ZEBRO: 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.
ZEBRO
Largest movements
- Tangible fixed assets -€10,681
down €10,681 (-27.9%), from €38,236 to €27,556
of which Furniture and vehicles: -€9,671
- Cash -€7,742
down €7,742 (-7.6%), from €102,181 to €94,439
mainly Tax, wage and social debts (-€19,717) and Accrued charges and deferred income (-€164)
- Tax, wage and social debts -€19,717
down €19,717 (-83.9%), from €23,503 to €3,785
- Gross operating margin +€9,831
up €9,831 (+839.7%), from €1,171 to €11,002
- Depreciation -€577
down €577 (-5.1%), from €11,257 to €10,681
- Other operating charges +€152
up €152 (+38.7%), from €393 to €545
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 | €164,332 | €144,847 | -€19,485 | -11.9% |
| Fixed assets | 21/28 | €38,236 | €27,556 | -€10,681 | -27.9% |
| Tangible fixed assets | 22/27 | €38,236 | €27,556 | -€10,681 | -27.9% |
| Plant, machinery and equipment | 23 | €2,206 | €1,196 | -€1,010 | -45.8% |
| Furniture and vehicles | 24 | €36,030 | €26,360 | -€9,671 | -26.8% |
| Current assets | 29/58 | €126,096 | €117,291 | -€8,805 | -7.0% |
| Amounts receivable within one year | 40/41 | €23,051 | €22,688 | -€363 | -1.6% |
| Other amounts receivable | 41 | €23,051 | €22,688 | -€363 | -1.6% |
| Cash at bank and in hand | 54/58 | €102,181 | €94,439 | -€7,742 | -7.6% |
| Deferred charges and accrued income | 490/1 | €864 | €164 | -€700 | -81.0% |
| Total equity and liabilities | 10/49 | €164,332 | €144,847 | -€19,485 | -11.9% |
| Equity | 10/15 | €139,235 | €139,611 | +€376 | +0.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €133,035 | €133,411 | +€376 | +0.3% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €114,285 | €114,661 | +€376 | +0.3% |
| Amounts payable | 17/49 | €25,097 | €5,236 | -€19,861 | -79.1% |
| Amounts payable within one year | 42/48 | €24,933 | €5,236 | -€19,697 | -79.0% |
| Trade debts | 44 | €1,431 | €1,451 | +€20 | +1.4% |
| Suppliers | 440/4 | €1,431 | €1,451 | +€20 | +1.4% |
| Taxes, remuneration and social security | 45 | €23,503 | €3,785 | -€19,717 | -83.9% |
| Taxes | 450/3 | €23,503 | €3,785 | -€19,717 | -83.9% |
| Accrued charges and deferred income | 492/3 | €164 | - | -€164 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,257 | €10,681 | -€577 | -5.1% |
| Other operating charges | 640/8 | €393 | €545 | +€152 | +38.7% |
| Gross operating margin | 9900 | €1,171 | €11,002 | +€9,831 | +839.7% |
| Operating profit (loss) | 9901 | -€10,479 | -€224 | +€10,256 | +97.9% |
| Financial income | 75/76B | €973 | €905 | -€69 | -7.0% |
| Recurring financial income | 75 | €973 | €905 | -€69 | -7.0% |
| Financial charges | 65/66B | €46 | €91 | +€45 | +97.8% |
| Recurring financial charges | 65 | €46 | €91 | +€45 | +97.8% |
| Profit (loss) for the period before taxes | 9903 | -€9,552 | €590 | +€10,142 | |
| Income taxes | 67/77 | €160 | €214 | +€54 | +33.6% |
| Profit (loss) for the period | 9904 | -€9,712 | €376 | +€10,088 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,712 | €376 | +€10,088 |
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 6 October 2026 via checked.be.