ZEALUS: 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.
ZEALUS
Largest movements
- Cash +€138,403
up €138,403 (+283%), from €48,844 to €187,247
mainly Current investments (+€93,954) and Other debts (+€83,175)
- Current investments -€93,954
down €93,954 (-89.5%), from €105,000 to €11,046
- Tangible fixed assets -€8,724
down €8,724 (-57.1%), from €15,267 to €6,543
of which Other tangible fixed assets: -€5,277
- Receivables within one year -€4,617
down €4,617 (-12.8%), from €36,068 to €31,450
of which Trade receivables: -€6,271
- Other debts +€83,175
up €83,175 (+77.5%), from €107,378 to €190,553
- Reserves -€60,740
down €60,740 (-97.0%), from €62,600 to €1,860
of which Distributable reserves: -€60,740
- Tax, wage and social debts +€7,243
up €7,243 (+42.2%), from €17,160 to €24,403
of which Taxes: +€7,243
- Gross operating margin +€11,802
up €11,802 (+14.8%), from €79,551 to €91,352
- Taxes +€3,131
up €3,131 (+22.0%), from €14,260 to €17,391
- Financial charges -€2,590
down €2,590 (-85.4%), from €3,035 to €444
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 | €206,967 | €238,154 | +€31,187 | +15.1% |
| Fixed assets | 21/28 | €15,517 | €6,793 | -€8,724 | -56.2% |
| Tangible fixed assets | 22/27 | €15,267 | €6,543 | -€8,724 | -57.1% |
| Plant, machinery and equipment | 23 | €2,452 | €631 | -€1,821 | -74.3% |
| Furniture and vehicles | 24 | €2,703 | €1,077 | -€1,626 | -60.1% |
| Other tangible fixed assets | 26 | €10,112 | €4,835 | -€5,277 | -52.2% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €191,450 | €231,361 | +€39,911 | +20.8% |
| Amounts receivable within one year | 40/41 | €36,068 | €31,450 | -€4,617 | -12.8% |
| Trade receivables | 40 | €34,776 | €28,505 | -€6,271 | -18.0% |
| Other amounts receivable | 41 | €1,291 | €2,945 | +€1,654 | +128% |
| Current investments | 50/53 | €105,000 | €11,046 | -€93,954 | -89.5% |
| Cash at bank and in hand | 54/58 | €48,844 | €187,247 | +€138,403 | +283% |
| Deferred charges and accrued income | 490/1 | €1,539 | €1,618 | +€79 | +5.1% |
| Total equity and liabilities | 10/49 | €206,967 | €238,154 | +€31,187 | +15.1% |
| Equity | 10/15 | €81,200 | €20,460 | -€60,740 | -74.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €62,600 | €1,860 | -€60,740 | -97.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €60,740 | €0 | -€60,740 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €125,767 | €217,694 | +€91,928 | +73.1% |
| Amounts payable within one year | 42/48 | €125,767 | €217,694 | +€91,928 | +73.1% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €1,228 | €2,738 | +€1,509 | +123% |
| Suppliers | 440/4 | €1,228 | €2,738 | +€1,509 | +123% |
| Taxes, remuneration and social security | 45 | €17,160 | €24,403 | +€7,243 | +42.2% |
| Taxes | 450/3 | €17,160 | €24,403 | +€7,243 | +42.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €107,378 | €190,553 | +€83,175 | +77.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,511 | €8,724 | -€787 | -8.3% |
| Other operating charges | 640/8 | €568 | €676 | +€108 | +19.0% |
| Gross operating margin | 9900 | €79,551 | €91,352 | +€11,802 | +14.8% |
| Operating profit (loss) | 9901 | €69,472 | €81,953 | +€12,481 | +18.0% |
| Financial income | 75/76B | €852 | €1,121 | +€269 | +31.6% |
| Recurring financial income | 75 | €852 | €1,121 | +€269 | +31.6% |
| Financial charges | 65/66B | €3,035 | €444 | -€2,590 | -85.4% |
| Recurring financial charges | 65 | €3,035 | €444 | -€2,590 | -85.4% |
| Profit (loss) for the period before taxes | 9903 | €67,289 | €82,629 | +€15,340 | +22.8% |
| Income taxes | 67/77 | €14,260 | €17,391 | +€3,131 | +22.0% |
| Profit (loss) for the period | 9904 | €53,029 | €65,238 | +€12,209 | +23.0% |
| Profit (loss) for the period to be appropriated | 9905 | €53,029 | €65,238 | +€12,209 | +23.0% |
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 18 October 2026 via checked.be.