Z.E.T.: 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.
Z.E.T.
Largest movements
- Cash -€33,929
down €33,929 (-86.5%), from €39,212 to €5,284
mainly Trade debts (-€49,416) and Receivables within one year (-€2,164)
- Receivables within one year +€2,164
up €2,164 (+10.1%), from €21,531 to €23,695
of which Trade receivables: +€3,382
- Tangible fixed assets -€2,054
down €2,054 (-2.1%), from €99,669 to €97,615
of which Land and buildings: -€2,054
- Trade debts -€49,416
down €49,416 (-98.8%), from €50,032 to €616
- Other debts +€10,532
new in 2025: €10,532
- Reserves +€3,404
up €3,404 (+4.1%), from €82,687 to €86,091
of which Distributable reserves: +€3,404
- Gross operating margin -€2,320
down €2,320 (-25.9%), from €8,956 to €6,636
- Other operating charges -€346
down €346 (-27.7%), from €1,251 to €905
- Depreciation +€224
up €224 (+12.2%), from €1,830 to €2,054
- Taxes +€168
up €168 (+96.2%), from €174 to €342
- Financial income +€110
up €110 (+307%), from €36 to €145
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 | €165,128 | €129,913 | -€35,216 | -21.3% |
| Fixed assets | 21/28 | €99,669 | €97,615 | -€2,054 | -2.1% |
| Tangible fixed assets | 22/27 | €99,669 | €97,615 | -€2,054 | -2.1% |
| Land and buildings | 22 | €71,296 | €69,242 | -€2,054 | -2.9% |
| Plant, machinery and equipment | 23 | €28,373 | €28,373 | = | 0.0% |
| Current assets | 29/58 | €65,459 | €32,298 | -€33,161 | -50.7% |
| Stocks and contracts in progress | 3 | €2,980 | €2,980 | = | 0.0% |
| Stocks | 30/36 | €2,980 | €2,980 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €21,531 | €23,695 | +€2,164 | +10.1% |
| Trade receivables | 40 | €19,116 | €22,498 | +€3,382 | +17.7% |
| Other amounts receivable | 41 | €2,415 | €1,197 | -€1,218 | -50.4% |
| Cash at bank and in hand | 54/58 | €39,212 | €5,284 | -€33,929 | -86.5% |
| Deferred charges and accrued income | 490/1 | €1,736 | €339 | -€1,397 | -80.5% |
| Total equity and liabilities | 10/49 | €165,128 | €129,913 | -€35,216 | -21.3% |
| Equity | 10/15 | €113,674 | €117,077 | +€3,404 | +3.0% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €82,687 | €86,091 | +€3,404 | +4.1% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,099 | €3,099 | = | 0.0% |
| Distributable reserves | 133 | €79,588 | €82,992 | +€3,404 | +4.3% |
| Amounts payable | 17/49 | €51,455 | €12,835 | -€38,620 | -75.1% |
| Amounts payable within one year | 42/48 | €51,455 | €12,835 | -€38,620 | -75.1% |
| Trade debts | 44 | €50,032 | €616 | -€49,416 | -98.8% |
| Suppliers | 440/4 | €50,032 | €616 | -€49,416 | -98.8% |
| Taxes, remuneration and social security | 45 | €1,423 | €1,687 | +€264 | +18.6% |
| Taxes | 450/3 | €1,423 | €1,687 | +€264 | +18.6% |
| Other amounts payable | 47/48 | - | €10,532 | +€10,532 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,830 | €2,054 | +€224 | +12.2% |
| Other operating charges | 640/8 | €1,251 | €905 | -€346 | -27.7% |
| Gross operating margin | 9900 | €8,956 | €6,636 | -€2,320 | -25.9% |
| Operating profit (loss) | 9901 | €5,875 | €3,677 | -€2,198 | -37.4% |
| Financial income | 75/76B | €36 | €145 | +€110 | +307% |
| Recurring financial income | 75 | €36 | €145 | +€110 | +307% |
| Financial charges | 65/66B | €38 | €76 | +€39 | +103% |
| Recurring financial charges | 65 | €38 | €76 | +€39 | +103% |
| Profit (loss) for the period before taxes | 9903 | €5,873 | €3,746 | -€2,127 | -36.2% |
| Income taxes | 67/77 | €174 | €342 | +€168 | +96.2% |
| Profit (loss) for the period | 9904 | €5,699 | €3,404 | -€2,295 | -40.3% |
| Profit (loss) for the period to be appropriated | 9905 | €5,699 | €3,404 | -€2,295 | -40.3% |
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 17 October 2026 via checked.be.