ZALEX: 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.
ZALEX
Largest movements
- Cash -€5,029
down €5,029 (-18.6%), from €26,995 to €21,966
mainly Contributions, distributions and other (-€5,992) and Receivables within one year (-€4,763)
- Receivables within one year +€4,763
up €4,763 (+37.0%), from €12,882 to €17,645
of which Other amounts receivable: +€3,363
- Stocks and contracts -€2,001
down €2,001 (-47.9%), from €4,173 to €2,172
- Deferred charges and accrued income +€1,645
up €1,645 (+376.0%), from €437 to €2,082
- Tangible fixed assets -€977
down €977 (-26.8%), from €3,640 to €2,663
- Other debts -€2,008
down €2,008 (-25.1%), from €8,000 to €5,992
- Tax, wage and social debts +€666
up €666 (+7.3%), from €9,092 to €9,758
- Gross operating margin -€11,822
down €11,822 (-51.5%), from €22,958 to €11,136
- Other operating charges +€1,514
new in 2025: €1,514
- Taxes -€1,501
down €1,501 (-39.7%), from €3,786 to €2,285
- Depreciation -€951
down €951 (-49.3%), from €1,928 to €977
- Financial charges +€453
up €453 (+64.0%), from €707 to €1,159
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 | €48,253 | €46,654 | -€1,599 | -3.3% |
| Fixed assets | 21/28 | €3,765 | €2,788 | -€977 | -25.9% |
| Tangible fixed assets | 22/27 | €3,640 | €2,663 | -€977 | -26.8% |
| Furniture and vehicles | 24 | €3,640 | €2,663 | -€977 | -26.8% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €44,487 | €43,866 | -€622 | -1.4% |
| Stocks and contracts in progress | 3 | €4,173 | €2,172 | -€2,001 | -47.9% |
| Stocks | 30/36 | €4,173 | €2,172 | -€2,001 | -47.9% |
| Amounts receivable within one year | 40/41 | €12,882 | €17,645 | +€4,763 | +37.0% |
| Trade receivables | 40 | €40 | €1,440 | +€1,400 | +3529.6% |
| Other amounts receivable | 41 | €12,842 | €16,205 | +€3,363 | +26.2% |
| Cash at bank and in hand | 54/58 | €26,995 | €21,966 | -€5,029 | -18.6% |
| Deferred charges and accrued income | 490/1 | €437 | €2,082 | +€1,645 | +376.0% |
| Total equity and liabilities | 10/49 | €48,253 | €46,654 | -€1,599 | -3.3% |
| Equity | 10/15 | €30,456 | €30,456 | = | 0.0% |
| Contributions | 10/11 | €3,544 | €3,544 | = | 0.0% |
| Reserves | 13 | €9,612 | €9,612 | = | 0.0% |
| Distributable reserves | 133 | €9,612 | €9,612 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,300 | €17,300 | = | 0.0% |
| Amounts payable | 17/49 | €17,796 | €16,197 | -€1,599 | -9.0% |
| Amounts payable within one year | 42/48 | €17,796 | €16,197 | -€1,599 | -9.0% |
| Trade debts | 44 | €705 | €448 | -€256 | -36.4% |
| Suppliers | 440/4 | €705 | €448 | -€256 | -36.4% |
| Taxes, remuneration and social security | 45 | €9,092 | €9,758 | +€666 | +7.3% |
| Taxes | 450/3 | €9,092 | €9,758 | +€666 | +7.3% |
| Other amounts payable | 47/48 | €8,000 | €5,992 | -€2,008 | -25.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,928 | €977 | -€951 | -49.3% |
| Other operating charges | 640/8 | - | €1,514 | +€1,514 | |
| Gross operating margin | 9900 | €22,958 | €11,136 | -€11,822 | -51.5% |
| Operating profit (loss) | 9901 | €21,030 | €8,646 | -€12,384 | -58.9% |
| Financial income | 75/76B | €1,075 | €790 | -€285 | -26.5% |
| Recurring financial income | 75 | €1,075 | €790 | -€285 | -26.5% |
| Financial charges | 65/66B | €707 | €1,159 | +€453 | +64.0% |
| Recurring financial charges | 65 | €707 | €1,159 | +€453 | +64.0% |
| Profit (loss) for the period before taxes | 9903 | €21,398 | €8,276 | -€13,121 | -61.3% |
| Income taxes | 67/77 | €3,786 | €2,285 | -€1,501 | -39.7% |
| Profit (loss) for the period | 9904 | €17,612 | €5,992 | -€11,620 | -66.0% |
| Profit (loss) for the period to be appropriated | 9905 | €17,612 | €5,992 | -€11,620 | -66.0% |
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 10 October 2026 via checked.be.