ZEDELTRAC: 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.
What changed
ZEDELTRAC
NACE 64.210, Activities of holding companies
fiscal year 2023 against 2024filed annual accounts (NBB)
Net result for the year
€1.3m
2023 · €1.6m-€253,772
Equity
€6.8m
2023 · €5.5m+€1.3m
Cash
€203,919
2023 · €100,061+€103,858
Balance sheet total
€13.5m
2023 · €12.7m+€805,370
Largest movements
Assets
- Receivables after one year +€2.0m
up €2.0m (+4483.3%), from €44,610 to €2.0m
- Financial fixed assets -€1.4m
down €1.4m (-32.3%), from €4.2m to €2.8m
- Receivables within one year +€349,901
up €349,901 (+18.8%), from €1.9m to €2.2m
of which Trade receivables: +€354,611
- Tangible fixed assets -€274,249
down €274,249 (-4.3%), from €6.4m to €6.2m
of which Land and buildings: -€228,858
Equity and liabilities
- Profit (loss) carried forward +€1.4m
up €1.4m (+42.9%), from €3.2m to €4.5m
- Debts after one year -€437,792
down €437,792 (-10.6%), from €4.1m to €3.7m
Income statement
- Financial income +€2.3m
up €2.3m (+1623.5%), from €142,204 to €2.5m
- Gross operating margin -€1.8m
down €1.8m (-46.6%), from €3.8m to €2.0m
- Financial charges +€1.4m
up €1.4m (+820.7%), from €165,525 to €1.5m
of which Non-recurring financial charges: +€1.4m
- Staff costs -€69,935
down €69,935 (-5.4%), from €1.3m to €1.2m
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.
Result 2023
€1.6m
Gross operating margin
-€1.8m
Staff costs
+€69,935
Depreciation
+€14,404
Provisions
-€4,536
Other operating charges
+€35,569
Other operating items
+€6,612
Financial income
+€2.3m
Financial charges
-€1.4m
Taxes
-€14,387
Deferred taxes and other
+€462,212
Result 2024
€1.3m
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.
From operations
-€763,960
Investment
+€1.4m
Financing
-€509,801
Cash 2023
€100,061
From operations (derived)
-€763,960
Net result for the year
+€1.3m
Depreciation
+€254,301
Receivables after one year
-€2.0m
Receivables within one year
-€349,901
Deferred charges and accrued income
+€16,464
Provisions
-€14,388
Trade debts
-€9,535
Tax, wage and social debts
-€35,229
Other debts
+€70,826
Accrued charges and deferred income
-€5,657
Investment (derived)
+€1.4m
Investment in fixed assets (net)
+€1.4m
Financing
-€509,801
Debts after one year
-€437,792
Current portion of long-term debt
-€72,010
Cash 2024
€203,919
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,653,444 | €13,458,814 | +€805,370 | +6.4% |
| Fixed assets | 21/28 | €10,631,997 | €9,000,076 | -€1.6m | -15.3% |
| Tangible fixed assets | 22/27 | €6,434,809 | €6,160,561 | -€274,249 | -4.3% |
| Land and buildings | 22 | €6,347,376 | €6,118,518 | -€228,858 | -3.6% |
| Plant, machinery and equipment | 23 | €1,235 | - | -€1,235 | |
| Furniture and vehicles | 24 | €75,741 | €42,043 | -€33,698 | -44.5% |
| Leasing and similar rights | 25 | €10,458 | - | -€10,458 | |
| Financial fixed assets | 28 | €4,197,188 | €2,839,516 | -€1.4m | -32.3% |
| Current assets | 29/58 | €2,021,447 | €4,458,738 | +€2.4m | +120.6% |
| Amounts receivable after more than one year | 29 | €44,610 | €2,044,606 | +€2.0m | +4483.3% |
| Other amounts receivable | 291 | €44,610 | €2,044,606 | +€2.0m | +4483.3% |
| Amounts receivable within one year | 40/41 | €1,856,432 | €2,206,332 | +€349,901 | +18.8% |
| Trade receivables | 40 | €889,092 | €1,243,703 | +€354,611 | +39.9% |
| Other amounts receivable | 41 | €967,340 | €962,630 | -€4,710 | -0.5% |
| Cash at bank and in hand | 54/58 | €100,061 | €203,919 | +€103,858 | +103.8% |
| Deferred charges and accrued income | 490/1 | €20,345 | €3,881 | -€16,464 | -80.9% |
| Total equity and liabilities | 10/49 | €12,653,444 | €13,458,814 | +€805,370 | +6.4% |
