VAN CUTSEM MAXIME: 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.
VAN CUTSEM MAXIME
Largest movements
- Cash +€146,831
up €146,831 (+56.4%), from €260,282 to €407,113
mainly Net result for the year (+€270,989) and Other debts (+€55,383)
- Deferred charges and accrued income +€96,000
up €96,000 (+300.0%), from €32,000 to €128,000
- Receivables within one year -€20,755
no longer reported in 2025 (was €20,755)
- Tangible fixed assets -€11,637
down €11,637 (-7.1%), from €164,631 to €152,994
of which Plant, machinery and equipment: -€6,347
- Profit (loss) carried forward +€117,456
up €117,456 (+88.0%), from €133,534 to €250,989
- Other debts +€55,383
new in 2025: €55,383
- Tax, wage and social debts +€28,921
new in 2025: €28,921
- Reserves +€20,000
up €20,000 (+12.5%), from €160,000 to €180,000
- Debts after one year -€12,124
down €12,124 (-15.9%), from €76,037 to €63,913
- Gross operating margin +€193,613
up €193,613 (+88.1%), from €219,751 to €413,363
- Taxes +€40,139
up €40,139 (+80.7%), from €49,731 to €89,871
- Financial charges +€35,922
up €35,922 (+742.3%), from €4,839 to €40,761
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 | €477,668 | €688,107 | +€210,439 | +44.1% |
| Fixed assets | 21/28 | €164,631 | €152,994 | -€11,637 | -7.1% |
| Tangible fixed assets | 22/27 | €164,631 | €152,994 | -€11,637 | -7.1% |
| Land and buildings | 22 | €126,600 | €121,500 | -€5,100 | -4.0% |
| Plant, machinery and equipment | 23 | €37,841 | €31,494 | -€6,347 | -16.8% |
| Furniture and vehicles | 24 | €189 | - | -€189 | |
| Current assets | 29/58 | €313,037 | €535,113 | +€222,076 | +70.9% |
| Amounts receivable within one year | 40/41 | €20,755 | - | -€20,755 | |
| Other amounts receivable | 41 | €20,755 | - | -€20,755 | |
| Cash at bank and in hand | 54/58 | €260,282 | €407,113 | +€146,831 | +56.4% |
| Deferred charges and accrued income | 490/1 | €32,000 | €128,000 | +€96,000 | +300.0% |
| Total equity and liabilities | 10/49 | €477,668 | €688,107 | +€210,439 | +44.1% |
| Equity | 10/15 | €386,284 | €523,739 | +€137,456 | +35.6% |
| Contributions | 10/11 | €92,750 | €92,750 | = | 0.0% |
| Reserves | 13 | €160,000 | €180,000 | +€20,000 | +12.5% |
| Distributable reserves | 133 | €160,000 | €180,000 | +€20,000 | +12.5% |
| Profit (loss) carried forward | 14 | €133,534 | €250,989 | +€117,456 | +88.0% |
| Amounts payable | 17/49 | €91,384 | €164,367 | +€72,983 | +79.9% |
| Amounts payable after more than one year | 17 | €76,037 | €63,913 | -€12,124 | -15.9% |
| Financial debts | 170/4 | €76,037 | €63,913 | -€12,124 | -15.9% |
| Amounts payable within one year | 42/48 | €15,347 | €100,454 | +€85,107 | +554.6% |
| Current portion of amounts payable after more than one year | 42 | €11,539 | €12,124 | +€584 | +5.1% |
| Trade debts | 44 | €3,808 | €4,027 | +€219 | +5.8% |
| Suppliers | 440/4 | €3,808 | €4,027 | +€219 | +5.8% |
| Taxes, remuneration and social security | 45 | - | €28,921 | +€28,921 | |
| Taxes | 450/3 | - | €28,921 | +€28,921 | |
| Other amounts payable | 47/48 | - | €55,383 | +€55,383 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,877 | €11,637 | -€240 | -2.0% |
| Other operating charges | 640/8 | €1,493 | €1,540 | +€47 | +3.2% |
| Gross operating margin | 9900 | €219,751 | €413,363 | +€193,613 | +88.1% |
| Operating profit (loss) | 9901 | €206,381 | €400,187 | +€193,806 | +93.9% |
| Financial income | 75/76B | €1,723 | €1,434 | -€289 | -16.8% |
| Recurring financial income | 75 | €1,723 | €1,434 | -€289 | -16.8% |
| Financial charges | 65/66B | €4,839 | €40,761 | +€35,922 | +742.3% |
| Recurring financial charges | 65 | €4,839 | €40,761 | +€35,922 | +742.3% |
| Profit (loss) for the period before taxes | 9903 | €203,265 | €360,860 | +€157,595 | +77.5% |
| Income taxes | 67/77 | €49,731 | €89,871 | +€40,139 | +80.7% |
| Profit (loss) for the period | 9904 | €153,534 | €270,989 | +€117,456 | +76.5% |
| Profit (loss) for the period to be appropriated | 9905 | €153,534 | €270,989 | +€117,456 | +76.5% |
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.