HET ZEEL: 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.
HET ZEEL
Largest movements
- Tangible fixed assets -€19,286
down €19,286 (-29.4%), from €65,619 to €46,334
- Cash -€1,028
down €1,028 (-66.5%), from €1,546 to €518
mainly Debts after one year (-€12,324) and Other debts (-€7,047)
- Debts after one year -€12,324
down €12,324 (-74.3%), from €16,577 to €4,253
- Other debts -€7,047
down €7,047 (-2.5%), from €276,664 to €269,617
- Profit (loss) carried forward -€1,656
down €1,656 (-0.3%), from -€614,632 to -€616,288
- Gross operating margin +€4,558
up €4,558 (+25.3%), from €18,017 to €22,575
- Other operating charges -€1,483
down €1,483 (-30.0%), from €4,949 to €3,466
- Financial charges -€578
down €578 (-29.4%), from €1,965 to €1,387
- Depreciation +€393
up €393 (+2.1%), from €18,892 to €19,286
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 | €68,317 | €48,007 | -€20,310 | -29.7% |
| Fixed assets | 21/28 | €65,867 | €46,582 | -€19,286 | -29.3% |
| Tangible fixed assets | 22/27 | €65,619 | €46,334 | -€19,286 | -29.4% |
| Land and buildings | 22 | €65,619 | €46,334 | -€19,286 | -29.4% |
| Financial fixed assets | 28 | €248 | €248 | = | 0.0% |
| Current assets | 29/58 | €2,450 | €1,425 | -€1,024 | -41.8% |
| Cash at bank and in hand | 54/58 | €1,546 | €518 | -€1,028 | -66.5% |
| Deferred charges and accrued income | 490/1 | €904 | €907 | +€3 | +0.4% |
| Total equity and liabilities | 10/49 | €68,317 | €48,007 | -€20,310 | -29.7% |
| Equity | 10/15 | -€236,623 | -€238,279 | -€1,656 | -0.7% |
| Contributions | 10/11 | €216,907 | €216,907 | = | 0.0% |
| Capital | 10 | €216,907 | €216,907 | = | 0.0% |
| Issued capital | 100 | €216,907 | €216,907 | = | 0.0% |
| Reserves | 13 | €161,102 | €161,102 | = | 0.0% |
| Tax-exempt reserves | 132 | €161,102 | €161,102 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€614,632 | -€616,288 | -€1,656 | -0.3% |
| Amounts payable | 17/49 | €304,941 | €286,286 | -€18,654 | -6.1% |
| Amounts payable after more than one year | 17 | €16,577 | €4,253 | -€12,324 | -74.3% |
| Financial debts | 170/4 | €16,577 | €4,253 | -€12,324 | -74.3% |
| Amounts payable within one year | 42/48 | €288,364 | €282,034 | -€6,330 | -2.2% |
| Current portion of amounts payable after more than one year | 42 | €11,700 | €12,324 | +€624 | +5.3% |
| Taxes, remuneration and social security | 45 | - | €92 | +€92 | |
| Taxes | 450/3 | - | €92 | +€92 | |
| Other amounts payable | 47/48 | €276,664 | €269,617 | -€7,047 | -2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,892 | €19,286 | +€393 | +2.1% |
| Other operating charges | 640/8 | €4,949 | €3,466 | -€1,483 | -30.0% |
| Gross operating margin | 9900 | €18,017 | €22,575 | +€4,558 | +25.3% |
| Operating profit (loss) | 9901 | -€5,824 | -€176 | +€5,647 | +97.0% |
| Financial income | 75/76B | €31 | - | -€31 | |
| Recurring financial income | 75 | €31 | - | -€31 | |
| Financial charges | 65/66B | €1,965 | €1,387 | -€578 | -29.4% |
| Recurring financial charges | 65 | €1,965 | €1,387 | -€578 | -29.4% |
| Profit (loss) for the period before taxes | 9903 | -€7,757 | -€1,563 | +€6,194 | +79.8% |
| Income taxes | 67/77 | - | €92 | +€92 | |
| Profit (loss) for the period | 9904 | -€7,757 | -€1,656 | +€6,101 | +78.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,757 | -€1,656 | +€6,101 | +78.7% |
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 14 October 2026 via checked.be.