DE ZUTTER STIJN: 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 STIJN
Largest movements
- Tangible fixed assets +€157,990
up €157,990 (+41.8%), from €377,748 to €535,739
of which Plant, machinery and equipment: +€95,263
- Cash -€72,192
down €72,192 (-19.1%), from €378,605 to €306,413
mainly Investment in fixed assets (net) (-€214,944) and Trade debts (-€18,912)
- Stocks and contracts +€13,986
up €13,986 (+90.0%), from €15,538 to €29,524
- Reserves +€71,768
up €71,768 (+12.3%), from €584,556 to €656,324
- Other debts +€67,409
up €67,409 (+62.4%), from €108,042 to €175,451
- Trade debts -€18,912
down €18,912 (-89.8%), from €21,052 to €2,140
- Debts after one year -€15,111
down €15,111 (-20.6%), from €73,204 to €58,092
- Depreciation -€17,545
down €17,545 (-23.6%), from €74,499 to €56,954
- Taxes -€11,089
down €11,089 (-26.3%), from €42,205 to €31,116
- Other operating charges +€8,131
up €8,131 (+325%), from €2,499 to €10,631
- Financial charges +€6,497
up €6,497 (+49.9%), from €13,014 to €19,511
- Staff costs +€6,150
up €6,150 (+5.1%), from €120,564 to €126,714
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 | €836,807 | €928,714 | +€91,907 | +11.0% |
| Fixed assets | 21/28 | €378,063 | €536,054 | +€157,990 | +41.8% |
| Tangible fixed assets | 22/27 | €377,748 | €535,739 | +€157,990 | +41.8% |
| Land and buildings | 22 | €310,187 | €296,469 | -€13,719 | -4.4% |
| Plant, machinery and equipment | 23 | €49,542 | €144,805 | +€95,263 | +192% |
| Furniture and vehicles | 24 | €18,019 | €94,465 | +€76,446 | +424% |
| Financial fixed assets | 28 | €315 | €315 | = | 0.0% |
| Current assets | 29/58 | €458,744 | €392,660 | -€66,084 | -14.4% |
| Stocks and contracts in progress | 3 | €15,538 | €29,524 | +€13,986 | +90.0% |
| Stocks | 30/36 | €15,538 | €29,524 | +€13,986 | +90.0% |
| Amounts receivable within one year | 40/41 | €59,392 | €52,815 | -€6,577 | -11.1% |
| Trade receivables | 40 | €28,000 | €11,322 | -€16,678 | -59.6% |
| Other amounts receivable | 41 | €31,392 | €41,492 | +€10,100 | +32.2% |
| Cash at bank and in hand | 54/58 | €378,605 | €306,413 | -€72,192 | -19.1% |
| Deferred charges and accrued income | 490/1 | €5,209 | €3,909 | -€1,300 | -25.0% |
| Total equity and liabilities | 10/49 | €836,807 | €928,714 | +€91,907 | +11.0% |
| Equity | 10/15 | €603,156 | €674,924 | +€71,768 | +11.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €584,556 | €656,324 | +€71,768 | +12.3% |
| Distributable reserves | 133 | €584,556 | €656,324 | +€71,768 | +12.3% |
| Amounts payable | 17/49 | €233,651 | €253,790 | +€20,139 | +8.6% |
| Amounts payable after more than one year | 17 | €73,204 | €58,092 | -€15,111 | -20.6% |
| Financial debts | 170/4 | €73,204 | €58,092 | -€15,111 | -20.6% |
| Amounts payable within one year | 42/48 | €151,822 | €195,697 | +€43,875 | +28.9% |
| Current portion of amounts payable after more than one year | 42 | €14,954 | €15,111 | +€157 | +1.0% |
| Trade debts | 44 | €21,052 | €2,140 | -€18,912 | -89.8% |
| Suppliers | 440/4 | €21,052 | €2,140 | -€18,912 | -89.8% |
| Taxes, remuneration and social security | 45 | €7,773 | €2,995 | -€4,778 | -61.5% |
| Taxes | 450/3 | €1,160 | €2,914 | +€1,755 | +151% |
| Remuneration and social security | 454/9 | €6,614 | €81 | -€6,533 | -98.8% |
| Other amounts payable | 47/48 | €108,042 | €175,451 | +€67,409 | +62.4% |
| Accrued charges and deferred income | 492/3 | €8,625 | €0 | -€8,625 | -100% |
| Remuneration, social security and pensions | 62 | €120,564 | €126,714 | +€6,150 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,499 | €56,954 | -€17,545 | -23.6% |
| Other operating charges | 640/8 | €2,499 | €10,631 | +€8,131 | +325% |
| Gross operating margin | 9900 | €318,437 | €315,338 | -€3,099 | -1.0% |
| Operating profit (loss) | 9901 | €120,874 | €121,039 | +€165 | +0.1% |
| Financial income | 75/76B | €741 | €1,356 | +€615 | +83.0% |
| Recurring financial income | 75 | €741 | €1,356 | +€615 | +83.0% |
| Financial charges | 65/66B | €13,014 | €19,511 | +€6,497 | +49.9% |
| Recurring financial charges | 65 | €13,014 | €19,511 | +€6,497 | +49.9% |
| Profit (loss) for the period before taxes | 9903 | €108,601 | €102,884 | -€5,718 | -5.3% |
| Income taxes | 67/77 | €42,205 | €31,116 | -€11,089 | -26.3% |
| Profit (loss) for the period | 9904 | €66,397 | €71,768 | +€5,371 | +8.1% |
| Profit (loss) for the period to be appropriated | 9905 | €66,397 | €71,768 | +€5,371 | +8.1% |
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 28 October 2026 via checked.be.