Van Cutsem & Partners: 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 & Partners
Largest movements
- Cash +€56,119
up €56,119 (+11.0%), from €509,490 to €565,610
mainly Net result for the year (+€120,692) and Depreciation (+€26,323)
- Receivables within one year +€47,044
up €47,044 (+32.2%), from €146,144 to €193,188
of which Trade receivables: +€30,969
- Tangible fixed assets -€19,039
down €19,039 (-38.9%), from €48,954 to €29,915
of which Furniture and vehicles: -€16,139
- Reserves +€105,692
up €105,692 (+19.5%), from €541,389 to €647,081
- Tax, wage and social debts -€23,837
down €23,837 (-78.5%), from €30,385 to €6,548
- Gross operating margin -€46,893
down €46,893 (-18.5%), from €253,508 to €206,615
- Taxes -€17,109
down €17,109 (-23.7%), from €72,077 to €54,967
- Financial income -€6,898
down €6,898 (-66.3%), from €10,397 to €3,499
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 | €705,410 | €790,776 | +€85,367 | +12.1% |
| Fixed assets | 21/28 | €48,954 | €29,915 | -€19,039 | -38.9% |
| Tangible fixed assets | 22/27 | €48,954 | €29,915 | -€19,039 | -38.9% |
| Furniture and vehicles | 24 | €45,504 | €29,365 | -€16,139 | -35.5% |
| Other tangible fixed assets | 26 | €3,450 | €550 | -€2,900 | -84.1% |
| Current assets | 29/58 | €656,455 | €760,861 | +€104,406 | +15.9% |
| Amounts receivable within one year | 40/41 | €146,144 | €193,188 | +€47,044 | +32.2% |
| Trade receivables | 40 | €146,129 | €177,098 | +€30,969 | +21.2% |
| Other amounts receivable | 41 | €15 | €16,091 | +€16,075 | +105,068% |
| Cash at bank and in hand | 54/58 | €509,490 | €565,610 | +€56,119 | +11.0% |
| Deferred charges and accrued income | 490/1 | €821 | €2,063 | +€1,242 | +151% |
| Total equity and liabilities | 10/49 | €705,410 | €790,776 | +€85,367 | +12.1% |
| Equity | 10/15 | €561,389 | €667,081 | +€105,692 | +18.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €541,389 | €647,081 | +€105,692 | +19.5% |
| Distributable reserves | 133 | €541,389 | €647,081 | +€105,692 | +19.5% |
| Amounts payable | 17/49 | €144,021 | €123,695 | -€20,325 | -14.1% |
| Amounts payable within one year | 42/48 | €137,061 | €117,354 | -€19,707 | -14.4% |
| Trade debts | 44 | €7,587 | €5,745 | -€1,842 | -24.3% |
| Suppliers | 440/4 | €7,587 | €5,745 | -€1,842 | -24.3% |
| Taxes, remuneration and social security | 45 | €30,385 | €6,548 | -€23,837 | -78.5% |
| Taxes | 450/3 | €30,385 | €6,548 | -€23,837 | -78.5% |
| Other amounts payable | 47/48 | €99,088 | €105,061 | +€5,972 | +6.0% |
| Accrued charges and deferred income | 492/3 | €6,960 | €6,342 | -€618 | -8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,216 | €26,323 | +€108 | +0.4% |
| Other operating charges | 640/8 | €1,946 | €1,699 | -€247 | -12.7% |
| Gross operating margin | 9900 | €253,508 | €206,615 | -€46,893 | -18.5% |
| Operating profit (loss) | 9901 | €225,347 | €178,593 | -€46,754 | -20.7% |
| Financial income | 75/76B | €10,397 | €3,499 | -€6,898 | -66.3% |
| Recurring financial income | 75 | €10,397 | €3,499 | -€6,898 | -66.3% |
| Financial charges | 65/66B | €7,559 | €6,432 | -€1,127 | -14.9% |
| Recurring financial charges | 65 | €7,559 | €6,432 | -€1,127 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €228,184 | €175,660 | -€52,525 | -23.0% |
| Income taxes | 67/77 | €72,077 | €54,967 | -€17,109 | -23.7% |
| Profit (loss) for the period | 9904 | €156,108 | €120,692 | -€35,415 | -22.7% |
| Profit (loss) for the period to be appropriated | 9905 | €156,108 | €120,692 | -€35,415 | -22.7% |
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 30 October 2026 via checked.be.