ZEAL: 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.
ZEAL
Largest movements
- Current investments -€49,943
down €49,943 (-75.6%), from €66,042 to €16,099
- Cash +€31,086
up €31,086 (+269%), from €11,551 to €42,638
mainly Current investments (+€49,943) and Receivables after one year (+€8,909)
- Receivables within one year +€9,832
up €9,832 (+51.4%), from €19,141 to €28,974
of which Other amounts receivable: +€6,865
- Receivables after one year -€8,909
down €8,909 (-10.9%), from €81,684 to €72,775
- Tangible fixed assets -€4,759
down €4,759 (-25.2%), from €18,886 to €14,128
- Profit (loss) carried forward -€19,569
down €19,569, from €13,777 to -€5,791
- Reserves -€10,510
down €10,510 (-16.2%), from €64,728 to €54,218
of which Distributable reserves: -€10,510
- Trade debts +€8,611
up €8,611 (+18.4%), from €46,841 to €55,452
- Tax, wage and social debts -€5,809
down €5,809 (-57.7%), from €10,075 to €4,266
- Advances received +€5,143
new in 2025: €5,143
- Other operating charges +€10,417
up €10,417 (+1,528%), from €682 to €11,099
- Gross operating margin +€10,074
up €10,074 (+80.5%), from -€12,517 to -€2,444
- Financial income +€2,642
up €2,642 (+179%), from €1,472 to €4,114
- Depreciation +€1,174
up €1,174 (+15.7%), from €7,475 to €8,649
- Taxes +€622
up €622 (+293%), from €212 to €835
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 | €197,697 | €174,787 | -€22,910 | -11.6% |
| Fixed assets | 21/28 | €18,886 | €14,128 | -€4,759 | -25.2% |
| Tangible fixed assets | 22/27 | €18,886 | €14,128 | -€4,759 | -25.2% |
| Furniture and vehicles | 24 | €18,886 | €14,128 | -€4,759 | -25.2% |
| Current assets | 29/58 | €178,810 | €160,659 | -€18,151 | -10.2% |
| Amounts receivable after more than one year | 29 | €81,684 | €72,775 | -€8,909 | -10.9% |
| Other amounts receivable | 291 | €81,684 | €72,775 | -€8,909 | -10.9% |
| Amounts receivable within one year | 40/41 | €19,141 | €28,974 | +€9,832 | +51.4% |
| Trade receivables | 40 | €14,699 | €17,666 | +€2,967 | +20.2% |
| Other amounts receivable | 41 | €4,443 | €11,308 | +€6,865 | +155% |
| Current investments | 50/53 | €66,042 | €16,099 | -€49,943 | -75.6% |
| Cash at bank and in hand | 54/58 | €11,551 | €42,638 | +€31,086 | +269% |
| Deferred charges and accrued income | 490/1 | €391 | €174 | -€218 | -55.6% |
| Total equity and liabilities | 10/49 | €197,697 | €174,787 | -€22,910 | -11.6% |
| Equity | 10/15 | €140,005 | €109,927 | -€30,079 | -21.5% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €64,728 | €54,218 | -€10,510 | -16.2% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €39,828 | €29,318 | -€10,510 | -26.4% |
| Profit (loss) carried forward | 14 | €13,777 | -€5,791 | -€19,569 | |
| Amounts payable | 17/49 | €57,691 | €64,860 | +€7,169 | +12.4% |
| Amounts payable within one year | 42/48 | €56,916 | €64,860 | +€7,944 | +14.0% |
| Trade debts | 44 | €46,841 | €55,452 | +€8,611 | +18.4% |
| Suppliers | 440/4 | €46,841 | €55,452 | +€8,611 | +18.4% |
| Advances received on contracts in progress | 46 | - | €5,143 | +€5,143 | |
| Taxes, remuneration and social security | 45 | €10,075 | €4,266 | -€5,809 | -57.7% |
| Taxes | 450/3 | €10,075 | €4,266 | -€5,809 | -57.7% |
| Accrued charges and deferred income | 492/3 | €775 | - | -€775 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,475 | €8,649 | +€1,174 | +15.7% |
| Other operating charges | 640/8 | €682 | €11,099 | +€10,417 | +1,528% |
| Non-recurring operating charges | 66A | - | €195 | +€195 | |
| Gross operating margin | 9900 | -€12,517 | -€2,444 | +€10,074 | +80.5% |
| Operating profit (loss) | 9901 | -€20,674 | -€22,386 | -€1,712 | -8.3% |
| Financial income | 75/76B | €1,472 | €4,114 | +€2,642 | +179% |
| Recurring financial income | 75 | €1,472 | €4,114 | +€2,642 | +179% |
| Financial charges | 65/66B | €454 | €462 | +€8 | +1.8% |
| Recurring financial charges | 65 | €454 | €462 | +€8 | +1.8% |
| Profit (loss) for the period before taxes | 9903 | -€19,656 | -€18,734 | +€922 | +4.7% |
| Income taxes | 67/77 | €212 | €835 | +€622 | +293% |
| Profit (loss) for the period | 9904 | -€19,868 | -€19,569 | +€299 | +1.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,868 | -€19,569 | +€299 | +1.5% |
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 14 October 2026 via checked.be.