FIVE ORANGE ZEBRAS: 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.
FIVE ORANGE ZEBRAS
Largest movements
- Intangible fixed assets +€9,577
new in 2025: €9,577
- Receivables within one year -€4,351
down €4,351 (-57.0%), from €7,631 to €3,279
of which Trade receivables: -€4,263
- Tangible fixed assets -€3,609
down €3,609 (-61.7%), from €5,850 to €2,240
of which Plant, machinery and equipment: -€2,482
- Stocks and contracts -€2,261
down €2,261 (-3.4%), from €66,627 to €64,366
- Cash -€1,469
down €1,469 (-20.6%), from €7,133 to €5,663
mainly Net result for the year (-€48,092) and Investment in fixed assets (net) (-€10,581)
- Profit (loss) carried forward -€48,092
down €48,092 (-12.7%), from -€377,691 to -€425,782
- Other debts +€41,355
up €41,355 (+13.8%), from €299,021 to €340,376
- Trade debts +€6,897
up €6,897 (+28.5%), from €24,234 to €31,131
- Accrued charges and deferred income -€3,787
down €3,787 (-94.0%), from €4,029 to €242
- Staff costs -€26,630
no longer reported in 2025 (was €26,630)
- Gross operating margin +€14,051
up €14,051 (+24.8%), from -€56,612 to -€42,561
- Depreciation -€2,894
down €2,894 (-37.2%), from €7,773 to €4,879
- Financial charges -€851
down €851 (-87.1%), from €977 to €126
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 | €89,593 | €86,001 | -€3,592 | -4.0% |
| Formation expenses | 20 | €265 | - | -€265 | |
| Fixed assets | 21/28 | €5,850 | €11,817 | +€5,968 | +102% |
| Intangible fixed assets | 21 | - | €9,577 | +€9,577 | |
| Tangible fixed assets | 22/27 | €5,850 | €2,240 | -€3,609 | -61.7% |
| Plant, machinery and equipment | 23 | €3,947 | €1,466 | -€2,482 | -62.9% |
| Furniture and vehicles | 24 | €1,082 | €490 | -€592 | -54.7% |
| Other tangible fixed assets | 26 | €820 | €284 | -€535 | -65.3% |
| Current assets | 29/58 | €83,478 | €74,184 | -€9,294 | -11.1% |
| Stocks and contracts in progress | 3 | €66,627 | €64,366 | -€2,261 | -3.4% |
| Stocks | 30/36 | €66,627 | €64,366 | -€2,261 | -3.4% |
| Amounts receivable within one year | 40/41 | €7,631 | €3,279 | -€4,351 | -57.0% |
| Trade receivables | 40 | €6,801 | €2,537 | -€4,263 | -62.7% |
| Other amounts receivable | 41 | €830 | €742 | -€88 | -10.6% |
| Cash at bank and in hand | 54/58 | €7,133 | €5,663 | -€1,469 | -20.6% |
| Deferred charges and accrued income | 490/1 | €2,088 | €876 | -€1,212 | -58.1% |
| Total equity and liabilities | 10/49 | €89,593 | €86,001 | -€3,592 | -4.0% |
| Equity | 10/15 | -€347,691 | -€395,782 | -€48,092 | -13.8% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€377,691 | -€425,782 | -€48,092 | -12.7% |
| Amounts payable | 17/49 | €437,284 | €481,784 | +€44,500 | +10.2% |
| Amounts payable after more than one year | 17 | €110,000 | €110,000 | = | 0.0% |
| Financial debts | 170/4 | €110,000 | €110,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €323,255 | €371,541 | +€48,286 | +14.9% |
| Trade debts | 44 | €24,234 | €31,131 | +€6,897 | +28.5% |
| Suppliers | 440/4 | €24,234 | €31,131 | +€6,897 | +28.5% |
| Taxes, remuneration and social security | 45 | - | €34 | +€34 | |
| Taxes | 450/3 | - | €34 | +€34 | |
| Other amounts payable | 47/48 | €299,021 | €340,376 | +€41,355 | +13.8% |
| Accrued charges and deferred income | 492/3 | €4,029 | €242 | -€3,787 | -94.0% |
| Remuneration, social security and pensions | 62 | €26,630 | - | -€26,630 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,773 | €4,879 | -€2,894 | -37.2% |
| Other operating charges | 640/8 | €527 | €536 | +€9 | +1.7% |
| Gross operating margin | 9900 | -€56,612 | -€42,561 | +€14,051 | +24.8% |
| Operating profit (loss) | 9901 | -€91,542 | -€47,975 | +€43,567 | +47.6% |
| Financial income | 75/76B | €49 | €13 | -€37 | -74.6% |
| Recurring financial income | 75 | €49 | €13 | -€37 | -74.6% |
| Financial charges | 65/66B | €977 | €126 | -€851 | -87.1% |
| Recurring financial charges | 65 | €977 | €126 | -€851 | -87.1% |
| Profit (loss) for the period before taxes | 9903 | -€92,470 | -€48,089 | +€44,381 | +48.0% |
| Income taxes | 67/77 | - | €3 | +€3 | |
| Profit (loss) for the period | 9904 | -€92,470 | -€48,092 | +€44,378 | +48.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€92,470 | -€48,092 | +€44,378 | +48.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.