ZUTTERMAN: 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
Largest movements
- Cash +€146,560
up €146,560 (+199%), from €73,825 to €220,386
mainly Other debts (+€247,177) and Net result for the year (+€96,099)
- Receivables within one year -€86,077
down €86,077 (-70.9%), from €121,434 to €35,357
of which Trade receivables: -€105,270
- Tangible fixed assets -€16,695
down €16,695 (-3.9%), from €426,412 to €409,717
- Other debts +€247,177
up €247,177 (+164%), from €151,084 to €398,260
- Reserves -€143,553
down €143,553 (-100%), from €143,553 to €0
- Debts after one year -€55,972
down €55,972 (-10.9%), from €513,859 to €457,887
- Current portion of long-term debt +€15,744
up €15,744 (+39.1%), from €40,228 to €55,972
- Tax, wage and social debts -€15,289
down €15,289 (-50.1%), from €30,536 to €15,247
- Gross operating margin -€43,213
down €43,213 (-19.9%), from €217,394 to €174,182
- Taxes -€12,139
down €12,139 (-26.1%), from €46,520 to €34,381
- Financial charges +€6,854
up €6,854 (+55.5%), from €12,347 to €19,201
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 | €921,671 | €965,460 | +€43,788 | +4.8% |
| Fixed assets | 21/28 | €726,412 | €709,717 | -€16,695 | -2.3% |
| Tangible fixed assets | 22/27 | €426,412 | €409,717 | -€16,695 | -3.9% |
| Land and buildings | 22 | €426,412 | €409,717 | -€16,695 | -3.9% |
| Financial fixed assets | 28 | €300,000 | €300,000 | = | 0.0% |
| Current assets | 29/58 | €195,259 | €255,743 | +€60,483 | +31.0% |
| Amounts receivable within one year | 40/41 | €121,434 | €35,357 | -€86,077 | -70.9% |
| Trade receivables | 40 | €121,000 | €15,730 | -€105,270 | -87.0% |
| Other amounts receivable | 41 | €434 | €19,627 | +€19,193 | +4,422% |
| Cash at bank and in hand | 54/58 | €73,825 | €220,386 | +€146,560 | +199% |
| Total equity and liabilities | 10/49 | €921,671 | €965,460 | +€43,788 | +4.8% |
| Equity | 10/15 | €153,553 | €10,000 | -€143,553 | -93.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €143,553 | €0 | -€143,553 | -100% |
| Distributable reserves | 133 | €143,553 | €0 | -€143,553 | -100% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €768,118 | €955,460 | +€187,342 | +24.4% |
| Amounts payable after more than one year | 17 | €513,859 | €457,887 | -€55,972 | -10.9% |
| Financial debts | 170/4 | €513,859 | €457,887 | -€55,972 | -10.9% |
| Amounts payable within one year | 42/48 | €254,259 | €497,573 | +€243,314 | +95.7% |
| Current portion of amounts payable after more than one year | 42 | €40,228 | €55,972 | +€15,744 | +39.1% |
| Financial debts | 43 | €30,141 | €25,055 | -€5,087 | -16.9% |
| Credit institutions | 430/8 | €30,141 | €25,055 | -€5,087 | -16.9% |
| Trade debts | 44 | €2,271 | €3,039 | +€768 | +33.8% |
| Suppliers | 440/4 | €2,271 | €3,039 | +€768 | +33.8% |
| Taxes, remuneration and social security | 45 | €30,536 | €15,247 | -€15,289 | -50.1% |
| Taxes | 450/3 | €30,536 | €15,247 | -€15,289 | -50.1% |
| Other amounts payable | 47/48 | €151,084 | €398,260 | +€247,177 | +164% |
| 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 | €7,912 | €7,999 | +€88 | +1.1% |
| Gross operating margin | 9900 | €217,394 | €174,182 | -€43,213 | -19.9% |
| Operating profit (loss) | 9901 | €192,788 | €149,488 | -€43,300 | -22.5% |
| Financial income | 75/76B | - | €193 | +€193 | |
| Recurring financial income | 75 | - | €193 | +€193 | |
| Financial charges | 65/66B | €12,347 | €19,201 | +€6,854 | +55.5% |
| Recurring financial charges | 65 | €12,347 | €19,201 | +€6,854 | +55.5% |
| Profit (loss) for the period before taxes | 9903 | €180,441 | €130,480 | -€49,961 | -27.7% |
| Income taxes | 67/77 | €46,520 | €34,381 | -€12,139 | -26.1% |
| Profit (loss) for the period | 9904 | €133,921 | €96,099 | -€37,822 | -28.2% |
| Profit (loss) for the period to be appropriated | 9905 | €133,921 | €96,099 | -€37,822 | -28.2% |
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 15 October 2026 via checked.be.