De Sutter: 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.
De Sutter
Largest movements
- Receivables after one year +€1.8m
new in 2025: €1.8m
- Receivables within one year -€669,074
down €669,074 (-99.9%), from €669,822 to €748
of which Other amounts receivable: -€669,822
- Tangible fixed assets -€629,883
down €629,883 (-94.1%), from €669,448 to €39,565
of which Land and buildings: -€628,624
- Reserves +€700,699
up €700,699 (+311.5%), from €224,964 to €925,663
of which Tax-exempt reserves: +€505,000
- Other debts -€437,157
down €437,157 (-96.1%), from €454,750 to €17,593
- Provisions +€168,333
up €168,333 (+224.5%), from €74,988 to €243,321
- Tax, wage and social debts +€63,896
up €63,896 (+10919.7%), from €585 to €64,482
- Profit (loss) carried forward +€54,376
up €54,376, from -€54,376 to €0
- Gross operating margin +€1.0m
up €1.0m, from -€32,897 to €1.0m
- Taxes +€64,482
up €64,482, from €0 to €64,482
- Depreciation -€33,208
down €33,208 (-91.3%), from €36,377 to €3,169
- Financial charges +€21,061
up €21,061 (+1426.4%), from €1,477 to €22,537
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 | €1,351,708 | €1,868,996 | +€517,288 | +38.3% |
| Fixed assets | 21/28 | €669,448 | €39,565 | -€629,883 | -94.1% |
| Tangible fixed assets | 22/27 | €669,448 | €39,565 | -€629,883 | -94.1% |
| Land and buildings | 22 | €663,991 | €35,367 | -€628,624 | -94.7% |
| Plant, machinery and equipment | 23 | €1,297 | €1,033 | -€264 | -20.4% |
| Furniture and vehicles | 24 | €4,161 | €3,165 | -€995 | -23.9% |
| Current assets | 29/58 | €682,260 | €1,829,431 | +€1.1m | +168.1% |
| Amounts receivable after more than one year | 29 | - | €1,823,665 | +€1.8m | |
| Other amounts receivable | 291 | - | €1,823,665 | +€1.8m | |
| Amounts receivable within one year | 40/41 | €669,822 | €748 | -€669,074 | -99.9% |
| Trade receivables | 40 | - | €748 | +€748 | |
| Other amounts receivable | 41 | €669,822 | €0 | -€669,822 | -100.0% |
| Cash at bank and in hand | 54/58 | €10,885 | €3,420 | -€7,465 | -68.6% |
| Deferred charges and accrued income | 490/1 | €1,553 | €1,599 | +€45 | +2.9% |
| Total equity and liabilities | 10/49 | €1,351,708 | €1,868,996 | +€517,288 | +38.3% |
| Equity | 10/15 | €189,139 | €944,214 | +€755,075 | +399.2% |
| Contributions | 10/11 | €18,551 | €18,551 | = | 0.0% |
| Reserves | 13 | €224,964 | €925,663 | +€700,699 | +311.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €224,964 | €729,964 | +€505,000 | +224.5% |
| Distributable reserves | 133 | €0 | €195,699 | +€195,699 | |
| Profit (loss) carried forward | 14 | -€54,376 | €0 | +€54,376 | |
| Provisions and deferred taxes | 16 | €74,988 | €243,321 | +€168,333 | +224.5% |
| Deferred taxes | 168 | €74,988 | €243,321 | +€168,333 | +224.5% |
| Amounts payable | 17/49 | €1,087,581 | €681,460 | -€406,120 | -37.3% |
| Amounts payable after more than one year | 17 | €597,824 | €564,458 | -€33,366 | -5.6% |
| Financial debts | 170/4 | €597,824 | €564,458 | -€33,366 | -5.6% |
| Amounts payable within one year | 42/48 | €489,756 | €117,003 | -€372,754 | -76.1% |
| Current portion of amounts payable after more than one year | 42 | €32,176 | €33,366 | +€1,191 | +3.7% |
| Trade debts | 44 | €2,246 | €1,561 | -€684 | -30.5% |
| Suppliers | 440/4 | €2,246 | €1,561 | -€684 | -30.5% |
| Taxes, remuneration and social security | 45 | €585 | €64,482 | +€63,896 | +10919.7% |
| Taxes | 450/3 | €585 | €64,482 | +€63,896 | +10919.7% |
| Other amounts payable | 47/48 | €454,750 | €17,593 | -€437,157 | -96.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,377 | €3,169 | -€33,208 | -91.3% |
| Other operating charges | 640/8 | €11,777 | €3,119 | -€8,658 | -73.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€32,897 | €1,016,715 | +€1.0m | |
| Operating profit (loss) | 9901 | -€81,051 | €1,010,427 | +€1.1m | |
| Financial income | 75/76B | €26 | €0 | -€26 | -100.0% |
| Recurring financial income | 75 | €26 | €0 | -€26 | -100.0% |
| Financial charges | 65/66B | €1,477 | €22,537 | +€21,061 | +1426.4% |
| Recurring financial charges | 65 | €1,477 | €22,537 | +€21,061 | +1426.4% |
| Profit (loss) for the period before taxes | 9903 | -€82,501 | €987,890 | +€1.1m | |
| Transfer from deferred taxes | 780 | €4,644 | €74,988 | +€70,344 | +1514.8% |
| Transfer to deferred taxes | 680 | €0 | €243,321 | +€243,321 | |
| Income taxes | 67/77 | €0 | €64,482 | +€64,482 | |
| Profit (loss) for the period | 9904 | -€77,858 | €755,075 | +€832,933 | |
| Transfer from tax-exempt reserves | 789 | €13,931 | €224,964 | +€211,033 | +1514.8% |
| Transfer to tax-exempt reserves | 689 | €0 | €729,964 | +€729,964 | |
| Profit (loss) for the period to be appropriated | 9905 | -€63,927 | €250,075 | +€314,002 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.