ZEEL: 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.
ZEEL
Largest movements
- Tangible fixed assets +€241,983
up €241,983 (+1399.4%), from €17,291 to €259,274
of which Land and buildings: +€245,471
- Stocks and contracts +€9,107
up €9,107 (+24.2%), from €37,634 to €46,741
- Cash -€6,802
down €6,802 (-16.3%), from €41,812 to €35,010
mainly Investment in fixed assets (net) (-€289,404) and Net result for the year (-€16,185)
- Receivables within one year +€6,335
up €6,335 (+41.9%), from €15,124 to €21,458
of which Other amounts receivable: +€13,668
- Debts after one year +€239,123
new in 2025: €239,123
- Reserves -€16,185
down €16,185 (-23.2%), from €69,814 to €53,629
of which Distributable reserves: -€16,185
- Trade debts +€11,850
up €11,850 (+325.9%), from €3,636 to €15,487
- Current portion of long-term debt +€8,827
new in 2025: €8,827
- Tax, wage and social debts +€5,056
up €5,056 (+171.8%), from €2,944 to €8,000
of which Remuneration and social security: +€6,000
- Depreciation +€39,768
up €39,768 (+519.6%), from €7,654 to €47,422
- Gross operating margin +€7,242
up €7,242 (+29.3%), from €24,724 to €31,966
- Taxes -€4,646
no longer reported in 2025 (was €4,646)
- Financial income -€861
down €861 (-85.6%), from €1,006 to €145
- Financial charges +€339
up €339 (+266.8%), from €127 to €466
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 | €112,439 | €364,033 | +€251,594 | +223.8% |
| Fixed assets | 21/28 | €17,291 | €259,274 | +€241,983 | +1399.4% |
| Tangible fixed assets | 22/27 | €17,291 | €259,274 | +€241,983 | +1399.4% |
| Land and buildings | 22 | - | €245,471 | +€245,471 | |
| Plant, machinery and equipment | 23 | €9,563 | €9,993 | +€429 | +4.5% |
| Furniture and vehicles | 24 | €4,072 | €1,708 | -€2,364 | -58.1% |
| Other tangible fixed assets | 26 | €3,657 | €2,104 | -€1,553 | -42.5% |
| Current assets | 29/58 | €95,148 | €104,759 | +€9,611 | +10.1% |
| Stocks and contracts in progress | 3 | €37,634 | €46,741 | +€9,107 | +24.2% |
| Stocks | 30/36 | €37,634 | €46,741 | +€9,107 | +24.2% |
| Amounts receivable within one year | 40/41 | €15,124 | €21,458 | +€6,335 | +41.9% |
| Trade receivables | 40 | €12,441 | €5,108 | -€7,333 | -58.9% |
| Other amounts receivable | 41 | €2,683 | €16,350 | +€13,668 | +509.5% |
| Cash at bank and in hand | 54/58 | €41,812 | €35,010 | -€6,802 | -16.3% |
| Deferred charges and accrued income | 490/1 | €579 | €1,550 | +€972 | +167.9% |
| Total equity and liabilities | 10/49 | €112,439 | €364,033 | +€251,594 | +223.8% |
| Equity | 10/15 | €74,814 | €58,629 | -€16,185 | -21.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Outside capital | 11 | €5,000 | €5,000 | = | 0.0% |
| Other | 1109/19 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €69,814 | €53,629 | -€16,185 | -23.2% |
| Non-distributable reserves | 130/1 | €500 | €500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €500 | €500 | = | 0.0% |
| Distributable reserves | 133 | €69,314 | €53,129 | -€16,185 | -23.4% |
| Amounts payable | 17/49 | €37,625 | €305,404 | +€267,779 | +711.7% |
| Amounts payable after more than one year | 17 | - | €239,123 | +€239,123 | |
| Financial debts | 170/4 | - | €239,123 | +€239,123 | |
| Amounts payable within one year | 42/48 | €37,625 | €66,281 | +€28,656 | +76.2% |
| Current portion of amounts payable after more than one year | 42 | - | €8,827 | +€8,827 | |
| Trade debts | 44 | €3,636 | €15,487 | +€11,850 | +325.9% |
| Suppliers | 440/4 | €3,636 | €15,487 | +€11,850 | +325.9% |
| Taxes, remuneration and social security | 45 | €2,944 | €8,000 | +€5,056 | +171.8% |
| Taxes | 450/3 | €944 | - | -€944 | |
| Remuneration and social security | 454/9 | €2,000 | €8,000 | +€6,000 | +300.0% |
| Other amounts payable | 47/48 | €31,045 | €33,968 | +€2,923 | +9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,654 | €47,422 | +€39,768 | +519.6% |
| Other operating charges | 640/8 | €712 | €409 | -€303 | -42.6% |
| Gross operating margin | 9900 | €24,724 | €31,966 | +€7,242 | +29.3% |
| Operating profit (loss) | 9901 | €16,359 | -€15,864 | -€32,223 | |
| Financial income | 75/76B | €1,006 | €145 | -€861 | -85.6% |
| Recurring financial income | 75 | €1,006 | €145 | -€861 | -85.6% |
| Financial charges | 65/66B | €127 | €466 | +€339 | +266.8% |
| Recurring financial charges | 65 | €127 | €466 | +€339 | +266.8% |
| Profit (loss) for the period before taxes | 9903 | €17,237 | -€16,185 | -€33,423 | |
| Income taxes | 67/77 | €4,646 | - | -€4,646 | |
| Profit (loss) for the period | 9904 | €12,591 | -€16,185 | -€28,776 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,591 | -€16,185 | -€28,776 |
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 3 October 2026 via checked.be.