| Equity | 10/15 | €5,469,681 | €6,778,834 | +€1.3m | +23.9% |
| Contributions | 10/11 | €872,000 | €872,000 | = | 0.0% |
| Capital | 10 | €872,000 | €872,000 | = | 0.0% |
| Issued capital | 100 | €872,000 | €872,000 | = | 0.0% |
| Reserves | 13 | €1,417,065 | €1,360,293 | -€56,772 | -4.0% |
| Non-distributable reserves | 130/1 | €87,200 | €87,200 | = | 0.0% |
| Legal reserve | 130 | €87,200 | €87,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,329,865 | €1,273,093 | -€56,772 | -4.3% |
| Profit (loss) carried forward | 14 | €3,180,616 | €4,546,540 | +€1.4m | +42.9% |
| Provisions and deferred taxes | 16 | €543,703 | €529,316 | -€14,388 | -2.6% |
| Provisions for liabilities and charges | 160/5 | €100,415 | €104,951 | +€4,536 | +4.5% |
| Pensions and similar obligations | 160 | €100,415 | €104,951 | +€4,536 | +4.5% |
| Deferred taxes | 168 | €443,288 | €424,364 | -€18,924 | -4.3% |
| Amounts payable | 17/49 | €6,640,060 | €6,150,665 | -€489,396 | -7.4% |
| Amounts payable after more than one year | 17 | €4,125,292 | €3,687,500 | -€437,792 | -10.6% |
| Financial debts | 170/4 | €4,125,292 | €3,687,500 | -€437,792 | -10.6% |
| Amounts payable within one year | 42/48 | €2,509,112 | €2,463,165 | -€45,948 | -1.8% |
| Current portion of amounts payable after more than one year | 42 | €509,801 | €437,792 | -€72,010 | -14.1% |
| Trade debts | 44 | €205,551 | €196,016 | -€9,535 | -4.6% |
| Suppliers | 440/4 | €205,551 | €196,016 | -€9,535 | -4.6% |
| Taxes, remuneration and social security | 45 | €403,354 | €368,125 | -€35,229 | -8.7% |
| Taxes | 450/3 | €179,451 | €191,076 | +€11,625 | +6.5% |
| Remuneration and social security | 454/9 | €223,903 | €177,049 | -€46,854 | -20.9% |
| Other amounts payable | 47/48 | €1,390,405 | €1,461,232 | +€70,826 | +5.1% |
| Accrued charges and deferred income | 492/3 | €5,657 | - | -€5,657 | |
| Non-recurring operating income | 76A | €1,889,610 | €18,410 | -€1.9m | -99.0% |
| Remuneration, social security and pensions | 62 | €1,293,559 | €1,223,625 | -€69,935 | -5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €268,706 | €254,301 | -€14,404 | -5.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €4,536 | +€4,536 | |
| Other operating charges | 640/8 | €97,929 | €62,360 | -€35,569 | -36.3% |
| Non-recurring operating charges | 66A | €6,612 | - | -€6,612 | |
| Gross operating margin | 9900 | €3,806,579 | €2,032,859 | -€1.8m | -46.6% |
| Operating profit (loss) | 9901 | €2,139,772 | €488,036 | -€1.7m | -77.2% |
| Financial income | 75/76B | €142,204 | €2,450,865 | +€2.3m | +1623.5% |
| Recurring financial income | 75 | €142,204 | €2,450,865 | +€2.3m | +1623.5% |
| Financial charges | 65/66B | €165,525 | €1,524,048 | +€1.4m | +820.7% |
| Recurring financial charges | 65 | €165,525 | €166,376 | +€851 | +0.5% |
| Non-recurring financial charges | 66B | - | €1,357,672 | +€1.4m | |
| Profit (loss) for the period before taxes | 9903 | €2,116,451 | €1,414,853 | -€701,597 | -33.1% |
| Transfer from deferred taxes | 780 | €29,114 | €18,924 | -€10,190 | -35.0% |
| Transfer to deferred taxes | 680 | €472,402 | - | -€472,402 | |
| Income taxes | 67/77 | €110,237 | €124,624 | +€14,387 | +13.1% |
| Profit (loss) for the period | 9904 | €1,562,925 | €1,309,153 | -€253,772 | -16.2% |
| Transfer from tax-exempt reserves | 789 | €87,342 | €56,772 | -€30,571 | -35.0% |
| Transfer to tax-exempt reserves | 689 | €1,417,207 | - | -€1.4m | |
| Profit (loss) for the period to be appropriated | 9905 | €233,060 | €1,365,925 | +€1.1m | +486.1% |
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 3 October 2026 via checked.be.