De Zebra: 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 Zebra
Largest movements
- Stocks and contracts -€276,988
no longer reported in 2025 (was €276,988)
- Tangible fixed assets +€23,786
up €23,786 (+3.3%), from €711,825 to €735,611
- Receivables within one year -€19,466
down €19,466 (-97.3%), from €20,000 to €534
- Cash +€13,698
up €13,698 (+31.3%), from €43,785 to €57,483
mainly Stocks and contracts (+€276,988) and Contributions, distributions and other (+€80,400)
- Debts after one year -€364,317
down €364,317 (-39.0%), from €933,958 to €569,641
- Contributions +€80,400
up €80,400 (+67.2%), from €119,600 to €200,000
- Other debts +€24,319
up €24,319 (+1011.2%), from €2,405 to €26,724
- Gross operating margin +€112,565
up €112,565 (+16585.9%), from €679 to €113,244
- Financial charges +€73,653
up €73,653 (+799.7%), from €9,210 to €82,864
- Depreciation +€8,845
up €8,845 (+44.7%), from €19,769 to €28,614
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 | €1,052,717 | €793,628 | -€259,089 | -24.6% |
| Fixed assets | 21/28 | €711,825 | €735,611 | +€23,786 | +3.3% |
| Tangible fixed assets | 22/27 | €711,825 | €735,611 | +€23,786 | +3.3% |
| Land and buildings | 22 | €711,825 | €735,611 | +€23,786 | +3.3% |
| Current assets | 29/58 | €340,891 | €58,017 | -€282,874 | -83.0% |
| Stocks and contracts in progress | 3 | €276,988 | - | -€276,988 | |
| Stocks | 30/36 | €276,988 | - | -€276,988 | |
| Amounts receivable within one year | 40/41 | €20,000 | €534 | -€19,466 | -97.3% |
| Other amounts receivable | 41 | €20,000 | €534 | -€19,466 | -97.3% |
| Cash at bank and in hand | 54/58 | €43,785 | €57,483 | +€13,698 | +31.3% |
| Deferred charges and accrued income | 490/1 | €118 | - | -€118 | |
| Total equity and liabilities | 10/49 | €1,052,717 | €793,628 | -€259,089 | -24.6% |
| Equity | 10/15 | €92,857 | €172,946 | +€80,089 | +86.2% |
| Contributions | 10/11 | €119,600 | €200,000 | +€80,400 | +67.2% |
| Profit (loss) carried forward | 14 | -€26,743 | -€27,054 | -€311 | -1.2% |
| Amounts payable | 17/49 | €959,860 | €620,682 | -€339,178 | -35.3% |
| Amounts payable after more than one year | 17 | €933,958 | €569,641 | -€364,317 | -39.0% |
| Financial debts | 170/4 | €933,958 | €569,641 | -€364,317 | -39.0% |
| Amounts payable within one year | 42/48 | €25,902 | €51,041 | +€25,139 | +97.1% |
| Current portion of amounts payable after more than one year | 42 | €23,497 | €24,317 | +€820 | +3.5% |
| Other amounts payable | 47/48 | €2,405 | €26,724 | +€24,319 | +1011.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,769 | €28,614 | +€8,845 | +44.7% |
| Other operating charges | 640/8 | €1,949 | €2,077 | +€128 | +6.6% |
| Gross operating margin | 9900 | €679 | €113,244 | +€112,565 | +16585.9% |
| Operating profit (loss) | 9901 | -€21,039 | €82,553 | +€103,592 | |
| Financial charges | 65/66B | €9,210 | €82,864 | +€73,653 | +799.7% |
| Recurring financial charges | 65 | €9,210 | €82,864 | +€73,653 | +799.7% |
| Profit (loss) for the period before taxes | 9903 | -€30,250 | -€311 | +€29,939 | +99.0% |
| Profit (loss) for the period | 9904 | -€30,250 | -€311 | +€29,939 | +99.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€30,250 | -€311 | +€29,939 | +99.0% |
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 12 October 2026 via checked.be.