Zutterman J.: what changed
Zutterman J.
Largest movements
- Tangible fixed assets -€31,053
down €31,053 (-28.7%), from €108,328 to €77,276
of which Leasing and similar rights: -€15,967
- Stocks and contracts -€13,927
down €13,927 (-75.1%), from €18,557 to €4,629
of which Contracts in progress: -€10,957
- Cash -€13,578
down €13,578 (-11.7%), from €116,129 to €102,552
mainly Other debts (-€26,103) and Debts after one year (-€17,146)
- Receivables within one year -€9,643
down €9,643 (-16.9%), from €56,923 to €47,280
of which Trade receivables: -€10,808
- Other debts -€26,103
no longer reported in 2025 (was €26,103)
- Debts after one year -€17,146
down €17,146 (-53.0%), from €32,329 to €15,183
- Tax, wage and social debts -€16,775
down €16,775 (-82.3%), from €20,384 to €3,609
of which Taxes: -€15,990
- Current portion of long-term debt -€7,461
down €7,461 (-30.2%), from €24,724 to €17,263
- Trade debts +€7,180
up €7,180 (+31.7%), from €22,628 to €29,808
- Gross operating margin -€43,467
down €43,467 (-47.2%), from €92,162 to €48,695
- Staff costs -€34,927
down €34,927 (-75.3%), from €46,397 to €11,469
- Depreciation +€3,221
up €3,221 (+10.7%), from €30,105 to €33,326
- Taxes -€2,924
down €2,924 (-90.3%), from €3,240 to €316
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €301,246 | €233,815 | -€67,431 | -22.4% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €108,328 | €77,276 | -€31,053 | -28.7% |
| Tangible fixed assets | 22/27 | €108,328 | €77,276 | -€31,053 | -28.7% |
| Plant, machinery and equipment | 23 | €1,402 | €1,702 | +€300 | +21.4% |
| Furniture and vehicles | 24 | €55,943 | €42,839 | -€13,104 | -23.4% |
| Leasing and similar rights | 25 | €46,570 | €30,603 | -€15,967 | -34.3% |
| Other tangible fixed assets | 26 | €4,413 | €2,131 | -€2,282 | -51.7% |
| Current assets | 29/58 | €192,918 | €156,539 | -€36,379 | -18.9% |
| Stocks and contracts in progress | 3 | €18,557 | €4,629 | -€13,927 | -75.1% |
| Stocks | 30/36 | €4,270 | €1,300 | -€2,970 | -69.6% |
| Contracts in progress | 37 | €14,287 | €3,329 | -€10,957 | -76.7% |
| Amounts receivable within one year | 40/41 | €56,923 | €47,280 | -€9,643 | -16.9% |
| Trade receivables | 40 | €46,391 | €35,583 | -€10,808 | -23.3% |
| Other amounts receivable | 41 | €10,532 | €11,697 | +€1,165 | +11.1% |
| Cash at bank and in hand | 54/58 | €116,129 | €102,552 | -€13,578 | -11.7% |
| Deferred charges and accrued income | 490/1 | €1,309 | €2,078 | +€769 | +58.8% |
| Total equity and liabilities | 10/49 | €301,246 | €233,815 | -€67,431 | -22.4% |
| Equity | 10/15 | €170,043 | €167,952 | -€2,091 | -1.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €165,043 | €165,043 | = | 0.0% |
| Distributable reserves | 133 | €165,043 | €165,043 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€2,091 | -€2,091 | |
| Amounts payable | 17/49 | €131,203 | €65,863 | -€65,340 | -49.8% |
| Amounts payable after more than one year | 17 | €32,329 | €15,183 | -€17,146 | -53.0% |
| Financial debts | 170/4 | €32,329 | €15,183 | -€17,146 | -53.0% |
| Amounts payable within one year | 42/48 | €93,839 | €50,680 | -€43,159 | -46.0% |
| Current portion of amounts payable after more than one year | 42 | €24,724 | €17,263 | -€7,461 | -30.2% |
| Trade debts | 44 | €22,628 | €29,808 | +€7,180 | +31.7% |
| Suppliers | 440/4 | €22,628 | €29,808 | +€7,180 | +31.7% |
| Taxes, remuneration and social security | 45 | €20,384 | €3,609 | -€16,775 | -82.3% |
| Taxes | 450/3 | €19,230 | €3,240 | -€15,990 | -83.2% |
| Remuneration and social security | 454/9 | €1,154 | €369 | -€785 | -68.0% |
| Other amounts payable | 47/48 | €26,103 | - | -€26,103 | |
| Accrued charges and deferred income | 492/3 | €5,035 | - | -€5,035 | |
| Non-recurring operating income | 76A | €10,911 | €1,003 | -€9,908 | -90.8% |
| Remuneration, social security and pensions | 62 | €46,397 | €11,469 | -€34,927 | -75.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,105 | €33,326 | +€3,221 | +10.7% |
| Other operating charges | 640/8 | €3,805 | €3,416 | -€390 | -10.2% |
| Non-recurring operating charges | 66A | €2,573 | - | -€2,573 | |
| Gross operating margin | 9900 | €92,162 | €48,695 | -€43,467 | -47.2% |
| Operating profit (loss) | 9901 | €9,283 | €484 | -€8,799 | -94.8% |
| Financial income | 75/76B | €1,475 | €603 | -€872 | -59.1% |
| Recurring financial income | 75 | €1,475 | €603 | -€872 | -59.1% |
| Financial charges | 65/66B | €3,514 | €2,863 | -€651 | -18.5% |
| Recurring financial charges | 65 | €3,514 | €2,863 | -€651 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | €7,243 | -€1,776 | -€9,019 | |
| Income taxes | 67/77 | €3,240 | €316 | -€2,924 | -90.3% |
| Profit (loss) for the period | 9904 | €4,004 | -€2,091 | -€6,095 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,004 | -€2,091 | -€6,095 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.