ZEDES: what changed
ZEDES
Largest movements
- Cash +€22,927
up €22,927 (+45.0%), from €50,987 to €73,914
mainly Depreciation (+€15,669) and Net result for the year (+€9,264)
- Tangible fixed assets -€15,669
down €15,669 (-8.4%), from €187,203 to €171,534
- Reserves +€9,264
up €9,264 (+23.0%), from €40,216 to €49,480
of which Distributable reserves: +€8,764
- Gross operating margin -€1,150
down €1,150 (-3.4%), from €33,448 to €32,298
- Taxes -€389
down €389 (-8.3%), from €4,712 to €4,323
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €239,235 | €247,173 | +€7,938 | +3.3% |
| Fixed assets | 21/28 | €187,203 | €171,534 | -€15,669 | -8.4% |
| Tangible fixed assets | 22/27 | €187,203 | €171,534 | -€15,669 | -8.4% |
| Land and buildings | 22 | €187,203 | €171,534 | -€15,669 | -8.4% |
| Current assets | 29/58 | €52,032 | €75,639 | +€23,607 | +45.4% |
| Amounts receivable within one year | 40/41 | €288 | €964 | +€676 | +235% |
| Other amounts receivable | 41 | €288 | €964 | +€676 | +235% |
| Cash at bank and in hand | 54/58 | €50,987 | €73,914 | +€22,927 | +45.0% |
| Deferred charges and accrued income | 490/1 | €757 | €761 | +€4 | +0.5% |
| Total equity and liabilities | 10/49 | €239,235 | €247,173 | +€7,938 | +3.3% |
| Equity | 10/15 | €102,216 | €111,480 | +€9,264 | +9.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €40,216 | €49,480 | +€9,264 | +23.0% |
| Non-distributable reserves | 130/1 | €5,900 | €6,400 | +€500 | +8.5% |
| Legal reserve | 130 | €5,900 | €6,400 | +€500 | +8.5% |
| Distributable reserves | 133 | €34,316 | €43,080 | +€8,764 | +25.5% |
| Amounts payable | 17/49 | €137,019 | €135,693 | -€1,326 | -1.0% |
| Amounts payable within one year | 42/48 | €137,019 | €135,693 | -€1,326 | -1.0% |
| Trade debts | 44 | €3,526 | €3,701 | +€175 | +5.0% |
| Suppliers | 440/4 | €3,526 | €3,701 | +€175 | +5.0% |
| Taxes, remuneration and social security | 45 | €1,501 | - | -€1,501 | |
| Taxes | 450/3 | €1,501 | - | -€1,501 | |
| Other amounts payable | 47/48 | €131,992 | €131,992 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,669 | €15,669 | = | 0.0% |
| Other operating charges | 640/8 | €2,754 | €2,821 | +€67 | +2.4% |
| Gross operating margin | 9900 | €33,448 | €32,298 | -€1,150 | -3.4% |
| Operating profit (loss) | 9901 | €15,025 | €13,808 | -€1,217 | -8.1% |
| Financial charges | 65/66B | €215 | €221 | +€6 | +2.8% |
| Recurring financial charges | 65 | €215 | €221 | +€6 | +2.8% |
| Profit (loss) for the period before taxes | 9903 | €14,810 | €13,587 | -€1,223 | -8.3% |
| Income taxes | 67/77 | €4,712 | €4,323 | -€389 | -8.3% |
| Profit (loss) for the period | 9904 | €10,098 | €9,264 | -€834 | -8.3% |
| Profit (loss) for the period to be appropriated | 9905 | €10,098 | €9,264 | -€834 | -8.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.