ZUTTERMAN AANNEMINGEN: 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.
ZUTTERMAN AANNEMINGEN
Largest movements
- Stocks and contracts +€404,072
up €404,072 (+1,765%), from €22,900 to €426,972
of which Contracts in progress: +€396,822
- Receivables within one year -€83,910
down €83,910 (-30.3%), from €276,531 to €192,621
of which Trade receivables: -€58,583
- Cash -€32,999
down €32,999 (-91.7%), from €36,000 to €3,000
mainly Stocks and contracts (-€404,072) and Trade debts (-€59,665)
- Tangible fixed assets +€26,720
up €26,720 (+12.8%), from €209,159 to €235,879
of which Plant, machinery and equipment: +€23,214
- Current portion of long-term debt +€235,634
up €235,634 (+1,841%), from €12,798 to €248,433
- Other debts +€89,782
up €89,782 (+48.3%), from €185,713 to €275,495
- Trade debts -€59,665
down €59,665 (-88.3%), from €67,608 to €7,942
- Short-term financial debts +€39,158
new in 2025: €39,158
- Accrued charges and deferred income +€20,149
up €20,149 (+408%), from €4,942 to €25,091
- Gross operating margin -€50,394
down €50,394 (-31.6%), from €159,523 to €109,128
- Depreciation -€32,695
down €32,695 (-74.5%), from €43,869 to €11,175
- Staff costs -€28,193
down €28,193 (-39.2%), from €71,864 to €43,671
- Taxes +€14,792
new in 2025: €14,792
- Provisions +€4,519
new in 2025: €4,519
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 | €550,012 | €868,474 | +€318,462 | +57.9% |
| Fixed assets | 21/28 | €209,159 | €235,879 | +€26,720 | +12.8% |
| Tangible fixed assets | 22/27 | €209,159 | €235,879 | +€26,720 | +12.8% |
| Land and buildings | 22 | €139,513 | €139,213 | -€300 | -0.2% |
| Plant, machinery and equipment | 23 | €27,055 | €50,269 | +€23,214 | +85.8% |
| Furniture and vehicles | 24 | €42,592 | €46,398 | +€3,806 | +8.9% |
| Current assets | 29/58 | €340,853 | €632,595 | +€291,742 | +85.6% |
| Stocks and contracts in progress | 3 | €22,900 | €426,972 | +€404,072 | +1,765% |
| Stocks | 30/36 | €7,900 | €15,150 | +€7,250 | +91.8% |
| Contracts in progress | 37 | €15,000 | €411,822 | +€396,822 | +2,645% |
| Amounts receivable within one year | 40/41 | €276,531 | €192,621 | -€83,910 | -30.3% |
| Trade receivables | 40 | €246,435 | €187,853 | -€58,583 | -23.8% |
| Other amounts receivable | 41 | €30,096 | €4,769 | -€25,327 | -84.2% |
| Cash at bank and in hand | 54/58 | €36,000 | €3,000 | -€32,999 | -91.7% |
| Deferred charges and accrued income | 490/1 | €5,422 | €10,002 | +€4,580 | +84.5% |
| Total equity and liabilities | 10/49 | €550,012 | €868,474 | +€318,462 | +57.9% |
| Equity | 10/15 | €189,048 | €191,355 | +€2,308 | +1.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €176,648 | €178,955 | +€2,308 | +1.3% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €157,898 | €160,205 | +€2,308 | +1.5% |
| Amounts payable | 17/49 | €360,964 | €677,119 | +€316,154 | +87.6% |
| Amounts payable after more than one year | 17 | €57,039 | €43,826 | -€13,213 | -23.2% |
| Financial debts | 170/4 | €57,039 | €43,826 | -€13,213 | -23.2% |
| Amounts payable within one year | 42/48 | €298,983 | €608,201 | +€309,219 | +103% |
| Current portion of amounts payable after more than one year | 42 | €12,798 | €248,433 | +€235,634 | +1,841% |
| Financial debts | 43 | - | €39,158 | +€39,158 | |
| Credit institutions | 430/8 | - | €39,158 | +€39,158 | |
| Trade debts | 44 | €67,608 | €7,942 | -€59,665 | -88.3% |
| Suppliers | 440/4 | €67,608 | €7,942 | -€59,665 | -88.3% |
| Advances received on contracts in progress | 46 | - | €17,015 | +€17,015 | |
| Taxes, remuneration and social security | 45 | €32,864 | €20,158 | -€12,706 | -38.7% |
| Taxes | 450/3 | €4,596 | €12,503 | +€7,907 | +172% |
| Remuneration and social security | 454/9 | €28,268 | €7,655 | -€20,613 | -72.9% |
| Other amounts payable | 47/48 | €185,713 | €275,495 | +€89,782 | +48.3% |
| Accrued charges and deferred income | 492/3 | €4,942 | €25,091 | +€20,149 | +408% |
| Remuneration, social security and pensions | 62 | €71,864 | €43,671 | -€28,193 | -39.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,869 | €11,175 | -€32,695 | -74.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €4,519 | +€4,519 | |
| Other operating charges | 640/8 | €3,831 | €3,120 | -€711 | -18.6% |
| Non-recurring operating charges | 66A | €8,918 | - | -€8,918 | |
| Gross operating margin | 9900 | €159,523 | €109,128 | -€50,394 | -31.6% |
| Operating profit (loss) | 9901 | €31,041 | €46,644 | +€15,604 | +50.3% |
| Financial income | 75/76B | €1,299 | €327 | -€972 | -74.8% |
| Recurring financial income | 75 | €1,299 | €327 | -€972 | -74.8% |
| Financial charges | 65/66B | €31,194 | €29,872 | -€1,322 | -4.2% |
| Recurring financial charges | 65 | €31,194 | €29,872 | -€1,322 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | €1,146 | €17,100 | +€15,953 | +1,392% |
| Income taxes | 67/77 | - | €14,792 | +€14,792 | |
| Profit (loss) for the period | 9904 | €1,146 | €2,308 | +€1,162 | +101% |
| Profit (loss) for the period to be appropriated | 9905 | €1,146 | €2,308 | +€1,162 | +101% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.