HUGO 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.
HUGO DE SCHUTTER
Largest movements
- Cash -€177,165
down €177,165 (-41.1%), from €431,476 to €254,311
mainly Trade debts (-€169,494) and Other debts (-€46,573)
- Tangible fixed assets -€26,689
down €26,689 (-22.2%), from €119,953 to €93,264
of which Land and buildings: -€18,444
- Trade debts -€169,494
down €169,494 (-59.7%), from €283,694 to €114,200
- Reserves +€49,756
up €49,756 (+9.5%), from €523,581 to €573,337
of which Distributable reserves: +€49,756
- Other debts -€46,573
no longer reported in 2025 (was €46,573)
- Tax, wage and social debts -€24,511
down €24,511 (-90.1%), from €27,205 to €2,694
of which Taxes: -€24,000
- Turnover -€440,597
down €440,597 (-32.2%), from €1.4m to €927,273
- Purchases and services -€347,071
down €347,071 (-30.5%), from €1.1m to €792,092
- Gross operating margin -€93,526
down €93,526 (-40.9%), from €228,707 to €135,181
- Taxes -€14,266
down €14,266 (-44.2%), from €32,251 to €17,985
- Staff costs -€13,964
down €13,964 (-27.5%), from €50,851 to €36,887
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 | €954,333 | €755,967 | -€198,366 | -20.8% |
| Fixed assets | 21/28 | €119,953 | €93,264 | -€26,689 | -22.2% |
| Tangible fixed assets | 22/27 | €119,953 | €93,264 | -€26,689 | -22.2% |
| Land and buildings | 22 | €95,978 | €77,534 | -€18,444 | -19.2% |
| Plant, machinery and equipment | 23 | €4,725 | €3,780 | -€945 | -20.0% |
| Furniture and vehicles | 24 | €19,250 | €11,950 | -€7,300 | -37.9% |
| Current assets | 29/58 | €834,380 | €662,703 | -€171,677 | -20.6% |
| Stocks and contracts in progress | 3 | €111,000 | €111,000 | = | 0.0% |
| Stocks | 30/36 | €111,000 | €111,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €291,904 | €297,393 | +€5,489 | +1.9% |
| Trade receivables | 40 | €266,167 | €106,299 | -€159,868 | -60.1% |
| Other amounts receivable | 41 | €25,737 | €191,094 | +€165,357 | +642% |
| Cash at bank and in hand | 54/58 | €431,476 | €254,311 | -€177,165 | -41.1% |
| Total equity and liabilities | 10/49 | €954,333 | €755,967 | -€198,366 | -20.8% |
| Equity | 10/15 | €585,555 | €635,310 | +€49,756 | +8.5% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €523,581 | €573,337 | +€49,756 | +9.5% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €517,384 | €567,140 | +€49,756 | +9.6% |
| Amounts payable | 17/49 | €368,778 | €120,657 | -€248,121 | -67.3% |
| Amounts payable within one year | 42/48 | €365,265 | €116,894 | -€248,371 | -68.0% |
| Current portion of amounts payable after more than one year | 42 | €7,793 | - | -€7,793 | |
| Trade debts | 44 | €283,694 | €114,200 | -€169,494 | -59.7% |
| Suppliers | 440/4 | €283,694 | €114,200 | -€169,494 | -59.7% |
| Taxes, remuneration and social security | 45 | €27,205 | €2,694 | -€24,511 | -90.1% |
| Taxes | 450/3 | €24,000 | - | -€24,000 | |
| Remuneration and social security | 454/9 | €3,205 | €2,694 | -€511 | -15.9% |
| Other amounts payable | 47/48 | €46,573 | - | -€46,573 | |
| Accrued charges and deferred income | 492/3 | €3,513 | €3,763 | +€250 | +7.1% |
| Turnover | 70 | €1,367,870 | €927,273 | -€440,597 | -32.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,139,164 | €792,092 | -€347,071 | -30.5% |
| Remuneration, social security and pensions | 62 | €50,851 | €36,887 | -€13,964 | -27.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,487 | €26,689 | -€4,798 | -15.2% |
| Other operating charges | 640/8 | €3,726 | €3,936 | +€210 | +5.6% |
| Gross operating margin | 9900 | €228,707 | €135,181 | -€93,526 | -40.9% |
| Operating profit (loss) | 9901 | €142,643 | €67,669 | -€74,974 | -52.6% |
| Financial income | 75/76B | €2,736 | €57 | -€2,678 | -97.9% |
| Recurring financial income | 75 | €2,736 | €57 | -€2,678 | -97.9% |
| Non-recurring financial income | 76B | €2,736 | - | -€2,736 | |
| Financial charges | 65/66B | €1,548 | -€13 | -€1,561 | |
| Recurring financial charges | 65 | €1,548 | -€13 | -€1,561 | |
| Profit (loss) for the period before taxes | 9903 | €143,831 | €67,740 | -€76,091 | -52.9% |
| Income taxes | 67/77 | €32,251 | €17,985 | -€14,266 | -44.2% |
| Profit (loss) for the period | 9904 | €111,580 | €49,756 | -€61,825 | -55.4% |
| Profit (loss) for the period to be appropriated | 9905 | €111,580 | €49,756 | -€61,825 | -55.4% |
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 17 October 2026 via checked.be.