ZAE: what changed
ZAE
Largest movements
- Cash +€10,830
up €10,830 (+14.8%), from €72,989 to €83,819
mainly Net result for the year (+€25,246) and Tax, wage and social debts (+€2,723)
- Receivables within one year +€7,260
new in 2025: €7,260
- Tangible fixed assets -€1,651
down €1,651 (-39.7%), from €4,161 to €2,509
- Reserves +€25,246
up €25,246 (+28.0%), from €90,288 to €115,533
- Debts after one year -€12,291
down €12,291 (-55.5%), from €22,138 to €9,847
- Tax, wage and social debts +€2,723
up €2,723 (+39.6%), from €6,881 to €9,604
- Gross operating margin +€9,418
up €9,418 (+37.7%), from €24,974 to €34,393
- Taxes +€2,272
up €2,272 (+56.2%), from €4,040 to €6,311
- Financial charges -€1,197
down €1,197 (-84.9%), from €1,411 to €213
- Depreciation +€693
up €693 (+35.9%), from €1,930 to €2,622
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €132,150 | €148,589 | +€16,439 | +12.4% |
| Fixed assets | 21/28 | €59,161 | €57,509 | -€1,651 | -2.8% |
| Tangible fixed assets | 22/27 | €4,161 | €2,509 | -€1,651 | -39.7% |
| Plant, machinery and equipment | 23 | €4,161 | €2,509 | -€1,651 | -39.7% |
| Financial fixed assets | 28 | €55,000 | €55,000 | = | 0.0% |
| Current assets | 29/58 | €72,989 | €91,079 | +€18,090 | +24.8% |
| Amounts receivable within one year | 40/41 | - | €7,260 | +€7,260 | |
| Trade receivables | 40 | - | €7,260 | +€7,260 | |
| Cash at bank and in hand | 54/58 | €72,989 | €83,819 | +€10,830 | +14.8% |
| Total equity and liabilities | 10/49 | €132,150 | €148,589 | +€16,439 | +12.4% |
| Equity | 10/15 | €90,288 | €115,533 | +€25,246 | +28.0% |
| Reserves | 13 | €90,288 | €115,533 | +€25,246 | +28.0% |
| Distributable reserves | 133 | €90,288 | €115,533 | +€25,246 | +28.0% |
| Amounts payable | 17/49 | €41,862 | €33,055 | -€8,807 | -21.0% |
| Amounts payable after more than one year | 17 | €22,138 | €9,847 | -€12,291 | -55.5% |
| Financial debts | 170/4 | €22,138 | €9,847 | -€12,291 | -55.5% |
| Amounts payable within one year | 42/48 | €19,724 | €23,209 | +€3,484 | +17.7% |
| Current portion of amounts payable after more than one year | 42 | €11,051 | €11,444 | +€393 | +3.6% |
| Trade debts | 44 | €604 | €929 | +€324 | +53.7% |
| Suppliers | 440/4 | €604 | €929 | +€324 | +53.7% |
| Taxes, remuneration and social security | 45 | €6,881 | €9,604 | +€2,723 | +39.6% |
| Taxes | 450/3 | €6,881 | €9,604 | +€2,723 | +39.6% |
| Other amounts payable | 47/48 | €1,188 | €1,232 | +€43 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,930 | €2,622 | +€693 | +35.9% |
| Non-recurring operating charges | 66A | €1,494 | - | -€1,494 | |
| Gross operating margin | 9900 | €24,974 | €34,393 | +€9,418 | +37.7% |
| Operating profit (loss) | 9901 | €21,551 | €31,770 | +€10,220 | +47.4% |
| Financial charges | 65/66B | €1,411 | €213 | -€1,197 | -84.9% |
| Recurring financial charges | 65 | €1,411 | €213 | -€1,197 | -84.9% |
| Profit (loss) for the period before taxes | 9903 | €20,140 | €31,557 | +€11,417 | +56.7% |
| Income taxes | 67/77 | €4,040 | €6,311 | +€2,272 | +56.2% |
| Profit (loss) for the period | 9904 | €16,100 | €25,246 | +€9,145 | +56.8% |
| Profit (loss) for the period to be appropriated | 9905 | €16,100 | €25,246 | +€9,145 | +56.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.