ZEEVOGEL: 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.
ZEEVOGEL
Largest movements
- Tangible fixed assets -€45,637
down €45,637 (-5.5%), from €836,403 to €790,766
of which Land and buildings: -€23,321
- Other debts -€24,441
down €24,441 (-3.8%), from €644,059 to €619,619
- Debts after one year -€12,500
down €12,500 (-17.6%), from €70,833 to €58,333
- Profit (loss) carried forward -€12,474
down €12,474 (-52.7%), from €23,680 to €11,206
- Gross operating margin +€4,249
up €4,249 (+7.8%), from €54,614 to €58,863
- Other operating charges -€3,951
down €3,951 (-29.6%), from €13,351 to €9,400
- Depreciation +€1,496
up €1,496 (+3.2%), from €46,490 to €47,987
- Financial charges -€643
down €643 (-4.5%), from €14,445 to €13,801
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 | €847,044 | €796,516 | -€50,528 | -6.0% |
| Fixed assets | 21/28 | €836,403 | €790,766 | -€45,637 | -5.5% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €836,403 | €790,766 | -€45,637 | -5.5% |
| Land and buildings | 22 | €681,625 | €658,304 | -€23,321 | -3.4% |
| Plant, machinery and equipment | 23 | €117,561 | €105,199 | -€12,362 | -10.5% |
| Furniture and vehicles | 24 | €37,217 | €27,263 | -€9,954 | -26.7% |
| Current assets | 29/58 | €10,641 | €5,750 | -€4,891 | -46.0% |
| Amounts receivable within one year | 40/41 | €2,871 | €573 | -€2,298 | -80.0% |
| Trade receivables | 40 | €2,829 | €521 | -€2,308 | -81.6% |
| Other amounts receivable | 41 | €42 | €52 | +€10 | +22.9% |
| Cash at bank and in hand | 54/58 | €5,942 | €3,221 | -€2,721 | -45.8% |
| Deferred charges and accrued income | 490/1 | €1,828 | €1,956 | +€128 | +7.0% |
| Total equity and liabilities | 10/49 | €847,044 | €796,516 | -€50,528 | -6.0% |
| Equity | 10/15 | €111,386 | €98,912 | -€12,474 | -11.2% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €25,733 | €25,733 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €19,535 | €19,535 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,680 | €11,206 | -€12,474 | -52.7% |
| Amounts payable | 17/49 | €735,659 | €697,604 | -€38,054 | -5.2% |
| Amounts payable after more than one year | 17 | €70,833 | €58,333 | -€12,500 | -17.6% |
| Financial debts | 170/4 | €70,833 | €58,333 | -€12,500 | -17.6% |
| Amounts payable within one year | 42/48 | €660,387 | €639,040 | -€21,347 | -3.2% |
| Current portion of amounts payable after more than one year | 42 | €13,542 | €13,542 | +€0 | 0.0% |
| Trade debts | 44 | €360 | €3,678 | +€3,318 | +922% |
| Suppliers | 440/4 | €360 | €3,678 | +€3,318 | +922% |
| Taxes, remuneration and social security | 45 | €2,426 | €2,201 | -€225 | -9.3% |
| Taxes | 450/3 | €2,426 | €2,201 | -€225 | -9.3% |
| Other amounts payable | 47/48 | €644,059 | €619,619 | -€24,441 | -3.8% |
| Accrued charges and deferred income | 492/3 | €4,439 | €232 | -€4,207 | -94.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,490 | €47,987 | +€1,496 | +3.2% |
| Other operating charges | 640/8 | €13,351 | €9,400 | -€3,951 | -29.6% |
| Gross operating margin | 9900 | €54,614 | €58,863 | +€4,249 | +7.8% |
| Operating profit (loss) | 9901 | -€5,228 | €1,476 | +€6,704 | |
| Financial income | 75/76B | €127 | - | -€127 | |
| Recurring financial income | 75 | €127 | - | -€127 | |
| Financial charges | 65/66B | €14,445 | €13,801 | -€643 | -4.5% |
| Recurring financial charges | 65 | €14,445 | €13,801 | -€643 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | -€19,546 | -€12,325 | +€7,220 | +36.9% |
| Income taxes | 67/77 | €158 | €148 | -€10 | -6.1% |
| Profit (loss) for the period | 9904 | -€19,704 | -€12,474 | +€7,230 | +36.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,704 | -€12,474 | +€7,230 | +36.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.