DE ZAEYER: 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.
DE ZAEYER
Largest movements
- Tangible fixed assets -€24,633
down €24,633 (-11.2%), from €219,064 to €194,432
of which Furniture and vehicles: -€16,310
- Cash -€20,497
down €20,497 (-13.8%), from €148,173 to €127,676
mainly Tax, wage and social debts (-€21,650) and Net result for the year (-€19,332)
- Tax, wage and social debts -€21,650
down €21,650 (-98.1%), from €22,071 to €422
- Profit (loss) carried forward -€19,332
down €19,332 (-97.2%), from €19,883 to €551
- Gross operating margin -€63,307
down €63,307, from €36,087 to -€27,220
- Financial income -€55,348
down €55,348 (-61.3%), from €90,289 to €34,941
of which Financial income: -€54,965
- Taxes -€28,377
down €28,377 (-98.9%), from €28,699 to €322
- Other operating charges -€4,633
no longer reported in 2025 (was €4,633)
- Depreciation -€2,634
down €2,634 (-9.7%), from €27,267 to €24,633
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 | €1,744,120 | €1,705,496 | -€38,625 | -2.2% |
| Fixed assets | 21/28 | €219,064 | €194,432 | -€24,633 | -11.2% |
| Tangible fixed assets | 22/27 | €219,064 | €194,432 | -€24,633 | -11.2% |
| Land and buildings | 22 | €173,294 | €164,971 | -€8,323 | -4.8% |
| Furniture and vehicles | 24 | €45,771 | €29,460 | -€16,310 | -35.6% |
| Current assets | 29/58 | €1,525,056 | €1,511,064 | -€13,992 | -0.9% |
| Stocks and contracts in progress | 3 | €1,138 | €2,935 | +€1,797 | +158% |
| Stocks | 30/36 | €1,138 | €2,935 | +€1,797 | +158% |
| Amounts receivable within one year | 40/41 | €2,871 | €17,401 | +€14,529 | +506% |
| Trade receivables | 40 | €2,871 | €1,969 | -€903 | -31.4% |
| Other amounts receivable | 41 | - | €15,432 | +€15,432 | |
| Current investments | 50/53 | €1,365,000 | €1,363,052 | -€1,948 | -0.1% |
| Cash at bank and in hand | 54/58 | €148,173 | €127,676 | -€20,497 | -13.8% |
| Deferred charges and accrued income | 490/1 | €7,874 | - | -€7,874 | |
| Total equity and liabilities | 10/49 | €1,744,120 | €1,705,496 | -€38,625 | -2.2% |
| Equity | 10/15 | €1,691,723 | €1,672,391 | -€19,332 | -1.1% |
| Contributions | 10/11 | €149,000 | €149,000 | = | 0.0% |
| Reserves | 13 | €1,522,840 | €1,522,840 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,900 | €14,900 | = | 0.0% |
| Other | 1319 | €14,900 | €14,900 | = | 0.0% |
| Distributable reserves | 133 | €1,507,940 | €1,507,940 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,883 | €551 | -€19,332 | -97.2% |
| Amounts payable | 17/49 | €52,397 | €33,105 | -€19,292 | -36.8% |
| Amounts payable within one year | 42/48 | €52,397 | €23,869 | -€28,528 | -54.4% |
| Trade debts | 44 | €3,385 | €183 | -€3,202 | -94.6% |
| Suppliers | 440/4 | €3,385 | €183 | -€3,202 | -94.6% |
| Taxes, remuneration and social security | 45 | €22,071 | €422 | -€21,650 | -98.1% |
| Taxes | 450/3 | €22,071 | €422 | -€21,650 | -98.1% |
| Other amounts payable | 47/48 | €26,941 | €23,265 | -€3,676 | -13.6% |
| Accrued charges and deferred income | 492/3 | - | €9,236 | +€9,236 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,267 | €24,633 | -€2,634 | -9.7% |
| Other operating charges | 640/8 | €4,633 | - | -€4,633 | |
| Non-recurring operating charges | 66A | - | €1,954 | +€1,954 | |
| Gross operating margin | 9900 | €36,087 | -€27,220 | -€63,307 | |
| Operating profit (loss) | 9901 | €4,188 | -€53,806 | -€57,993 | |
| Financial income | 75/76B | €90,289 | €34,941 | -€55,348 | -61.3% |
| Recurring financial income | 75 | €89,906 | €34,941 | -€54,965 | -61.1% |
| Non-recurring financial income | 76B | €383 | - | -€383 | |
| Financial charges | 65/66B | €490 | €145 | -€345 | -70.4% |
| Recurring financial charges | 65 | €2 | €45 | +€44 | +2,771% |
| Non-recurring financial charges | 66B | €488 | €100 | -€388 | -79.5% |
| Profit (loss) for the period before taxes | 9903 | €93,986 | -€19,010 | -€112,996 | |
| Income taxes | 67/77 | €28,699 | €322 | -€28,377 | -98.9% |
| Profit (loss) for the period | 9904 | €65,287 | -€19,332 | -€84,619 | |
| Profit (loss) for the period to be appropriated | 9905 | €65,287 | -€19,332 | -€84,619 |
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 26 October 2026 via checked.be.