7% |
| Amounts receivable after more than one year | 29 | €5,637,907 | €6,253,507 | +€615,600 | +10.9% |
| Other amounts receivable | 291 | €5,637,907 | €6,253,507 | +€615,600 | +10.9% |
| Amounts receivable within one year | 40/41 | €1,716,597 | €1,321,613 | -€394,984 | -23.0% |
| Trade receivables | 40 | €48,529 | €31,447 | -€17,082 | -35.2% |
| Other amounts receivable | 41 | €1,668,068 | €1,290,167 | -€377,901 | -22.7% |
| Current investments | 50/53 | €16,035,487 | €14,203,046 | -€1.8m | -11.4% |
| Cash at bank and in hand | 54/58 | €294,761 | €269,477 | -€25,285 | -8.6% |
| Deferred charges and accrued income | 490/1 | €7,581 | €47,465 | +€39,884 | +526% |
| Total equity and liabilities | 10/49 | €89,190,070 | €91,194,498 | +€2.0m | +2.2% |
| Equity | 10/15 | €87,310,669 | €89,782,839 | +€2.5m | +2.8% |
| Contributions | 10/11 | €51,867,400 | €51,867,400 | = | 0.0% |
| Reserves | 13 | €35,443,269 | €37,915,439 | +€2.5m | +7.0% |
| Distributable reserves | 133 | €35,443,269 | €37,915,439 | +€2.5m | +7.0% |
| Amounts payable | 17/49 | €1,879,401 | €1,411,659 | -€467,741 | -24.9% |
| Amounts payable within one year | 42/48 | €1,872,809 | €1,403,553 | -€469,256 | -25.1% |
| Current portion of amounts payable after more than one year | 42 | - | €253,529 | +€253,529 | |
| Trade debts | 44 | €72,951 | €50,321 | -€22,630 | -31.0% |
| Suppliers | 440/4 | €72,951 | €50,321 | -€22,630 | -31.0% |
| Taxes, remuneration and social security | 45 | €249,957 | €884 | -€249,073 | -99.6% |
| Taxes | 450/3 | €249,957 | €884 | -€249,073 | -99.6% |
| Other amounts payable | 47/48 | €1,549,901 | €1,098,820 | -€451,081 | -29.1% |
| Accrued charges and deferred income | 492/3 | €6,592 | €8,106 | +€1,515 | +23.0% |
| Non-recurring operating income | 76A | €178,473 | €0 | -€178,473 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €184,901 | €261,937 | +€77,036 | +41.7% |
| Other operating charges | 640/8 | €12,561 | €14,246 | +€1,685 | +13.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €215,107 | -€18,579 | -€233,686 | |
| Operating profit (loss) | 9901 | €17,645 | -€294,762 | -€312,407 | |
| Financial income | 75/76B | €3,853,706 | €2,783,681 | -€1.1m | -27.8% |
| Recurring financial income | 75 | €3,853,706 | €2,783,681 | -€1.1m | -27.8% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €11,131 | €16,180 | +€5,048 | +45.4% |
| Recurring financial charges | 65 | €11,131 | €16,180 | +€5,048 | +45.4% |
| Profit (loss) for the period before taxes | 9903 | €3,860,220 | €2,472,739 | -€1.4m | -35.9% |
| Income taxes | 67/77 | €270,595 | €570 | -€270,026 | -99.8% |
| Profit (loss) for the period | 9904 | €3,589,625 | €2,472,169 | -€1.1m | -31.1% |
| Profit (loss) for the period to be appropriated | 9905 | €3,589,625 | €2,472,169 | -€1.1m | -31.1% |
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.