ZAELIG: 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.
ZAELIG
Largest movements
- Cash +€258,673
up €258,673 (+412.9%), from €62,651 to €321,324
mainly Net result for the year (+€211,676) and Depreciation (+€152,343)
- Tangible fixed assets -€61,975
down €61,975 (-2.4%), from €2.6m to €2.5m
of which Other tangible fixed assets: -€50,944
- Reserves +€210,010
up €210,010 (+3446.2%), from €6,094 to €216,104
- Debts after one year -€81,542
down €81,542 (-3.4%), from €2.4m to €2.3m
- Other debts +€75,801
up €75,801 (+37.9%), from €199,900 to €275,701
- Gross operating margin +€302,154
up €302,154 (+142.6%), from €211,849 to €514,003
- Depreciation +€32,095
up €32,095 (+26.7%), from €120,248 to €152,343
- Taxes +€28,090
up €28,090 (+4609.6%), from €609 to €28,700
- Financial charges +€13,413
up €13,413 (+18.7%), from €71,661 to €85,074
- Other operating charges +€12,700
up €12,700 (+286.8%), from €4,428 to €17,127
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 | €2,684,259 | €2,882,409 | +€198,150 | +7.4% |
| Fixed assets | 21/28 | €2,584,320 | €2,520,089 | -€64,230 | -2.5% |
| Intangible fixed assets | 21 | €9,023 | €6,767 | -€2,256 | -25.0% |
| Tangible fixed assets | 22/27 | €2,575,297 | €2,513,322 | -€61,975 | -2.4% |
| Plant, machinery and equipment | 23 | €8,500 | €7,590 | -€910 | -10.7% |
| Furniture and vehicles | 24 | €46,525 | €36,404 | -€10,120 | -21.8% |
| Other tangible fixed assets | 26 | €2,520,272 | €2,469,328 | -€50,944 | -2.0% |
| Current assets | 29/58 | €99,939 | €362,320 | +€262,381 | +262.5% |
| Stocks and contracts in progress | 3 | €9,684 | €2,650 | -€7,034 | -72.6% |
| Stocks | 30/36 | €9,684 | €2,650 | -€7,034 | -72.6% |
| Amounts receivable within one year | 40/41 | €27,604 | €38,346 | +€10,742 | +38.9% |
| Trade receivables | 40 | €27,604 | €7,038 | -€20,567 | -74.5% |
| Other amounts receivable | 41 | - | €31,308 | +€31,308 | |
| Cash at bank and in hand | 54/58 | €62,651 | €321,324 | +€258,673 | +412.9% |
| Total equity and liabilities | 10/49 | €2,684,259 | €2,882,409 | +€198,150 | +7.4% |
| Equity | 10/15 | €11,094 | €221,104 | +€210,010 | +1893.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €6,094 | €216,104 | +€210,010 | +3446.2% |
| Distributable reserves | 133 | €6,094 | €216,104 | +€210,010 | +3446.2% |
| Amounts payable | 17/49 | €2,673,165 | €2,661,305 | -€11,860 | -0.4% |
| Amounts payable after more than one year | 17 | €2,367,787 | €2,286,245 | -€81,542 | -3.4% |
| Financial debts | 170/4 | €2,367,787 | €2,286,245 | -€81,542 | -3.4% |
| Amounts payable within one year | 42/48 | €305,379 | €374,395 | +€69,016 | +22.6% |
| Current portion of amounts payable after more than one year | 42 | €87,003 | €89,067 | +€2,064 | +2.4% |
| Trade debts | 44 | €15,100 | €6,714 | -€8,386 | -55.5% |
| Suppliers | 440/4 | €15,100 | €6,714 | -€8,386 | -55.5% |
| Taxes, remuneration and social security | 45 | €3,376 | €2,913 | -€463 | -13.7% |
| Taxes | 450/3 | €2,642 | €2,506 | -€137 | -5.2% |
| Remuneration and social security | 454/9 | €734 | €407 | -€326 | -44.5% |
| Other amounts payable | 47/48 | €199,900 | €275,701 | +€75,801 | +37.9% |
| Accrued charges and deferred income | 492/3 | - | €666 | +€666 | |
| Remuneration, social security and pensions | 62 | €7,097 | €19,109 | +€12,012 | +169.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,248 | €152,343 | +€32,095 | +26.7% |
| Other operating charges | 640/8 | €4,428 | €17,127 | +€12,700 | +286.8% |
| Gross operating margin | 9900 | €211,849 | €514,003 | +€302,154 | +142.6% |
| Operating profit (loss) | 9901 | €80,075 | €325,424 | +€245,349 | +306.4% |
| Financial income | 75/76B | €7 | €26 | +€19 | +267.5% |
| Recurring financial income | 75 | €7 | €26 | +€19 | +267.5% |
| Financial charges | 65/66B | €71,661 | €85,074 | +€13,413 | +18.7% |
| Recurring financial charges | 65 | €71,661 | €85,074 | +€13,413 | +18.7% |
| Profit (loss) for the period before taxes | 9903 | €8,421 | €240,376 | +€231,955 | +2754.4% |
| Income taxes | 67/77 | €609 | €28,700 | +€28,090 | +4609.6% |
| Profit (loss) for the period | 9904 | €7,812 | €211,676 | +€203,864 | +2609.7% |
| Profit (loss) for the period to be appropriated | 9905 | €7,812 | €211,676 | +€203,864 | +2609.7% |
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 11 October 2026 via checked.be.