ZEEBERM: what changed
Two fiscal 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.
ZEEBERM
Largest movements
- Receivables within one year +€790,541
up €790,541 (+148.9%), from €530,924 to €1.3m
of which Trade receivables: +€590,741
- Cash -€57,020
down €57,020 (-53.2%), from €107,117 to €50,097
mainly Receivables within one year (-€790,541) and Contributions, distributions and other (-€182,861)
- Tangible fixed assets -€43,703
down €43,703 (-7.3%), from €598,057 to €554,355
of which Land and buildings: -€30,642
- Accrued charges and deferred income +€586,057
new in 2025: €586,057
- Other debts +€156,121
up €156,121 (+71.8%), from €217,497 to €373,617
- Contributions -€124,867
down €124,867 (-67.0%), from €186,367 to €61,500
of which Capital: -€124,777
- Reserves +€95,194
up €95,194 (+17.6%), from €540,607 to €635,801
of which Distributable reserves: +€107,671
- Advances received -€55,382
down €55,382 (-100.0%), from €55,382 to €0
- Financial income +€11,204
up €11,204 (+1262.1%), from €888 to €12,092
- Financial charges +€5,226
up €5,226 (+133.0%), from €3,930 to €9,155
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 | €1,240,776 | €1,931,950 | +€691,174 | +55.7% |
| Fixed assets | 21/28 | €598,057 | €554,355 | -€43,703 | -7.3% |
| Tangible fixed assets | 22/27 | €598,057 | €554,355 | -€43,703 | -7.3% |
| Land and buildings | 22 | €542,385 | €511,744 | -€30,642 | -5.6% |
| Plant, machinery and equipment | 23 | €55,672 | €41,394 | -€14,278 | -25.6% |
| Furniture and vehicles | 24 | - | €1,217 | +€1,217 | |
| Current assets | 29/58 | €642,719 | €1,377,596 | +€734,877 | +114.3% |
| Stocks and contracts in progress | 3 | €1,221 | €1,204 | -€17 | -1.4% |
| Stocks | 30/36 | €1,221 | €1,204 | -€17 | -1.4% |
| Amounts receivable within one year | 40/41 | €530,924 | €1,321,464 | +€790,541 | +148.9% |
| Trade receivables | 40 | €15,817 | €606,557 | +€590,741 | +3735.0% |
| Other amounts receivable | 41 | €515,107 | €714,907 | +€199,800 | +38.8% |
| Cash at bank and in hand | 54/58 | €107,117 | €50,097 | -€57,020 | -53.2% |
| Deferred charges and accrued income | 490/1 | €3,456 | €4,830 | +€1,374 | +39.7% |
| Total equity and liabilities | 10/49 | €1,240,776 | €1,931,950 | +€691,174 | +55.7% |
| Equity | 10/15 | €796,736 | €764,706 | -€32,030 | -4.0% |
| Contributions | 10/11 | €186,367 | €61,500 | -€124,867 | -67.0% |
| Capital | 10 | €186,277 | €61,500 | -€124,777 | -67.0% |
| Issued capital | 100 | €186,277 | €61,500 | -€124,777 | -67.0% |
| Outside capital | 11 | €91 | €0 | -€91 | -100.0% |
| Share premium | 1100/10 | €91 | €0 | -€91 | -100.0% |
| Reserves | 13 | €540,607 | €635,801 | +€95,194 | +17.6% |
| Non-distributable reserves | 130/1 | €18,628 | €6,150 | -€12,478 | -67.0% |
| Legal reserve | 130 | €18,628 | €6,150 | -€12,478 | -67.0% |
| Distributable reserves | 133 | €521,979 | €629,651 | +€107,671 | +20.6% |
| Profit (loss) carried forward | 14 | €69,761 | €67,405 | -€2,356 | -3.4% |
| Amounts payable | 17/49 | €444,040 | €1,167,244 | +€723,204 | +162.9% |
| Amounts payable after more than one year | 17 | €27,379 | €16,405 | -€10,974 | -40.1% |
| Financial debts | 170/4 | €27,379 | €16,405 | -€10,974 | -40.1% |
| Amounts payable within one year | 42/48 | €416,661 | €564,782 | +€148,121 | +35.5% |
| Current portion of amounts payable after more than one year | 42 | €10,497 | €10,974 | +€477 | +4.5% |
| Trade debts | 44 | €102,512 | €110,372 | +€7,861 | +7.7% |
| Suppliers | 440/4 | €102,512 | €110,372 | +€7,861 | +7.7% |
| Advances received on contracts in progress | 46 | €55,382 | €0 | -€55,382 | -100.0% |
| Taxes, remuneration and social security | 45 | €30,774 | €69,818 | +€39,045 | +126.9% |
| Taxes | 450/3 | €22,072 | €62,258 | +€40,186 | +182.1% |
| Remuneration and social security | 454/9 | €8,702 | €7,561 | -€1,141 | -13.1% |
| Other amounts payable | 47/48 | €217,497 | €373,617 | +€156,121 | +71.8% |
| Accrued charges and deferred income | 492/3 | - | €586,057 | +€586,057 | |
| Remuneration, social security and pensions | 62 | €66,222 | €62,715 | -€3,507 | -5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,818 | €45,039 | +€222 | +0.5% |
| Other operating charges | 640/8 | €111,416 | €113,946 | +€2,530 | +2.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €445,539 | €442,689 | -€2,850 | -0.6% |
| Operating profit (loss) | 9901 | €223,083 | €220,989 | -€2,094 | -0.9% |
| Financial income | 75/76B | €888 | €12,092 | +€11,204 | +1262.1% |
| Recurring financial income | 75 | €888 | €12,092 | +€11,204 | +1262.1% |
| Financial charges | 65/66B | €3,930 | €9,155 | +€5,226 | +133.0% |
| Recurring financial charges | 65 | €3,930 | €9,155 | +€5,226 | +133.0% |
| Profit (loss) for the period before taxes | 9903 | €220,041 | €223,925 | +€3,885 | +1.8% |
| Income taxes | 67/77 | €71,449 | €73,094 | +€1,645 | +2.3% |
| Profit (loss) for the period | 9904 | €148,592 | €150,832 | +€2,240 | +1.5% |
| Profit (loss) for the period to be appropriated | 9905 | €148,592 | €150,832 | +€2,240 | +1.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.