VAN CUTSEM R: 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 R
Largest movements
- Cash +€229,927
up €229,927 (+70.9%), from €324,154 to €554,080
mainly Net result for the year (+€172,681) and Current investments (+€70,000)
- Current investments -€70,000
no longer reported in 2025 (was €70,000)
- Receivables within one year +€26,714
up €26,714 (+69.3%), from €38,555 to €65,270
of which Trade receivables: +€39,155
- Reserves +€168,181
up €168,181 (+45.9%), from €366,595 to €534,776
- Other debts +€11,804
up €11,804 (+31.5%), from €37,441 to €49,245
- Gross operating margin -€24,675
down €24,675 (-8.8%), from €280,370 to €255,695
- Taxes -€6,288
down €6,288 (-7.1%), from €88,420 to €82,131
- Financial income +€3,965
up €3,965 (+474.0%), from €837 to €4,802
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 | €435,236 | €621,087 | +€185,851 | +42.7% |
| Fixed assets | 21/28 | €2,527 | €841 | -€1,686 | -66.7% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €2,527 | €841 | -€1,686 | -66.7% |
| Plant, machinery and equipment | 23 | €2,527 | €841 | -€1,686 | -66.7% |
| Current assets | 29/58 | €432,709 | €620,246 | +€187,536 | +43.3% |
| Amounts receivable within one year | 40/41 | €38,555 | €65,270 | +€26,714 | +69.3% |
| Trade receivables | 40 | €20,822 | €59,977 | +€39,155 | +188.0% |
| Other amounts receivable | 41 | €17,733 | €5,293 | -€12,440 | -70.2% |
| Current investments | 50/53 | €70,000 | - | -€70,000 | |
| Cash at bank and in hand | 54/58 | €324,154 | €554,080 | +€229,927 | +70.9% |
| Deferred charges and accrued income | 490/1 | - | €896 | +€896 | |
| Total equity and liabilities | 10/49 | €435,236 | €621,087 | +€185,851 | +42.7% |
| Equity | 10/15 | €386,595 | €554,776 | +€168,181 | +43.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €366,595 | €534,776 | +€168,181 | +45.9% |
| Distributable reserves | 133 | €366,595 | €534,776 | +€168,181 | +45.9% |
| Amounts payable | 17/49 | €48,641 | €66,311 | +€17,670 | +36.3% |
| Amounts payable within one year | 42/48 | €46,791 | €63,632 | +€16,841 | +36.0% |
| Trade debts | 44 | €9,350 | €14,387 | +€5,037 | +53.9% |
| Suppliers | 440/4 | €9,350 | €14,387 | +€5,037 | +53.9% |
| Other amounts payable | 47/48 | €37,441 | €49,245 | +€11,804 | +31.5% |
| Accrued charges and deferred income | 492/3 | €1,850 | €2,679 | +€829 | +44.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,686 | €1,686 | = | 0.0% |
| Other operating charges | 640/8 | €1,351 | €1,260 | -€91 | -6.7% |
| Gross operating margin | 9900 | €280,370 | €255,695 | -€24,675 | -8.8% |
| Operating profit (loss) | 9901 | €277,333 | €252,749 | -€24,584 | -8.9% |
| Financial income | 75/76B | €837 | €4,802 | +€3,965 | +474.0% |
| Recurring financial income | 75 | €837 | €4,802 | +€3,965 | +474.0% |
| Financial charges | 65/66B | €1,906 | €2,739 | +€833 | +43.7% |
| Recurring financial charges | 65 | €1,906 | €2,739 | +€833 | +43.7% |
| Profit (loss) for the period before taxes | 9903 | €276,264 | €254,812 | -€21,452 | -7.8% |
| Income taxes | 67/77 | €88,420 | €82,131 | -€6,288 | -7.1% |
| Profit (loss) for the period | 9904 | €187,844 | €172,681 | -€15,163 | -8.1% |
| Profit (loss) for the period to be appropriated | 9905 | €187,844 | €172,681 | -€15,163 | -8.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.