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
- Cash -€9,274
down €9,274 (-18.1%), from €51,326 to €42,052
mainly Other debts (-€17,095) and Trade debts (-€16,765)
- Stocks and contracts +€5,076
up €5,076 (+39.1%), from €12,978 to €18,055
- Tangible fixed assets -€3,847
down €3,847 (-5.4%), from €70,676 to €66,829
of which Leasing and similar rights: -€3,580
- Intangible fixed assets -€2,500
down €2,500 (-11.1%), from €22,500 to €20,000
- Receivables within one year -€2,124
down €2,124 (-53.7%), from €3,957 to €1,833
of which Trade receivables: -€2,368
- Profit (loss) carried forward +€21,006
up €21,006 (+99.6%), from €21,091 to €42,098
- Other debts -€17,095
down €17,095 (-22.2%), from €76,858 to €59,763
- Trade debts -€16,765
down €16,765 (-83.0%), from €20,186 to €3,422
- Debts after one year -€3,470
down €3,470 (-24.3%), from €14,266 to €10,796
- Tax, wage and social debts +€1,801
up €1,801 (+28.2%), from €6,384 to €8,184
- Gross operating margin +€6,009
up €6,009 (+13.2%), from €45,582 to €51,591
- Depreciation +€5,708
up €5,708 (+34.3%), from €16,635 to €22,343
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 | €165,948 | €151,816 | -€14,132 | -8.5% |
| Formation expenses | 20 | €937 | €703 | -€234 | -25.0% |
| Fixed assets | 21/28 | €93,176 | €86,829 | -€6,347 | -6.8% |
| Intangible fixed assets | 21 | €22,500 | €20,000 | -€2,500 | -11.1% |
| Tangible fixed assets | 22/27 | €70,676 | €66,829 | -€3,847 | -5.4% |
| Plant, machinery and equipment | 23 | €44,097 | €46,445 | +€2,347 | +5.3% |
| Furniture and vehicles | 24 | €8,798 | €6,184 | -€2,614 | -29.7% |
| Leasing and similar rights | 25 | €17,781 | €14,201 | -€3,580 | -20.1% |
| Current assets | 29/58 | €71,834 | €64,284 | -€7,550 | -10.5% |
| Stocks and contracts in progress | 3 | €12,978 | €18,055 | +€5,076 | +39.1% |
| Stocks | 30/36 | €12,978 | €18,055 | +€5,076 | +39.1% |
| Amounts receivable within one year | 40/41 | €3,957 | €1,833 | -€2,124 | -53.7% |
| Trade receivables | 40 | €3,932 | €1,565 | -€2,368 | -60.2% |
| Other amounts receivable | 41 | €25 | €268 | +€243 | +961% |
| Cash at bank and in hand | 54/58 | €51,326 | €42,052 | -€9,274 | -18.1% |
| Deferred charges and accrued income | 490/1 | €3,573 | €2,345 | -€1,228 | -34.4% |
| Total equity and liabilities | 10/49 | €165,948 | €151,816 | -€14,132 | -8.5% |
| Equity | 10/15 | €41,091 | €62,098 | +€21,006 | +51.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,091 | €42,098 | +€21,006 | +99.6% |
| Amounts payable | 17/49 | €124,856 | €89,718 | -€35,138 | -28.1% |
| Amounts payable after more than one year | 17 | €14,266 | €10,796 | -€3,470 | -24.3% |
| Financial debts | 170/4 | €14,266 | €10,796 | -€3,470 | -24.3% |
| Amounts payable within one year | 42/48 | €106,785 | €74,838 | -€31,947 | -29.9% |
| Current portion of amounts payable after more than one year | 42 | €3,357 | €3,470 | +€112 | +3.3% |
| Trade debts | 44 | €20,186 | €3,422 | -€16,765 | -83.0% |
| Suppliers | 440/4 | €20,186 | €3,422 | -€16,765 | -83.0% |
| Taxes, remuneration and social security | 45 | €6,384 | €8,184 | +€1,801 | +28.2% |
| Taxes | 450/3 | €6,384 | €8,184 | +€1,801 | +28.2% |
| Other amounts payable | 47/48 | €76,858 | €59,763 | -€17,095 | -22.2% |
| Accrued charges and deferred income | 492/3 | €3,805 | €4,084 | +€278 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,635 | €22,343 | +€5,708 | +34.3% |
| Other operating charges | 640/8 | €1,560 | €1,124 | -€436 | -28.0% |
| Gross operating margin | 9900 | €45,582 | €51,591 | +€6,009 | +13.2% |
| Operating profit (loss) | 9901 | €27,388 | €28,125 | +€737 | +2.7% |
| Financial income | 75/76B | €21 | €23 | +€2 | +10.9% |
| Recurring financial income | 75 | €21 | €23 | +€2 | +10.9% |
| Financial charges | 65/66B | €391 | €791 | +€399 | +102% |
| Recurring financial charges | 65 | €391 | €791 | +€399 | +102% |
| Profit (loss) for the period before taxes | 9903 | €27,017 | €27,357 | +€340 | +1.3% |
| Income taxes | 67/77 | €5,926 | €6,351 | +€425 | +7.2% |
| Profit (loss) for the period | 9904 | €21,091 | €21,006 | -€85 | -0.4% |
| Profit (loss) for the period to be appropriated | 9905 | €21,091 | €21,006 | -€85 | -0.4% |
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 14 October 2026 via checked.be.