RED ZEZEL: 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.
RED ZEZEL
Largest movements
- Cash +€11,702
up €11,702 (+127%), from €9,250 to €20,952
mainly Net result for the year (+€21,627) and Depreciation (+€2,526)
- Tangible fixed assets +€4,747
up €4,747 (+469%), from €1,013 to €5,760
of which Furniture and vehicles: +€5,001
- Receivables within one year +€3,907
up €3,907 (+97.3%), from €4,014 to €7,921
of which Trade receivables: +€3,717
- Deferred charges and accrued income -€805
down €805 (-98.4%), from €818 to €13
- Profit (loss) carried forward +€21,627
up €21,627 (+75.9%), from -€28,486 to -€6,860
- Other debts -€4,498
down €4,498 (-62.7%), from €7,170 to €2,672
- Tax, wage and social debts +€2,053
up €2,053 (+118%), from €1,744 to €3,797
- Gross operating margin +€23,085
up €23,085 (+1,149%), from €2,008 to €25,093
- Depreciation +€1,947
up €1,947 (+336%), from €579 to €2,526
- Financial charges +€255
up €255 (+177%), from €144 to €399
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 | €15,095 | €34,646 | +€19,551 | +130% |
| Fixed assets | 21/28 | €1,013 | €5,760 | +€4,747 | +469% |
| Tangible fixed assets | 22/27 | €1,013 | €5,760 | +€4,747 | +469% |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Furniture and vehicles | 24 | €569 | €5,570 | +€5,001 | +879% |
| Other tangible fixed assets | 26 | €444 | €190 | -€254 | -57.2% |
| Current assets | 29/58 | €14,082 | €28,886 | +€14,804 | +105% |
| Amounts receivable within one year | 40/41 | €4,014 | €7,921 | +€3,907 | +97.3% |
| Trade receivables | 40 | €4,014 | €7,731 | +€3,717 | +92.6% |
| Other amounts receivable | 41 | €0 | €190 | +€190 | |
| Cash at bank and in hand | 54/58 | €9,250 | €20,952 | +€11,702 | +127% |
| Deferred charges and accrued income | 490/1 | €818 | €13 | -€805 | -98.4% |
| Total equity and liabilities | 10/49 | €15,095 | €34,646 | +€19,551 | +130% |
| Equity | 10/15 | €3,562 | €25,188 | +€21,627 | +607% |
| Contributions | 10/11 | €14,000 | €14,000 | = | 0.0% |
| Reserves | 13 | €18,048 | €18,048 | = | 0.0% |
| Distributable reserves | 133 | €18,048 | €18,048 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€28,486 | -€6,860 | +€21,627 | +75.9% |
| Amounts payable | 17/49 | €11,533 | €9,458 | -€2,076 | -18.0% |
| Amounts payable within one year | 42/48 | €11,441 | €9,458 | -€1,983 | -17.3% |
| Trade debts | 44 | €2,527 | €2,861 | +€334 | +13.2% |
| Suppliers | 440/4 | €2,527 | €2,861 | +€334 | +13.2% |
| Advances received on contracts in progress | 46 | - | €128 | +€128 | |
| Taxes, remuneration and social security | 45 | €1,744 | €3,797 | +€2,053 | +118% |
| Taxes | 450/3 | €1,744 | €3,797 | +€2,053 | +118% |
| Other amounts payable | 47/48 | €7,170 | €2,672 | -€4,498 | -62.7% |
| Accrued charges and deferred income | 492/3 | €92 | - | -€92 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €579 | €2,526 | +€1,947 | +336% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €2,008 | €25,093 | +€23,085 | +1,149% |
| Operating profit (loss) | 9901 | €1,042 | €22,167 | +€21,125 | +2,027% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €144 | €399 | +€255 | +177% |
| Recurring financial charges | 65 | €144 | €399 | +€255 | +177% |
| Profit (loss) for the period before taxes | 9903 | €898 | €21,768 | +€20,870 | +2,325% |
| Income taxes | 67/77 | €93 | €141 | +€48 | +51.5% |
| Profit (loss) for the period | 9904 | €805 | €21,627 | +€20,822 | +2,587% |
| Profit (loss) for the period to be appropriated | 9905 | €805 | €21,627 | +€20,822 | +2,587% |
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 24 October 2026 via checked.be.