GREEN 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.
GREEN ZEBRA
Largest movements
- Receivables within one year +€515,567
up €515,567 (+337%), from €152,852 to €668,419
of which Other amounts receivable: +€492,273
- Receivables after one year +€400,000
new in 2025: €400,000
- Cash +€120,613
up €120,613 (+191%), from €63,153 to €183,766
mainly Debts after one year (+€908,757) and Net result for the year (+€134,216)
- Tangible fixed assets -€45,257
down €45,257 (-6.4%), from €703,221 to €657,964
of which Land and buildings: -€36,364
- Debts after one year +€908,757
up €908,757 (+127%), from €716,491 to €1.6m
of which Other amounts payable: +€918,757
- Reserves +€134,216
up €134,216 (+16.7%), from €804,514 to €938,731
of which Distributable reserves: +€134,216
- Other debts -€33,360
down €33,360 (-54.8%), from €60,890 to €27,530
- Gross operating margin -€61,126
down €61,126 (-19.8%), from €308,320 to €247,194
- Financial income +€53,416
up €53,416 (+216%), from €24,748 to €78,163
of which Financial income: +€60,521
- Depreciation +€16,071
up €16,071 (+41.3%), from €38,868 to €54,939
- Taxes -€7,268
down €7,268 (-14.9%), from €48,679 to €41,411
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 | €1,741,355 | €2,731,937 | +€990,581 | +56.9% |
| Fixed assets | 21/28 | €1,521,955 | €1,476,698 | -€45,257 | -3.0% |
| Tangible fixed assets | 22/27 | €703,221 | €657,964 | -€45,257 | -6.4% |
| Land and buildings | 22 | €600,056 | €563,691 | -€36,364 | -6.1% |
| Plant, machinery and equipment | 23 | €2,200 | €1,279 | -€921 | -41.9% |
| Furniture and vehicles | 24 | €100,966 | €92,994 | -€7,972 | -7.9% |
| Financial fixed assets | 28 | €818,734 | €818,734 | = | 0.0% |
| Current assets | 29/58 | €219,400 | €1,255,239 | +€1.0m | +472% |
| Amounts receivable after more than one year | 29 | - | €400,000 | +€400,000 | |
| Trade receivables | 290 | - | €400,000 | +€400,000 | |
| Amounts receivable within one year | 40/41 | €152,852 | €668,419 | +€515,567 | +337% |
| Trade receivables | 40 | €45,761 | €69,056 | +€23,294 | +50.9% |
| Other amounts receivable | 41 | €107,091 | €599,363 | +€492,273 | +460% |
| Cash at bank and in hand | 54/58 | €63,153 | €183,766 | +€120,613 | +191% |
| Deferred charges and accrued income | 490/1 | €3,396 | €3,054 | -€341 | -10.1% |
| Total equity and liabilities | 10/49 | €1,741,355 | €2,731,937 | +€990,581 | +56.9% |
| Equity | 10/15 | €879,514 | €1,013,731 | +€134,216 | +15.3% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Revaluation surpluses | 12 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €804,514 | €938,731 | +€134,216 | +16.7% |
| Tax-exempt reserves | 132 | €21,850 | €21,850 | = | 0.0% |
| Distributable reserves | 133 | €782,664 | €916,881 | +€134,216 | +17.1% |
| Amounts payable | 17/49 | €861,841 | €1,718,206 | +€856,365 | +99.4% |
| Amounts payable after more than one year | 17 | €716,491 | €1,625,248 | +€908,757 | +127% |
| Financial debts | 170/4 | €78,333 | €68,333 | -€10,000 | -12.8% |
| Other amounts payable | 178/9 | €638,158 | €1,556,914 | +€918,757 | +144% |
| Amounts payable within one year | 42/48 | €143,982 | €91,548 | -€52,435 | -36.4% |
| Current portion of amounts payable after more than one year | 42 | €10,000 | €10,000 | = | 0.0% |
| Trade debts | 44 | €1,866 | €3,980 | +€2,114 | +113% |
| Suppliers | 440/4 | €1,866 | €3,980 | +€2,114 | +113% |
| Taxes, remuneration and social security | 45 | €71,226 | €50,037 | -€21,189 | -29.7% |
| Taxes | 450/3 | €71,226 | €50,037 | -€21,189 | -29.7% |
| Other amounts payable | 47/48 | €60,890 | €27,530 | -€33,360 | -54.8% |
| Accrued charges and deferred income | 492/3 | €1,367 | €1,410 | +€43 | +3.1% |
| Non-recurring operating income | 76A | €237 | €4,000 | +€3,763 | +1,587% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,868 | €54,939 | +€16,071 | +41.3% |
| Other operating charges | 640/8 | €4,879 | €4,373 | -€506 | -10.4% |
| Gross operating margin | 9900 | €308,320 | €247,194 | -€61,126 | -19.8% |
| Operating profit (loss) | 9901 | €264,573 | €187,882 | -€76,691 | -29.0% |
| Financial income | 75/76B | €24,748 | €78,163 | +€53,416 | +216% |
| Recurring financial income | 75 | €17,642 | €78,163 | +€60,521 | +343% |
| Non-recurring financial income | 76B | €7,106 | €0 | -€7,106 | -100% |
| Financial charges | 65/66B | €91,253 | €90,418 | -€835 | -0.9% |
| Recurring financial charges | 65 | €91,253 | €90,418 | -€835 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | €198,068 | €175,627 | -€22,441 | -11.3% |
| Income taxes | 67/77 | €48,679 | €41,411 | -€7,268 | -14.9% |
| Profit (loss) for the period | 9904 | €149,389 | €134,216 | -€15,173 | -10.2% |
| Profit (loss) for the period to be appropriated | 9905 | €149,389 | €134,216 | -€15,173 | -10.2% |
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 20 October 2026 via checked.be.