SCHELDECUB: 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.
SCHELDECUB
Largest movements
- Receivables within one year +€148,018
up €148,018 (+52.4%), from €282,334 to €430,352
of which Trade receivables: +€146,162
- Tangible fixed assets +€79,137
up €79,137 (+180.2%), from €43,919 to €123,055
of which Furniture and vehicles: +€84,538
- Stocks and contracts -€15,968
down €15,968 (-7.2%), from €222,284 to €206,316
- Reserves +€100,000
up €100,000 (+28.6%), from €350,000 to €450,000
of which Distributable reserves: +€100,000
- Trade debts +€48,500
up €48,500 (+171.8%), from €28,238 to €76,738
- Debts after one year +€43,286
new in 2025: €43,286
- Accrued charges and deferred income +€17,571
up €17,571 (+1757.1%), from €1,000 to €18,571
- Current portion of long-term debt +€14,364
new in 2025: €14,364
- Gross operating margin +€160,393
up €160,393 (+65.9%), from €243,265 to €403,658
- Taxes +€27,444
up €27,444 (+1462.8%), from €1,876 to €29,320
- Financial charges +€17,995
up €17,995 (+1915.6%), from €939 to €18,935
- Staff costs +€6,087
up €6,087 (+2.7%), from €223,002 to €229,090
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 | €874,373 | €1,096,849 | +€222,476 | +25.4% |
| Fixed assets | 21/28 | €45,180 | €123,060 | +€77,881 | +172.4% |
| Intangible fixed assets | 21 | €1,256 | €0 | -€1,256 | -100.0% |
| Tangible fixed assets | 22/27 | €43,919 | €123,055 | +€79,137 | +180.2% |
| Plant, machinery and equipment | 23 | €10,792 | €6,949 | -€3,843 | -35.6% |
| Furniture and vehicles | 24 | €27,289 | €111,827 | +€84,538 | +309.8% |
| Other tangible fixed assets | 26 | €5,837 | €4,279 | -€1,558 | -26.7% |
| Financial fixed assets | 28 | €5 | €5 | = | 0.0% |
| Current assets | 29/58 | €829,193 | €973,789 | +€144,596 | +17.4% |
| Stocks and contracts in progress | 3 | €222,284 | €206,316 | -€15,968 | -7.2% |
| Stocks | 30/36 | €222,284 | €206,316 | -€15,968 | -7.2% |
| Amounts receivable within one year | 40/41 | €282,334 | €430,352 | +€148,018 | +52.4% |
| Trade receivables | 40 | €259,999 | €406,161 | +€146,162 | +56.2% |
| Other amounts receivable | 41 | €22,334 | €24,190 | +€1,856 | +8.3% |
| Cash at bank and in hand | 54/58 | €321,031 | €327,480 | +€6,449 | +2.0% |
| Deferred charges and accrued income | 490/1 | €3,544 | €9,641 | +€6,096 | +172.0% |
| Total equity and liabilities | 10/49 | €874,373 | €1,096,849 | +€222,476 | +25.4% |
| Equity | 10/15 | €433,681 | €539,340 | +€105,659 | +24.4% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €350,000 | €450,000 | +€100,000 | +28.6% |
| Non-distributable reserves | 130/1 | €7,000 | €7,000 | = | 0.0% |
| Legal reserve | 130 | €7,000 | €7,000 | = | 0.0% |
| Distributable reserves | 133 | €343,000 | €443,000 | +€100,000 | +29.2% |
| Profit (loss) carried forward | 14 | €22,181 | €27,840 | +€5,659 | +25.5% |
| Amounts payable | 17/49 | €440,691 | €557,509 | +€116,817 | +26.5% |
| Amounts payable after more than one year | 17 | - | €43,286 | +€43,286 | |
| Financial debts | 170/4 | - | €43,286 | +€43,286 | |
| Amounts payable within one year | 42/48 | €439,691 | €495,652 | +€55,961 | +12.7% |
| Current portion of amounts payable after more than one year | 42 | - | €14,364 | +€14,364 | |
| Financial debts | 43 | €6,889 | €6,855 | -€34 | -0.5% |
| Credit institutions | 430/8 | €6,889 | €6,855 | -€34 | -0.5% |
| Trade debts | 44 | €28,238 | €76,738 | +€48,500 | +171.8% |
| Suppliers | 440/4 | €28,238 | €76,738 | +€48,500 | +171.8% |
| Advances received on contracts in progress | 46 | €3,966 | €0 | -€3,966 | -100.0% |
| Taxes, remuneration and social security | 45 | €40,928 | €51,582 | +€10,654 | +26.0% |
| Taxes | 450/3 | €8,835 | €17,544 | +€8,709 | +98.6% |
| Remuneration and social security | 454/9 | €32,093 | €34,038 | +€1,945 | +6.1% |
| Other amounts payable | 47/48 | €359,670 | €346,113 | -€13,557 | -3.8% |
| Accrued charges and deferred income | 492/3 | €1,000 | €18,571 | +€17,571 | +1757.1% |
| Non-recurring operating income | 76A | - | €12,397 | +€12,397 | |
| Remuneration, social security and pensions | 62 | €223,002 | €229,090 | +€6,087 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,053 | €20,218 | +€3,166 | +18.6% |
| Other operating charges | 640/8 | €3,200 | €2,017 | -€1,184 | -37.0% |
| Gross operating margin | 9900 | €243,265 | €403,658 | +€160,393 | +65.9% |
| Operating profit (loss) | 9901 | €9 | €152,333 | +€152,324 | +1672052.5% |
| Financial income | 75/76B | €3,950 | €1,581 | -€2,369 | -60.0% |
| Recurring financial income | 75 | €3,950 | €1,581 | -€2,369 | -60.0% |
| Financial charges | 65/66B | €939 | €18,935 | +€17,995 | +1915.6% |
| Recurring financial charges | 65 | €939 | €18,935 | +€17,995 | +1915.6% |
| Profit (loss) for the period before taxes | 9903 | €3,020 | €134,979 | +€131,960 | +4370.2% |
| Income taxes | 67/77 | €1,876 | €29,320 | +€27,444 | +1462.8% |
| Profit (loss) for the period | 9904 | €1,143 | €105,659 | +€104,516 | +9140.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,143 | €105,659 | +€104,516 | +9140.8% |
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 5 October 2026 via checked.be.