DR. ASTRID DE ZUTTER: 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.
DR. ASTRID DE ZUTTER
Largest movements
- Current investments -€87,000
down €87,000 (-92.8%), from €93,750 to €6,750
- Cash +€67,319
up €67,319 (+117%), from €57,491 to €124,810
mainly Other debts (+€199,750) and Net result for the year (+€195,039)
- Receivables after one year -€6,773
down €6,773 (-5.2%), from €129,776 to €123,003
- Tangible fixed assets -€3,200
down €3,200 (-52.2%), from €6,133 to €2,933
- Reserves -€231,111
down €231,111 (-81.7%), from €282,805 to €51,694
- Other debts +€199,750
up €199,750 (+17,825%), from €1,121 to €200,871
- Gross operating margin +€81,515
up €81,515 (+47.2%), from €172,866 to €254,381
- Taxes +€21,487
up €21,487 (+56.6%), from €37,964 to €59,451
- Financial income +€3,114
up €3,114 (+305%), from €1,020 to €4,135
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 | €288,210 | €258,573 | -€29,637 | -10.3% |
| Fixed assets | 21/28 | €6,133 | €2,933 | -€3,200 | -52.2% |
| Tangible fixed assets | 22/27 | €6,133 | €2,933 | -€3,200 | -52.2% |
| Furniture and vehicles | 24 | €6,133 | €2,933 | -€3,200 | -52.2% |
| Current assets | 29/58 | €282,077 | €255,640 | -€26,437 | -9.4% |
| Amounts receivable after more than one year | 29 | €129,776 | €123,003 | -€6,773 | -5.2% |
| Other amounts receivable | 291 | €129,776 | €123,003 | -€6,773 | -5.2% |
| Current investments | 50/53 | €93,750 | €6,750 | -€87,000 | -92.8% |
| Cash at bank and in hand | 54/58 | €57,491 | €124,810 | +€67,319 | +117% |
| Deferred charges and accrued income | 490/1 | €1,060 | €1,077 | +€17 | +1.6% |
| Total equity and liabilities | 10/49 | €288,210 | €258,573 | -€29,637 | -10.3% |
| Equity | 10/15 | €283,805 | €52,694 | -€231,111 | -81.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €282,805 | €51,694 | -€231,111 | -81.7% |
| Distributable reserves | 133 | €282,805 | €51,694 | -€231,111 | -81.7% |
| Amounts payable | 17/49 | €4,405 | €205,880 | +€201,474 | +4,573% |
| Amounts payable within one year | 42/48 | €4,405 | €205,880 | +€201,474 | +4,573% |
| Trade debts | 44 | €685 | €1,247 | +€563 | +82.2% |
| Suppliers | 440/4 | €685 | €1,247 | +€563 | +82.2% |
| Taxes, remuneration and social security | 45 | €2,600 | €3,761 | +€1,161 | +44.7% |
| Taxes | 450/3 | €2,600 | €3,761 | +€1,161 | +44.7% |
| Other amounts payable | 47/48 | €1,121 | €200,871 | +€199,750 | +17,825% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,200 | €3,200 | = | 0.0% |
| Other operating charges | 640/8 | €362 | €765 | +€403 | +111% |
| Gross operating margin | 9900 | €172,866 | €254,381 | +€81,515 | +47.2% |
| Operating profit (loss) | 9901 | €169,304 | €250,416 | +€81,112 | +47.9% |
| Financial income | 75/76B | €1,020 | €4,135 | +€3,114 | +305% |
| Recurring financial income | 75 | €1,020 | €4,135 | +€3,114 | +305% |
| Financial charges | 65/66B | €44 | €61 | +€17 | +38.4% |
| Recurring financial charges | 65 | €44 | €61 | +€17 | +38.4% |
| Profit (loss) for the period before taxes | 9903 | €170,281 | €254,490 | +€84,209 | +49.5% |
| Income taxes | 67/77 | €37,964 | €59,451 | +€21,487 | +56.6% |
| Profit (loss) for the period | 9904 | €132,317 | €195,039 | +€62,722 | +47.4% |
| Profit (loss) for the period to be appropriated | 9905 | €132,317 | €195,039 | +€62,722 | +47.4% |
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 29 October 2026 via checked.be.