CUTHINGS: 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.
CUTHINGS
Largest movements
- Tangible fixed assets -€59,866
down €59,866 (-18.7%), from €320,724 to €260,858
of which Leasing and similar rights: -€58,429
- Cash +€55,064
up €55,064 (+85.7%), from €64,264 to €119,328
mainly Debts after one year (+€494,309) and Depreciation (+€89,448)
- Receivables within one year -€34,877
down €34,877 (-6.9%), from €507,803 to €472,926
of which Trade receivables: -€21,335
- Other debts -€541,250
down €541,250 (-99.3%), from €545,000 to €3,750
- Debts after one year +€494,309
up €494,309 (+176%), from €281,322 to €775,631
- Trade debts -€165,036
down €165,036 (-20.2%), from €815,616 to €650,580
- Current portion of long-term debt +€69,457
up €69,457 (+39.7%), from €174,838 to €244,295
- Profit (loss) carried forward +€61,312
up €61,312 (+7.3%), from -€839,740 to -€778,429
- Staff costs -€168,723
down €168,723 (-20.0%), from €843,283 to €674,560
- Gross operating margin -€125,749
down €125,749 (-12.2%), from €1.0m to €908,449
- Financial charges -€31,847
down €31,847 (-29.1%), from €109,342 to €77,495
- Other operating charges -€25,724
down €25,724 (-71.3%), from €36,102 to €10,378
- Write-downs +€11,419
up €11,419 (+74.4%), from -€15,357 to -€3,938
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 | €1,428,717 | €1,382,223 | -€46,494 | -3.3% |
| Fixed assets | 21/28 | €324,627 | €274,733 | -€49,894 | -15.4% |
| Intangible fixed assets | 21 | €1,090 | €11,462 | +€10,372 | +952% |
| Tangible fixed assets | 22/27 | €320,724 | €260,858 | -€59,866 | -18.7% |
| Land and buildings | 22 | €88,973 | €79,173 | -€9,800 | -11.0% |
| Plant, machinery and equipment | 23 | €32,758 | €42,656 | +€9,898 | +30.2% |
| Furniture and vehicles | 24 | €2,955 | €1,419 | -€1,536 | -52.0% |
| Leasing and similar rights | 25 | €196,038 | €137,609 | -€58,429 | -29.8% |
| Financial fixed assets | 28 | €2,813 | €2,413 | -€400 | -14.2% |
| Current assets | 29/58 | €1,104,090 | €1,107,491 | +€3,400 | +0.3% |
| Stocks and contracts in progress | 3 | €502,091 | €497,000 | -€5,091 | -1.0% |
| Stocks | 30/36 | €63,091 | €78,000 | +€14,909 | +23.6% |
| Contracts in progress | 37 | €439,000 | €419,000 | -€20,000 | -4.6% |
| Amounts receivable within one year | 40/41 | €507,803 | €472,926 | -€34,877 | -6.9% |
| Trade receivables | 40 | €494,095 | €472,760 | -€21,335 | -4.3% |
| Other amounts receivable | 41 | €13,708 | €166 | -€13,541 | -98.8% |
| Cash at bank and in hand | 54/58 | €64,264 | €119,328 | +€55,064 | +85.7% |
| Deferred charges and accrued income | 490/1 | €29,933 | €18,237 | -€11,696 | -39.1% |
| Total equity and liabilities | 10/49 | €1,428,717 | €1,382,223 | -€46,494 | -3.3% |
| Equity | 10/15 | -€770,996 | -€709,685 | +€61,312 | +8.0% |
| Contributions | 10/11 | €68,744 | €68,744 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€839,740 | -€778,429 | +€61,312 | +7.3% |
| Amounts payable | 17/49 | €2,199,713 | €2,091,908 | -€107,805 | -4.9% |
| Amounts payable after more than one year | 17 | €281,322 | €775,631 | +€494,309 | +176% |
| Financial debts | 170/4 | €281,322 | €775,631 | +€494,309 | +176% |
| Amounts payable within one year | 42/48 | €1,918,391 | €1,285,375 | -€633,016 | -33.0% |
| Current portion of amounts payable after more than one year | 42 | €174,838 | €244,295 | +€69,457 | +39.7% |
| Financial debts | 43 | €300,000 | €316,617 | +€16,617 | +5.5% |
| Credit institutions | 430/8 | €300,000 | €316,617 | +€16,617 | +5.5% |
| Trade debts | 44 | €815,616 | €650,580 | -€165,036 | -20.2% |
| Suppliers | 440/4 | €815,616 | €650,580 | -€165,036 | -20.2% |
| Taxes, remuneration and social security | 45 | €82,937 | €70,132 | -€12,805 | -15.4% |
| Taxes | 450/3 | €809 | €16,792 | +€15,983 | +1,975% |
| Remuneration and social security | 454/9 | €82,128 | €53,340 | -€28,788 | -35.1% |
| Other amounts payable | 47/48 | €545,000 | €3,750 | -€541,250 | -99.3% |
| Accrued charges and deferred income | 492/3 | - | €30,902 | +€30,902 | |
| Non-recurring operating income | 76A | €0 | €55,200 | +€55,200 | |
| Remuneration, social security and pensions | 62 | €843,283 | €674,560 | -€168,723 | -20.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,445 | €89,448 | +€2,002 | +2.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€15,357 | -€3,938 | +€11,419 | +74.4% |
| Other operating charges | 640/8 | €36,102 | €10,378 | -€25,724 | -71.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,034,198 | €908,449 | -€125,749 | -12.2% |
| Operating profit (loss) | 9901 | €82,725 | €138,002 | +€55,277 | +66.8% |
| Financial income | 75/76B | €3,080 | €1,079 | -€2,001 | -65.0% |
| Recurring financial income | 75 | €3,080 | €1,079 | -€2,001 | -65.0% |
| Financial charges | 65/66B | €109,342 | €77,495 | -€31,847 | -29.1% |
| Recurring financial charges | 65 | €109,342 | €77,495 | -€31,847 | -29.1% |
| Profit (loss) for the period before taxes | 9903 | -€23,537 | €61,586 | +€85,123 | |
| Income taxes | 67/77 | €5,913 | €274 | -€5,638 | -95.4% |
| Profit (loss) for the period | 9904 | -€29,449 | €61,312 | +€90,761 | |
| Profit (loss) for the period to be appropriated | 9905 | -€29,449 | €61,312 | +€90,761 |
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.