TUINEN VAN CUTSEM: 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.
TUINEN VAN CUTSEM
Largest movements
- Cash +€79,981
up €79,981 (+43.2%), from €185,322 to €265,303
mainly Net result for the year (+€81,795) and Receivables within one year (+€71,619)
- Receivables within one year -€71,619
down €71,619 (-45.5%), from €157,476 to €85,857
of which Trade receivables: -€61,263
- Tangible fixed assets +€51,669
up €51,669 (+86.3%), from €59,876 to €111,545
of which Land and buildings: +€69,328
- Reserves +€81,795
up €81,795 (+23.6%), from €346,227 to €428,022
- Other debts -€36,392
no longer reported in 2025 (was €36,392)
- Tax, wage and social debts +€11,272
up €11,272 (+170%), from €6,650 to €17,922
- Gross operating margin +€108,458
up €108,458 (+85.8%), from €126,397 to €234,855
- Staff costs +€86,497
new in 2025: €86,497
- Taxes +€10,201
up €10,201 (+32.6%), from €31,279 to €41,480
- Depreciation +€5,900
up €5,900 (+30.9%), from €19,089 to €24,989
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 | €407,861 | €465,726 | +€57,865 | +14.2% |
| Fixed assets | 21/28 | €59,963 | €111,632 | +€51,669 | +86.2% |
| Tangible fixed assets | 22/27 | €59,876 | €111,545 | +€51,669 | +86.3% |
| Land and buildings | 22 | €9,476 | €78,804 | +€69,328 | +732% |
| Plant, machinery and equipment | 23 | €16,351 | €10,252 | -€6,099 | -37.3% |
| Furniture and vehicles | 24 | €34,049 | €22,489 | -€11,560 | -34.0% |
| Financial fixed assets | 28 | €87 | €87 | = | 0.0% |
| Current assets | 29/58 | €347,898 | €354,094 | +€6,196 | +1.8% |
| Amounts receivable within one year | 40/41 | €157,476 | €85,857 | -€71,619 | -45.5% |
| Trade receivables | 40 | €139,434 | €78,171 | -€61,263 | -43.9% |
| Other amounts receivable | 41 | €18,042 | €7,686 | -€10,356 | -57.4% |
| Cash at bank and in hand | 54/58 | €185,322 | €265,303 | +€79,981 | +43.2% |
| Deferred charges and accrued income | 490/1 | €5,100 | €2,934 | -€2,166 | -42.5% |
| Total equity and liabilities | 10/49 | €407,861 | €465,726 | +€57,865 | +14.2% |
| Equity | 10/15 | €364,819 | €446,614 | +€81,795 | +22.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €346,227 | €428,022 | +€81,795 | +23.6% |
| Distributable reserves | 133 | €346,227 | €428,022 | +€81,795 | +23.6% |
| Amounts payable | 17/49 | €43,042 | €19,112 | -€23,930 | -55.6% |
| Amounts payable within one year | 42/48 | €43,042 | €17,922 | -€25,120 | -58.4% |
| Taxes, remuneration and social security | 45 | €6,650 | €17,922 | +€11,272 | +170% |
| Taxes | 450/3 | €6,650 | €17,922 | +€11,272 | +170% |
| Other amounts payable | 47/48 | €36,392 | - | -€36,392 | |
| Accrued charges and deferred income | 492/3 | - | €1,190 | +€1,190 | |
| Remuneration, social security and pensions | 62 | - | €86,497 | +€86,497 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,089 | €24,989 | +€5,900 | +30.9% |
| Gross operating margin | 9900 | €126,397 | €234,855 | +€108,458 | +85.8% |
| Operating profit (loss) | 9901 | €107,308 | €123,369 | +€16,061 | +15.0% |
| Financial income | 75/76B | - | €33 | +€33 | |
| Recurring financial income | 75 | - | €33 | +€33 | |
| Financial charges | 65/66B | €245 | €127 | -€118 | -48.2% |
| Recurring financial charges | 65 | €245 | €127 | -€118 | -48.2% |
| Profit (loss) for the period before taxes | 9903 | €107,063 | €123,275 | +€16,212 | +15.1% |
| Income taxes | 67/77 | €31,279 | €41,480 | +€10,201 | +32.6% |
| Profit (loss) for the period | 9904 | €75,784 | €81,795 | +€6,011 | +7.9% |
| Profit (loss) for the period to be appropriated | 9905 | €75,784 | €81,795 | +€6,011 | +7.9% |
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 31 October 2026 via checked.be.