DE ZUTTER GEERT: 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 ZUTTER GEERT
Largest movements
- Current investments +€41,916
up €41,916 (+27.5%), from €152,412 to €194,328
- Tangible fixed assets -€41,168
down €41,168 (-17.6%), from €233,347 to €192,179
of which Other tangible fixed assets: -€31,421
- Cash -€26,150
down €26,150 (-79.1%), from €33,041 to €6,891
mainly Current portion of long-term debt (-€87,010) and Short-term financial debts (-€49,341)
- Receivables within one year -€15,554
down €15,554 (-26.0%), from €59,845 to €44,291
of which Other amounts receivable: -€19,181
- Current portion of long-term debt -€87,010
down €87,010 (-68.4%), from €127,156 to €40,147
- Other debts +€61,930
new in 2025: €61,930
- Reserves +€49,571
up €49,571 (+211%), from €23,497 to €73,068
of which Distributable reserves: +€49,571
- Short-term financial debts -€49,341
down €49,341 (-44.1%), from €111,872 to €62,530
- Debts after one year -€40,147
down €40,147 (-34.8%), from €115,239 to €75,092
- Staff costs -€68,668
down €68,668 (-27.8%), from €247,215 to €178,547
- Taxes -€48,466
down €48,466 (-69.9%), from €69,349 to €20,883
- Gross operating margin -€28,851
down €28,851 (-7.1%), from €405,848 to €376,997
- Financial income -€22,306
down €22,306 (-99.9%), from €22,333 to €27
- Financial charges -€5,804
down €5,804 (-30.9%), from €18,802 to €12,998
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 | €485,813 | €440,765 | -€45,048 | -9.3% |
| Fixed assets | 21/28 | €233,719 | €192,551 | -€41,168 | -17.6% |
| Tangible fixed assets | 22/27 | €233,347 | €192,179 | -€41,168 | -17.6% |
| Furniture and vehicles | 24 | €133,879 | €124,132 | -€9,748 | -7.3% |
| Other tangible fixed assets | 26 | €99,467 | €68,047 | -€31,421 | -31.6% |
| Financial fixed assets | 28 | €372 | €372 | = | 0.0% |
| Current assets | 29/58 | €252,094 | €248,214 | -€3,880 | -1.5% |
| Amounts receivable within one year | 40/41 | €59,845 | €44,291 | -€15,554 | -26.0% |
| Trade receivables | 40 | €40,664 | €44,291 | +€3,627 | +8.9% |
| Other amounts receivable | 41 | €19,181 | - | -€19,181 | |
| Current investments | 50/53 | €152,412 | €194,328 | +€41,916 | +27.5% |
| Cash at bank and in hand | 54/58 | €33,041 | €6,891 | -€26,150 | -79.1% |
| Deferred charges and accrued income | 490/1 | €6,796 | €2,704 | -€4,092 | -60.2% |
| Total equity and liabilities | 10/49 | €485,813 | €440,765 | -€45,048 | -9.3% |
| Equity | 10/15 | €34,833 | €101,575 | +€66,743 | +192% |
| Contributions | 10/11 | €28,508 | €28,508 | = | 0.0% |
| Reserves | 13 | €23,497 | €73,068 | +€49,571 | +211% |
| Non-distributable reserves | 130/1 | €2,851 | €2,851 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,851 | €2,851 | = | 0.0% |
| Distributable reserves | 133 | €20,646 | €70,217 | +€49,571 | +240% |
| Profit (loss) carried forward | 14 | -€17,172 | - | +€17,172 | |
| Amounts payable | 17/49 | €450,980 | €339,190 | -€111,791 | -24.8% |
| Amounts payable after more than one year | 17 | €115,239 | €75,092 | -€40,147 | -34.8% |
| Financial debts | 170/4 | €115,239 | €75,092 | -€40,147 | -34.8% |
| Amounts payable within one year | 42/48 | €328,741 | €257,898 | -€70,844 | -21.6% |
| Current portion of amounts payable after more than one year | 42 | €127,156 | €40,147 | -€87,010 | -68.4% |
| Financial debts | 43 | €111,872 | €62,530 | -€49,341 | -44.1% |
| Credit institutions | 430/8 | €111,872 | €62,530 | -€49,341 | -44.1% |
| Trade debts | 44 | €8,110 | €5,863 | -€2,248 | -27.7% |
| Suppliers | 440/4 | €8,110 | €5,863 | -€2,248 | -27.7% |
| Taxes, remuneration and social security | 45 | €81,603 | €87,428 | +€5,825 | +7.1% |
| Taxes | 450/3 | €29,284 | €51,612 | +€22,328 | +76.2% |
| Remuneration and social security | 454/9 | €52,319 | €35,815 | -€16,503 | -31.5% |
| Other amounts payable | 47/48 | - | €61,930 | +€61,930 | |
| Accrued charges and deferred income | 492/3 | €7,000 | €6,200 | -€800 | -11.4% |
| Remuneration, social security and pensions | 62 | €247,215 | €178,547 | -€68,668 | -27.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,373 | €59,468 | -€2,904 | -4.7% |
| Other operating charges | 640/8 | €12,985 | €8,386 | -€4,600 | -35.4% |
| Gross operating margin | 9900 | €405,848 | €376,997 | -€28,851 | -7.1% |
| Operating profit (loss) | 9901 | €83,275 | €130,597 | +€47,321 | +56.8% |
| Financial income | 75/76B | €22,333 | €27 | -€22,306 | -99.9% |
| Recurring financial income | 75 | €22,333 | €27 | -€22,306 | -99.9% |
| Financial charges | 65/66B | €18,802 | €12,998 | -€5,804 | -30.9% |
| Recurring financial charges | 65 | €18,802 | €12,998 | -€5,804 | -30.9% |
| Profit (loss) for the period before taxes | 9903 | €86,806 | €117,626 | +€30,820 | +35.5% |
| Income taxes | 67/77 | €69,349 | €20,883 | -€48,466 | -69.9% |
| Profit (loss) for the period | 9904 | €17,457 | €96,743 | +€79,285 | +454% |
| Profit (loss) for the period to be appropriated | 9905 | €17,457 | €96,743 | +€79,285 | +454% |
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 29 October 2026 via checked.be.