VAN CUTSEM - DE PELSENEER: 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 - DE PELSENEER
Largest movements
- Tangible fixed assets +€33,138
up €33,138 (+60.7%), from €54,609 to €87,747
of which Furniture and vehicles: +€40,954
- Cash -€1,414
down €1,414 (-9.0%), from €15,664 to €14,250
mainly Investment in fixed assets (net) (-€44,399) and Other debts (-€30,024)
- Debts after one year +€33,857
new in 2025: €33,857
- Other debts -€30,024
down €30,024 (-59.9%), from €50,084 to €20,061
- Reserves +€14,617
up €14,617 (+76.9%), from €19,001 to €33,618
- Current portion of long-term debt +€7,952
new in 2025: €7,952
- Tax, wage and social debts +€3,924
up €3,924 (+3,606%), from €109 to €4,033
- Gross operating margin +€16,279
up €16,279 (+87.7%), from €18,553 to €34,832
- Taxes +€5,824
up €5,824, from €0 to €5,824
- Depreciation +€2,819
up €2,819 (+33.4%), from €8,441 to €11,261
- Other operating charges -€654
down €654 (-59.4%), from €1,102 to €447
- Financial charges +€603
up €603 (+113%), from €532 to €1,135
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 | €76,900 | €108,434 | +€31,534 | +41.0% |
| Fixed assets | 21/28 | €54,859 | €87,997 | +€33,138 | +60.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €54,609 | €87,747 | +€33,138 | +60.7% |
| Plant, machinery and equipment | 23 | €53,146 | €45,330 | -€7,815 | -14.7% |
| Furniture and vehicles | 24 | €1,463 | €42,417 | +€40,954 | +2,799% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €22,042 | €20,437 | -€1,605 | -7.3% |
| Stocks and contracts in progress | 3 | €2,323 | €2,684 | +€361 | +15.5% |
| Stocks | 30/36 | €2,323 | €2,684 | +€361 | +15.5% |
| Amounts receivable within one year | 40/41 | €2,256 | €2,513 | +€257 | +11.4% |
| Trade receivables | 40 | - | €2,020 | +€2,020 | |
| Other amounts receivable | 41 | €2,256 | €493 | -€1,763 | -78.1% |
| Cash at bank and in hand | 54/58 | €15,664 | €14,250 | -€1,414 | -9.0% |
| Deferred charges and accrued income | 490/1 | €1,798 | €989 | -€808 | -45.0% |
| Total equity and liabilities | 10/49 | €76,900 | €108,434 | +€31,534 | +41.0% |
| Equity | 10/15 | €17,787 | €33,618 | +€15,832 | +89.0% |
| Reserves | 13 | €19,001 | €33,618 | +€14,617 | +76.9% |
| Distributable reserves | 133 | €19,001 | €33,618 | +€14,617 | +76.9% |
| Profit (loss) carried forward | 14 | -€1,214 | - | +€1,214 | |
| Amounts payable | 17/49 | €59,114 | €74,815 | +€15,702 | +26.6% |
| Amounts payable after more than one year | 17 | - | €33,857 | +€33,857 | |
| Financial debts | 170/4 | - | €33,857 | +€33,857 | |
| Amounts payable within one year | 42/48 | €59,114 | €40,958 | -€18,156 | -30.7% |
| Current portion of amounts payable after more than one year | 42 | - | €7,952 | +€7,952 | |
| Trade debts | 44 | €8,920 | €8,913 | -€8 | -0.1% |
| Suppliers | 440/4 | €8,920 | €8,913 | -€8 | -0.1% |
| Taxes, remuneration and social security | 45 | €109 | €4,033 | +€3,924 | +3,606% |
| Taxes | 450/3 | €109 | €4,033 | +€3,924 | +3,606% |
| Other amounts payable | 47/48 | €50,084 | €20,061 | -€30,024 | -59.9% |
| Remuneration, social security and pensions | 62 | €280 | €348 | +€68 | +24.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,441 | €11,261 | +€2,819 | +33.4% |
| Other operating charges | 640/8 | €1,102 | €447 | -€654 | -59.4% |
| Gross operating margin | 9900 | €18,553 | €34,832 | +€16,279 | +87.7% |
| Operating profit (loss) | 9901 | €8,730 | €22,776 | +€14,046 | +161% |
| Financial income | 75/76B | €5 | €15 | +€9 | +184% |
| Recurring financial income | 75 | €5 | €15 | +€9 | +184% |
| Financial charges | 65/66B | €532 | €1,135 | +€603 | +113% |
| Recurring financial charges | 65 | €532 | €1,135 | +€603 | +113% |
| Profit (loss) for the period before taxes | 9903 | €8,203 | €21,656 | +€13,453 | +164% |
| Income taxes | 67/77 | €0 | €5,824 | +€5,824 | |
| Profit (loss) for the period | 9904 | €8,203 | €15,832 | +€7,629 | +93.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,203 | €15,832 | +€7,629 | +93.0% |
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 29 October 2026 via checked.be.