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 -€33,413
down €33,413 (-33.4%), from €99,999 to €66,587
of which Trade receivables: -€31,089
- Cash -€20,221
down €20,221 (-70.4%), from €28,705 to €8,485
mainly Other debts (-€77,653) and Trade debts (-€7,559)
- Tangible fixed assets -€10,307
down €10,307 (-29.7%), from €34,665 to €24,358
of which Furniture and vehicles: -€6,419
- Other debts -€77,653
down €77,653 (-84.2%), from €92,215 to €14,562
- Profit (loss) carried forward +€15,714
up €15,714 (+47.8%), from €32,903 to €48,616
- Trade debts -€7,559
down €7,559 (-92.8%), from €8,142 to €583
- Tax, wage and social debts +€5,206
up €5,206 (+34.7%), from €14,999 to €20,204
of which Taxes: +€4,887
- Staff costs +€29,859
up €29,859 (+286.0%), from €10,441 to €40,300
- Gross operating margin +€26,519
up €26,519 (+48.5%), from €54,636 to €81,155
- Depreciation +€5,100
up €5,100 (+98.0%), from €5,207 to €10,307
- Other operating charges -€2,904
down €2,904 (-63.5%), from €4,575 to €1,671
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €173,522 | €109,230 | -€64,293 | -37.1% |
| Fixed assets | 21/28 | €44,465 | €34,158 | -€10,307 | -23.2% |
| Tangible fixed assets | 22/27 | €34,665 | €24,358 | -€10,307 | -29.7% |
| Furniture and vehicles | 24 | €30,777 | €24,358 | -€6,419 | -20.9% |
| Leasing and similar rights | 25 | €3,888 | - | -€3,888 | |
| Other tangible fixed assets | 26 | €0 | €0 | = | 0.0% |
| Financial fixed assets | 28 | €9,800 | €9,800 | = | 0.0% |
| Current assets | 29/58 | €129,057 | €75,072 | -€53,986 | -41.8% |
| Amounts receivable within one year | 40/41 | €99,999 | €66,587 | -€33,413 | -33.4% |
| Trade receivables | 40 | €95,670 | €64,581 | -€31,089 | -32.5% |
| Other amounts receivable | 41 | €4,329 | €2,006 | -€2,323 | -53.7% |
| Cash at bank and in hand | 54/58 | €28,705 | €8,485 | -€20,221 | -70.4% |
| Deferred charges and accrued income | 490/1 | €353 | - | -€353 | |
| Total equity and liabilities | 10/49 | €173,522 | €109,230 | -€64,293 | -37.1% |
| Equity | 10/15 | €53,313 | €69,027 | +€15,714 | +29.5% |
| Contributions | 10/11 | €18,555 | €18,555 | = | 0.0% |
| Capital | 10 | €18,555 | €18,555 | = | 0.0% |
| Issued capital | 100 | €18,555 | €18,555 | = | 0.0% |
| Reserves | 13 | €1,856 | €1,856 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,856 | €1,856 | = | 0.0% |
| Legal reserve | 130 | €1,856 | €1,856 | = | 0.0% |
| Profit (loss) carried forward | 14 | €32,903 | €48,616 | +€15,714 | +47.8% |
| Amounts payable | 17/49 | €120,209 | €40,203 | -€80,006 | -66.6% |
| Amounts payable within one year | 42/48 | €120,209 | €40,203 | -€80,006 | -66.6% |
| Current portion of amounts payable after more than one year | 42 | €4,853 | €4,853 | = | 0.0% |
| Trade debts | 44 | €8,142 | €583 | -€7,559 | -92.8% |
| Suppliers | 440/4 | €8,142 | €583 | -€7,559 | -92.8% |
| Taxes, remuneration and social security | 45 | €14,999 | €20,204 | +€5,206 | +34.7% |
| Taxes | 450/3 | €14,828 | €19,715 | +€4,887 | +33.0% |
| Remuneration and social security | 454/9 | €170 | €489 | +€318 | +186.8% |
| Other amounts payable | 47/48 | €92,215 | €14,562 | -€77,653 | -84.2% |
| Remuneration, social security and pensions | 62 | €10,441 | €40,300 | +€29,859 | +286.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,207 | €10,307 | +€5,100 | +98.0% |
| Other operating charges | 640/8 | €4,575 | €1,671 | -€2,904 | -63.5% |
| Non-recurring operating charges | 66A | €63 | €418 | +€354 | +562.5% |
| Gross operating margin | 9900 | €54,636 | €81,155 | +€26,519 | +48.5% |
| Operating profit (loss) | 9901 | €34,350 | €28,460 | -€5,890 | -17.1% |
| Financial charges | 65/66B | €747 | €455 | -€292 | -39.1% |
| Recurring financial charges | 65 | €747 | €455 | -€292 | -39.1% |
| Profit (loss) for the period before taxes | 9903 | €33,603 | €28,006 | -€5,598 | -16.7% |
| Income taxes | 67/77 | €12,070 | €12,292 | +€222 | +1.8% |
| Profit (loss) for the period | 9904 | €21,533 | €15,714 | -€5,819 | -27.0% |
| Profit (loss) for the period to be appropriated | 9905 | €21,533 | €15,714 | -€5,819 | -27.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.