YELLOW ZEBRA: what changed
What changed
YELLOW ZEBRA
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€311,906
2024 · €95,634+€216,272
Equity
€2.6m
2024 · €2.3m+€300,206
Cash
€186,185
2024 · €311,046-€124,860
Balance sheet total
€3.6m
2024 · €3.3m+€292,077
Largest movements
Assets
- Receivables within one year +€461,555
up €461,555 (+977%), from €47,222 to €508,778
of which Other amounts receivable: +€507,764
- Cash -€124,860
down €124,860 (-40.1%), from €311,046 to €186,185
mainly Receivables within one year (-€461,555) and Investment in fixed assets (net) (-€13,819)
Equity and liabilities
- Reserves +€300,206
up €300,206 (+12.9%), from €2.3m to €2.6m
of which Distributable reserves: +€300,206
Income statement
- Financial income +€242,327
up €242,327 (+928%), from €26,105 to €268,432
- Staff costs +€39,307
up €39,307 (+23.1%), from €170,448 to €209,755
- Taxes -€10,223
down €10,223 (-30.5%), from €33,495 to €23,271
- Gross operating margin +€3,673
up €3,673 (+1.1%), from €344,879 to €348,552
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€95,634
Gross operating margin
+€3,673
Staff costs
-€39,307
Depreciation
-€1,760
Other operating charges
-€150
Other operating items
+€4,319
Financial income
+€242,327
Financial charges
-€3,054
Taxes
+€10,223
Result 2025
€311,906
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€99,341
Investment
-€13,819
Financing
-€11,700
Cash 2024
€311,046
From operations (derived)
-€99,341
Net result for the year
+€311,906
Depreciation
+€1,760
Receivables after one year
+€22,365
Receivables within one year
-€461,555
Deferred charges and accrued income
+€34,312
Trade debts
-€2,786
Tax, wage and social debts
-€2,190
Other debts
-€6,458
Accrued charges and deferred income
+€3,305
Investment (derived)
-€13,819
Investment in fixed assets (net)
-€13,819
Financing
-€11,700
Contributions, distributions and other
-€11,700
Cash 2025
€186,185
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,349,673 | €3,641,750 | +€292,077 | +8.7% |
| Fixed assets | 21/28 | €2,244,853 | €2,256,913 | +€12,060 | +0.5% |
| Tangible fixed assets | 22/27 | - | €12,060 | +€12,060 | |
| Furniture and vehicles | 24 | - | €12,060 | +€12,060 | |
| Financial fixed assets | 28 | €2,244,853 | €2,244,853 | = | 0.0% |
| Current assets | 29/58 | €1,104,819 | €1,384,837 | +€280,018 | +25.3% |
| Amounts receivable after more than one year | 29 | €191,287 | €168,922 | -€22,365 | -11.7% |
| Other amounts receivable | 291 | €191,287 | €168,922 | -€22,365 | -11.7% |
| Amounts receivable within one year | 40/41 | €47,222 | €508,778 | +€461,555 | +977% |
| Trade receivables | 40 | €47,158 | €950 | -€46,209 | -98.0% |
| Other amounts receivable | 41 | €64 | €507,828 | +€507,764 | +798,371% |
| Current investments | 50/53 | €500,598 | €500,598 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €311,046 | €186,185 | -€124,860 | -40.1% |
| Deferred charges and accrued income | 490/1 | €54,667 | €20,354 | -€34,312 | -62.8% |
| Total equity and liabilities | 10/49 | €3,349,673 | €3,641,750 | +€292,077 | +8.7% |
| Equity | 10/15 | €2,336,322 | €2,636,529 | +€300,206 | +12.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €2,335,322 | €2,635,529 | +€300,206 | +12.9% |
| Tax-exempt reserves | 132 | €67,360 | €67,360 | = | 0.0% |
| Distributable reserves | 133 | €2,267,962 | €2,568,169 | +€300,206 | +13.2% |
| Amounts payable | 17/49 | €1,013,350 | €1,005,221 | -€8,129 | -0.8% |
| Amounts payable within one year | 42/48 | €948,706 | €937,271 | -€11,435 | -1.2% |
| Trade debts | 44 | €3,933 | €1,147 | -€2,786 | -70.8% |
| Suppliers | 440/4 | €3,933 | €1,147 | -€2,786 | -70.8% |
| Taxes, remuneration and social security | 45 | €37,917 | €35,727 | -€2,190 | -5.8% |
| Taxes | 450/3 | €23,496 | €14,158 | -€9,338 | -39.7% |
| Remuneration and social security | 454/9 | €14,420 | €21,568 | +€7,148 | +49.6% |
| Other amounts payable | 47/48 | €906,856 | €900,398 | -€6,458 | -0.7% |
| Accrued charges and deferred income | 492/3 | €64,645 | €67,950 | +€3,305 | +5.1% |
| Remuneration, social security and pensions | 62 | €170,448 | €209,755 | +€39,307 | +23.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,760 | +€1,760 | |
| Other operating charges | 640/8 | €1,628 | €1,778 | +€150 | +9.2% |
| Non-recurring operating charges | 66A | €4,319 | - | -€4,319 | |
| Gross operating margin | 9900 | €344,879 | €348,552 | +€3,673 | +1.1% |
| Operating profit (loss) | 9901 | €168,484 | €135,260 | -€33,224 | -19.7% |
| Financial income | 75/76B | €26,105 | €268,432 | +€242,327 | +928% |
| Recurring financial income | 75 | €26,105 | €268,432 | +€242,327 | +928% |
| Financial charges | 65/66B | €65,461 | €68,514 | +€3,054 | +4.7% |
| Recurring financial charges | 65 | €65,461 | €68,514 | +€3,054 | +4.7% |
| Profit (loss) for the period before taxes | 9903 | €129,129 | €335,178 | +€206,049 | +160% |
| Income taxes | 67/77 | €33,495 | €23,271 | -€10,223 | -30.5% |
| Profit (loss) for the period | 9904 | €95,634 | €311,906 | +€216,272 | +226% |
| Transfer from tax-exempt reserves | 789 | €168,400 | - | -€168,400 | |
| Transfer to tax-exempt reserves | 689 | €67,360 | - | -€67,360 | |
| Profit (loss) for the period to be appropriated | 9905 | €196,674 | €311,906 | +€115,232 | +58.6% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.