ZED: 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.
ZED
Largest movements
- Receivables within one year -€32,767
down €32,767 (-20.6%), from €158,684 to €125,917
of which Trade receivables: -€32,854
- Tangible fixed assets -€3,555
down €3,555 (-44.7%), from €7,953 to €4,398
- Profit (loss) carried forward -€30,655
down €30,655 (-11.9%), from -€257,174 to -€287,829
- Other debts -€15,347
down €15,347 (-11.3%), from €136,398 to €121,051
- Trade debts +€9,162
up €9,162 (+4.7%), from €196,043 to €205,204
- Gross operating margin +€43,361
up €43,361 (+17.9%), from €242,505 to €285,867
- Other operating charges -€12,519
down €12,519 (-86.5%), from €14,466 to €1,947
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 | €187,311 | €150,968 | -€36,343 | -19.4% |
| Fixed assets | 21/28 | €9,189 | €5,634 | -€3,555 | -38.7% |
| Tangible fixed assets | 22/27 | €7,953 | €4,398 | -€3,555 | -44.7% |
| Plant, machinery and equipment | 23 | €7,953 | €4,398 | -€3,555 | -44.7% |
| Financial fixed assets | 28 | €1,236 | €1,236 | = | 0.0% |
| Current assets | 29/58 | €178,122 | €145,334 | -€32,788 | -18.4% |
| Stocks and contracts in progress | 3 | €7,951 | €7,475 | -€475 | -6.0% |
| Stocks | 30/36 | €7,951 | €7,475 | -€475 | -6.0% |
| Amounts receivable within one year | 40/41 | €158,684 | €125,917 | -€32,767 | -20.6% |
| Trade receivables | 40 | €154,550 | €121,696 | -€32,854 | -21.3% |
| Other amounts receivable | 41 | €4,134 | €4,221 | +€87 | +2.1% |
| Cash at bank and in hand | 54/58 | €11,368 | €10,878 | -€490 | -4.3% |
| Deferred charges and accrued income | 490/1 | €120 | €1,063 | +€944 | +789.6% |
| Total equity and liabilities | 10/49 | €187,311 | €150,968 | -€36,343 | -19.4% |
| Equity | 10/15 | -€175,369 | -€206,024 | -€30,655 | -17.5% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €7,437 | €7,437 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,437 | €7,437 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€257,174 | -€287,829 | -€30,655 | -11.9% |
| Amounts payable | 17/49 | €362,680 | €356,992 | -€5,688 | -1.6% |
| Amounts payable after more than one year | 17 | €982 | - | -€982 | |
| Financial debts | 170/4 | €982 | - | -€982 | |
| Amounts payable within one year | 42/48 | €361,698 | €356,992 | -€4,706 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €1,277 | €982 | -€295 | -23.1% |
| Trade debts | 44 | €196,043 | €205,204 | +€9,162 | +4.7% |
| Suppliers | 440/4 | €196,043 | €205,204 | +€9,162 | +4.7% |
| Taxes, remuneration and social security | 45 | €27,981 | €29,754 | +€1,773 | +6.3% |
| Taxes | 450/3 | €6,323 | €14,024 | +€7,701 | +121.8% |
| Remuneration and social security | 454/9 | €21,658 | €15,730 | -€5,927 | -27.4% |
| Other amounts payable | 47/48 | €136,398 | €121,051 | -€15,347 | -11.3% |
| Remuneration, social security and pensions | 62 | €301,129 | €301,337 | +€208 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,614 | €3,555 | -€1,060 | -23.0% |
| Other operating charges | 640/8 | €14,466 | €1,947 | -€12,519 | -86.5% |
| Gross operating margin | 9900 | €242,505 | €285,867 | +€43,361 | +17.9% |
| Operating profit (loss) | 9901 | -€77,704 | -€20,973 | +€56,732 | +73.0% |
| Financial income | 75/76B | €13 | €15 | +€2 | +19.3% |
| Recurring financial income | 75 | €13 | €15 | +€2 | +19.3% |
| Financial charges | 65/66B | €7,911 | €9,697 | +€1,786 | +22.6% |
| Recurring financial charges | 65 | €7,911 | €9,697 | +€1,786 | +22.6% |
| Profit (loss) for the period before taxes | 9903 | -€85,603 | -€30,655 | +€54,948 | +64.2% |
| Profit (loss) for the period | 9904 | -€85,603 | -€30,655 | +€54,948 | +64.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€85,603 | -€30,655 | +€54,948 | +64.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.