ZeDreno: 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.
ZeDreno
Largest movements
- Receivables within one year +€225,149
up €225,149 (+63.8%), from €352,678 to €577,827
of which Trade receivables: +€243,061
- Cash +€75,383
up €75,383 (+8.1%), from €928,610 to €1.0m
mainly Net result for the year (+€216,931) and Accrued charges and deferred income (+€99,643)
- Tangible fixed assets -€52,622
down €52,622 (-20.5%), from €256,571 to €203,949
of which Furniture and vehicles: -€41,563
- Financial fixed assets +€45,000
up €45,000 (+150.0%), from €30,000 to €75,000
- Deferred charges and accrued income -€44,109
down €44,109 (-93.4%), from €47,245 to €3,135
- Reserves +€116,931
up €116,931 (+38.0%), from €307,576 to €424,507
- Accrued charges and deferred income +€99,643
up €99,643 (+83.0%), from €120,000 to €219,643
- Trade debts +€73,066
up €73,066 (+8.6%), from €845,265 to €918,331
- Debts after one year -€39,969
down €39,969 (-26.2%), from €152,779 to €112,810
- Gross operating margin +€113,197
up €113,197 (+7.8%), from €1.5m to €1.6m
- Taxes +€23,359
up €23,359 (+34.8%), from €67,066 to €90,425
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 | €1,615,103 | €1,863,904 | +€248,801 | +15.4% |
| Fixed assets | 21/28 | €286,571 | €278,949 | -€7,622 | -2.7% |
| Tangible fixed assets | 22/27 | €256,571 | €203,949 | -€52,622 | -20.5% |
| Land and buildings | 22 | €171,640 | €163,157 | -€8,483 | -4.9% |
| Plant, machinery and equipment | 23 | €3,792 | €1,217 | -€2,575 | -67.9% |
| Furniture and vehicles | 24 | €81,138 | €39,575 | -€41,563 | -51.2% |
| Financial fixed assets | 28 | €30,000 | €75,000 | +€45,000 | +150.0% |
| Current assets | 29/58 | €1,328,532 | €1,584,955 | +€256,423 | +19.3% |
| Amounts receivable within one year | 40/41 | €352,678 | €577,827 | +€225,149 | +63.8% |
| Trade receivables | 40 | €304,102 | €547,162 | +€243,061 | +79.9% |
| Other amounts receivable | 41 | €48,576 | €30,665 | -€17,911 | -36.9% |
| Cash at bank and in hand | 54/58 | €928,610 | €1,003,993 | +€75,383 | +8.1% |
| Deferred charges and accrued income | 490/1 | €47,245 | €3,135 | -€44,109 | -93.4% |
| Total equity and liabilities | 10/49 | €1,615,103 | €1,863,904 | +€248,801 | +15.4% |
| Equity | 10/15 | €326,376 | €443,307 | +€116,931 | +35.8% |
| Contributions | 10/11 | €18,800 | €18,800 | = | 0.0% |
| Reserves | 13 | €307,576 | €424,507 | +€116,931 | +38.0% |
| Distributable reserves | 133 | €307,576 | €424,507 | +€116,931 | +38.0% |
| Amounts payable | 17/49 | €1,288,727 | €1,420,597 | +€131,870 | +10.2% |
| Amounts payable after more than one year | 17 | €152,779 | €112,810 | -€39,969 | -26.2% |
| Financial debts | 170/4 | €152,779 | €112,810 | -€39,969 | -26.2% |
| Amounts payable within one year | 42/48 | €1,015,948 | €1,088,143 | +€72,195 | +7.1% |
| Current portion of amounts payable after more than one year | 42 | €56,920 | €39,969 | -€16,951 | -29.8% |
| Trade debts | 44 | €845,265 | €918,331 | +€73,066 | +8.6% |
| Suppliers | 440/4 | €845,265 | €918,331 | +€73,066 | +8.6% |
| Taxes, remuneration and social security | 45 | €98,943 | €109,844 | +€10,901 | +11.0% |
| Taxes | 450/3 | €17,672 | €50,610 | +€32,938 | +186.4% |
| Remuneration and social security | 454/9 | €81,271 | €59,234 | -€22,037 | -27.1% |
| Other amounts payable | 47/48 | €14,820 | €19,999 | +€5,179 | +34.9% |
| Accrued charges and deferred income | 492/3 | €120,000 | €219,643 | +€99,643 | +83.0% |
| Non-recurring operating income | 76A | - | €3,719 | +€3,719 | |
| Remuneration, social security and pensions | 62 | €1,188,699 | €1,191,030 | +€2,331 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,945 | €53,581 | -€1,364 | -2.5% |
| Other operating charges | 640/8 | €16,484 | €15,685 | -€799 | -4.8% |
| Gross operating margin | 9900 | €1,457,369 | €1,570,566 | +€113,197 | +7.8% |
| Operating profit (loss) | 9901 | €197,240 | €310,270 | +€113,030 | +57.3% |
| Financial income | 75/76B | €9,217 | €1,989 | -€7,227 | -78.4% |
| Recurring financial income | 75 | €9,217 | €1,989 | -€7,227 | -78.4% |
| Financial charges | 65/66B | €10,296 | €4,903 | -€5,393 | -52.4% |
| Recurring financial charges | 65 | €10,296 | €4,730 | -€5,566 | -54.1% |
| Non-recurring financial charges | 66B | - | €173 | +€173 | |
| Profit (loss) for the period before taxes | 9903 | €196,161 | €307,356 | +€111,195 | +56.7% |
| Income taxes | 67/77 | €67,066 | €90,425 | +€23,359 | +34.8% |
| Profit (loss) for the period | 9904 | €129,095 | €216,931 | +€87,836 | +68.0% |
| Profit (loss) for the period to be appropriated | 9905 | €129,095 | €216,931 | +€87,836 | +68.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.