David Schietecatte: 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.
David Schietecatte
Largest movements
- Receivables within one year -€152,632
down €152,632 (-55.0%), from €277,390 to €124,758
- Tangible fixed assets +€101,497
up €101,497 (+7.8%), from €1.3m to €1.4m
of which Land and buildings: +€1.3m
- Cash -€28,721
down €28,721 (-11.4%), from €252,411 to €223,691
mainly Debts after one year (-€184,966) and Investment in fixed assets (net) (-€121,386)
- Financial fixed assets -€21,529
down €21,529 (-82.8%), from €26,000 to €4,471
- Debts after one year -€184,966
down €184,966 (-21.5%), from €860,457 to €675,492
- Profit (loss) carried forward +€117,307
up €117,307 (+81.9%), from €143,183 to €260,490
- Reserves -€50,000
down €50,000 (-6.0%), from €833,179 to €783,179
of which Distributable reserves: -€50,000
- Gross operating margin -€250,045
down €250,045 (-54.7%), from €457,510 to €207,465
- Taxes -€47,011
down €47,011 (-50.1%), from €93,886 to €46,874
- Depreciation +€9,146
up €9,146 (+28.3%), from €32,271 to €41,417
- Other operating charges -€8,058
down €8,058 (-88.7%), from €9,088 to €1,030
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 | €2,043,163 | €1,945,505 | -€97,658 | -4.8% |
| Fixed assets | 21/28 | €1,325,047 | €1,405,015 | +€79,968 | +6.0% |
| Tangible fixed assets | 22/27 | €1,299,047 | €1,400,544 | +€101,497 | +7.8% |
| Land and buildings | 22 | €31,753 | €1,354,329 | +€1.3m | +4165.2% |
| Furniture and vehicles | 24 | €63,356 | €46,215 | -€17,140 | -27.1% |
| Other tangible fixed assets | 26 | €2,471 | - | -€2,471 | |
| Assets under construction and advance payments | 27 | €1,201,467 | - | -€1.2m | |
| Financial fixed assets | 28 | €26,000 | €4,471 | -€21,529 | -82.8% |
| Current assets | 29/58 | €718,116 | €540,490 | -€177,626 | -24.7% |
| Amounts receivable after more than one year | 29 | €173,000 | €173,000 | = | 0.0% |
| Other amounts receivable | 291 | €173,000 | €173,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €277,390 | €124,758 | -€152,632 | -55.0% |
| Other amounts receivable | 41 | €277,390 | €124,758 | -€152,632 | -55.0% |
| Current investments | 50/53 | €5,181 | €6,022 | +€840 | +16.2% |
| Cash at bank and in hand | 54/58 | €252,411 | €223,691 | -€28,721 | -11.4% |
| Deferred charges and accrued income | 490/1 | €10,134 | €13,020 | +€2,886 | +28.5% |
| Total equity and liabilities | 10/49 | €2,043,163 | €1,945,505 | -€97,658 | -4.8% |
| Equity | 10/15 | €994,962 | €1,062,269 | +€67,307 | +6.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €833,179 | €783,179 | -€50,000 | -6.0% |
| Tax-exempt reserves | 132 | €6,319 | €6,319 | = | 0.0% |
| Distributable reserves | 133 | €826,860 | €776,860 | -€50,000 | -6.0% |
| Profit (loss) carried forward | 14 | €143,183 | €260,490 | +€117,307 | +81.9% |
| Amounts payable | 17/49 | €1,048,201 | €883,236 | -€164,965 | -15.7% |
| Amounts payable after more than one year | 17 | €860,457 | €675,492 | -€184,966 | -21.5% |
| Financial debts | 170/4 | €860,457 | €675,492 | -€184,966 | -21.5% |
| Amounts payable within one year | 42/48 | €187,287 | €207,288 | +€20,001 | +10.7% |
| Current portion of amounts payable after more than one year | 42 | €119,348 | €126,719 | +€7,371 | +6.2% |
| Trade debts | 44 | €12,236 | €2,158 | -€10,079 | -82.4% |
| Suppliers | 440/4 | €12,236 | €2,158 | -€10,079 | -82.4% |
| Taxes, remuneration and social security | 45 | €53,199 | €69,684 | +€16,485 | +31.0% |
| Taxes | 450/3 | €53,199 | €69,684 | +€16,485 | +31.0% |
| Other amounts payable | 47/48 | €2,503 | €8,728 | +€6,224 | +248.6% |
| Accrued charges and deferred income | 492/3 | €457 | €457 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,271 | €41,417 | +€9,146 | +28.3% |
| Other operating charges | 640/8 | €9,088 | €1,030 | -€8,058 | -88.7% |
| Gross operating margin | 9900 | €457,510 | €207,465 | -€250,045 | -54.7% |
| Operating profit (loss) | 9901 | €416,150 | €165,018 | -€251,133 | -60.3% |
| Financial income | 75/76B | €16,582 | €17,438 | +€856 | +5.2% |
| Recurring financial income | 75 | €16,582 | €17,438 | +€856 | +5.2% |
| Financial charges | 65/66B | €19,399 | €18,274 | -€1,125 | -5.8% |
| Recurring financial charges | 65 | €19,399 | €18,274 | -€1,125 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €413,333 | €164,181 | -€249,152 | -60.3% |
| Income taxes | 67/77 | €93,886 | €46,874 | -€47,011 | -50.1% |
| Profit (loss) for the period | 9904 | €319,448 | €117,307 | -€202,140 | -63.3% |
| Profit (loss) for the period to be appropriated | 9905 | €319,448 | €117,307 | -€202,140 | -63.3% |
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 7 October 2026 via checked.be.