ZEBULAH: 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.
ZEBULAH
Largest movements
- Receivables within one year +€2.4m
up €2.4m (+230,339%), from €1,060 to €2.4m
of which Other amounts receivable: +€2.4m
- Stocks and contracts -€1.9m
no longer reported in 2026 (was €1.9m)
- Tangible fixed assets -€258,181
down €258,181 (-22.0%), from €1.2m to €915,264
of which Other tangible fixed assets: -€207,350
- Cash +€111,863
up €111,863 (+109%), from €102,166 to €214,029
mainly Stocks and contracts (+€1.9m) and Trade debts (+€590,899)
- Other debts -€640,144
down €640,144 (-99.4%), from €643,699 to €3,555
- Trade debts +€590,899
up €590,899 (+946%), from €62,449 to €653,348
- Profit (loss) carried forward +€436,126
up €436,126, from -€353,974 to €82,152
- Staff costs -€763,971
down €763,971 (-35.5%), from €2.2m to €1.4m
- Gross operating margin -€742,325
down €742,325 (-24.6%), from €3.0m to €2.3m
- Depreciation -€93,822
down €93,822 (-25.2%), from €371,814 to €277,992
- Other operating charges +€82,691
up €82,691 (+135%), from €61,197 to €143,888
- Taxes +€46,140
up €46,140 (+1,066%), from €4,330 to €50,470
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,215,567 | €3,575,811 | +€360,244 | +11.2% |
| Fixed assets | 21/28 | €1,174,907 | €916,726 | -€258,181 | -22.0% |
| Tangible fixed assets | 22/27 | €1,173,445 | €915,264 | -€258,181 | -22.0% |
| Plant, machinery and equipment | 23 | €191,920 | €137,404 | -€54,516 | -28.4% |
| Furniture and vehicles | 24 | €14,165 | €6,582 | -€7,583 | -53.5% |
| Other tangible fixed assets | 26 | €967,360 | €760,010 | -€207,350 | -21.4% |
| Assets under construction and advance payments | 27 | - | €11,268 | +€11,268 | |
| Financial fixed assets | 28 | €1,462 | €1,462 | = | 0.0% |
| Current assets | 29/58 | €2,040,660 | €2,659,085 | +€618,425 | +30.3% |
| Amounts receivable after more than one year | 29 | €211 | €2,405 | +€2,194 | +1,040% |
| Other amounts receivable | 291 | €211 | €2,405 | +€2,194 | +1,040% |
| Stocks and contracts in progress | 3 | €1,937,223 | - | -€1.9m | |
| Stocks | 30/36 | €1,937,223 | - | -€1.9m | |
| Amounts receivable within one year | 40/41 | €1,060 | €2,442,651 | +€2.4m | +230,339% |
| Trade receivables | 40 | - | €70,884 | +€70,884 | |
| Other amounts receivable | 41 | €1,060 | €2,371,767 | +€2.4m | +223,652% |
| Cash at bank and in hand | 54/58 | €102,166 | €214,029 | +€111,863 | +109% |
| Total equity and liabilities | 10/49 | €3,215,567 | €3,575,811 | +€360,244 | +11.2% |
| Equity | 10/15 | €1,713,676 | €2,149,802 | +€436,126 | +25.4% |
| Contributions | 10/11 | €2,061,500 | €2,061,500 | = | 0.0% |
| Capital | 10 | €2,061,500 | €2,061,500 | = | 0.0% |
| Issued capital | 100 | €2,061,500 | €2,061,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€353,974 | €82,152 | +€436,126 | |
| Amounts payable | 17/49 | €1,501,891 | €1,426,009 | -€75,882 | -5.1% |
| Amounts payable within one year | 42/48 | €1,483,372 | €1,426,009 | -€57,363 | -3.9% |
| Trade debts | 44 | €62,449 | €653,348 | +€590,899 | +946% |
| Suppliers | 440/4 | €62,449 | €653,348 | +€590,899 | +946% |
| Taxes, remuneration and social security | 45 | €777,224 | €769,106 | -€8,118 | -1.0% |
| Taxes | 450/3 | €536,346 | €564,298 | +€27,952 | +5.2% |
| Remuneration and social security | 454/9 | €240,878 | €204,808 | -€36,070 | -15.0% |
| Other amounts payable | 47/48 | €643,699 | €3,555 | -€640,144 | -99.4% |
| Accrued charges and deferred income | 492/3 | €18,519 | - | -€18,519 | |
| Non-recurring operating income | 76A | €236,515 | - | -€236,515 | |
| Remuneration, social security and pensions | 62 | €2,152,720 | €1,388,749 | -€763,971 | -35.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €371,814 | €277,992 | -€93,822 | -25.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€4,005 | - | +€4,005 | |
| Other operating charges | 640/8 | €61,197 | €143,888 | +€82,691 | +135% |
| Gross operating margin | 9900 | €3,017,944 | €2,275,619 | -€742,325 | -24.6% |
| Operating profit (loss) | 9901 | €436,218 | €464,990 | +€28,772 | +6.6% |
| Financial income | 75/76B | €308 | €33,375 | +€33,067 | +10,736% |
| Recurring financial income | 75 | €308 | €33,375 | +€33,067 | +10,736% |
| Financial charges | 65/66B | €11,608 | €11,769 | +€161 | +1.4% |
| Recurring financial charges | 65 | €11,608 | €11,769 | +€161 | +1.4% |
| Profit (loss) for the period before taxes | 9903 | €424,918 | €486,596 | +€61,678 | +14.5% |
| Income taxes | 67/77 | €4,330 | €50,470 | +€46,140 | +1,066% |
| Profit (loss) for the period | 9904 | €420,588 | €436,126 | +€15,538 | +3.7% |
| Profit (loss) for the period to be appropriated | 9905 | €420,588 | €436,126 | +€15,538 | +3.7% |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.