GREG 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.
GREG DE SCHUTTER
Largest movements
- Receivables within one year +€206,674
up €206,674 (+52.9%), from €390,398 to €597,072
of which Other amounts receivable: +€326,826
- Tangible fixed assets -€60,309
down €60,309 (-6.0%), from €1.0m to €950,729
of which Land and buildings: -€31,200
- Cash +€27,643
up €27,643 (+82.4%), from €33,543 to €61,186
mainly Other debts (+€306,182) and Depreciation (+€60,309)
- Other debts +€306,182
up €306,182 (+156.4%), from €195,808 to €501,990
- Trade debts -€88,164
down €88,164 (-77.5%), from €113,697 to €25,533
- Debts after one year -€63,118
down €63,118 (-7.7%), from €815,485 to €752,367
- Reserves +€21,019
up €21,019 (+9.9%), from €212,509 to €233,528
of which Distributable reserves: +€21,019
- Tax, wage and social debts -€18,051
down €18,051 (-45.3%), from €39,857 to €21,807
of which Remuneration and social security: -€23,073
- Gross operating margin -€309,068
down €309,068 (-56.7%), from €545,322 to €236,254
- Staff costs -€155,218
down €155,218 (-59.0%), from €263,204 to €107,986
- Other operating charges -€86,990
down €86,990 (-95.5%), from €91,108 to €4,119
- Write-downs -€51,919
no longer reported in 2025 (was €51,919)
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 | €1,457,501 | €1,608,987 | +€151,486 | +10.4% |
| Fixed assets | 21/28 | €1,011,039 | €950,729 | -€60,309 | -6.0% |
| Tangible fixed assets | 22/27 | €1,011,039 | €950,729 | -€60,309 | -6.0% |
| Land and buildings | 22 | €624,000 | €592,800 | -€31,200 | -5.0% |
| Plant, machinery and equipment | 23 | €17,437 | €4,716 | -€12,721 | -73.0% |
| Furniture and vehicles | 24 | €581 | €125 | -€456 | -78.5% |
| Other tangible fixed assets | 26 | €369,020 | €353,088 | -€15,932 | -4.3% |
| Current assets | 29/58 | €446,462 | €658,258 | +€211,796 | +47.4% |
| Amounts receivable after more than one year | 29 | €14,000 | - | -€14,000 | |
| Other amounts receivable | 291 | €14,000 | - | -€14,000 | |
| Stocks and contracts in progress | 3 | €8,521 | - | -€8,521 | |
| Stocks | 30/36 | €8,521 | - | -€8,521 | |
| Amounts receivable within one year | 40/41 | €390,398 | €597,072 | +€206,674 | +52.9% |
| Trade receivables | 40 | €230,907 | €110,755 | -€120,152 | -52.0% |
| Other amounts receivable | 41 | €159,491 | €486,317 | +€326,826 | +204.9% |
| Cash at bank and in hand | 54/58 | €33,543 | €61,186 | +€27,643 | +82.4% |
| Total equity and liabilities | 10/49 | €1,457,501 | €1,608,987 | +€151,486 | +10.4% |
| Equity | 10/15 | €221,259 | €242,278 | +€21,019 | +9.5% |
| Contributions | 10/11 | €8,750 | €8,750 | = | 0.0% |
| Reserves | 13 | €212,509 | €233,528 | +€21,019 | +9.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €210,649 | €231,668 | +€21,019 | +10.0% |
| Amounts payable | 17/49 | €1,236,242 | €1,366,709 | +€130,467 | +10.6% |
| Amounts payable after more than one year | 17 | €815,485 | €752,367 | -€63,118 | -7.7% |
| Financial debts | 170/4 | €815,485 | €752,367 | -€63,118 | -7.7% |
| Amounts payable within one year | 42/48 | €420,757 | €614,343 | +€193,586 | +46.0% |
| Current portion of amounts payable after more than one year | 42 | €71,394 | €63,118 | -€8,275 | -11.6% |
| Trade debts | 44 | €113,697 | €25,533 | -€88,164 | -77.5% |
| Suppliers | 440/4 | €113,697 | €25,533 | -€88,164 | -77.5% |
| Advances received on contracts in progress | 46 | - | €1,894 | +€1,894 | |
| Taxes, remuneration and social security | 45 | €39,857 | €21,807 | -€18,051 | -45.3% |
| Taxes | 450/3 | €6,617 | €11,639 | +€5,022 | +75.9% |
| Remuneration and social security | 454/9 | €33,240 | €10,168 | -€23,073 | -69.4% |
| Other amounts payable | 47/48 | €195,808 | €501,990 | +€306,182 | +156.4% |
| Non-recurring operating income | 76A | - | €248 | +€248 | |
| Remuneration, social security and pensions | 62 | €263,204 | €107,986 | -€155,218 | -59.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,952 | €60,309 | -€1,642 | -2.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €51,919 | - | -€51,919 | |
| Other operating charges | 640/8 | €91,108 | €4,119 | -€86,990 | -95.5% |
| Gross operating margin | 9900 | €545,322 | €236,254 | -€309,068 | -56.7% |
| Operating profit (loss) | 9901 | €77,139 | €63,840 | -€13,300 | -17.2% |
| Financial income | 75/76B | €571 | €66 | -€504 | -88.4% |
| Recurring financial income | 75 | €571 | €66 | -€504 | -88.4% |
| Financial charges | 65/66B | €34,966 | €32,771 | -€2,195 | -6.3% |
| Recurring financial charges | 65 | €34,966 | €32,771 | -€2,195 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €42,743 | €31,135 | -€11,608 | -27.2% |
| Income taxes | 67/77 | €12,836 | €10,116 | -€2,720 | -21.2% |
| Profit (loss) for the period | 9904 | €29,907 | €21,019 | -€8,888 | -29.7% |
| Profit (loss) for the period to be appropriated | 9905 | €29,907 | €21,019 | -€8,888 | -29.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.