ZUTTERMAN: what changed
Two fiscal 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.
ZUTTERMAN
Largest movements
- Financial fixed assets +€300,000
new in 2024: €300,000
- Receivables within one year +€121,434
new in 2024: €121,434
of which Trade receivables: +€121,000
- Cash -€37,694
down €37,694 (-33.8%), from €111,519 to €73,825
mainly Investment in fixed assets (net) (-€300,000) and Receivables within one year (-€121,434)
- Tangible fixed assets -€16,695
down €16,695 (-3.8%), from €443,107 to €426,412
- Debts after one year +€184,773
up €184,773 (+56.1%), from €329,086 to €513,859
- Reserves +€133,921
up €133,921 (+1390.4%), from €9,632 to €143,553
- Short-term financial debts +€30,141
new in 2024: €30,141
- Current portion of long-term debt +€14,955
up €14,955 (+59.2%), from €25,273 to €40,228
- Gross operating margin +€116,157
up €116,157 (+114.7%), from €101,237 to €217,394
- Taxes +€30,487
up €30,487 (+190.1%), from €16,033 to €46,520
- Financial charges +€7,281
up €7,281 (+143.7%), from €5,066 to €12,347
- Other operating charges +€6,954
up €6,954 (+725.8%), from €958 to €7,912
From the 2023 result to the 2024 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.
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €554,626 | €921,671 | +€367,045 | +66.2% |
| Fixed assets | 21/28 | €443,107 | €726,412 | +€283,305 | +63.9% |
| Tangible fixed assets | 22/27 | €443,107 | €426,412 | -€16,695 | -3.8% |
| Land and buildings | 22 | €443,107 | €426,412 | -€16,695 | -3.8% |
| Financial fixed assets | 28 | - | €300,000 | +€300,000 | |
| Current assets | 29/58 | €111,519 | €195,259 | +€83,740 | +75.1% |
| Amounts receivable within one year | 40/41 | - | €121,434 | +€121,434 | |
| Trade receivables | 40 | - | €121,000 | +€121,000 | |
| Other amounts receivable | 41 | - | €434 | +€434 | |
| Cash at bank and in hand | 54/58 | €111,519 | €73,825 | -€37,694 | -33.8% |
| Total equity and liabilities | 10/49 | €554,626 | €921,671 | +€367,045 | +66.2% |
| Equity | 10/15 | €19,632 | €153,553 | +€133,921 | +682.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €9,632 | €143,553 | +€133,921 | +1390.4% |
| Distributable reserves | 133 | €9,632 | €143,553 | +€133,921 | +1390.4% |
| Amounts payable | 17/49 | €534,994 | €768,118 | +€233,124 | +43.6% |
| Amounts payable after more than one year | 17 | €329,086 | €513,859 | +€184,773 | +56.1% |
| Financial debts | 170/4 | €329,086 | €513,859 | +€184,773 | +56.1% |
| Amounts payable within one year | 42/48 | €205,908 | €254,259 | +€48,351 | +23.5% |
| Current portion of amounts payable after more than one year | 42 | €25,273 | €40,228 | +€14,955 | +59.2% |
| Financial debts | 43 | - | €30,141 | +€30,141 | |
| Credit institutions | 430/8 | - | €30,141 | +€30,141 | |
| Trade debts | 44 | €1,971 | €2,271 | +€300 | +15.2% |
| Suppliers | 440/4 | €1,971 | €2,271 | +€300 | +15.2% |
| Taxes, remuneration and social security | 45 | €32,039 | €30,536 | -€1,503 | -4.7% |
| Taxes | 450/3 | €32,039 | €30,536 | -€1,503 | -4.7% |
| Other amounts payable | 47/48 | €146,625 | €151,084 | +€4,459 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,695 | €16,695 | = | 0.0% |
| Other operating charges | 640/8 | €958 | €7,912 | +€6,954 | +725.8% |
| Gross operating margin | 9900 | €101,237 | €217,394 | +€116,157 | +114.7% |
| Operating profit (loss) | 9901 | €83,584 | €192,788 | +€109,204 | +130.7% |
| Financial income | 75/76B | €138 | - | -€138 | |
| Recurring financial income | 75 | €138 | - | -€138 | |
| Financial charges | 65/66B | €5,066 | €12,347 | +€7,281 | +143.7% |
| Recurring financial charges | 65 | €5,066 | €12,347 | +€7,281 | +143.7% |
| Profit (loss) for the period before taxes | 9903 | €78,656 | €180,441 | +€101,785 | +129.4% |
| Income taxes | 67/77 | €16,033 | €46,520 | +€30,487 | +190.1% |
| Profit (loss) for the period | 9904 | €62,623 | €133,921 | +€71,298 | +113.9% |
| Profit (loss) for the period to be appropriated | 9905 | €62,623 | €133,921 | +€71,298 | +113.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.