ZEEMAC: 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.
ZEEMAC
Largest movements
- Cash +€39,880
up €39,880 (+83.1%), from €48,010 to €87,890
mainly Debts after one year (+€57,455) and Depreciation (+€49,519)
- Receivables within one year +€13,326
up €13,326 (+49.3%), from €27,008 to €40,334
of which Trade receivables: +€13,334
- Debts after one year +€57,455
up €57,455 (+19.7%), from €291,401 to €348,857
- Other debts -€19,400
down €19,400 (-28.7%), from €67,521 to €48,121
- Current portion of long-term debt +€6,911
up €6,911 (+16.8%), from €41,131 to €48,043
- Trade debts +€6,376
up €6,376 (+43.1%), from €14,801 to €21,177
- Tax, wage and social debts +€6,094
up €6,094 (+38.3%), from €15,894 to €21,988
of which Remuneration and social security: +€5,630
- Staff costs +€31,892
up €31,892 (+57.4%), from €55,594 to €87,486
- Financial charges -€2,419
down €2,419 (-18.7%), from €12,904 to €10,484
- Depreciation -€2,300
down €2,300 (-4.4%), from €51,819 to €49,519
- Gross operating margin +€1,799
up €1,799 (+1.1%), from €159,710 to €161,510
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 | €549,810 | €609,142 | +€59,332 | +10.8% |
| Fixed assets | 21/28 | €460,887 | €466,418 | +€5,531 | +1.2% |
| Tangible fixed assets | 22/27 | €460,887 | €466,418 | +€5,531 | +1.2% |
| Plant, machinery and equipment | 23 | €460,887 | €466,418 | +€5,531 | +1.2% |
| Current assets | 29/58 | €88,923 | €142,724 | +€53,801 | +60.5% |
| Stocks and contracts in progress | 3 | €13,905 | €14,500 | +€595 | +4.3% |
| Stocks | 30/36 | €13,905 | €14,500 | +€595 | +4.3% |
| Amounts receivable within one year | 40/41 | €27,008 | €40,334 | +€13,326 | +49.3% |
| Trade receivables | 40 | €27,000 | €40,334 | +€13,334 | +49.4% |
| Other amounts receivable | 41 | €8 | - | -€8 | |
| Cash at bank and in hand | 54/58 | €48,010 | €87,890 | +€39,880 | +83.1% |
| Total equity and liabilities | 10/49 | €549,810 | €609,142 | +€59,332 | +10.8% |
| Equity | 10/15 | €112,657 | €117,672 | +€5,016 | +4.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €50,696 | €55,696 | +€5,000 | +9.9% |
| Distributable reserves | 133 | €50,696 | €55,696 | +€5,000 | +9.9% |
| Profit (loss) carried forward | 14 | €41,960 | €41,976 | +€16 | 0.0% |
| Amounts payable | 17/49 | €437,154 | €491,470 | +€54,317 | +12.4% |
| Amounts payable after more than one year | 17 | €291,401 | €348,857 | +€57,455 | +19.7% |
| Financial debts | 170/4 | €291,401 | €348,857 | +€57,455 | +19.7% |
| Amounts payable within one year | 42/48 | €140,439 | €139,723 | -€716 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €41,131 | €48,043 | +€6,911 | +16.8% |
| Trade debts | 44 | €14,801 | €21,177 | +€6,376 | +43.1% |
| Suppliers | 440/4 | €14,801 | €21,177 | +€6,376 | +43.1% |
| Advances received on contracts in progress | 46 | €1,091 | €394 | -€697 | -63.9% |
| Taxes, remuneration and social security | 45 | €15,894 | €21,988 | +€6,094 | +38.3% |
| Taxes | 450/3 | €523 | €986 | +€464 | +88.7% |
| Remuneration and social security | 454/9 | €15,372 | €21,002 | +€5,630 | +36.6% |
| Other amounts payable | 47/48 | €67,521 | €48,121 | -€19,400 | -28.7% |
| Accrued charges and deferred income | 492/3 | €5,313 | €2,891 | -€2,422 | -45.6% |
| Remuneration, social security and pensions | 62 | €55,594 | €87,486 | +€31,892 | +57.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,819 | €49,519 | -€2,300 | -4.4% |
| Other operating charges | 640/8 | €4,208 | €4,460 | +€251 | +6.0% |
| Gross operating margin | 9900 | €159,710 | €161,510 | +€1,799 | +1.1% |
| Operating profit (loss) | 9901 | €48,089 | €20,045 | -€28,044 | -58.3% |
| Financial income | 75/76B | €93 | €105 | +€12 | +13.4% |
| Recurring financial income | 75 | €93 | €105 | +€12 | +13.4% |
| Financial charges | 65/66B | €12,904 | €10,484 | -€2,419 | -18.7% |
| Recurring financial charges | 65 | €12,904 | €10,484 | -€2,419 | -18.7% |
| Profit (loss) for the period before taxes | 9903 | €35,278 | €9,665 | -€25,612 | -72.6% |
| Income taxes | 67/77 | €2,205 | €2,650 | +€445 | +20.2% |
| Profit (loss) for the period | 9904 | €33,073 | €7,016 | -€26,058 | -78.8% |
| Profit (loss) for the period to be appropriated | 9905 | €33,073 | €7,016 | -€26,058 | -78.8% |
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 9 October 2026 via checked.be.