ZEAL PROJECTS: 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.
ZEAL PROJECTS
Largest movements
- Stocks and contracts +€229,579
up €229,579 (+12.7%), from €1.8m to €2.0m
- Cash -€50,287
down €50,287 (-99.8%), from €50,401 to €114
mainly Short-term financial debts (-€300,000) and Stocks and contracts (-€229,579)
- Receivables within one year +€35,770
up €35,770 (+199.6%), from €17,922 to €53,692
of which Trade receivables: +€18,202
- Advances received +€390,419
up €390,419 (+44.2%), from €882,904 to €1.3m
- Short-term financial debts -€300,000
down €300,000 (-70.8%), from €423,457 to €123,457
- Other debts +€246,005
up €246,005 (+18.9%), from €1.3m to €1.5m
- Profit (loss) carried forward -€134,253
down €134,253 (-16.1%), from -€836,045 to -€970,298
- Gross operating margin +€321,637
up €321,637 (+80.2%), from -€400,933 to -€79,297
- Staff costs -€55,155
down €55,155 (-99.9%), from €55,192 to €37
- Financial charges -€27,903
down €27,903 (-37.1%), from €75,118 to €47,215
- Other operating charges +€7,875
up €7,875 (+2391.7%), from €329 to €8,204
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 | €1,880,834 | €2,094,569 | +€213,735 | +11.4% |
| Fixed assets | 21/28 | €1,797 | €471 | -€1,326 | -73.8% |
| Tangible fixed assets | 22/27 | €1,797 | €471 | -€1,326 | -73.8% |
| Plant, machinery and equipment | 23 | €798 | €0 | -€798 | -100.0% |
| Furniture and vehicles | 24 | €998 | €471 | -€528 | -52.9% |
| Current assets | 29/58 | €1,879,037 | €2,094,099 | +€215,062 | +11.4% |
| Stocks and contracts in progress | 3 | €1,810,714 | €2,040,293 | +€229,579 | +12.7% |
| Stocks | 30/36 | €1,810,714 | €2,040,293 | +€229,579 | +12.7% |
| Amounts receivable within one year | 40/41 | €17,922 | €53,692 | +€35,770 | +199.6% |
| Trade receivables | 40 | €12,568 | €30,770 | +€18,202 | +144.8% |
| Other amounts receivable | 41 | €5,354 | €22,922 | +€17,568 | +328.1% |
| Cash at bank and in hand | 54/58 | €50,401 | €114 | -€50,287 | -99.8% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,880,834 | €2,094,569 | +€213,735 | +11.4% |
| Equity | 10/15 | -€747,445 | -€881,698 | -€134,253 | -18.0% |
| Contributions | 10/11 | €88,600 | €88,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€836,045 | -€970,298 | -€134,253 | -16.1% |
| Amounts payable | 17/49 | €2,628,279 | €2,976,267 | +€347,988 | +13.2% |
| Amounts payable within one year | 42/48 | €2,628,279 | €2,976,267 | +€347,988 | +13.2% |
| Financial debts | 43 | €423,457 | €123,457 | -€300,000 | -70.8% |
| Credit institutions | 430/8 | €423,457 | €123,457 | -€300,000 | -70.8% |
| Trade debts | 44 | €18,534 | €15,859 | -€2,675 | -14.4% |
| Suppliers | 440/4 | €18,534 | €15,859 | -€2,675 | -14.4% |
| Advances received on contracts in progress | 46 | €882,904 | €1,273,323 | +€390,419 | +44.2% |
| Taxes, remuneration and social security | 45 | €0 | €14,240 | +€14,240 | |
| Taxes | 450/3 | €0 | €14,240 | +€14,240 | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,303,384 | €1,549,389 | +€246,005 | +18.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €55,192 | €37 | -€55,155 | -99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,094 | €1,326 | -€768 | -36.7% |
| Other operating charges | 640/8 | €329 | €8,204 | +€7,875 | +2391.7% |
| Gross operating margin | 9900 | -€400,933 | -€79,297 | +€321,637 | +80.2% |
| Operating profit (loss) | 9901 | -€458,549 | -€88,864 | +€369,685 | +80.6% |
| Financial income | 75/76B | €664 | €1,826 | +€1,162 | +174.9% |
| Recurring financial income | 75 | €664 | €1,826 | +€1,162 | +174.9% |
| Financial charges | 65/66B | €75,118 | €47,215 | -€27,903 | -37.1% |
| Recurring financial charges | 65 | €75,118 | €47,215 | -€27,903 | -37.1% |
| Profit (loss) for the period before taxes | 9903 | -€533,003 | -€134,253 | +€398,750 | +74.8% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€533,003 | -€134,253 | +€398,750 | +74.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€533,003 | -€134,253 | +€398,750 | +74.8% |
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 8 October 2026 via checked.be.