De Zuster: 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 Zuster
Largest movements
- Cash +€78,701
up €78,701 (+156.6%), from €50,258 to €128,959
mainly Depreciation (+€70,834) and Trade debts (+€41,635)
- Intangible fixed assets -€45,000
down €45,000 (-12.5%), from €359,949 to €314,949
- Tangible fixed assets -€18,036
down €18,036 (-29.0%), from €62,210 to €44,173
of which Plant, machinery and equipment: -€13,335
- Formation expenses -€5,983
down €5,983 (-31.2%), from €19,191 to €13,208
- Debts after one year -€43,187
down €43,187 (-17.4%), from €248,144 to €204,957
- Trade debts +€41,635
up €41,635 (+148.2%), from €28,087 to €69,722
- Reserves +€16,492
up €16,492 (+768.9%), from €2,145 to €18,637
- Tax, wage and social debts -€15,549
down €15,549 (-24.8%), from €62,705 to €47,157
of which Remuneration and social security: -€9,815
- Accrued charges and deferred income +€5,363
up €5,363 (+165.0%), from €3,250 to €8,613
- Staff costs -€90,455
down €90,455 (-19.2%), from €470,712 to €380,258
- Gross operating margin -€55,355
down €55,355 (-10.0%), from €554,957 to €499,602
- Taxes +€8,304
up €8,304 (+1821.0%), from €456 to €8,760
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 | €523,653 | €529,420 | +€5,767 | +1.1% |
| Formation expenses | 20 | €19,191 | €13,208 | -€5,983 | -31.2% |
| Fixed assets | 21/28 | €422,158 | €359,122 | -€63,036 | -14.9% |
| Intangible fixed assets | 21 | €359,949 | €314,949 | -€45,000 | -12.5% |
| Tangible fixed assets | 22/27 | €62,210 | €44,173 | -€18,036 | -29.0% |
| Plant, machinery and equipment | 23 | €42,777 | €29,442 | -€13,335 | -31.2% |
| Furniture and vehicles | 24 | €18,872 | €14,238 | -€4,634 | -24.6% |
| Other tangible fixed assets | 26 | €560 | €493 | -€67 | -12.0% |
| Current assets | 29/58 | €82,304 | €157,091 | +€74,787 | +90.9% |
| Stocks and contracts in progress | 3 | €12,314 | €13,086 | +€773 | +6.3% |
| Stocks | 30/36 | €12,314 | €13,086 | +€773 | +6.3% |
| Amounts receivable within one year | 40/41 | €16,278 | €11,871 | -€4,407 | -27.1% |
| Trade receivables | 40 | €1,650 | €1,669 | +€19 | +1.2% |
| Other amounts receivable | 41 | €14,628 | €10,202 | -€4,426 | -30.3% |
| Cash at bank and in hand | 54/58 | €50,258 | €128,959 | +€78,701 | +156.6% |
| Deferred charges and accrued income | 490/1 | €3,454 | €3,174 | -€280 | -8.1% |
| Total equity and liabilities | 10/49 | €523,653 | €529,420 | +€5,767 | +1.1% |
| Equity | 10/15 | €123,081 | €143,637 | +€20,555 | +16.7% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €2,145 | €18,637 | +€16,492 | +768.9% |
| Distributable reserves | 133 | €2,145 | €18,637 | +€16,492 | +768.9% |
| Profit (loss) carried forward | 14 | -€4,064 | - | +€4,064 | |
| Amounts payable | 17/49 | €400,572 | €385,784 | -€14,788 | -3.7% |
| Amounts payable after more than one year | 17 | €248,144 | €204,957 | -€43,187 | -17.4% |
| Financial debts | 170/4 | €248,144 | €204,957 | -€43,187 | -17.4% |
| Amounts payable within one year | 42/48 | €149,178 | €172,214 | +€23,036 | +15.4% |
| Current portion of amounts payable after more than one year | 42 | €45,885 | €43,187 | -€2,697 | -5.9% |
| Financial debts | 43 | €9,151 | €8,792 | -€359 | -3.9% |
| Credit institutions | 430/8 | €9,151 | €8,792 | -€359 | -3.9% |
| Trade debts | 44 | €28,087 | €69,722 | +€41,635 | +148.2% |
| Suppliers | 440/4 | €28,087 | €69,722 | +€41,635 | +148.2% |
| Taxes, remuneration and social security | 45 | €62,705 | €47,157 | -€15,549 | -24.8% |
| Taxes | 450/3 | €10,093 | €4,360 | -€5,734 | -56.8% |
| Remuneration and social security | 454/9 | €52,612 | €42,797 | -€9,815 | -18.7% |
| Other amounts payable | 47/48 | €3,350 | €3,356 | +€6 | +0.2% |
| Accrued charges and deferred income | 492/3 | €3,250 | €8,613 | +€5,363 | +165.0% |
| Remuneration, social security and pensions | 62 | €470,712 | €380,258 | -€90,455 | -19.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,242 | €70,834 | +€592 | +0.8% |
| Other operating charges | 640/8 | €1,772 | €1,841 | +€69 | +3.9% |
| Gross operating margin | 9900 | €554,957 | €499,602 | -€55,355 | -10.0% |
| Operating profit (loss) | 9901 | €12,231 | €46,669 | +€34,438 | +281.6% |
| Financial income | 75/76B | €258 | €147 | -€111 | -43.1% |
| Recurring financial income | 75 | €258 | €147 | -€111 | -43.1% |
| Financial charges | 65/66B | €16,097 | €17,501 | +€1,404 | +8.7% |
| Recurring financial charges | 65 | €16,097 | €17,501 | +€1,404 | +8.7% |
| Profit (loss) for the period before taxes | 9903 | -€3,608 | €29,315 | +€32,923 | |
| Income taxes | 67/77 | €456 | €8,760 | +€8,304 | +1821.0% |
| Profit (loss) for the period | 9904 | -€4,064 | €20,555 | +€24,619 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,064 | €20,555 | +€24,619 |
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 5 October 2026 via checked.be.