ZABELI: 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.
ZABELI
Largest movements
- Cash +€154,617
up €154,617 (+447.2%), from €34,577 to €189,195
mainly Other debts (+€219,541) and Net result for the year (+€209,107)
- Receivables within one year +€20,443
up €20,443 (+129.6%), from €15,778 to €36,221
of which Trade receivables: +€11,791
- Receivables after one year -€16,973
down €16,973 (-30.4%), from €55,788 to €38,815
- Tangible fixed assets -€9,400
down €9,400 (-7.1%), from €131,965 to €122,564
of which Furniture and vehicles: -€6,685
- Other debts +€219,541
up €219,541 (+452.7%), from €48,492 to €268,034
- Reserves -€62,349
down €62,349 (-71.8%), from €86,872 to €24,523
- Debts after one year -€11,391
down €11,391 (-13.5%), from €84,678 to €73,288
- Gross operating margin +€238,895
up €238,895 (+488.8%), from €48,872 to €287,767
- Taxes +€55,914
up €55,914 (+589.5%), from €9,485 to €65,399
- Financial income -€4,471
down €4,471 (-79.3%), from €5,640 to €1,168
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 | €239,820 | €388,737 | +€148,917 | +62.1% |
| Fixed assets | 21/28 | €132,006 | €122,606 | -€9,400 | -7.1% |
| Tangible fixed assets | 22/27 | €131,965 | €122,564 | -€9,400 | -7.1% |
| Land and buildings | 22 | €106,064 | €103,349 | -€2,715 | -2.6% |
| Furniture and vehicles | 24 | €25,901 | €19,215 | -€6,685 | -25.8% |
| Financial fixed assets | 28 | €41 | €41 | = | 0.0% |
| Current assets | 29/58 | €107,814 | €266,131 | +€158,317 | +146.8% |
| Amounts receivable after more than one year | 29 | €55,788 | €38,815 | -€16,973 | -30.4% |
| Trade receivables | 290 | €55,788 | €38,815 | -€16,973 | -30.4% |
| Amounts receivable within one year | 40/41 | €15,778 | €36,221 | +€20,443 | +129.6% |
| Trade receivables | 40 | €8,152 | €19,943 | +€11,791 | +144.6% |
| Other amounts receivable | 41 | €7,626 | €16,278 | +€8,652 | +113.5% |
| Cash at bank and in hand | 54/58 | €34,577 | €189,195 | +€154,617 | +447.2% |
| Deferred charges and accrued income | 490/1 | €1,671 | €1,901 | +€230 | +13.8% |
| Total equity and liabilities | 10/49 | €239,820 | €388,737 | +€148,917 | +62.1% |
| Equity | 10/15 | €93,072 | €30,723 | -€62,349 | -67.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €86,872 | €24,523 | -€62,349 | -71.8% |
| Distributable reserves | 133 | €86,872 | €24,523 | -€62,349 | -71.8% |
| Amounts payable | 17/49 | €146,749 | €358,014 | +€211,266 | +144.0% |
| Amounts payable after more than one year | 17 | €84,678 | €73,288 | -€11,391 | -13.5% |
| Financial debts | 170/4 | €84,678 | €73,288 | -€11,391 | -13.5% |
| Amounts payable within one year | 42/48 | €62,070 | €284,727 | +€222,657 | +358.7% |
| Current portion of amounts payable after more than one year | 42 | €11,072 | €11,391 | +€318 | +2.9% |
| Trade debts | 44 | €1,335 | €3,265 | +€1,930 | +144.6% |
| Suppliers | 440/4 | €1,335 | €3,265 | +€1,930 | +144.6% |
| Taxes, remuneration and social security | 45 | €1,171 | €2,037 | +€866 | +74.0% |
| Taxes | 450/3 | €1,171 | €37 | -€1,134 | -96.8% |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €48,492 | €268,034 | +€219,541 | +452.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,021 | €10,061 | +€40 | +0.4% |
| Other operating charges | 640/8 | €1,766 | €1,661 | -€105 | -5.9% |
| Gross operating margin | 9900 | €48,872 | €287,767 | +€238,895 | +488.8% |
| Operating profit (loss) | 9901 | €37,085 | €276,045 | +€238,960 | +644.4% |
| Financial income | 75/76B | €5,640 | €1,168 | -€4,471 | -79.3% |
| Recurring financial income | 75 | €5,640 | €1,168 | -€4,471 | -79.3% |
| Financial charges | 65/66B | €3,005 | €2,708 | -€297 | -9.9% |
| Recurring financial charges | 65 | €3,005 | €2,708 | -€297 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €39,720 | €274,506 | +€234,786 | +591.1% |
| Income taxes | 67/77 | €9,485 | €65,399 | +€55,914 | +589.5% |
| Profit (loss) for the period | 9904 | €30,235 | €209,107 | +€178,872 | +591.6% |
| Profit (loss) for the period to be appropriated | 9905 | €30,235 | €209,107 | +€178,872 | +591.6% |
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 3 October 2026 via checked.be.