KRIS VAN CUTSEM: 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.
KRIS VAN CUTSEM
Largest movements
- Current investments -€50,000
down €50,000 (-17.9%), from €279,345 to €229,345
- Cash +€38,723
up €38,723 (+79.4%), from €48,789 to €87,512
mainly Net result for the year (+€70,662) and Current investments (+€50,000)
- Tangible fixed assets +€9,383
up €9,383 (+12.2%), from €76,690 to €86,073
of which Land and buildings: +€14,823
- Tax, wage and social debts +€7,218
up €7,218, from €0 to €7,218
- Reserves -€6,074
down €6,074 (-1.5%), from €408,611 to €402,537
of which Distributable reserves: -€4,554
- Gross operating margin +€27,562
up €27,562 (+32.9%), from €83,667 to €111,229
- Taxes +€7,732
up €7,732 (+32.3%), from €23,922 to €31,655
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 | €436,858 | €438,671 | +€1,813 | +0.4% |
| Fixed assets | 21/28 | €76,946 | €86,097 | +€9,151 | +11.9% |
| Intangible fixed assets | 21 | €255 | €24 | -€232 | -90.8% |
| Tangible fixed assets | 22/27 | €76,690 | €86,073 | +€9,383 | +12.2% |
| Land and buildings | 22 | €70,222 | €85,045 | +€14,823 | +21.1% |
| Furniture and vehicles | 24 | €6,468 | €1,028 | -€5,440 | -84.1% |
| Current assets | 29/58 | €359,912 | €352,574 | -€7,338 | -2.0% |
| Amounts receivable within one year | 40/41 | €13,378 | €14,407 | +€1,029 | +7.7% |
| Other amounts receivable | 41 | €13,378 | €14,407 | +€1,029 | +7.7% |
| Current investments | 50/53 | €279,345 | €229,345 | -€50,000 | -17.9% |
| Cash at bank and in hand | 54/58 | €48,789 | €87,512 | +€38,723 | +79.4% |
| Deferred charges and accrued income | 490/1 | €18,399 | €21,310 | +€2,911 | +15.8% |
| Total equity and liabilities | 10/49 | €436,858 | €438,671 | +€1,813 | +0.4% |
| Equity | 10/15 | €427,611 | €421,537 | -€6,074 | -1.4% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €408,611 | €402,537 | -€6,074 | -1.5% |
| Tax-exempt reserves | 132 | €2,557 | €1,037 | -€1,520 | -59.4% |
| Distributable reserves | 133 | €406,054 | €401,500 | -€4,554 | -1.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €452 | €72 | -€380 | -84.1% |
| Deferred taxes | 168 | €452 | €72 | -€380 | -84.1% |
| Amounts payable | 17/49 | €8,795 | €17,062 | +€8,267 | +94.0% |
| Amounts payable within one year | 42/48 | €8,795 | €17,062 | +€8,267 | +94.0% |
| Trade debts | 44 | €7,450 | €8,499 | +€1,049 | +14.1% |
| Suppliers | 440/4 | €7,450 | €8,499 | +€1,049 | +14.1% |
| Taxes, remuneration and social security | 45 | €0 | €7,218 | +€7,218 | |
| Taxes | 450/3 | €0 | €7,218 | +€7,218 | |
| Other amounts payable | 47/48 | €1,345 | €1,345 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €500 | €0 | -€500 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,431 | €10,678 | +€247 | +2.4% |
| Other operating charges | 640/8 | €1,687 | €1,839 | +€152 | +9.0% |
| Gross operating margin | 9900 | €83,667 | €111,229 | +€27,562 | +32.9% |
| Operating profit (loss) | 9901 | €71,049 | €98,711 | +€27,663 | +38.9% |
| Financial income | 75/76B | €5,478 | €5,454 | -€24 | -0.4% |
| Recurring financial income | 75 | €5,478 | €5,454 | -€24 | -0.4% |
| Financial charges | 65/66B | €2,271 | €2,228 | -€43 | -1.9% |
| Recurring financial charges | 65 | €2,271 | €2,228 | -€43 | -1.9% |
| Profit (loss) for the period before taxes | 9903 | €74,256 | €101,937 | +€27,681 | +37.3% |
| Transfer from deferred taxes | 780 | €380 | €380 | = | 0.0% |
| Income taxes | 67/77 | €23,922 | €31,655 | +€7,732 | +32.3% |
| Profit (loss) for the period | 9904 | €50,714 | €70,662 | +€19,949 | +39.3% |
| Transfer from tax-exempt reserves | 789 | €1,520 | €1,520 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €52,234 | €72,182 | +€19,949 | +38.2% |
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 6 October 2026 via checked.be.