ZEBRA THRUST: 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.
ZEBRA THRUST
Largest movements
- Tangible fixed assets +€39,605
up €39,605 (+566.8%), from €6,987 to €46,593
of which Other tangible fixed assets: +€42,026
- Cash +€6,851
up €6,851 (+34.3%), from €19,966 to €26,817
mainly Debts after one year (+€25,522) and Net result for the year (+€23,523)
- Receivables within one year -€6,720
down €6,720 (-14.6%), from €46,163 to €39,443
of which Other amounts receivable: -€13,456
- Debts after one year +€25,522
new in 2025: €25,522
- Tax, wage and social debts +€9,495
up €9,495 (+53.5%), from €17,739 to €27,234
of which Taxes: +€8,585
- Current portion of long-term debt +€7,680
new in 2025: €7,680
- Other debts -€6,738
down €6,738 (-17.3%), from €39,000 to €32,262
- Trade debts +€5,006
up €5,006 (+97.7%), from €5,124 to €10,130
- Gross operating margin -€19,062
down €19,062 (-33.8%), from €56,391 to €37,329
- Taxes -€8,889
down €8,889 (-61.7%), from €14,405 to €5,516
- Depreciation +€3,889
up €3,889 (+430.8%), from €903 to €4,792
- Financial charges +€1,697
up €1,697 (+172.5%), from €984 to €2,681
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 | €73,748 | €113,491 | +€39,743 | +53.9% |
| Fixed assets | 21/28 | €7,083 | €46,688 | +€39,605 | +559.2% |
| Tangible fixed assets | 22/27 | €6,987 | €46,593 | +€39,605 | +566.8% |
| Furniture and vehicles | 24 | €6,987 | €4,567 | -€2,420 | -34.6% |
| Other tangible fixed assets | 26 | - | €42,026 | +€42,026 | |
| Financial fixed assets | 28 | €95 | €95 | = | 0.0% |
| Current assets | 29/58 | €66,666 | €66,803 | +€137 | +0.2% |
| Amounts receivable within one year | 40/41 | €46,163 | €39,443 | -€6,720 | -14.6% |
| Trade receivables | 40 | €32,632 | €39,368 | +€6,736 | +20.6% |
| Other amounts receivable | 41 | €13,531 | €75 | -€13,456 | -99.4% |
| Cash at bank and in hand | 54/58 | €19,966 | €26,817 | +€6,851 | +34.3% |
| Deferred charges and accrued income | 490/1 | €536 | €543 | +€7 | +1.3% |
| Total equity and liabilities | 10/49 | €73,748 | €113,491 | +€39,743 | +53.9% |
| Equity | 10/15 | €11,885 | €10,000 | -€1,885 | -15.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €6,885 | €5,000 | -€1,885 | -27.4% |
| Distributable reserves | 133 | €6,885 | €5,000 | -€1,885 | -27.4% |
| Amounts payable | 17/49 | €61,864 | €103,491 | +€41,627 | +67.3% |
| Amounts payable after more than one year | 17 | - | €25,522 | +€25,522 | |
| Financial debts | 170/4 | - | €25,522 | +€25,522 | |
| Amounts payable within one year | 42/48 | €61,864 | €77,306 | +€15,442 | +25.0% |
| Current portion of amounts payable after more than one year | 42 | - | €7,680 | +€7,680 | |
| Trade debts | 44 | €5,124 | €10,130 | +€5,006 | +97.7% |
| Suppliers | 440/4 | €5,124 | €10,130 | +€5,006 | +97.7% |
| Taxes, remuneration and social security | 45 | €17,739 | €27,234 | +€9,495 | +53.5% |
| Taxes | 450/3 | €16,739 | €25,325 | +€8,585 | +51.3% |
| Remuneration and social security | 454/9 | €1,000 | €1,909 | +€909 | +90.9% |
| Other amounts payable | 47/48 | €39,000 | €32,262 | -€6,738 | -17.3% |
| Accrued charges and deferred income | 492/3 | - | €663 | +€663 | |
| Remuneration, social security and pensions | 62 | €274 | - | -€274 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €903 | €4,792 | +€3,889 | +430.8% |
| Other operating charges | 640/8 | €862 | €817 | -€45 | -5.2% |
| Gross operating margin | 9900 | €56,391 | €37,329 | -€19,062 | -33.8% |
| Operating profit (loss) | 9901 | €54,352 | €31,720 | -€22,632 | -41.6% |
| Financial income | 75/76B | €183 | €0 | -€183 | -99.9% |
| Recurring financial income | 75 | €183 | €0 | -€183 | -99.9% |
| Financial charges | 65/66B | €984 | €2,681 | +€1,697 | +172.5% |
| Recurring financial charges | 65 | €984 | €2,681 | +€1,697 | +172.5% |
| Profit (loss) for the period before taxes | 9903 | €53,551 | €29,039 | -€24,512 | -45.8% |
| Income taxes | 67/77 | €14,405 | €5,516 | -€8,889 | -61.7% |
| Profit (loss) for the period | 9904 | €39,146 | €23,523 | -€15,623 | -39.9% |
| Profit (loss) for the period to be appropriated | 9905 | €39,146 | €23,523 | -€15,623 | -39.9% |
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 9 October 2026 via checked.be.