ZEE: 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.
ZEE
Largest movements
- Receivables within one year +€59,824
up €59,824 (+174.0%), from €34,373 to €94,197
of which Trade receivables: +€59,127
- Stocks and contracts -€36,449
down €36,449 (-49.2%), from €74,071 to €37,622
- Cash -€34,713
down €34,713 (-25.8%), from €134,528 to €99,815
mainly Short-term financial debts (-€74,617) and Receivables within one year (-€59,824)
- Tangible fixed assets -€2,835
down €2,835 (-10.3%), from €27,600 to €24,765
- Short-term financial debts -€74,617
down €74,617 (-46.6%), from €160,149 to €85,532
- Debts after one year +€28,125
up €28,125 (+189.4%), from €14,848 to €42,973
- Current portion of long-term debt +€24,533
new in 2025: €24,533
- Profit (loss) carried forward +€19,970
up €19,970 (+18.7%), from -€106,610 to -€86,640
- Trade debts -€5,461
down €5,461 (-62.6%), from €8,722 to €3,261
- Gross operating margin +€35,943
up €35,943 (+212.1%), from €16,943 to €52,886
- Other operating charges -€11,934
down €11,934 (-95.7%), from €12,465 to €531
- Financial income -€9,431
down €9,431 (-86.6%), from €10,892 to €1,461
- Financial charges +€9,209
up €9,209 (+58.5%), from €15,741 to €24,950
of which Financial charges: +€4,785
- Depreciation +€1,212
up €1,212 (+15.8%), from €7,684 to €8,896
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 | €270,572 | €256,680 | -€13,892 | -5.1% |
| Fixed assets | 21/28 | €27,600 | €25,046 | -€2,554 | -9.3% |
| Tangible fixed assets | 22/27 | €27,600 | €24,765 | -€2,835 | -10.3% |
| Land and buildings | 22 | €27,600 | €24,765 | -€2,835 | -10.3% |
| Financial fixed assets | 28 | - | €281 | +€281 | |
| Current assets | 29/58 | €242,972 | €231,634 | -€11,338 | -4.7% |
| Stocks and contracts in progress | 3 | €74,071 | €37,622 | -€36,449 | -49.2% |
| Stocks | 30/36 | €74,071 | €37,622 | -€36,449 | -49.2% |
| Amounts receivable within one year | 40/41 | €34,373 | €94,197 | +€59,824 | +174.0% |
| Trade receivables | 40 | €34,373 | €93,500 | +€59,127 | +172.0% |
| Other amounts receivable | 41 | - | €696 | +€696 | |
| Cash at bank and in hand | 54/58 | €134,528 | €99,815 | -€34,713 | -25.8% |
| Total equity and liabilities | 10/49 | €270,572 | €256,680 | -€13,892 | -5.1% |
| Equity | 10/15 | €35,857 | €55,827 | +€19,970 | +55.7% |
| Contributions | 10/11 | €142,467 | €142,467 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€106,610 | -€86,640 | +€19,970 | +18.7% |
| Amounts payable | 17/49 | €234,715 | €200,853 | -€33,862 | -14.4% |
| Amounts payable after more than one year | 17 | €14,848 | €42,973 | +€28,125 | +189.4% |
| Financial debts | 170/4 | €14,848 | €42,973 | +€28,125 | +189.4% |
| Amounts payable within one year | 42/48 | €214,611 | €154,954 | -€59,656 | -27.8% |
| Current portion of amounts payable after more than one year | 42 | - | €24,533 | +€24,533 | |
| Financial debts | 43 | €160,149 | €85,532 | -€74,617 | -46.6% |
| Credit institutions | 430/8 | €160,149 | €85,532 | -€74,617 | -46.6% |
| Trade debts | 44 | €8,722 | €3,261 | -€5,461 | -62.6% |
| Suppliers | 440/4 | €8,722 | €3,261 | -€5,461 | -62.6% |
| Taxes, remuneration and social security | 45 | €5,739 | €1,627 | -€4,112 | -71.6% |
| Taxes | 450/3 | €5,739 | €1,627 | -€4,112 | -71.6% |
| Other amounts payable | 47/48 | €40,000 | €40,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €5,256 | €2,926 | -€2,330 | -44.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,684 | €8,896 | +€1,212 | +15.8% |
| Other operating charges | 640/8 | €12,465 | €531 | -€11,934 | -95.7% |
| Gross operating margin | 9900 | €16,943 | €52,886 | +€35,943 | +212.1% |
| Operating profit (loss) | 9901 | -€3,206 | €43,458 | +€46,664 | |
| Financial income | 75/76B | €10,892 | €1,461 | -€9,431 | -86.6% |
| Recurring financial income | 75 | €10,892 | €1,461 | -€9,431 | -86.6% |
| Financial charges | 65/66B | €15,741 | €24,950 | +€9,209 | +58.5% |
| Recurring financial charges | 65 | €15,741 | €20,526 | +€4,785 | +30.4% |
| Non-recurring financial charges | 66B | - | €4,424 | +€4,424 | |
| Profit (loss) for the period before taxes | 9903 | -€8,055 | €19,970 | +€28,024 | |
| Profit (loss) for the period | 9904 | -€8,055 | €19,970 | +€28,024 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,055 | €19,970 | +€28,024 |
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 10 October 2026 via checked.be.