ZECO: 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.
ZECO
Largest movements
- Tangible fixed assets -€22,710
down €22,710 (-14.4%), from €158,128 to €135,418
of which Plant, machinery and equipment: -€19,872
- Intangible fixed assets +€2,712
new in 2025: €2,712
- Trade debts -€11,196
down €11,196 (-22.4%), from €49,899 to €38,703
- Debts after one year -€9,286
down €9,286 (-33.3%), from €27,856 to €18,570
- Reserves +€8,688
up €8,688 (+15.6%), from €55,720 to €64,409
- Current portion of long-term debt -€2,857
down €2,857 (-13.0%), from €21,953 to €19,095
- Tax, wage and social debts -€2,801
down €2,801 (-34.3%), from €8,175 to €5,373
of which Remuneration and social security: -€4,714
- Gross operating margin +€17,577
up €17,577 (+22.4%), from €78,476 to €96,053
- Staff costs +€5,338
up €5,338 (+12.8%), from €41,599 to €46,937
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 | €269,413 | €249,785 | -€19,628 | -7.3% |
| Fixed assets | 21/28 | €158,128 | €138,130 | -€19,998 | -12.6% |
| Intangible fixed assets | 21 | - | €2,712 | +€2,712 | |
| Tangible fixed assets | 22/27 | €158,128 | €135,418 | -€22,710 | -14.4% |
| Land and buildings | 22 | €113,191 | €110,353 | -€2,838 | -2.5% |
| Plant, machinery and equipment | 23 | €44,937 | €25,065 | -€19,872 | -44.2% |
| Current assets | 29/58 | €111,285 | €111,655 | +€370 | +0.3% |
| Amounts receivable within one year | 40/41 | €23,170 | €24,198 | +€1,028 | +4.4% |
| Trade receivables | 40 | €21,315 | €22,972 | +€1,657 | +7.8% |
| Other amounts receivable | 41 | €1,855 | €1,225 | -€630 | -33.9% |
| Cash at bank and in hand | 54/58 | €87,525 | €85,657 | -€1,868 | -2.1% |
| Deferred charges and accrued income | 490/1 | €590 | €1,800 | +€1,211 | +205% |
| Total equity and liabilities | 10/49 | €269,413 | €249,785 | -€19,628 | -7.3% |
| Equity | 10/15 | €160,626 | €167,306 | +€6,680 | +4.2% |
| Contributions | 10/11 | €98,592 | €98,592 | = | 0.0% |
| Reserves | 13 | €55,720 | €64,409 | +€8,688 | +15.6% |
| Distributable reserves | 133 | €55,720 | €64,409 | +€8,688 | +15.6% |
| Profit (loss) carried forward | 14 | €290 | €290 | = | 0.0% |
| Investment grants | 15 | €6,024 | €4,016 | -€2,008 | -33.3% |
| Amounts payable | 17/49 | €108,787 | €82,479 | -€26,308 | -24.2% |
| Amounts payable after more than one year | 17 | €27,856 | €18,570 | -€9,286 | -33.3% |
| Financial debts | 170/4 | €27,856 | €18,570 | -€9,286 | -33.3% |
| Amounts payable within one year | 42/48 | €80,931 | €63,909 | -€17,022 | -21.0% |
| Current portion of amounts payable after more than one year | 42 | €21,953 | €19,095 | -€2,857 | -13.0% |
| Trade debts | 44 | €49,899 | €38,703 | -€11,196 | -22.4% |
| Suppliers | 440/4 | €49,899 | €38,703 | -€11,196 | -22.4% |
| Taxes, remuneration and social security | 45 | €8,175 | €5,373 | -€2,801 | -34.3% |
| Taxes | 450/3 | €202 | €2,114 | +€1,912 | +947% |
| Remuneration and social security | 454/9 | €7,973 | €3,259 | -€4,714 | -59.1% |
| Other amounts payable | 47/48 | €905 | €737 | -€168 | -18.6% |
| Remuneration, social security and pensions | 62 | €41,599 | €46,937 | +€5,338 | +12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,790 | €37,149 | +€359 | +1.0% |
| Other operating charges | 640/8 | €1,700 | €1,755 | +€54 | +3.2% |
| Gross operating margin | 9900 | €78,476 | €96,053 | +€17,577 | +22.4% |
| Operating profit (loss) | 9901 | -€1,613 | €10,213 | +€11,826 | |
| Financial income | 75/76B | €26 | €58 | +€32 | +125% |
| Recurring financial income | 75 | €26 | €58 | +€32 | +125% |
| Financial charges | 65/66B | €825 | €714 | -€111 | -13.5% |
| Recurring financial charges | 65 | €825 | €714 | -€111 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | -€2,413 | €9,557 | +€11,970 | |
| Income taxes | 67/77 | €0 | €869 | +€869 | +8,688,000% |
| Profit (loss) for the period | 9904 | -€2,413 | €8,688 | +€11,101 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,413 | €8,688 | +€11,101 |
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 26 October 2026 via checked.be.