ZEDZED: 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.
ZEDZED
Largest movements
- Cash +€156,920
up €156,920 (+139.0%), from €112,891 to €269,811
mainly Net result for the year (+€126,958) and Tax, wage and social debts (+€22,905)
- Deferred charges and accrued income -€21,995
down €21,995 (-99.0%), from €22,210 to €215
- Receivables within one year +€18,608
up €18,608 (+46.6%), from €39,968 to €58,576
of which Trade receivables: +€23,505
- Reserves +€126,958
up €126,958 (+105.2%), from €120,688 to €247,646
- Tax, wage and social debts +€22,905
up €22,905 (+41.1%), from €55,709 to €78,614
of which Taxes: +€22,905
- Gross operating margin +€74,114
up €74,114 (+79.1%), from €93,729 to €167,843
- Taxes +€17,111
up €17,111 (+83.0%), from €20,613 to €37,725
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 | €179,839 | €332,599 | +€152,760 | +84.9% |
| Fixed assets | 21/28 | €4,770 | €3,997 | -€773 | -16.2% |
| Tangible fixed assets | 22/27 | €4,770 | €3,997 | -€773 | -16.2% |
| Plant, machinery and equipment | 23 | €2,102 | €1,249 | -€854 | -40.6% |
| Furniture and vehicles | 24 | €2,668 | €2,039 | -€628 | -23.5% |
| Other tangible fixed assets | 26 | - | €709 | +€709 | |
| Current assets | 29/58 | €175,069 | €328,602 | +€153,533 | +87.7% |
| Amounts receivable within one year | 40/41 | €39,968 | €58,576 | +€18,608 | +46.6% |
| Trade receivables | 40 | €35,070 | €58,576 | +€23,505 | +67.0% |
| Other amounts receivable | 41 | €4,897 | €0 | -€4,897 | -100.0% |
| Cash at bank and in hand | 54/58 | €112,891 | €269,811 | +€156,920 | +139.0% |
| Deferred charges and accrued income | 490/1 | €22,210 | €215 | -€21,995 | -99.0% |
| Total equity and liabilities | 10/49 | €179,839 | €332,599 | +€152,760 | +84.9% |
| Equity | 10/15 | €122,688 | €249,646 | +€126,958 | +103.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €120,688 | €247,646 | +€126,958 | +105.2% |
| Distributable reserves | 133 | €120,688 | €247,646 | +€126,958 | +105.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €57,151 | €82,952 | +€25,801 | +45.1% |
| Amounts payable within one year | 42/48 | €56,601 | €82,402 | +€25,801 | +45.6% |
| Financial debts | 43 | €0 | €19 | +€19 | |
| Credit institutions | 430/8 | €0 | €19 | +€19 | |
| Trade debts | 44 | €0 | €2,728 | +€2,728 | |
| Suppliers | 440/4 | €0 | €2,728 | +€2,728 | |
| Taxes, remuneration and social security | 45 | €55,709 | €78,614 | +€22,905 | +41.1% |
| Taxes | 450/3 | €53,709 | €76,614 | +€22,905 | +42.6% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €892 | €1,041 | +€150 | +16.8% |
| Accrued charges and deferred income | 492/3 | €550 | €550 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €932 | €1,482 | +€550 | +59.1% |
| Other operating charges | 640/8 | €249 | €896 | +€647 | +260.2% |
| Gross operating margin | 9900 | €93,729 | €167,843 | +€74,114 | +79.1% |
| Operating profit (loss) | 9901 | €92,549 | €165,466 | +€72,917 | +78.8% |
| Financial income | 75/76B | - | €7 | +€7 | |
| Recurring financial income | 75 | - | €7 | +€7 | |
| Financial charges | 65/66B | €630 | €790 | +€160 | +25.3% |
| Recurring financial charges | 65 | €630 | €790 | +€160 | +25.3% |
| Profit (loss) for the period before taxes | 9903 | €91,919 | €164,683 | +€72,764 | +79.2% |
| Income taxes | 67/77 | €20,613 | €37,725 | +€17,111 | +83.0% |
| Profit (loss) for the period | 9904 | €71,305 | €126,958 | +€55,653 | +78.0% |
| Profit (loss) for the period to be appropriated | 9905 | €71,305 | €126,958 | +€55,653 | +78.0% |
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.