Zebrah: 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.
Zebrah
Largest movements
- Tangible fixed assets -€4,886
down €4,886 (-2.3%), from €212,009 to €207,123
- Cash +€3,780
up €3,780 (+90.9%), from €4,158 to €7,937
mainly Depreciation (+€4,886) and Net result for the year (+€96)
No liability line moved by more than 1% of the balance sheet total.
- Depreciation -€23,904
down €23,904 (-83.0%), from €28,791 to €4,886
- Gross operating margin +€9,118
up €9,118, from -€3,242 to €5,876
- Financial income -€1,096
down €1,096 (-99.0%), from €1,106 to €11
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 | €216,499 | €215,392 | -€1,107 | -0.5% |
| Fixed assets | 21/28 | €212,009 | €207,123 | -€4,886 | -2.3% |
| Tangible fixed assets | 22/27 | €212,009 | €207,123 | -€4,886 | -2.3% |
| Land and buildings | 22 | €212,009 | €207,123 | -€4,886 | -2.3% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €4,490 | €8,269 | +€3,780 | +84.2% |
| Amounts receivable within one year | 40/41 | €332 | €332 | = | 0.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €332 | €332 | = | 0.0% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €4,158 | €7,937 | +€3,780 | +90.9% |
| Total equity and liabilities | 10/49 | €216,499 | €215,392 | -€1,107 | -0.5% |
| Equity | 10/15 | €171,606 | €171,701 | +€96 | +0.1% |
| Contributions | 10/11 | €12,416 | €12,416 | = | 0.0% |
| Reserves | 13 | €159,190 | €159,286 | +€96 | +0.1% |
| Tax-exempt reserves | 132 | €137,440 | €135,035 | -€2,405 | -1.7% |
| Distributable reserves | 133 | €21,750 | €24,250 | +€2,500 | +11.5% |
| Provisions and deferred taxes | 16 | €37,348 | €36,546 | -€802 | -2.1% |
| Deferred taxes | 168 | €37,348 | €36,546 | -€802 | -2.1% |
| Amounts payable | 17/49 | €7,546 | €7,145 | -€401 | -5.3% |
| Amounts payable within one year | 42/48 | €6,646 | €6,245 | -€401 | -6.0% |
| Trade debts | 44 | €401 | €0 | -€401 | -100.0% |
| Suppliers | 440/4 | €401 | €0 | -€401 | -100.0% |
| Other amounts payable | 47/48 | €6,245 | €6,245 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €900 | €900 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,791 | €4,886 | -€23,904 | -83.0% |
| Other operating charges | 640/8 | €1,650 | €1,598 | -€52 | -3.1% |
| Gross operating margin | 9900 | -€3,242 | €5,876 | +€9,118 | |
| Operating profit (loss) | 9901 | -€33,683 | -€609 | +€33,074 | +98.2% |
| Financial income | 75/76B | €1,106 | €11 | -€1,096 | -99.0% |
| Recurring financial income | 75 | €1,106 | €11 | -€1,096 | -99.0% |
| Financial charges | 65/66B | €84 | €105 | +€21 | +24.4% |
| Recurring financial charges | 65 | €84 | €105 | +€21 | +24.4% |
| Profit (loss) for the period before taxes | 9903 | -€32,661 | -€703 | +€31,958 | +97.8% |
| Transfer from deferred taxes | 780 | €3,665 | €802 | -€2,863 | -78.1% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €0 | €3 | +€3 | |
| Profit (loss) for the period | 9904 | -€28,996 | €96 | +€29,091 | |
| Transfer from tax-exempt reserves | 789 | €10,995 | €2,405 | -€8,590 | -78.1% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,001 | €2,500 | +€20,501 |
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 3 October 2026 via checked.be.