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ZTE BELGIUM: value indication

Line	Code	2024	2025	Change	%
Total assets	20/58	€14,609,104	€21,810,769	+€7.2m	+49.3%
Fixed assets	21/28	€46,314	€46,821	+€507	+1.1%
Intangible fixed assets	21	-	€3,000	+€3,000
Tangible fixed assets	22/27	€9,124	€6,631	-€2,493	-27.3%
Furniture and vehicles	24	€9,124	€6,631	-€2,493	-27.3%
Financial fixed assets	28	€37,190	€37,190	=	0.0%
Other financial fixed assets	284/8	€37,190	€37,190	=	0.0%
Amounts receivable and cash guarantees	285/8	€37,190	€37,190	=	0.0%
Current assets	29/58	€14,562,791	€21,763,948	+€7.2m	+49.4%
Stocks and contracts in progress	3	€989,603	€5,341,833	+€4.4m	+440%
Stocks	30/36	€64,788	€64,788	=	0.0%
Goods purchased for resale	34	€64,788	€64,788	=	0.0%
Contracts in progress	37	€924,815	€5,277,045	+€4.4m	+471%
Amounts receivable within one year	40/41	€11,310,885	€13,757,352	+€2.4m	+21.6%
Trade receivables	40	€4,365,907	€3,857,526	-€508,381	-11.6%
Other amounts receivable	41	€6,944,978	€9,899,826	+€3.0m	+42.5%
Cash at bank and in hand	54/58	€2,216,569	€2,664,707	+€448,138	+20.2%
Deferred charges and accrued income	490/1	€45,734	€56	-€45,678	-99.9%
Total equity and liabilities	10/49	€14,609,104	€21,810,769	+€7.2m	+49.3%
Equity	10/15	€3,882,527	€4,584,802	+€702,275	+18.1%
Contributions	10/11	€1,511,500	€1,511,500	=	0.0%
Capital	10	€1,511,500	€1,511,500	=	0.0%
Issued capital	100	€1,511,500	€1,511,500	=	0.0%
Reserves	13	€151,150	€151,150	=	0.0%
Non-distributable reserves	130/1	€151,150	€151,150	=	0.0%
Legal reserve	130	€151,150	€151,150	=	0.0%
Profit (loss) carried forward	14	€2,219,877	€2,922,152	+€702,275	+31.6%
Provisions and deferred taxes	16	€7,399	€6,129	-€1,270	-17.2%
Provisions for liabilities and charges	160/5	€7,399	€6,129	-€1,270	-17.2%
Pensions and similar obligations	160	€7,399	€6,129	-€1,270	-17.2%
Amounts payable	17/49	€10,719,178	€17,219,837	+€6.5m	+60.6%
Amounts payable within one year	42/48	€10,719,178	€17,219,837	+€6.5m	+60.6%
Trade debts	44	€8,135,586	€13,419,970	+€5.3m	+65.0%
Suppliers	440/4	€8,135,586	€13,419,970	+€5.3m	+65.0%
Advances received on contracts in progress	46	-	€328,250	+€328,250
Taxes, remuneration and social security	45	€583,592	€220,555	-€363,037	-62.2%
Taxes	450/3	€536,386	€156,498	-€379,888	-70.8%
Remuneration and social security	454/9	€47,206	€64,057	+€16,851	+35.7%
Other amounts payable	47/48	€2,000,000	€3,251,063	+€1.3m	+62.6%
Operating income	70/76A	€13,840,266	€32,436,402	+€18.6m	+134%
Turnover	70	€12,802,914	€27,898,422	+€15.1m	+118%
Change in stocks of work in progress, finished goods and contracts in progress	71	€924,815	€4,352,230	+€3.4m	+371%
Other operating income	74	€112,537	€185,750	+€73,213	+65.1%
Operating charges	60/66A	€13,504,381	€31,507,994	+€18.0m	+133%
Goods for resale, raw materials and consumables	60	€10,878,942	€28,271,810	+€17.4m	+160%
Purchases	600/8	€10,943,731	€28,271,810	+€17.3m	+158%
Change in stocks: decrease (increase)	609	-€64,788	-	+€64,788
Services and other goods	61	€1,231,987	€1,557,382	+€325,395	+26.4%
Remuneration, social security and pensions	62	€1,347,018	€1,604,519	+€257,502	+19.1%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets	630	€4,625	€5,792	+€1,167	+25.2%
Provisions for liabilities and charges: additions (uses and reversals)	635/8	-€4,963	-€1,270	+€3,693	+74.4%
Other operating charges	640/8	€46,771	€69,761	+€22,990	+49.2%
Operating profit (loss)	9901	€335,885	€928,407	+€592,522	+176%
Financial income	75/76B	€295,113	€159,964	-€135,149	-45.8%
Recurring financial income	75	€295,113	€159,964	-€135,149	-45.8%
Income from current assets	751	€295,113	€159,964	-€135,149	-45.8%
Financial charges	65/66B	€39,215	€129,610	+€90,395	+231%
Recurring financial charges	65	€39,215	€129,610	+€90,395	+231%
Debt charges	650	€22,982	€13,230	-€9,752	-42.4%
Other financial charges	652/9	€16,233	€116,380	+€100,147	+617%
Profit (loss) for the period before taxes	9903	€591,783	€958,761	+€366,978	+62.0%
Income taxes	67/77	€182,636	€256,486	+€73,849	+40.4%
Taxes	670/3	€182,636	€256,486	+€73,849	+40.4%
Profit (loss) for the period	9904	€409,146	€702,275	+€293,129	+71.6%
Profit (loss) for the period to be appropriated	9905	€409,146	€702,275	+€293,129	+71.6%

ZTE BELGIUM: value indication

ZTE BELGIUM: value indication

Position among the sector peers

What moved between 2024 and 2025

Largest movements

Change in the result, 2024 to 2025

Derived cash bridge

Value

Indicative value of the equity

Adjusted equity

Capitalised earnings

Your EBITDA multiple

Limits of the indication

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