Zebrax: 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.
Zebrax
Largest movements
- Current investments -€62,743
down €62,743 (-80.6%), from €77,878 to €15,135
- Tangible fixed assets +€41,043
up €41,043 (+170%), from €24,126 to €65,169
of which Other tangible fixed assets: +€38,846
- Cash -€14,617
down €14,617 (-21.1%), from €69,417 to €54,800
mainly Contributions, distributions and other (-€141,357) and Investment in fixed assets (net) (-€54,047)
- Receivables within one year +€12,159
up €12,159 (+24.6%), from €49,359 to €61,519
of which Trade receivables: +€12,089
- Reserves -€18,608
down €18,608 (-9.1%), from €204,679 to €186,071
- Tax, wage and social debts -€5,457
down €5,457 (-30.5%), from €17,877 to €12,420
- Trade debts +€4,223
up €4,223 (+395%), from €1,069 to €5,292
- Gross operating margin +€24,634
up €24,634 (+17.6%), from €140,303 to €164,936
- Financial income +€15,573
up €15,573 (+1,269%), from €1,227 to €16,800
of which Non-recurring financial income: +€15,500
- Taxes +€5,598
up €5,598 (+19.2%), from €29,107 to €34,705
- Depreciation +€2,519
up €2,519 (+24.0%), from €10,485 to €13,005
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 | €227,237 | €205,233 | -€22,004 | -9.7% |
| Fixed assets | 21/28 | €27,226 | €68,269 | +€41,043 | +151% |
| Tangible fixed assets | 22/27 | €24,126 | €65,169 | +€41,043 | +170% |
| Plant, machinery and equipment | 23 | €483 | €5,895 | +€5,412 | +1,120% |
| Furniture and vehicles | 24 | €19,234 | €16,019 | -€3,215 | -16.7% |
| Other tangible fixed assets | 26 | €4,409 | €43,255 | +€38,846 | +881% |
| Financial fixed assets | 28 | €3,100 | €3,100 | = | 0.0% |
| Current assets | 29/58 | €200,011 | €136,964 | -€63,047 | -31.5% |
| Amounts receivable within one year | 40/41 | €49,359 | €61,519 | +€12,159 | +24.6% |
| Trade receivables | 40 | €49,337 | €61,425 | +€12,089 | +24.5% |
| Other amounts receivable | 41 | €23 | €94 | +€71 | +310% |
| Current investments | 50/53 | €77,878 | €15,135 | -€62,743 | -80.6% |
| Cash at bank and in hand | 54/58 | €69,417 | €54,800 | -€14,617 | -21.1% |
| Deferred charges and accrued income | 490/1 | €3,357 | €5,510 | +€2,153 | +64.2% |
| Total equity and liabilities | 10/49 | €227,237 | €205,233 | -€22,004 | -9.7% |
| Equity | 10/15 | €204,680 | €186,072 | -€18,608 | -9.1% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €204,679 | €186,071 | -€18,608 | -9.1% |
| Distributable reserves | 133 | €204,679 | €186,071 | -€18,608 | -9.1% |
| Amounts payable | 17/49 | €22,557 | €19,161 | -€3,396 | -15.1% |
| Amounts payable within one year | 42/48 | €20,440 | €19,161 | -€1,279 | -6.3% |
| Trade debts | 44 | €1,069 | €5,292 | +€4,223 | +395% |
| Suppliers | 440/4 | €1,069 | €5,292 | +€4,223 | +395% |
| Taxes, remuneration and social security | 45 | €17,877 | €12,420 | -€5,457 | -30.5% |
| Taxes | 450/3 | €17,877 | €12,420 | -€5,457 | -30.5% |
| Other amounts payable | 47/48 | €1,494 | €1,448 | -€46 | -3.1% |
| Accrued charges and deferred income | 492/3 | €2,117 | - | -€2,117 | |
| Non-recurring operating income | 76A | - | €9,249 | +€9,249 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,485 | €13,005 | +€2,519 | +24.0% |
| Other operating charges | 640/8 | €1,412 | €1,787 | +€375 | +26.6% |
| Non-recurring operating charges | 66A | - | €9,249 | +€9,249 | |
| Gross operating margin | 9900 | €140,303 | €164,936 | +€24,634 | +17.6% |
| Operating profit (loss) | 9901 | €128,406 | €140,896 | +€12,490 | +9.7% |
| Financial income | 75/76B | €1,227 | €16,800 | +€15,573 | +1,269% |
| Recurring financial income | 75 | €1,227 | €1,300 | +€73 | +5.9% |
| Non-recurring financial income | 76B | - | €15,500 | +€15,500 | |
| Financial charges | 65/66B | €116 | €242 | +€126 | +108% |
| Recurring financial charges | 65 | €116 | €242 | +€126 | +108% |
| Profit (loss) for the period before taxes | 9903 | €129,517 | €157,454 | +€27,937 | +21.6% |
| Income taxes | 67/77 | €29,107 | €34,705 | +€5,598 | +19.2% |
| Profit (loss) for the period | 9904 | €100,410 | €122,749 | +€22,340 | +22.2% |
| Profit (loss) for the period to be appropriated | 9905 | €100,410 | €122,749 | +€22,340 | +22.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.