ZEDAM: 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.
ZEDAM
Largest movements
- Financial fixed assets -€728,211
down €728,211 (-99.7%), from €730,611 to €2,400
- Stocks and contracts +€253,798
up €253,798 (+25,380%), from €1,000 to €254,798
- Cash +€55,260
up €55,260 (+535%), from €10,335 to €65,595
mainly Investment in fixed assets (net) (+€710,274) and Depreciation (+€36,942)
- Tangible fixed assets -€19,005
down €19,005 (-7.1%), from €268,636 to €249,631
of which Land and buildings: -€18,899
- Receivables within one year -€10,533
down €10,533 (-97.8%), from €10,774 to €241
of which Trade receivables: -€5,375
- Other debts -€445,688
down €445,688 (-62.6%), from €712,100 to €266,412
- Debts after one year -€12,920
down €12,920 (-25.8%), from €50,033 to €37,112
- Reserves +€10,345
up €10,345 (+5.2%), from €199,519 to €209,864
of which Distributable reserves: +€10,345
- Gross operating margin +€31,714
up €31,714 (+37.3%), from €85,116 to €116,830
- Depreciation -€3,175
down €3,175 (-7.9%), from €40,117 to €36,942
- Taxes -€2,296
down €2,296 (-66.8%), from €3,436 to €1,141
- Staff costs -€1,951
down €1,951 (-13.2%), from €14,730 to €12,779
- Other operating charges +€1,890
up €1,890 (+27.9%), from €6,768 to €8,658
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 | €1,026,258 | €573,966 | -€452,292 | -44.1% |
| Fixed assets | 21/28 | €999,247 | €252,031 | -€747,216 | -74.8% |
| Tangible fixed assets | 22/27 | €268,636 | €249,631 | -€19,005 | -7.1% |
| Land and buildings | 22 | €235,494 | €216,596 | -€18,899 | -8.0% |
| Plant, machinery and equipment | 23 | €29,349 | €30,513 | +€1,163 | +4.0% |
| Furniture and vehicles | 24 | €3,248 | €2,220 | -€1,028 | -31.7% |
| Other tangible fixed assets | 26 | €545 | €303 | -€242 | -44.4% |
| Financial fixed assets | 28 | €730,611 | €2,400 | -€728,211 | -99.7% |
| Current assets | 29/58 | €27,011 | €321,935 | +€294,924 | +1,092% |
| Stocks and contracts in progress | 3 | €1,000 | €254,798 | +€253,798 | +25,380% |
| Stocks | 30/36 | €1,000 | €254,798 | +€253,798 | +25,380% |
| Amounts receivable within one year | 40/41 | €10,774 | €241 | -€10,533 | -97.8% |
| Trade receivables | 40 | €5,415 | €40 | -€5,375 | -99.3% |
| Other amounts receivable | 41 | €5,359 | €201 | -€5,158 | -96.2% |
| Cash at bank and in hand | 54/58 | €10,335 | €65,595 | +€55,260 | +535% |
| Deferred charges and accrued income | 490/1 | €4,902 | €1,302 | -€3,600 | -73.4% |
| Total equity and liabilities | 10/49 | €1,026,258 | €573,966 | -€452,292 | -44.1% |
| Equity | 10/15 | €230,519 | €240,864 | +€10,345 | +4.5% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Reserves | 13 | €199,519 | €209,864 | +€10,345 | +5.2% |
| Non-distributable reserves | 130/1 | €3,100 | €3,100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,100 | €3,100 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,995 | €4,995 | = | 0.0% |
| Distributable reserves | 133 | €191,423 | €201,769 | +€10,345 | +5.4% |
| Amounts payable | 17/49 | €795,739 | €333,102 | -€462,637 | -58.1% |
| Amounts payable after more than one year | 17 | €50,033 | €37,112 | -€12,920 | -25.8% |
| Financial debts | 170/4 | €50,033 | €37,112 | -€12,920 | -25.8% |
| Amounts payable within one year | 42/48 | €745,707 | €295,990 | -€449,716 | -60.3% |
| Current portion of amounts payable after more than one year | 42 | €12,920 | €12,920 | = | 0.0% |
| Trade debts | 44 | €3,593 | €7,066 | +€3,473 | +96.7% |
| Suppliers | 440/4 | €3,593 | €7,066 | +€3,473 | +96.7% |
| Advances received on contracts in progress | 46 | €11,329 | €7,039 | -€4,290 | -37.9% |
| Taxes, remuneration and social security | 45 | €5,764 | €2,552 | -€3,211 | -55.7% |
| Taxes | 450/3 | €3,423 | €2,552 | -€870 | -25.4% |
| Remuneration and social security | 454/9 | €2,341 | - | -€2,341 | |
| Other amounts payable | 47/48 | €712,100 | €266,412 | -€445,688 | -62.6% |
| Non-recurring operating income | 76A | €1,491 | €68,121 | +€66,630 | +4,469% |
| Remuneration, social security and pensions | 62 | €14,730 | €12,779 | -€1,951 | -13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,117 | €36,942 | -€3,175 | -7.9% |
| Other operating charges | 640/8 | €6,768 | €8,658 | +€1,890 | +27.9% |
| Non-recurring operating charges | 66A | €10,233 | €47,831 | +€37,599 | +367% |
| Gross operating margin | 9900 | €85,116 | €116,830 | +€31,714 | +37.3% |
| Operating profit (loss) | 9901 | €13,269 | €10,621 | -€2,648 | -20.0% |
| Financial income | 75/76B | €1,472 | €1,136 | -€336 | -22.8% |
| Recurring financial income | 75 | €1,472 | €1,136 | -€336 | -22.8% |
| Financial charges | 65/66B | €1,425 | €271 | -€1,154 | -81.0% |
| Recurring financial charges | 65 | €1,425 | €271 | -€1,154 | -81.0% |
| Non-recurring financial charges | 66B | - | €271 | +€271 | |
| Profit (loss) for the period before taxes | 9903 | €13,315 | €11,486 | -€1,829 | -13.7% |
| Income taxes | 67/77 | €3,436 | €1,141 | -€2,296 | -66.8% |
| Profit (loss) for the period | 9904 | €9,879 | €10,345 | +€467 | +4.7% |
| Profit (loss) for the period to be appropriated | 9905 | €9,879 | €10,345 | +€467 | +4.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.