F. DE SCHUTTER: 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.
F. DE SCHUTTER
Largest movements
- Receivables within one year +€111,859
up €111,859 (+78.6%), from €142,227 to €254,086
of which Trade receivables: +€70,802
- Cash -€44,806
down €44,806 (-11.5%), from €390,966 to €346,161
mainly Receivables within one year (-€111,859) and Investment in fixed assets (net) (-€93,600)
- Tangible fixed assets +€41,328
up €41,328 (+4.3%), from €954,578 to €995,906
of which Land and buildings: +€33,682
- Reserves +€140,887
up €140,887 (+27.2%), from €517,145 to €658,032
- Debts after one year -€68,064
down €68,064 (-10.3%), from €659,133 to €591,069
of which Financial debts: -€68,064
- Trade debts +€53,119
up €53,119 (+21.8%), from €244,017 to €297,136
- Other debts -€23,549
no longer reported in 2025 (was €23,549)
- Gross operating margin +€67,574
up €67,574 (+26.6%), from €254,470 to €322,044
- Taxes +€28,340
up €28,340 (+81.1%), from €34,928 to €63,268
- Other operating charges -€10,996
down €10,996 (-47.8%), from €23,026 to €12,030
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 | €1,546,635 | €1,646,930 | +€100,295 | +6.5% |
| Fixed assets | 21/28 | €957,003 | €998,331 | +€41,328 | +4.3% |
| Tangible fixed assets | 22/27 | €954,578 | €995,906 | +€41,328 | +4.3% |
| Land and buildings | 22 | €859,855 | €893,537 | +€33,682 | +3.9% |
| Plant, machinery and equipment | 23 | €91,442 | €101,559 | +€10,117 | +11.1% |
| Furniture and vehicles | 24 | €3,281 | €809 | -€2,472 | -75.3% |
| Financial fixed assets | 28 | €2,425 | €2,425 | = | 0.0% |
| Current assets | 29/58 | €589,632 | €648,599 | +€58,967 | +10.0% |
| Stocks and contracts in progress | 3 | €40,319 | €46,444 | +€6,125 | +15.2% |
| Stocks | 30/36 | €40,319 | €46,444 | +€6,125 | +15.2% |
| Amounts receivable within one year | 40/41 | €142,227 | €254,086 | +€111,859 | +78.6% |
| Trade receivables | 40 | €81,380 | €152,182 | +€70,802 | +87.0% |
| Other amounts receivable | 41 | €60,847 | €101,904 | +€41,057 | +67.5% |
| Cash at bank and in hand | 54/58 | €390,966 | €346,161 | -€44,806 | -11.5% |
| Deferred charges and accrued income | 490/1 | €16,119 | €1,908 | -€14,212 | -88.2% |
| Total equity and liabilities | 10/49 | €1,546,635 | €1,646,930 | +€100,295 | +6.5% |
| Equity | 10/15 | €535,745 | €676,632 | +€140,887 | +26.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €517,145 | €658,032 | +€140,887 | +27.2% |
| Distributable reserves | 133 | €517,145 | €658,032 | +€140,887 | +27.2% |
| Amounts payable | 17/49 | €1,010,890 | €970,298 | -€40,593 | -4.0% |
| Amounts payable after more than one year | 17 | €659,133 | €591,069 | -€68,064 | -10.3% |
| Financial debts | 170/4 | €655,875 | €587,810 | -€68,064 | -10.4% |
| Other amounts payable | 178/9 | €3,259 | €3,259 | = | 0.0% |
| Amounts payable within one year | 42/48 | €351,757 | €379,229 | +€27,472 | +7.8% |
| Current portion of amounts payable after more than one year | 42 | €67,894 | €69,812 | +€1,917 | +2.8% |
| Trade debts | 44 | €244,017 | €297,136 | +€53,119 | +21.8% |
| Suppliers | 440/4 | €244,017 | €297,136 | +€53,119 | +21.8% |
| Taxes, remuneration and social security | 45 | €16,297 | €12,281 | -€4,016 | -24.6% |
| Taxes | 450/3 | €11,694 | €6,528 | -€5,165 | -44.2% |
| Remuneration and social security | 454/9 | €4,604 | €5,753 | +€1,149 | +25.0% |
| Other amounts payable | 47/48 | €23,549 | - | -€23,549 | |
| Remuneration, social security and pensions | 62 | €16,334 | €15,136 | -€1,198 | -7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,011 | €52,272 | +€261 | +0.5% |
| Other operating charges | 640/8 | €23,026 | €12,030 | -€10,996 | -47.8% |
| Non-recurring operating charges | 66A | €950 | - | -€950 | |
| Gross operating margin | 9900 | €254,470 | €322,044 | +€67,574 | +26.6% |
| Operating profit (loss) | 9901 | €162,148 | €242,605 | +€80,457 | +49.6% |
| Financial income | 75/76B | €282 | €2,207 | +€1,925 | +682.5% |
| Recurring financial income | 75 | €282 | €2,207 | +€1,925 | +682.5% |
| Financial charges | 65/66B | €40,623 | €40,656 | +€33 | +0.1% |
| Recurring financial charges | 65 | €40,623 | €40,656 | +€33 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €121,807 | €204,156 | +€82,349 | +67.6% |
| Income taxes | 67/77 | €34,928 | €63,268 | +€28,340 | +81.1% |
| Profit (loss) for the period | 9904 | €86,879 | €140,887 | +€54,009 | +62.2% |
| Profit (loss) for the period to be appropriated | 9905 | €86,879 | €140,887 | +€54,009 | +62.2% |
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 10 October 2026 via checked.be.