Code Zebra: 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.
Code Zebra
Largest movements
- Cash -€9,914
down €9,914 (-26.4%), from €37,481 to €27,567
mainly Net result for the year (-€16,592) and Current portion of long-term debt (-€4,107)
- Tangible fixed assets -€4,651
down €4,651 (-38.0%), from €12,244 to €7,593
of which Furniture and vehicles: -€3,966
- Receivables within one year -€4,526
down €4,526 (-15.8%), from €28,641 to €24,114
of which Trade receivables: -€14,116
- Profit (loss) carried forward -€16,592
down €16,592 (-89.0%), from -€18,635 to -€35,227
- Current portion of long-term debt -€4,107
down €4,107 (-100.0%), from €4,107 to €0
- Accrued charges and deferred income +€1,358
up €1,358, from €0 to €1,358
- Tax, wage and social debts -€1,143
down €1,143 (-11.1%), from €10,287 to €9,143
of which Taxes: -€3,759
- Trade debts +€999
up €999 (+30.2%), from €3,303 to €4,302
- Gross operating margin -€25,871
down €25,871, from €17,848 to -€8,023
- Taxes -€4,153
down €4,153 (-88.8%), from €4,677 to €524
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.
Cash bridge derived
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 | €82,856 | €64,000 | -€18,856 | -22.8% |
| Fixed assets | 21/28 | €12,667 | €7,677 | -€4,990 | -39.4% |
| Intangible fixed assets | 21 | €423 | €85 | -€338 | -80.0% |
| Tangible fixed assets | 22/27 | €12,244 | €7,593 | -€4,651 | -38.0% |
| Plant, machinery and equipment | 23 | €2,137 | €1,451 | -€686 | -32.1% |
| Furniture and vehicles | 24 | €10,107 | €6,141 | -€3,966 | -39.2% |
| Current assets | 29/58 | €70,189 | €56,323 | -€13,866 | -19.8% |
| Amounts receivable within one year | 40/41 | €28,641 | €24,114 | -€4,526 | -15.8% |
| Trade receivables | 40 | €23,220 | €9,104 | -€14,116 | -60.8% |
| Other amounts receivable | 41 | €5,421 | €15,010 | +€9,589 | +176.9% |
| Cash at bank and in hand | 54/58 | €37,481 | €27,567 | -€9,914 | -26.4% |
| Deferred charges and accrued income | 490/1 | €4,068 | €4,641 | +€574 | +14.1% |
| Total equity and liabilities | 10/49 | €82,856 | €64,000 | -€18,856 | -22.8% |
| Equity | 10/15 | €61,112 | €44,520 | -€16,592 | -27.2% |
| Contributions | 10/11 | €14,700 | €14,700 | = | 0.0% |
| Reserves | 13 | €65,048 | €65,048 | = | 0.0% |
| Distributable reserves | 133 | €65,048 | €65,048 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,635 | -€35,227 | -€16,592 | -89.0% |
| Amounts payable | 17/49 | €21,744 | €19,480 | -€2,264 | -10.4% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €21,744 | €18,122 | -€3,622 | -16.7% |
| Current portion of amounts payable after more than one year | 42 | €4,107 | €0 | -€4,107 | -100.0% |
| Financial debts | 43 | €3,376 | €3,931 | +€554 | +16.4% |
| Credit institutions | 430/8 | €3,376 | €3,931 | +€554 | +16.4% |
| Trade debts | 44 | €3,303 | €4,302 | +€999 | +30.2% |
| Suppliers | 440/4 | €3,303 | €4,302 | +€999 | +30.2% |
| Taxes, remuneration and social security | 45 | €10,287 | €9,143 | -€1,143 | -11.1% |
| Taxes | 450/3 | €9,452 | €5,694 | -€3,759 | -39.8% |
| Remuneration and social security | 454/9 | €834 | €3,450 | +€2,615 | +313.5% |
| Other amounts payable | 47/48 | €671 | €746 | +€75 | +11.2% |
| Accrued charges and deferred income | 492/3 | €0 | €1,358 | +€1,358 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,200 | €6,209 | +€9 | +0.1% |
| Other operating charges | 640/8 | €1,188 | €1,323 | +€135 | +11.4% |
| Gross operating margin | 9900 | €17,848 | -€8,023 | -€25,871 | |
| Operating profit (loss) | 9901 | €10,460 | -€15,555 | -€26,015 | |
| Financial income | 75/76B | €350 | €457 | +€108 | +30.8% |
| Recurring financial income | 75 | €350 | €457 | +€108 | +30.8% |
| Financial charges | 65/66B | €1,042 | €971 | -€71 | -6.8% |
| Recurring financial charges | 65 | €1,042 | €971 | -€71 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | €9,768 | -€16,068 | -€25,836 | |
| Income taxes | 67/77 | €4,677 | €524 | -€4,153 | -88.8% |
| Profit (loss) for the period | 9904 | €5,091 | -€16,592 | -€21,683 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,091 | -€16,592 | -€21,683 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.