VAN CUTSEM tools: 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 tools
Largest movements
- Tangible fixed assets +€87,721
up €87,721 (+282%), from €31,132 to €118,853
of which Furniture and vehicles: +€90,496
- Receivables within one year -€62,659
down €62,659 (-23.5%), from €266,893 to €204,234
of which Trade receivables: -€56,418
- Cash +€47,008
up €47,008 (+14.8%), from €318,269 to €365,277
mainly Net result for the year (+€67,387) and Receivables within one year (+€62,659)
- Reserves +€67,387
up €67,387 (+13.3%), from €508,413 to €575,800
- Trade debts +€19,500
up €19,500 (+58.2%), from €33,506 to €53,006
- Current portion of long-term debt -€15,842
down €15,842 (-100%), from €15,842 to €0
- Taxes +€12,282
up €12,282 (+78.6%), from €15,620 to €27,903
- Gross operating margin -€11,702
down €11,702 (-6.5%), from €179,414 to €167,712
- Staff costs -€10,424
down €10,424 (-15.2%), from €68,383 to €57,959
- Other operating charges -€5,627
down €5,627 (-71.9%), from €7,831 to €2,204
- Financial income -€2,263
down €2,263 (-15.3%), from €14,768 to €12,505
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 | €824,026 | €895,119 | +€71,093 | +8.6% |
| Fixed assets | 21/28 | €31,132 | €118,853 | +€87,721 | +282% |
| Tangible fixed assets | 22/27 | €31,132 | €118,853 | +€87,721 | +282% |
| Furniture and vehicles | 24 | €20,104 | €110,600 | +€90,496 | +450% |
| Other tangible fixed assets | 26 | €11,028 | €8,253 | -€2,775 | -25.2% |
| Current assets | 29/58 | €792,894 | €776,266 | -€16,628 | -2.1% |
| Stocks and contracts in progress | 3 | €207,732 | €206,755 | -€977 | -0.5% |
| Stocks | 30/36 | €207,732 | €206,755 | -€977 | -0.5% |
| Amounts receivable within one year | 40/41 | €266,893 | €204,234 | -€62,659 | -23.5% |
| Trade receivables | 40 | €242,513 | €186,095 | -€56,418 | -23.3% |
| Other amounts receivable | 41 | €24,380 | €18,139 | -€6,241 | -25.6% |
| Cash at bank and in hand | 54/58 | €318,269 | €365,277 | +€47,008 | +14.8% |
| Total equity and liabilities | 10/49 | €824,026 | €895,119 | +€71,093 | +8.6% |
| Equity | 10/15 | €725,013 | €792,400 | +€67,387 | +9.3% |
| Contributions | 10/11 | €216,600 | €216,600 | = | 0.0% |
| Reserves | 13 | €508,413 | €575,800 | +€67,387 | +13.3% |
| Distributable reserves | 133 | €508,413 | €575,800 | +€67,387 | +13.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €99,012 | €102,719 | +€3,707 | +3.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €99,012 | €102,719 | +€3,707 | +3.7% |
| Current portion of amounts payable after more than one year | 42 | €15,842 | €0 | -€15,842 | -100% |
| Trade debts | 44 | €33,506 | €53,006 | +€19,500 | +58.2% |
| Suppliers | 440/4 | €33,506 | €53,006 | +€19,500 | +58.2% |
| Taxes, remuneration and social security | 45 | €39,126 | €35,913 | -€3,212 | -8.2% |
| Taxes | 450/3 | €31,762 | €28,263 | -€3,499 | -11.0% |
| Remuneration and social security | 454/9 | €7,363 | €7,650 | +€287 | +3.9% |
| Other amounts payable | 47/48 | €10,538 | €13,800 | +€3,262 | +31.0% |
| Remuneration, social security and pensions | 62 | €68,383 | €57,959 | -€10,424 | -15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,628 | €20,986 | -€1,642 | -7.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€351 | €0 | +€351 | |
| Other operating charges | 640/8 | €7,831 | €2,204 | -€5,627 | -71.9% |
| Non-recurring operating charges | 66A | €0 | €2,884 | +€2,884 | |
| Gross operating margin | 9900 | €179,414 | €167,712 | -€11,702 | -6.5% |
| Operating profit (loss) | 9901 | €80,923 | €83,680 | +€2,757 | +3.4% |
| Financial income | 75/76B | €14,768 | €12,505 | -€2,263 | -15.3% |
| Recurring financial income | 75 | €14,768 | €12,505 | -€2,263 | -15.3% |
| Financial charges | 65/66B | €1,787 | €895 | -€892 | -49.9% |
| Recurring financial charges | 65 | €1,787 | €895 | -€892 | -49.9% |
| Profit (loss) for the period before taxes | 9903 | €93,904 | €95,290 | +€1,386 | +1.5% |
| Income taxes | 67/77 | €15,620 | €27,903 | +€12,282 | +78.6% |
| Profit (loss) for the period | 9904 | €78,284 | €67,387 | -€10,897 | -13.9% |
| Profit (loss) for the period to be appropriated | 9905 | €78,284 | €67,387 | -€10,897 | -13.9% |
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 19 October 2026 via checked.be.