VAN CUTSEM IMMO: 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 IMMO
Largest movements
- Receivables within one year +€30,696
up €30,696 (+105%), from €29,269 to €59,965
of which Trade receivables: +€27,920
- Other debts +€179,771
up €179,771, from €0 to €179,771
- Reserves -€104,552
down €104,552 (-15.2%), from €688,131 to €583,579
of which Distributable reserves: -€104,552
- Debts after one year -€36,043
down €36,043 (-36.1%), from €99,812 to €63,769
- Financial income -€15,200
down €15,200 (-100%), from €15,200 to €0
- Gross operating margin +€9,142
up €9,142 (+8.3%), from €109,731 to €118,873
- Taxes -€7,997
down €7,997 (-25.5%), from €31,321 to €23,324
- Other operating charges +€5,903
up €5,903 (+468%), from €1,261 to €7,165
- Depreciation +€1,928
up €1,928 (+20.1%), from €9,573 to €11,501
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 | €918,548 | €946,828 | +€28,279 | +3.1% |
| Fixed assets | 21/28 | €639,170 | €643,819 | +€4,649 | +0.7% |
| Tangible fixed assets | 22/27 | €133,290 | €137,939 | +€4,649 | +3.5% |
| Land and buildings | 22 | €113,253 | €113,253 | = | 0.0% |
| Plant, machinery and equipment | 23 | €3,818 | €18,010 | +€14,192 | +372% |
| Furniture and vehicles | 24 | €16,219 | €6,676 | -€9,543 | -58.8% |
| Financial fixed assets | 28 | €505,880 | €505,880 | = | 0.0% |
| Current assets | 29/58 | €279,378 | €303,009 | +€23,630 | +8.5% |
| Amounts receivable within one year | 40/41 | €29,269 | €59,965 | +€30,696 | +105% |
| Trade receivables | 40 | €25,590 | €53,510 | +€27,920 | +109% |
| Other amounts receivable | 41 | €3,679 | €6,455 | +€2,776 | +75.5% |
| Cash at bank and in hand | 54/58 | €250,110 | €243,044 | -€7,066 | -2.8% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €918,548 | €946,828 | +€28,279 | +3.1% |
| Equity | 10/15 | €750,131 | €645,579 | -€104,552 | -13.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €688,131 | €583,579 | -€104,552 | -15.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €681,931 | €577,379 | -€104,552 | -15.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €168,417 | €301,248 | +€132,831 | +78.9% |
| Amounts payable after more than one year | 17 | €99,812 | €63,769 | -€36,043 | -36.1% |
| Financial debts | 170/4 | €99,812 | €63,769 | -€36,043 | -36.1% |
| Amounts payable within one year | 42/48 | €68,606 | €237,479 | +€168,873 | +246% |
| Current portion of amounts payable after more than one year | 42 | €38,178 | €36,043 | -€2,135 | -5.6% |
| Trade debts | 44 | €6,082 | €1,412 | -€4,670 | -76.8% |
| Suppliers | 440/4 | €6,082 | €1,412 | -€4,670 | -76.8% |
| Taxes, remuneration and social security | 45 | €24,346 | €20,254 | -€4,092 | -16.8% |
| Taxes | 450/3 | €24,346 | €20,254 | -€4,092 | -16.8% |
| Other amounts payable | 47/48 | €0 | €179,771 | +€179,771 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,573 | €11,501 | +€1,928 | +20.1% |
| Other operating charges | 640/8 | €1,261 | €7,165 | +€5,903 | +468% |
| Gross operating margin | 9900 | €109,731 | €118,873 | +€9,142 | +8.3% |
| Operating profit (loss) | 9901 | €98,896 | €100,208 | +€1,311 | +1.3% |
| Financial income | 75/76B | €15,200 | €0 | -€15,200 | -100% |
| Recurring financial income | 75 | €15,200 | €0 | -€15,200 | -100% |
| Financial charges | 65/66B | €2,142 | €1,665 | -€476 | -22.2% |
| Recurring financial charges | 65 | €2,142 | €1,665 | -€476 | -22.2% |
| Profit (loss) for the period before taxes | 9903 | €111,955 | €98,542 | -€13,412 | -12.0% |
| Income taxes | 67/77 | €31,321 | €23,324 | -€7,997 | -25.5% |
| Profit (loss) for the period | 9904 | €80,634 | €75,219 | -€5,415 | -6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €80,634 | €75,219 | -€5,415 | -6.7% |
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 23 October 2026 via checked.be.