Z.E.M.: what changed
Two fiscal 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.
Z.E.M.
Largest movements
- Tangible fixed assets -€11,328
down €11,328 (-3.4%), from €332,586 to €321,258
of which Land and buildings: -€10,377
- Cash +€3,805
up €3,805 (+19.2%), from €19,816 to €23,621
mainly Depreciation (+€11,328) and Net result for the year (+€6,742)
- Debts after one year -€16,203
down €16,203 (-14.6%), from €111,171 to €94,968
- Reserves +€4,407
up €4,407 (+10.7%), from €41,269 to €45,676
of which Distributable reserves: +€4,407
- Gross operating margin +€2,049
up €2,049 (+6.9%), from €29,632 to €31,681
- Financial charges -€1,117
down €1,117 (-25.4%), from €4,389 to €3,272
of which Non-recurring financial charges: -€777
- Taxes +€985
up €985 (+67.1%), from €1,469 to €2,454
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.
Cash bridge derived
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 | €355,309 | €347,915 | -€7,394 | -2.1% |
| Fixed assets | 21/28 | €332,685 | €321,357 | -€11,328 | -3.4% |
| Tangible fixed assets | 22/27 | €332,586 | €321,258 | -€11,328 | -3.4% |
| Land and buildings | 22 | €327,858 | €317,481 | -€10,377 | -3.2% |
| Plant, machinery and equipment | 23 | €3,142 | €2,454 | -€687 | -21.9% |
| Furniture and vehicles | 24 | €1,587 | €1,322 | -€264 | -16.7% |
| Financial fixed assets | 28 | €99 | €99 | = | 0.0% |
| Current assets | 29/58 | €22,624 | €26,558 | +€3,934 | +17.4% |
| Amounts receivable within one year | 40/41 | €37 | €31 | -€6 | -16.4% |
| Other amounts receivable | 41 | €37 | €31 | -€6 | -16.4% |
| Cash at bank and in hand | 54/58 | €19,816 | €23,621 | +€3,805 | +19.2% |
| Deferred charges and accrued income | 490/1 | €2,771 | €2,906 | +€135 | +4.9% |
| Total equity and liabilities | 10/49 | €355,309 | €347,915 | -€7,394 | -2.1% |
| Equity | 10/15 | €151,031 | €157,773 | +€6,742 | +4.5% |
| Contributions | 10/11 | €105,355 | €105,355 | = | 0.0% |
| Capital | 10 | €105,355 | €105,355 | = | 0.0% |
| Issued capital | 100 | €105,355 | €105,355 | = | 0.0% |
| Reserves | 13 | €41,269 | €45,676 | +€4,407 | +10.7% |
| Non-distributable reserves | 130/1 | €5,046 | €5,046 | = | 0.0% |
| Legal reserve | 130 | €5,046 | €5,046 | = | 0.0% |
| Distributable reserves | 133 | €36,223 | €40,630 | +€4,407 | +12.2% |
| Profit (loss) carried forward | 14 | €4,407 | €6,742 | +€2,335 | +53.0% |
| Amounts payable | 17/49 | €204,279 | €190,142 | -€14,136 | -6.9% |
| Amounts payable after more than one year | 17 | €111,171 | €94,968 | -€16,203 | -14.6% |
| Financial debts | 170/4 | €111,171 | €94,968 | -€16,203 | -14.6% |
| Amounts payable within one year | 42/48 | €93,108 | €95,175 | +€2,067 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €16,203 | €16,203 | = | 0.0% |
| Trade debts | 44 | €3,741 | €3,580 | -€161 | -4.3% |
| Suppliers | 440/4 | €3,741 | €3,580 | -€161 | -4.3% |
| Advances received on contracts in progress | 46 | €500 | €500 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €1,360 | €3,588 | +€2,228 | +163.8% |
| Taxes | 450/3 | - | €2,454 | +€2,454 | |
| Remuneration and social security | 454/9 | €1,360 | €1,134 | -€226 | -16.6% |
| Other amounts payable | 47/48 | €71,303 | €71,303 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,635 | €11,328 | -€307 | -2.6% |
| Other operating charges | 640/8 | €7,732 | €7,884 | +€152 | +2.0% |
| Gross operating margin | 9900 | €29,632 | €31,681 | +€2,049 | +6.9% |
| Operating profit (loss) | 9901 | €10,265 | €12,468 | +€2,204 | +21.5% |
| Financial charges | 65/66B | €4,389 | €3,272 | -€1,117 | -25.4% |
| Recurring financial charges | 65 | €3,612 | €3,272 | -€340 | -9.4% |
| Non-recurring financial charges | 66B | €777 | - | -€777 | |
| Profit (loss) for the period before taxes | 9903 | €5,876 | €9,196 | +€3,320 | +56.5% |
| Income taxes | 67/77 | €1,469 | €2,454 | +€985 | +67.1% |
| Profit (loss) for the period | 9904 | €4,407 | €6,742 | +€2,335 | +53.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,407 | €6,742 | +€2,335 | +53.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.