Koen 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.
Koen De Zutter
Largest movements
- Tangible fixed assets +€39,921
up €39,921 (+31.1%), from €128,259 to €168,181
of which Land and buildings: +€34,682
- Cash +€34,536
up €34,536 (+96.5%), from €35,778 to €70,314
mainly Net result for the year (+€36,096) and Receivables within one year (+€32,126)
- Receivables within one year -€32,126
down €32,126 (-40.0%), from €80,248 to €48,123
of which Trade receivables: -€31,197
- Reserves +€115,272
up €115,272 (+112%), from €102,772 to €218,043
of which Distributable reserves: +€146,817
- Profit (loss) carried forward -€79,176
down €79,176 (-100%), from €79,176 to €0
- Other debts +€23,440
up €23,440, from €0 to €23,440
- Trade debts -€13,731
down €13,731 (-28.2%), from €48,761 to €35,031
- Current portion of long-term debt -€3,521
down €3,521 (-55.5%), from €6,345 to €2,824
- Gross operating margin +€46,909
up €46,909 (+46.5%), from €100,874 to €147,783
- Staff costs +€21,350
up €21,350 (+37.9%), from €56,353 to €77,703
- Financial income -€19,315
down €19,315 (-91.7%), from €21,069 to €1,754
of which Non-recurring financial income: -€21,013
- Taxes +€4,342
up €4,342 (+51.2%), from €8,489 to €12,831
- Financial charges +€3,175
up €3,175 (+91.7%), from €3,461 to €6,636
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 | €274,367 | €317,465 | +€43,098 | +15.7% |
| Fixed assets | 21/28 | €128,809 | €168,730 | +€39,921 | +31.0% |
| Tangible fixed assets | 22/27 | €128,259 | €168,181 | +€39,921 | +31.1% |
| Land and buildings | 22 | €111,715 | €146,397 | +€34,682 | +31.0% |
| Plant, machinery and equipment | 23 | €15,048 | €9,659 | -€5,389 | -35.8% |
| Furniture and vehicles | 24 | €1,496 | €12,124 | +€10,628 | +710% |
| Financial fixed assets | 28 | €550 | €550 | = | 0.0% |
| Current assets | 29/58 | €145,558 | €148,735 | +€3,176 | +2.2% |
| Stocks and contracts in progress | 3 | €26,694 | €25,192 | -€1,502 | -5.6% |
| Stocks | 30/36 | €26,694 | €25,192 | -€1,502 | -5.6% |
| Amounts receivable within one year | 40/41 | €80,248 | €48,123 | -€32,126 | -40.0% |
| Trade receivables | 40 | €77,670 | €46,473 | -€31,197 | -40.2% |
| Other amounts receivable | 41 | €2,578 | €1,650 | -€928 | -36.0% |
| Cash at bank and in hand | 54/58 | €35,778 | €70,314 | +€34,536 | +96.5% |
| Deferred charges and accrued income | 490/1 | €2,838 | €5,106 | +€2,268 | +79.9% |
| Total equity and liabilities | 10/49 | €274,367 | €317,465 | +€43,098 | +15.7% |
| Equity | 10/15 | €206,710 | €242,806 | +€36,096 | +17.5% |
| Contributions | 10/11 | €24,762 | €24,762 | = | 0.0% |
| Reserves | 13 | €102,772 | €218,043 | +€115,272 | +112% |
| Non-distributable reserves | 130/1 | €31,545 | €0 | -€31,545 | -100% |
| Other | 1319 | €31,545 | €0 | -€31,545 | -100% |
| Tax-exempt reserves | 132 | €3,579 | €3,579 | = | 0.0% |
| Distributable reserves | 133 | €67,647 | €214,464 | +€146,817 | +217% |
| Profit (loss) carried forward | 14 | €79,176 | €0 | -€79,176 | -100% |
| Amounts payable | 17/49 | €67,657 | €74,659 | +€7,002 | +10.3% |
| Amounts payable after more than one year | 17 | €324 | €0 | -€324 | -100% |
| Financial debts | 170/4 | €324 | €0 | -€324 | -100% |
| Amounts payable within one year | 42/48 | €67,333 | €74,659 | +€7,326 | +10.9% |
| Current portion of amounts payable after more than one year | 42 | €6,345 | €2,824 | -€3,521 | -55.5% |
| Trade debts | 44 | €48,761 | €35,031 | -€13,731 | -28.2% |
| Suppliers | 440/4 | €48,761 | €35,031 | -€13,731 | -28.2% |
| Advances received on contracts in progress | 46 | €461 | €0 | -€461 | -100% |
| Taxes, remuneration and social security | 45 | €11,766 | €13,364 | +€1,598 | +13.6% |
| Taxes | 450/3 | €7,785 | €6,357 | -€1,429 | -18.3% |
| Remuneration and social security | 454/9 | €3,980 | €7,007 | +€3,027 | +76.0% |
| Other amounts payable | 47/48 | €0 | €23,440 | +€23,440 | |
| Non-recurring operating income | 76A | - | €1,038 | +€1,038 | |
| Remuneration, social security and pensions | 62 | €56,353 | €77,703 | +€21,350 | +37.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,815 | €11,954 | -€2,861 | -19.3% |
| Other operating charges | 640/8 | €4,315 | €4,317 | +€2 | 0.0% |
| Non-recurring operating charges | 66A | €1,438 | €0 | -€1,438 | -100% |
| Gross operating margin | 9900 | €100,874 | €147,783 | +€46,909 | +46.5% |
| Operating profit (loss) | 9901 | €23,954 | €53,809 | +€29,855 | +125% |
| Financial income | 75/76B | €21,069 | €1,754 | -€19,315 | -91.7% |
| Recurring financial income | 75 | €56 | €1,754 | +€1,697 | +3,024% |
| Non-recurring financial income | 76B | €21,013 | €0 | -€21,013 | -100% |
| Financial charges | 65/66B | €3,461 | €6,636 | +€3,175 | +91.7% |
| Recurring financial charges | 65 | €3,461 | €6,636 | +€3,175 | +91.7% |
| Profit (loss) for the period before taxes | 9903 | €41,562 | €48,927 | +€7,365 | +17.7% |
| Income taxes | 67/77 | €8,489 | €12,831 | +€4,342 | +51.2% |
| Profit (loss) for the period | 9904 | €33,073 | €36,096 | +€3,023 | +9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €33,073 | €36,096 | +€3,023 | +9.1% |
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 30 October 2026 via checked.be.