ERWIN SCHELFHOUT: 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.
What changed
ERWIN SCHELFHOUT
NACE 81.300, Landscape service activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€63,008
2024 · €34,575+€28,434
Equity
€482,315
2024 · €421,922+€60,393
Cash
€196,438
2024 · €199,362-€2,924
Balance sheet total
€852,553
2024 · €965,268-€112,714
Largest movements
Assets
- Tangible fixed assets -€81,036
down €81,036 (-13.1%), from €620,788 to €539,752
- Receivables within one year -€28,071
down €28,071 (-29.7%), from €94,465 to €66,393
of which Trade receivables: -€22,032
Equity and liabilities
- Debts after one year -€146,916
down €146,916 (-35.9%), from €408,812 to €261,897
- Reserves +€60,393
up €60,393 (+15.4%), from €390,959 to €451,352
of which Distributable reserves: +€60,393
- Trade debts -€19,455
down €19,455 (-34.6%), from €56,267 to €36,812
Income statement
- Gross operating margin +€70,648
up €70,648 (+21.9%), from €322,308 to €392,955
- Staff costs +€29,015
up €29,015 (+20.0%), from €145,296 to €174,311
- Taxes +€11,065
up €11,065 (+77.9%), from €14,195 to €25,260
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
€34,575
Gross operating margin
+€70,648
Staff costs
-€29,015
Depreciation
-€1,605
Write-downs
-€2,500
Other operating charges
-€785
Financial income
+€466
Financial charges
+€2,290
Taxes
-€11,065
Result 2025
€63,008
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.
From operations
+€190,765
Investment
-€35,884
Financing
-€157,804
Cash 2024
€199,362
From operations (derived)
+€190,765
Net result for the year
+€63,008
Depreciation
+€117,071
Smaller working-capital items
+€681
Receivables within one year
+€28,071
Trade debts
-€19,455
Tax, wage and social debts
+€4,281
Other debts
-€2,893
Investment (derived)
-€35,884
Investment in fixed assets (net)
-€35,884
Financing
-€157,804
Debts after one year
-€146,916
Current portion of long-term debt
-€4,825
Short-term financial debts
-€3,449
Contributions, distributions and other
-€2,615
Cash 2025
€196,438
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €965,268 | €852,553 | -€112,714 | -11.7% |
| Fixed assets | 21/28 | €621,128 | €539,942 | -€81,186 | -13.1% |
| Tangible fixed assets | 22/27 | €620,788 | €539,752 | -€81,036 | -13.1% |
| Land and buildings | 22 | €432,560 | €403,259 | -€29,302 | -6.8% |
| Plant, machinery and equipment | 23 | €85,164 | €55,354 | -€29,810 | -35.0% |
| Furniture and vehicles | 24 | €103,064 | €81,139 | -€21,924 | -21.3% |
| Financial fixed assets | 28 | €340 | €190 | -€150 | -44.1% |
| Current assets | 29/58 | €344,140 | €312,612 | -€31,528 | -9.2% |
| Stocks and contracts in progress | 3 | €42,209 | €41,951 | -€257 | -0.6% |
| Stocks | 30/36 | €42,209 | €41,951 | -€257 | -0.6% |
| Amounts receivable within one year | 40/41 | €94,465 | €66,393 | -€28,071 | -29.7% |
| Trade receivables | 40 | €76,757 | €54,725 | -€22,032 | -28.7% |
| Other amounts receivable | 41 | €17,707 | €11,668 | -€6,039 | -34.1% |
| Cash at bank and in hand | 54/58 | €199,362 | €196,438 | -€2,924 | -1.5% |
| Deferred charges and accrued income | 490/1 | €8,104 | €7,829 | -€275 | -3.4% |
| Total equity and liabilities | 10/49 | €965,268 | €852,553 | -€112,714 | -11.7% |
| Equity | 10/15 | €421,922 | €482,315 | +€60,393 | +14.3% |
| Contributions | 10/11 | €18,610 | €18,610 | = | 0.0% |
| Reserves | 13 | €390,959 | €451,352 | +€60,393 | +15.4% |
| Tax-exempt reserves | 132 | €31,046 | €31,046 | = | 0.0% |
| Distributable reserves | 133 | €359,913 | €420,306 | +€60,393 | +16.8% |
| Profit (loss) carried forward | 14 | €12,353 | €12,353 | = | 0.0% |
| Amounts payable | 17/49 | €543,346 | €370,238 | -€173,107 | -31.9% |
| Amounts payable after more than one year | 17 | €408,812 | €261,897 | -€146,916 | -35.9% |
| Financial debts | 170/4 | €408,812 | €261,897 | -€146,916 | -35.9% |
| Amounts payable within one year | 42/48 | €134,157 | €107,817 | -€26,341 | -19.6% |
| Current portion of amounts payable after more than one year | 42 | €51,740 | €46,916 | -€4,825 | -9.3% |
| Financial debts | 43 | €6,819 | €3,370 | -€3,449 | -50.6% |
| Credit institutions | 430/8 | €6,819 | €3,370 | -€3,449 | -50.6% |
| Trade debts | 44 | €56,267 | €36,812 | -€19,455 | -34.6% |
| Suppliers | 440/4 | €56,267 | €36,812 | -€19,455 | -34.6% |
| Taxes, remuneration and social security | 45 | €15,897 | €20,179 | +€4,281 | +26.9% |
| Taxes | 450/3 | €3,892 | €10,062 | +€6,170 | +158.6% |
| Remuneration and social security | 454/9 | €12,006 | €10,117 | -€1,889 | -15.7% |
| Other amounts payable | 47/48 | €3,433 | €541 | -€2,893 | -84.3% |
| Accrued charges and deferred income | 492/3 | €376 | €525 | +€149 | +39.6% |
| Non-recurring operating income | 76A | - | €1,750 | +€1,750 | |
| Remuneration, social security and pensions | 62 | €145,296 | €174,311 | +€29,015 | +20.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,466 | €117,071 | +€1,605 | +1.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,500 | €0 | +€2,500 | |
| Other operating charges | 640/8 | €7,508 | €8,293 | +€785 | +10.5% |
| Gross operating margin | 9900 | €322,308 | €392,955 | +€70,648 | +21.9% |
| Operating profit (loss) | 9901 | €56,539 | €93,281 | +€36,742 | +65.0% |
| Financial income | 75/76B | €1,134 | €1,600 | +€466 | +41.1% |
| Recurring financial income | 75 | €1,134 | €1,600 | +€466 | +41.1% |
| Financial charges | 65/66B | €8,903 | €6,613 | -€2,290 | -25.7% |
| Recurring financial charges | 65 | €8,903 | €6,613 | -€2,290 | -25.7% |
| Profit (loss) for the period before taxes | 9903 | €48,770 | €88,268 | +€39,498 | +81.0% |
| Income taxes | 67/77 | €14,195 | €25,260 | +€11,065 | +77.9% |
| Profit (loss) for the period | 9904 | €34,575 | €63,008 | +€28,434 | +82.2% |
| Profit (loss) for the period to be appropriated | 9905 | €34,575 | €63,008 | +€28,434 | +82.2% |
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 3 October 2026 via checked.be.