ZEEAREND: 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.
ZEEAREND
Largest movements
- Tangible fixed assets -€56,598
down €56,598 (-7.6%), from €744,914 to €688,316
- Reserves -€28,172
down €28,172 (-5.6%), from €500,689 to €472,517
of which Tax-exempt reserves: -€26,828
- Debts after one year -€15,118
down €15,118 (-9.1%), from €165,521 to €150,403
- Accrued charges and deferred income +€10,429
up €10,429 (+442%), from €2,359 to €12,788
- Short-term financial debts -€9,794
down €9,794 (-79.0%), from €12,398 to €2,604
- Provisions -€8,943
down €8,943 (-12.8%), from €69,638 to €60,696
of which Deferred taxes: -€8,943
- Provisions +€14,300
up €14,300, from -€14,300 to €0
- Depreciation -€4,941
down €4,941 (-8.0%), from €61,539 to €56,598
- Gross operating margin +€4,053
up €4,053 (+9.8%), from €41,341 to €45,394
- Financial charges +€3,205
up €3,205 (+25.3%), from €12,657 to €15,862
- Other operating charges +€1,290
up €1,290 (+14.6%), from €8,826 to €10,116
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.
Derived cash bridge
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 | €788,192 | €723,323 | -€64,869 | -8.2% |
| Fixed assets | 21/28 | €748,874 | €688,316 | -€60,558 | -8.1% |
| Tangible fixed assets | 22/27 | €744,914 | €688,316 | -€56,598 | -7.6% |
| Land and buildings | 22 | €744,914 | €688,316 | -€56,598 | -7.6% |
| Financial fixed assets | 28 | €3,960 | €0 | -€3,960 | -100% |
| Current assets | 29/58 | €39,317 | €35,007 | -€4,311 | -11.0% |
| Amounts receivable within one year | 40/41 | €12,479 | €12,148 | -€330 | -2.6% |
| Trade receivables | 40 | €5,540 | €218 | -€5,322 | -96.1% |
| Other amounts receivable | 41 | €6,939 | €11,930 | +€4,992 | +71.9% |
| Cash at bank and in hand | 54/58 | €24,684 | €20,465 | -€4,219 | -17.1% |
| Deferred charges and accrued income | 490/1 | €2,154 | €2,393 | +€239 | +11.1% |
| Total equity and liabilities | 10/49 | €788,192 | €723,323 | -€64,869 | -8.2% |
| Equity | 10/15 | €519,289 | €491,117 | -€28,172 | -5.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €500,689 | €472,517 | -€28,172 | -5.6% |
| Tax-exempt reserves | 132 | €208,915 | €182,087 | -€26,828 | -12.8% |
| Distributable reserves | 133 | €291,774 | €290,430 | -€1,344 | -0.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €69,638 | €60,696 | -€8,943 | -12.8% |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Major repairs and maintenance | 162 | €0 | - | = | |
| Deferred taxes | 168 | €69,638 | €60,696 | -€8,943 | -12.8% |
| Amounts payable | 17/49 | €199,264 | €171,510 | -€27,754 | -13.9% |
| Amounts payable after more than one year | 17 | €165,521 | €150,403 | -€15,118 | -9.1% |
| Financial debts | 170/4 | €165,521 | €150,403 | -€15,118 | -9.1% |
| Amounts payable within one year | 42/48 | €31,384 | €8,319 | -€23,065 | -73.5% |
| Financial debts | 43 | €12,398 | €2,604 | -€9,794 | -79.0% |
| Credit institutions | 430/8 | €12,398 | €2,604 | -€9,794 | -79.0% |
| Trade debts | 44 | €7,357 | €120 | -€7,238 | -98.4% |
| Suppliers | 440/4 | €7,357 | €120 | -€7,238 | -98.4% |
| Advances received on contracts in progress | 46 | €6,700 | €0 | -€6,700 | -100% |
| Taxes, remuneration and social security | 45 | €466 | €1,456 | +€990 | +213% |
| Taxes | 450/3 | €466 | €1,456 | +€990 | +213% |
| Other amounts payable | 47/48 | €4,463 | €4,140 | -€323 | -7.2% |
| Accrued charges and deferred income | 492/3 | €2,359 | €12,788 | +€10,429 | +442% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,539 | €56,598 | -€4,941 | -8.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€14,300 | €0 | +€14,300 | |
| Other operating charges | 640/8 | €8,826 | €10,116 | +€1,290 | +14.6% |
| Gross operating margin | 9900 | €41,341 | €45,394 | +€4,053 | +9.8% |
| Operating profit (loss) | 9901 | -€14,725 | -€21,321 | -€6,596 | -44.8% |
| Financial income | 75/76B | €20 | €137 | +€117 | +582% |
| Recurring financial income | 75 | €20 | €137 | +€117 | +582% |
| Financial charges | 65/66B | €12,657 | €15,862 | +€3,205 | +25.3% |
| Recurring financial charges | 65 | €12,657 | €15,862 | +€3,205 | +25.3% |
| Profit (loss) for the period before taxes | 9903 | -€27,362 | -€37,046 | -€9,684 | -35.4% |
| Transfer from deferred taxes | 780 | €9,756 | €8,943 | -€813 | -8.3% |
| Transfer to deferred taxes | 680 | €5,434 | €0 | -€5,434 | -100% |
| Income taxes | 67/77 | €67 | €70 | +€2 | +3.2% |
| Profit (loss) for the period | 9904 | -€23,108 | -€28,172 | -€5,065 | -21.9% |
| Transfer from tax-exempt reserves | 789 | €29,267 | €26,828 | -€2,439 | -8.3% |
| Transfer to tax-exempt reserves | 689 | €16,302 | €0 | -€16,302 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,143 | -€1,344 | +€8,799 | +86.7% |
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 25 October 2026 via checked.be.