ZEBRACOM: 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.
ZEBRACOM
Largest movements
- Receivables within one year +€286,651
up €286,651 (+32.7%), from €876,867 to €1.2m
of which Trade receivables: +€219,792
- Stocks and contracts -€268,297
down €268,297 (-87.7%), from €305,932 to €37,635
- Cash +€42,632
up €42,632 (+362%), from €11,788 to €54,420
mainly Stocks and contracts (+€268,297) and Short-term financial debts (+€125,000)
- Short-term financial debts +€125,000
new in 2025: €125,000
- Profit (loss) carried forward -€46,953
down €46,953 (-260%), from -€18,071 to -€65,024
- Trade debts -€18,661
down €18,661 (-21.2%), from €87,885 to €69,224
- Gross operating margin -€16,587
down €16,587 (-75.7%), from €21,920 to €5,333
- Financial charges -€15,900
down €15,900 (-68.3%), from €23,296 to €7,396
- Staff costs -€10,828
down €10,828 (-19.4%), from €55,692 to €44,864
- Depreciation -€583
down €583 (-43.9%), from €1,327 to €744
- Financial income -€300
down €300 (-12.7%), from €2,365 to €2,065
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 | €1,206,774 | €1,265,237 | +€58,464 | +4.8% |
| Fixed assets | 21/28 | €4,832 | €4,088 | -€744 | -15.4% |
| Tangible fixed assets | 22/27 | €1,982 | €1,238 | -€744 | -37.6% |
| Furniture and vehicles | 24 | €1,982 | €1,238 | -€744 | -37.6% |
| Financial fixed assets | 28 | €2,850 | €2,850 | = | 0.0% |
| Current assets | 29/58 | €1,201,942 | €1,261,150 | +€59,208 | +4.9% |
| Stocks and contracts in progress | 3 | €305,932 | €37,635 | -€268,297 | -87.7% |
| Stocks | 30/36 | €305,932 | €37,635 | -€268,297 | -87.7% |
| Amounts receivable within one year | 40/41 | €876,867 | €1,163,517 | +€286,651 | +32.7% |
| Trade receivables | 40 | €415,045 | €634,837 | +€219,792 | +53.0% |
| Other amounts receivable | 41 | €461,821 | €528,681 | +€66,859 | +14.5% |
| Cash at bank and in hand | 54/58 | €11,788 | €54,420 | +€42,632 | +362% |
| Deferred charges and accrued income | 490/1 | €7,355 | €5,578 | -€1,778 | -24.2% |
| Total equity and liabilities | 10/49 | €1,206,774 | €1,265,237 | +€58,464 | +4.8% |
| Equity | 10/15 | €1,111,629 | €1,064,676 | -€46,953 | -4.2% |
| Contributions | 10/11 | €1,027,000 | €1,027,000 | = | 0.0% |
| Capital | 10 | €1,027,000 | €1,027,000 | = | 0.0% |
| Issued capital | 100 | €1,027,000 | €1,027,000 | = | 0.0% |
| Reserves | 13 | €102,700 | €102,700 | = | 0.0% |
| Non-distributable reserves | 130/1 | €102,700 | €102,700 | = | 0.0% |
| Legal reserve | 130 | €102,700 | €102,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,071 | -€65,024 | -€46,953 | -260% |
| Amounts payable | 17/49 | €95,145 | €200,561 | +€105,416 | +111% |
| Amounts payable within one year | 42/48 | €95,145 | €200,561 | +€105,416 | +111% |
| Financial debts | 43 | - | €125,000 | +€125,000 | |
| Credit institutions | 430/8 | - | €125,000 | +€125,000 | |
| Trade debts | 44 | €87,885 | €69,224 | -€18,661 | -21.2% |
| Suppliers | 440/4 | €87,885 | €69,224 | -€18,661 | -21.2% |
| Taxes, remuneration and social security | 45 | €7,235 | €6,312 | -€923 | -12.8% |
| Taxes | 450/3 | €7,235 | €6,312 | -€923 | -12.8% |
| Other amounts payable | 47/48 | €25 | €25 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €55,692 | €44,864 | -€10,828 | -19.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,327 | €744 | -€583 | -43.9% |
| Other operating charges | 640/8 | €1,086 | €1,118 | +€33 | +3.0% |
| Non-recurring operating charges | 66A | €41 | - | -€41 | |
| Gross operating margin | 9900 | €21,920 | €5,333 | -€16,587 | -75.7% |
| Operating profit (loss) | 9901 | -€36,225 | -€41,394 | -€5,169 | -14.3% |
| Financial income | 75/76B | €2,365 | €2,065 | -€300 | -12.7% |
| Recurring financial income | 75 | €2,365 | €2,065 | -€300 | -12.7% |
| Financial charges | 65/66B | €23,296 | €7,396 | -€15,900 | -68.3% |
| Recurring financial charges | 65 | €23,296 | €7,396 | -€15,900 | -68.3% |
| Profit (loss) for the period before taxes | 9903 | -€57,157 | -€46,725 | +€10,431 | +18.3% |
| Income taxes | 67/77 | €150 | €227 | +€78 | +51.9% |
| Profit (loss) for the period | 9904 | -€57,306 | -€46,953 | +€10,354 | +18.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€57,306 | -€46,953 | +€10,354 | +18.1% |
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 31 October 2026 via checked.be.