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.
VAN CUTSEM
Largest movements
- Receivables within one year -€23,465
down €23,465 (-65.2%), from €35,964 to €12,498
of which Trade receivables: -€23,085
- Intangible fixed assets +€14,178
up €14,178 (+7.9%), from €179,934 to €194,112
- Tangible fixed assets -€10,531
down €10,531 (-15.4%), from €68,176 to €57,644
of which Plant, machinery and equipment: -€5,513
- Stocks and contracts +€5,784
up €5,784 (+3.1%), from €185,956 to €191,740
- Trade debts -€26,884
down €26,884 (-19.3%), from €139,401 to €112,517
- Debts after one year -€25,108
down €25,108 (-33.1%), from €75,829 to €50,721
- Other debts +€19,502
up €19,502 (+30.3%), from €64,272 to €83,773
- Short-term financial debts +€11,327
up €11,327 (+17.8%), from €63,465 to €74,792
- Reserves +€9,071
up €9,071 (+9.7%), from €93,978 to €103,049
- Staff costs +€7,528
up €7,528 (+52.8%), from €14,258 to €21,786
- Other operating charges -€7,417
down €7,417 (-69.7%), from €10,648 to €3,231
- Depreciation +€5,198
up €5,198 (+14.7%), from €35,431 to €40,629
- Gross operating margin +€5,068
up €5,068 (+6.1%), from €83,047 to €88,115
- Financial income +€2,223
up €2,223 (+459%), from €484 to €2,707
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 | €484,513 | €469,653 | -€14,860 | -3.1% |
| Fixed assets | 21/28 | €249,110 | €252,757 | +€3,647 | +1.5% |
| Intangible fixed assets | 21 | €179,934 | €194,112 | +€14,178 | +7.9% |
| Tangible fixed assets | 22/27 | €68,176 | €57,644 | -€10,531 | -15.4% |
| Plant, machinery and equipment | 23 | €12,387 | €6,874 | -€5,513 | -44.5% |
| Furniture and vehicles | 24 | €8,533 | €8,557 | +€24 | +0.3% |
| Other tangible fixed assets | 26 | €47,255 | €42,213 | -€5,042 | -10.7% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €235,404 | €216,897 | -€18,507 | -7.9% |
| Stocks and contracts in progress | 3 | €185,956 | €191,740 | +€5,784 | +3.1% |
| Stocks | 30/36 | €185,956 | €191,740 | +€5,784 | +3.1% |
| Amounts receivable within one year | 40/41 | €35,964 | €12,498 | -€23,465 | -65.2% |
| Trade receivables | 40 | €32,779 | €9,694 | -€23,085 | -70.4% |
| Other amounts receivable | 41 | €3,184 | €2,804 | -€380 | -11.9% |
| Cash at bank and in hand | 54/58 | €13,484 | €12,658 | -€826 | -6.1% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €484,513 | €469,653 | -€14,860 | -3.1% |
| Equity | 10/15 | €100,178 | €109,249 | +€9,071 | +9.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €93,978 | €103,049 | +€9,071 | +9.7% |
| Distributable reserves | 133 | €93,978 | €103,049 | +€9,071 | +9.7% |
| Amounts payable | 17/49 | €384,335 | €360,405 | -€23,930 | -6.2% |
| Amounts payable after more than one year | 17 | €75,829 | €50,721 | -€25,108 | -33.1% |
| Financial debts | 170/4 | €75,829 | €50,721 | -€25,108 | -33.1% |
| Amounts payable within one year | 42/48 | €306,506 | €307,684 | +€1,178 | +0.4% |
| Current portion of amounts payable after more than one year | 42 | €26,486 | €26,740 | +€255 | +1.0% |
| Financial debts | 43 | €63,465 | €74,792 | +€11,327 | +17.8% |
| Credit institutions | 430/8 | €63,465 | €74,792 | +€11,327 | +17.8% |
| Trade debts | 44 | €139,401 | €112,517 | -€26,884 | -19.3% |
| Suppliers | 440/4 | €139,401 | €112,517 | -€26,884 | -19.3% |
| Advances received on contracts in progress | 46 | €5,831 | €5,743 | -€88 | -1.5% |
| Taxes, remuneration and social security | 45 | €7,051 | €4,118 | -€2,933 | -41.6% |
| Taxes | 450/3 | €2,295 | €3,397 | +€1,103 | +48.1% |
| Remuneration and social security | 454/9 | €4,756 | €720 | -€4,036 | -84.9% |
| Other amounts payable | 47/48 | €64,272 | €83,773 | +€19,502 | +30.3% |
| Accrued charges and deferred income | 492/3 | €2,000 | €2,000 | = | 0.0% |
| Non-recurring operating income | 76A | €16,529 | €0 | -€16,529 | -100% |
| Remuneration, social security and pensions | 62 | €14,258 | €21,786 | +€7,528 | +52.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,431 | €40,629 | +€5,198 | +14.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €210 | +€210 | |
| Other operating charges | 640/8 | €10,648 | €3,231 | -€7,417 | -69.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €83,047 | €88,115 | +€5,068 | +6.1% |
| Operating profit (loss) | 9901 | €22,709 | €22,259 | -€450 | -2.0% |
| Financial income | 75/76B | €484 | €2,707 | +€2,223 | +459% |
| Recurring financial income | 75 | €484 | €2,707 | +€2,223 | +459% |
| Financial charges | 65/66B | €10,998 | €11,892 | +€895 | +8.1% |
| Recurring financial charges | 65 | €10,998 | €11,892 | +€895 | +8.1% |
| Profit (loss) for the period before taxes | 9903 | €12,195 | €13,073 | +€878 | +7.2% |
| Income taxes | 67/77 | €3,757 | €4,003 | +€246 | +6.6% |
| Profit (loss) for the period | 9904 | €8,439 | €9,071 | +€632 | +7.5% |
| Profit (loss) for the period to be appropriated | 9905 | €8,439 | €9,071 | +€632 | +7.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.