De Zutter Project Management: 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 Project Management
Largest movements
- Tangible fixed assets -€22,469
down €22,469 (-22.7%), from €98,795 to €76,325
of which Furniture and vehicles: -€21,126
- Cash +€3,732
up €3,732 (+2.1%), from €179,225 to €182,957
mainly Net result for the year (+€36,804) and Other debts (+€30,604)
- Other debts +€30,604
up €30,604 (+463%), from €6,616 to €37,221
- Contributions -€18,050
down €18,050 (-97.3%), from €18,550 to €500
- Debts after one year -€13,830
down €13,830 (-24.1%), from €57,284 to €43,454
- Reserves -€12,434
down €12,434 (-6.4%), from €193,309 to €180,875
- Current portion of long-term debt -€7,911
down €7,911 (-36.4%), from €21,741 to €13,830
- Gross operating margin +€20,023
up €20,023 (+29.4%), from €68,164 to €88,187
- Depreciation +€13,741
up €13,741 (+95.0%), from €14,471 to €28,212
- Other operating charges +€3,667
up €3,667 (+206%), from €1,779 to €5,446
- Financial charges +€1,944
up €1,944 (+271%), from €717 to €2,660
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 | €301,899 | €281,178 | -€20,722 | -6.9% |
| Fixed assets | 21/28 | €98,795 | €76,325 | -€22,469 | -22.7% |
| Tangible fixed assets | 22/27 | €98,795 | €76,325 | -€22,469 | -22.7% |
| Plant, machinery and equipment | 23 | €5,998 | €4,655 | -€1,343 | -22.4% |
| Furniture and vehicles | 24 | €92,796 | €71,670 | -€21,126 | -22.8% |
| Current assets | 29/58 | €203,105 | €204,853 | +€1,748 | +0.9% |
| Amounts receivable within one year | 40/41 | €22,805 | €20,915 | -€1,890 | -8.3% |
| Trade receivables | 40 | €18,438 | €20,915 | +€2,477 | +13.4% |
| Other amounts receivable | 41 | €4,367 | €0 | -€4,367 | -100% |
| Cash at bank and in hand | 54/58 | €179,225 | €182,957 | +€3,732 | +2.1% |
| Deferred charges and accrued income | 490/1 | €1,074 | €981 | -€94 | -8.7% |
| Total equity and liabilities | 10/49 | €301,899 | €281,178 | -€20,722 | -6.9% |
| Equity | 10/15 | €211,859 | €181,375 | -€30,484 | -14.4% |
| Contributions | 10/11 | €18,550 | €500 | -€18,050 | -97.3% |
| Reserves | 13 | €193,309 | €180,875 | -€12,434 | -6.4% |
| Distributable reserves | 133 | €193,309 | €180,875 | -€12,434 | -6.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €90,040 | €99,803 | +€9,763 | +10.8% |
| Amounts payable after more than one year | 17 | €57,284 | €43,454 | -€13,830 | -24.1% |
| Financial debts | 170/4 | €57,284 | €43,454 | -€13,830 | -24.1% |
| Amounts payable within one year | 42/48 | €32,757 | €56,349 | +€23,592 | +72.0% |
| Current portion of amounts payable after more than one year | 42 | €21,741 | €13,830 | -€7,911 | -36.4% |
| Trade debts | 44 | €3,526 | €2,972 | -€554 | -15.7% |
| Suppliers | 440/4 | €3,526 | €2,972 | -€554 | -15.7% |
| Taxes, remuneration and social security | 45 | €873 | €2,327 | +€1,453 | +166% |
| Taxes | 450/3 | €545 | €2,327 | +€1,781 | +327% |
| Remuneration and social security | 454/9 | €328 | €0 | -€328 | -100% |
| Other amounts payable | 47/48 | €6,616 | €37,221 | +€30,604 | +463% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,471 | €28,212 | +€13,741 | +95.0% |
| Other operating charges | 640/8 | €1,779 | €5,446 | +€3,667 | +206% |
| Gross operating margin | 9900 | €68,164 | €88,187 | +€20,023 | +29.4% |
| Operating profit (loss) | 9901 | €51,913 | €54,528 | +€2,615 | +5.0% |
| Financial income | 75/76B | €547 | €788 | +€242 | +44.2% |
| Recurring financial income | 75 | €547 | €788 | +€242 | +44.2% |
| Financial charges | 65/66B | €717 | €2,660 | +€1,944 | +271% |
| Recurring financial charges | 65 | €717 | €2,660 | +€1,944 | +271% |
| Profit (loss) for the period before taxes | 9903 | €51,743 | €52,656 | +€913 | +1.8% |
| Income taxes | 67/77 | €15,545 | €15,852 | +€306 | +2.0% |
| Profit (loss) for the period | 9904 | €36,198 | €36,804 | +€606 | +1.7% |
| Profit (loss) for the period to be appropriated | 9905 | €36,198 | €36,804 | +€606 | +1.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.