ED VAN DER ZEE: 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.
ED VAN DER ZEE
Largest movements
- Current investments -€149,093
down €149,093 (-36.8%), from €405,222 to €256,128
- Deferred charges and accrued income -€26,313
down €26,313 (-78.1%), from €33,677 to €7,364
- Cash +€25,710
up €25,710 (+4.4%), from €589,455 to €615,165
mainly Current investments (+€149,093) and Net result for the year (+€103,339)
- Reserves -€150,327
down €150,327 (-14.9%), from €1.0m to €857,509
of which Distributable reserves: -€150,327
- Gross operating margin -€141,305
down €141,305 (-85.6%), from €165,005 to €23,700
- Financial income +€111,768
up €111,768 (+564%), from €19,829 to €131,597
of which Financial income: +€106,761
- Staff costs -€28,113
down €28,113, from €28,079 to -€34
- Taxes -€1,914
down €1,914 (-3.8%), from €50,596 to €48,682
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 | €1,035,591 | €886,584 | -€149,007 | -14.4% |
| Fixed assets | 21/28 | €3,022 | €2,501 | -€521 | -17.2% |
| Tangible fixed assets | 22/27 | €3,022 | €2,501 | -€521 | -17.2% |
| Furniture and vehicles | 24 | €3,022 | €2,501 | -€521 | -17.2% |
| Current assets | 29/58 | €1,032,569 | €884,083 | -€148,485 | -14.4% |
| Stocks and contracts in progress | 3 | €496 | €0 | -€496 | -100% |
| Stocks | 30/36 | €496 | €0 | -€496 | -100% |
| Amounts receivable within one year | 40/41 | €3,719 | €5,426 | +€1,706 | +45.9% |
| Trade receivables | 40 | €464 | €2,193 | +€1,729 | +373% |
| Other amounts receivable | 41 | €3,255 | €3,232 | -€23 | -0.7% |
| Current investments | 50/53 | €405,222 | €256,128 | -€149,093 | -36.8% |
| Cash at bank and in hand | 54/58 | €589,455 | €615,165 | +€25,710 | +4.4% |
| Deferred charges and accrued income | 490/1 | €33,677 | €7,364 | -€26,313 | -78.1% |
| Total equity and liabilities | 10/49 | €1,035,591 | €886,584 | -€149,007 | -14.4% |
| Equity | 10/15 | €1,014,036 | €863,709 | -€150,327 | -14.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,007,836 | €857,509 | -€150,327 | -14.9% |
| Non-distributable reserves | 130/1 | €18,241 | €18,241 | = | 0.0% |
| Reserves not available under the articles | 1311 | €18,241 | €18,241 | = | 0.0% |
| Distributable reserves | 133 | €989,595 | €839,268 | -€150,327 | -15.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €21,554 | €22,875 | +€1,320 | +6.1% |
| Amounts payable within one year | 42/48 | €20,991 | €22,633 | +€1,642 | +7.8% |
| Trade debts | 44 | €130 | €2,579 | +€2,449 | +1,885% |
| Suppliers | 440/4 | €130 | €2,579 | +€2,449 | +1,885% |
| Advances received on contracts in progress | 46 | - | €6,543 | +€6,543 | |
| Taxes, remuneration and social security | 45 | €19,195 | €11,845 | -€7,350 | -38.3% |
| Taxes | 450/3 | €19,195 | €11,845 | -€7,350 | -38.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,666 | €1,666 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €563 | €242 | -€321 | -57.0% |
| Remuneration, social security and pensions | 62 | €28,079 | -€34 | -€28,113 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €503 | €521 | +€18 | +3.6% |
| Other operating charges | 640/8 | €3,214 | €2,205 | -€1,008 | -31.4% |
| Gross operating margin | 9900 | €165,005 | €23,700 | -€141,305 | -85.6% |
| Operating profit (loss) | 9901 | €133,209 | €21,008 | -€112,202 | -84.2% |
| Financial income | 75/76B | €19,829 | €131,597 | +€111,768 | +564% |
| Recurring financial income | 75 | €19,829 | €126,590 | +€106,761 | +538% |
| Non-recurring financial income | 76B | - | €5,008 | +€5,008 | |
| Financial charges | 65/66B | €1,689 | €584 | -€1,105 | -65.4% |
| Recurring financial charges | 65 | €1,689 | €584 | -€1,105 | -65.4% |
| Profit (loss) for the period before taxes | 9903 | €151,349 | €152,021 | +€672 | +0.4% |
| Income taxes | 67/77 | €50,596 | €48,682 | -€1,914 | -3.8% |
| Profit (loss) for the period | 9904 | €100,753 | €103,339 | +€2,586 | +2.6% |
| Profit (loss) for the period to be appropriated | 9905 | €100,753 | €103,339 | +€2,586 | +2.6% |
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 29 October 2026 via checked.be.