DE BRUYNE - ZUTTERMAN: 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.
DE BRUYNE - ZUTTERMAN
Largest movements
- Current investments +€135,358
up €135,358 (+22.1%), from €611,695 to €747,052
- Cash +€31,948
up €31,948 (+15.7%), from €202,925 to €234,874
mainly Net result for the year (+€202,254) and Other debts (+€107,957)
- Tangible fixed assets -€26,498
down €26,498 (-8.0%), from €330,683 to €304,185
of which Land and buildings: -€18,390
- Other debts +€107,957
up €107,957 (+56.8%), from €190,076 to €298,033
- Reserves +€62,136
up €62,136 (+7.2%), from €864,616 to €926,753
- Debts after one year -€18,000
down €18,000 (-66.7%), from €27,000 to €9,000
- Gross operating margin -€24,865
down €24,865 (-6.8%), from €363,556 to €338,691
- Taxes -€11,830
down €11,830 (-12.0%), from €98,379 to €86,549
- Financial charges +€6,808
up €6,808 (+51.0%), from €13,342 to €20,150
- Depreciation +€6,146
up €6,146 (+15.6%), from €39,365 to €45,510
- Financial income +€4,963
up €4,963 (+29.5%), from €16,816 to €21,779
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 | €1,154,049 | €1,294,818 | +€140,768 | +12.2% |
| Fixed assets | 21/28 | €330,683 | €304,185 | -€26,498 | -8.0% |
| Tangible fixed assets | 22/27 | €330,683 | €304,185 | -€26,498 | -8.0% |
| Land and buildings | 22 | €134,045 | €115,655 | -€18,390 | -13.7% |
| Plant, machinery and equipment | 23 | €41,856 | €29,353 | -€12,502 | -29.9% |
| Furniture and vehicles | 24 | €10,948 | €7,679 | -€3,270 | -29.9% |
| Other tangible fixed assets | 26 | €143,835 | €151,499 | +€7,664 | +5.3% |
| Current assets | 29/58 | €823,366 | €990,632 | +€167,266 | +20.3% |
| Amounts receivable within one year | 40/41 | €1,729 | €1,164 | -€565 | -32.7% |
| Trade receivables | 40 | €1,729 | €1,164 | -€565 | -32.7% |
| Current investments | 50/53 | €611,695 | €747,052 | +€135,358 | +22.1% |
| Cash at bank and in hand | 54/58 | €202,925 | €234,874 | +€31,948 | +15.7% |
| Deferred charges and accrued income | 490/1 | €7,017 | €7,542 | +€525 | +7.5% |
| Total equity and liabilities | 10/49 | €1,154,049 | €1,294,818 | +€140,768 | +12.2% |
| Equity | 10/15 | €864,616 | €926,753 | +€62,136 | +7.2% |
| Reserves | 13 | €864,616 | €926,753 | +€62,136 | +7.2% |
| Distributable reserves | 133 | €864,616 | €926,753 | +€62,136 | +7.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €289,433 | €368,065 | +€78,632 | +27.2% |
| Amounts payable after more than one year | 17 | €27,000 | €9,000 | -€18,000 | -66.7% |
| Financial debts | 170/4 | €27,000 | €9,000 | -€18,000 | -66.7% |
| Amounts payable within one year | 42/48 | €253,060 | €343,430 | +€90,371 | +35.7% |
| Current portion of amounts payable after more than one year | 42 | €18,000 | €18,000 | = | 0.0% |
| Trade debts | 44 | €25,964 | €16,595 | -€9,369 | -36.1% |
| Suppliers | 440/4 | €25,964 | €16,595 | -€9,369 | -36.1% |
| Taxes, remuneration and social security | 45 | €19,020 | €10,802 | -€8,218 | -43.2% |
| Taxes | 450/3 | €19,020 | €10,802 | -€8,218 | -43.2% |
| Other amounts payable | 47/48 | €190,076 | €298,033 | +€107,957 | +56.8% |
| Accrued charges and deferred income | 492/3 | €9,373 | €15,634 | +€6,261 | +66.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,365 | €45,510 | +€6,146 | +15.6% |
| Other operating charges | 640/8 | €5,456 | €6,006 | +€550 | +10.1% |
| Gross operating margin | 9900 | €363,556 | €338,691 | -€24,865 | -6.8% |
| Operating profit (loss) | 9901 | €318,735 | €287,175 | -€31,560 | -9.9% |
| Financial income | 75/76B | €16,816 | €21,779 | +€4,963 | +29.5% |
| Recurring financial income | 75 | €16,816 | €21,779 | +€4,963 | +29.5% |
| Financial charges | 65/66B | €13,342 | €20,150 | +€6,808 | +51.0% |
| Recurring financial charges | 65 | €13,342 | €20,150 | +€6,808 | +51.0% |
| Profit (loss) for the period before taxes | 9903 | €322,209 | €288,804 | -€33,405 | -10.4% |
| Income taxes | 67/77 | €98,379 | €86,549 | -€11,830 | -12.0% |
| Profit (loss) for the period | 9904 | €223,830 | €202,254 | -€21,576 | -9.6% |
| Profit (loss) for the period to be appropriated | 9905 | €223,830 | €202,254 | -€21,576 | -9.6% |
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.