VAN 'T GELUTT: 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 'T GELUTT
Largest movements
- Current investments -€280,000
down €280,000 (-100%), from €280,000 to €0
- Cash +€184,146
up €184,146 (+6,712%), from €2,744 to €186,889
mainly Current investments (+€280,000) and Net result for the year (+€74,250)
- Tangible fixed assets +€124,657
up €124,657 (+94.6%), from €131,712 to €256,369
of which Plant, machinery and equipment: +€70,074
- Stocks and contracts +€15,875
up €15,875 (+16.6%), from €95,825 to €111,700
- Deferred charges and accrued income -€10,156
down €10,156 (-73.6%), from €13,796 to €3,640
- Reserves +€74,250
up €74,250 (+26.6%), from €278,704 to €352,954
of which Distributable reserves: +€74,250
- Trade debts -€67,955
down €67,955 (-46.7%), from €145,409 to €77,454
- Debts after one year +€26,224
new in 2025: €26,224
- Other debts -€12,337
down €12,337 (-6.9%), from €179,224 to €166,888
- Current portion of long-term debt +€6,841
new in 2025: €6,841
- Gross operating margin +€45,857
up €45,857 (+30.7%), from €149,275 to €195,133
- Financial charges +€12,903
up €12,903 (+610%), from €2,114 to €15,017
- Staff costs +€10,785
up €10,785 (+31.8%), from €33,941 to €44,727
- Depreciation +€7,423
up €7,423 (+19.7%), from €37,770 to €45,193
- Financial income -€3,428
down €3,428 (-51.0%), from €6,726 to €3,298
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 | €634,478 | €665,008 | +€30,531 | +4.8% |
| Fixed assets | 21/28 | €133,461 | €262,842 | +€129,381 | +96.9% |
| Intangible fixed assets | 21 | €1,749 | €6,473 | +€4,724 | +270% |
| Tangible fixed assets | 22/27 | €131,712 | €256,369 | +€124,657 | +94.6% |
| Land and buildings | 22 | €6,293 | €24,620 | +€18,327 | +291% |
| Plant, machinery and equipment | 23 | €21,135 | €91,209 | +€70,074 | +332% |
| Furniture and vehicles | 24 | €104,283 | €104,685 | +€402 | +0.4% |
| Leasing and similar rights | 25 | - | €35,855 | +€35,855 | |
| Current assets | 29/58 | €501,017 | €402,166 | -€98,851 | -19.7% |
| Stocks and contracts in progress | 3 | €95,825 | €111,700 | +€15,875 | +16.6% |
| Stocks | 30/36 | €95,825 | €111,700 | +€15,875 | +16.6% |
| Amounts receivable within one year | 40/41 | €108,653 | €99,937 | -€8,716 | -8.0% |
| Trade receivables | 40 | €94,708 | €87,099 | -€7,609 | -8.0% |
| Other amounts receivable | 41 | €13,945 | €12,838 | -€1,106 | -7.9% |
| Current investments | 50/53 | €280,000 | €0 | -€280,000 | -100% |
| Cash at bank and in hand | 54/58 | €2,744 | €186,889 | +€184,146 | +6,712% |
| Deferred charges and accrued income | 490/1 | €13,796 | €3,640 | -€10,156 | -73.6% |
| Total equity and liabilities | 10/49 | €634,478 | €665,008 | +€30,531 | +4.8% |
| Equity | 10/15 | €297,304 | €371,554 | +€74,250 | +25.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €278,704 | €352,954 | +€74,250 | +26.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €278,704 | €352,954 | +€74,250 | +26.6% |
| Amounts payable | 17/49 | €337,174 | €293,454 | -€43,720 | -13.0% |
| Amounts payable after more than one year | 17 | - | €26,224 | +€26,224 | |
| Financial debts | 170/4 | - | €26,224 | +€26,224 | |
| Amounts payable within one year | 42/48 | €336,474 | €267,229 | -€69,245 | -20.6% |
| Current portion of amounts payable after more than one year | 42 | - | €6,841 | +€6,841 | |
| Trade debts | 44 | €145,409 | €77,454 | -€67,955 | -46.7% |
| Suppliers | 440/4 | €145,409 | €77,454 | -€67,955 | -46.7% |
| Taxes, remuneration and social security | 45 | €11,841 | €16,046 | +€4,206 | +35.5% |
| Taxes | 450/3 | €5,754 | €9,059 | +€3,306 | +57.5% |
| Remuneration and social security | 454/9 | €6,087 | €6,987 | +€900 | +14.8% |
| Other amounts payable | 47/48 | €179,224 | €166,888 | -€12,337 | -6.9% |
| Accrued charges and deferred income | 492/3 | €700 | €2 | -€699 | -99.8% |
| Non-recurring operating income | 76A | - | €8,941 | +€8,941 | |
| Remuneration, social security and pensions | 62 | €33,941 | €44,727 | +€10,785 | +31.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,770 | €45,193 | +€7,423 | +19.7% |
| Other operating charges | 640/8 | €182 | €622 | +€440 | +242% |
| Gross operating margin | 9900 | €149,275 | €195,133 | +€45,857 | +30.7% |
| Operating profit (loss) | 9901 | €77,382 | €104,591 | +€27,209 | +35.2% |
| Financial income | 75/76B | €6,726 | €3,298 | -€3,428 | -51.0% |
| Recurring financial income | 75 | €6,726 | €3,298 | -€3,428 | -51.0% |
| Financial charges | 65/66B | €2,114 | €15,017 | +€12,903 | +610% |
| Recurring financial charges | 65 | €2,114 | €15,017 | +€12,903 | +610% |
| Profit (loss) for the period before taxes | 9903 | €81,994 | €92,871 | +€10,877 | +13.3% |
| Income taxes | 67/77 | €20,497 | €18,621 | -€1,876 | -9.2% |
| Profit (loss) for the period | 9904 | €61,497 | €74,250 | +€12,754 | +20.7% |
| Profit (loss) for the period to be appropriated | 9905 | €61,497 | €74,250 | +€12,754 | +20.7% |
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.