ELS VAN CUTSEM: 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.
ELS VAN CUTSEM
Largest movements
- Tangible fixed assets -€9,139
down €9,139 (-21.2%), from €43,086 to €33,947
of which Leasing and similar rights: -€6,737
- Cash +€2,404
up €2,404 (+25.7%), from €9,357 to €11,761
mainly Depreciation (+€9,139) and Tax, wage and social debts (+€2,720)
- Receivables within one year -€550
no longer reported in 2025 (was €550)
- Debts after one year -€5,290
down €5,290 (-25.9%), from €20,450 to €15,161
- Other debts -€4,871
down €4,871 (-24.6%), from €19,807 to €14,936
- Tax, wage and social debts +€2,720
up €2,720 (+958%), from €284 to €3,004
- Profit (loss) carried forward +€1,676
up €1,676 (+21.1%), from -€7,930 to -€6,254
- Trade debts -€1,661
down €1,661 (-57.9%), from €2,869 to €1,207
- Gross operating margin +€3,026
up €3,026 (+24.7%), from €12,251 to €15,277
- Depreciation +€1,075
up €1,075 (+13.3%), from €8,064 to €9,139
- Other operating charges -€371
down €371 (-11.2%), from €3,302 to €2,932
- Financial charges +€355
up €355 (+47.0%), from €754 to €1,109
- Taxes +€321
up €321 (+321%), from €100 to €421
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 | €53,498 | €46,287 | -€7,211 | -13.5% |
| Fixed assets | 21/28 | €43,086 | €33,947 | -€9,139 | -21.2% |
| Tangible fixed assets | 22/27 | €43,086 | €33,947 | -€9,139 | -21.2% |
| Land and buildings | 22 | €2,919 | €2,634 | -€285 | -9.8% |
| Plant, machinery and equipment | 23 | €4,367 | €2,856 | -€1,510 | -34.6% |
| Furniture and vehicles | 24 | €2,115 | €1,508 | -€606 | -28.7% |
| Leasing and similar rights | 25 | €33,686 | €26,949 | -€6,737 | -20.0% |
| Current assets | 29/58 | €10,412 | €12,340 | +€1,928 | +18.5% |
| Stocks and contracts in progress | 3 | €505 | €361 | -€143 | -28.4% |
| Stocks | 30/36 | €505 | €361 | -€143 | -28.4% |
| Amounts receivable within one year | 40/41 | €550 | - | -€550 | |
| Other amounts receivable | 41 | €550 | - | -€550 | |
| Cash at bank and in hand | 54/58 | €9,357 | €11,761 | +€2,404 | +25.7% |
| Deferred charges and accrued income | 490/1 | - | €218 | +€218 | |
| Total equity and liabilities | 10/49 | €53,498 | €46,287 | -€7,211 | -13.5% |
| Equity | 10/15 | €4,614 | €6,290 | +€1,676 | +36.3% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €43 | €43 | = | 0.0% |
| Non-distributable reserves | 130/1 | €43 | €43 | = | 0.0% |
| Reserves not available under the articles | 1311 | €43 | €43 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,930 | -€6,254 | +€1,676 | +21.1% |
| Amounts payable | 17/49 | €48,884 | €39,997 | -€8,887 | -18.2% |
| Amounts payable after more than one year | 17 | €20,450 | €15,161 | -€5,290 | -25.9% |
| Financial debts | 170/4 | €20,450 | €15,161 | -€5,290 | -25.9% |
| Amounts payable within one year | 42/48 | €28,046 | €24,437 | -€3,610 | -12.9% |
| Current portion of amounts payable after more than one year | 42 | €5,087 | €5,290 | +€203 | +4.0% |
| Trade debts | 44 | €2,869 | €1,207 | -€1,661 | -57.9% |
| Suppliers | 440/4 | €2,869 | €1,207 | -€1,661 | -57.9% |
| Taxes, remuneration and social security | 45 | €284 | €3,004 | +€2,720 | +958% |
| Taxes | 450/3 | €284 | €3,004 | +€2,720 | +958% |
| Other amounts payable | 47/48 | €19,807 | €14,936 | -€4,871 | -24.6% |
| Accrued charges and deferred income | 492/3 | €387 | €400 | +€12 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,064 | €9,139 | +€1,075 | +13.3% |
| Other operating charges | 640/8 | €3,302 | €2,932 | -€371 | -11.2% |
| Gross operating margin | 9900 | €12,251 | €15,277 | +€3,026 | +24.7% |
| Operating profit (loss) | 9901 | €885 | €3,206 | +€2,322 | +262% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €754 | €1,109 | +€355 | +47.0% |
| Recurring financial charges | 65 | €754 | €1,109 | +€355 | +47.0% |
| Profit (loss) for the period before taxes | 9903 | €130 | €2,097 | +€1,967 | +1,509% |
| Income taxes | 67/77 | €100 | €421 | +€321 | +321% |
| Profit (loss) for the period | 9904 | €30 | €1,676 | +€1,646 | +5,429% |
| Profit (loss) for the period to be appropriated | 9905 | €30 | €1,676 | +€1,646 | +5,429% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.