DE ZESBUNDER: 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.
DE ZESBUNDER
Largest movements
- Cash +€57,820
up €57,820 (+38.2%), from €151,391 to €209,211
mainly Depreciation (+€59,770) and Net result for the year (+€28,728)
- Tangible fixed assets -€54,788
down €54,788 (-12.1%), from €452,513 to €397,726
of which Land and buildings: -€30,908
- Receivables within one year -€23,294
down €23,294 (-21.0%), from €110,886 to €87,592
of which Trade receivables: -€25,438
- Reserves +€28,728
up €28,728 (+6.8%), from €421,349 to €450,077
of which Distributable reserves: +€28,728
- Accrued charges and deferred income -€23,698
down €23,698 (-22.6%), from €104,706 to €81,007
- Debts after one year -€15,766
down €15,766 (-47.3%), from €33,364 to €17,598
- Tax, wage and social debts -€8,678
down €8,678 (-45.4%), from €19,118 to €10,439
of which Taxes: -€5,443
- Staff costs -€12,137
down €12,137 (-12.9%), from €94,342 to €82,204
- Taxes -€9,870
down €9,870 (-46.4%), from €21,278 to €11,408
- Other operating charges +€5,236
up €5,236 (+163.6%), from €3,200 to €8,436
- Gross operating margin +€4,816
up €4,816 (+2.5%), from €190,990 to €195,806
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 | €726,411 | €705,748 | -€20,663 | -2.8% |
| Fixed assets | 21/28 | €452,513 | €397,726 | -€54,788 | -12.1% |
| Tangible fixed assets | 22/27 | €452,513 | €397,726 | -€54,788 | -12.1% |
| Land and buildings | 22 | €366,310 | €335,401 | -€30,908 | -8.4% |
| Plant, machinery and equipment | 23 | €18,228 | €15,100 | -€3,128 | -17.2% |
| Furniture and vehicles | 24 | €67,976 | €47,225 | -€20,751 | -30.5% |
| Current assets | 29/58 | €273,898 | €308,023 | +€34,125 | +12.5% |
| Stocks and contracts in progress | 3 | €7,975 | €6,891 | -€1,084 | -13.6% |
| Stocks | 30/36 | €7,975 | €6,891 | -€1,084 | -13.6% |
| Amounts receivable within one year | 40/41 | €110,886 | €87,592 | -€23,294 | -21.0% |
| Trade receivables | 40 | €109,777 | €84,339 | -€25,438 | -23.2% |
| Other amounts receivable | 41 | €1,109 | €3,253 | +€2,145 | +193.5% |
| Cash at bank and in hand | 54/58 | €151,391 | €209,211 | +€57,820 | +38.2% |
| Deferred charges and accrued income | 490/1 | €3,646 | €4,328 | +€683 | +18.7% |
| Total equity and liabilities | 10/49 | €726,411 | €705,748 | -€20,663 | -2.8% |
| Equity | 10/15 | €487,949 | €516,677 | +€28,728 | +5.9% |
| Contributions | 10/11 | €66,600 | €66,600 | = | 0.0% |
| Reserves | 13 | €421,349 | €450,077 | +€28,728 | +6.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €419,489 | €448,217 | +€28,728 | +6.8% |
| Amounts payable | 17/49 | €238,462 | €189,071 | -€49,391 | -20.7% |
| Amounts payable after more than one year | 17 | €33,364 | €17,598 | -€15,766 | -47.3% |
| Financial debts | 170/4 | €33,364 | €17,598 | -€15,766 | -47.3% |
| Amounts payable within one year | 42/48 | €100,393 | €90,466 | -€9,926 | -9.9% |
| Current portion of amounts payable after more than one year | 42 | €27,224 | €23,982 | -€3,243 | -11.9% |
| Trade debts | 44 | €5,040 | €7,150 | +€2,111 | +41.9% |
| Suppliers | 440/4 | €5,040 | €7,150 | +€2,111 | +41.9% |
| Advances received on contracts in progress | 46 | €9,754 | €10,972 | +€1,217 | +12.5% |
| Taxes, remuneration and social security | 45 | €19,118 | €10,439 | -€8,678 | -45.4% |
| Taxes | 450/3 | €9,448 | €4,005 | -€5,443 | -57.6% |
| Remuneration and social security | 454/9 | €9,670 | €6,434 | -€3,235 | -33.5% |
| Other amounts payable | 47/48 | €39,256 | €37,923 | -€1,333 | -3.4% |
| Accrued charges and deferred income | 492/3 | €104,706 | €81,007 | -€23,698 | -22.6% |
| Non-recurring operating income | 76A | €3,543 | - | -€3,543 | |
| Remuneration, social security and pensions | 62 | €94,342 | €82,204 | -€12,137 | -12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,852 | €59,770 | -€1,082 | -1.8% |
| Other operating charges | 640/8 | €3,200 | €8,436 | +€5,236 | +163.6% |
| Gross operating margin | 9900 | €190,990 | €195,806 | +€4,816 | +2.5% |
| Operating profit (loss) | 9901 | €32,597 | €45,396 | +€12,799 | +39.3% |
| Financial income | 75/76B | €214 | €1,065 | +€851 | +396.9% |
| Recurring financial income | 75 | €214 | €1,065 | +€851 | +396.9% |
| Financial charges | 65/66B | €4,951 | €6,325 | +€1,374 | +27.8% |
| Recurring financial charges | 65 | €4,951 | €6,325 | +€1,374 | +27.8% |
| Profit (loss) for the period before taxes | 9903 | €27,860 | €40,136 | +€12,276 | +44.1% |
| Income taxes | 67/77 | €21,278 | €11,408 | -€9,870 | -46.4% |
| Profit (loss) for the period | 9904 | €6,582 | €28,728 | +€22,145 | +336.4% |
| Transfer from tax-exempt reserves | 789 | €36,963 | - | -€36,963 | |
| Profit (loss) for the period to be appropriated | 9905 | €43,545 | €28,728 | -€14,817 | -34.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.