Zeewind: 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.
Zeewind
Largest movements
- Tangible fixed assets -€3.1m
down €3.1m (-99.9%), from €3.1m to €4,367
of which Land and buildings: -€3.1m
- Debts after one year -€2.1m
no longer reported in 2025 (was €2.1m)
- Profit (loss) carried forward -€1.5m
down €1.5m (-179.3%), from -€817,068 to -€2.3m
- Reserves +€270,976
up €270,976 (+25.9%), from €1.0m to €1.3m
of which Tax-exempt reserves: +€270,976
- Tax, wage and social debts +€132,557
up €132,557 (+2474.4%), from €5,357 to €137,914
- Provisions +€90,327
up €90,327 (+26.9%), from €336,126 to €426,453
- Financial charges +€2.6m
up €2.6m (+1146.0%), from €223,860 to €2.8m
of which Non-recurring financial charges: +€2.8m
- Gross operating margin +€1.7m
up €1.7m, from -€18,892 to €1.7m
- Taxes +€128,683
new in 2025: €128,683
- Depreciation -€88,223
down €88,223 (-99.5%), from €88,701 to €479
- Financial income +€74,904
up €74,904 (+241.6%), from €31,009 to €105,913
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 | €3,117,604 | €13,459 | -€3.1m | -99.6% |
| Fixed assets | 21/28 | €3,113,482 | €4,367 | -€3.1m | -99.9% |
| Tangible fixed assets | 22/27 | €3,109,932 | €4,367 | -€3.1m | -99.9% |
| Land and buildings | 22 | €3,103,837 | €4,367 | -€3.1m | -99.9% |
| Plant, machinery and equipment | 23 | €960 | - | -€960 | |
| Furniture and vehicles | 24 | €5,135 | - | -€5,135 | |
| Financial fixed assets | 28 | €3,550 | €0 | -€3,550 | -100.0% |
| Current assets | 29/58 | €4,122 | €9,092 | +€4,970 | +120.6% |
| Amounts receivable within one year | 40/41 | €1,586 | €8,343 | +€6,756 | +425.9% |
| Trade receivables | 40 | €1,586 | €8,343 | +€6,756 | +425.9% |
| Cash at bank and in hand | 54/58 | €1,653 | €749 | -€904 | -54.7% |
| Deferred charges and accrued income | 490/1 | €883 | - | -€883 | |
| Total equity and liabilities | 10/49 | €3,117,604 | €13,459 | -€3.1m | -99.6% |
| Equity | 10/15 | €493,813 | -€699,885 | -€1.2m | |
| Contributions | 10/11 | €265,000 | €265,000 | = | 0.0% |
| Capital | 10 | €265,000 | €265,000 | = | 0.0% |
| Issued capital | 100 | €265,000 | €265,000 | = | 0.0% |
| Reserves | 13 | €1,045,881 | €1,316,858 | +€270,976 | +25.9% |
| Non-distributable reserves | 130/1 | €37,500 | €37,500 | = | 0.0% |
| Legal reserve | 130 | €37,500 | €37,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,008,381 | €1,279,358 | +€270,976 | +26.9% |
| Profit (loss) carried forward | 14 | -€817,068 | -€2,281,743 | -€1.5m | -179.3% |
| Provisions and deferred taxes | 16 | €336,126 | €426,453 | +€90,327 | +26.9% |
| Deferred taxes | 168 | €336,126 | €426,453 | +€90,327 | +26.9% |
| Amounts payable | 17/49 | €2,287,665 | €286,892 | -€2.0m | -87.5% |
| Amounts payable after more than one year | 17 | €2,054,883 | - | -€2.1m | |
| Other amounts payable | 178/9 | €2,054,883 | - | -€2.1m | |
| Amounts payable within one year | 42/48 | €232,532 | €286,642 | +€54,110 | +23.3% |
| Trade debts | 44 | €227,175 | €148,728 | -€78,447 | -34.5% |
| Suppliers | 440/4 | €227,175 | €148,728 | -€78,447 | -34.5% |
| Taxes, remuneration and social security | 45 | €5,357 | €137,914 | +€132,557 | +2474.4% |
| Taxes | 450/3 | €5,357 | €137,914 | +€132,557 | +2474.4% |
| Accrued charges and deferred income | 492/3 | €250 | €250 | = | 0.0% |
| Non-recurring operating income | 76A | €68,138 | €1,803,257 | +€1.7m | +2546.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,701 | €479 | -€88,223 | -99.5% |
| Other operating charges | 640/8 | €12,260 | €7,643 | -€4,618 | -37.7% |
| Gross operating margin | 9900 | -€18,892 | €1,716,815 | +€1.7m | |
| Operating profit (loss) | 9901 | -€119,854 | €1,708,694 | +€1.8m | |
| Financial income | 75/76B | €31,009 | €105,913 | +€74,904 | +241.6% |
| Recurring financial income | 75 | €31,009 | €105,913 | +€74,904 | +241.6% |
| Financial charges | 65/66B | €223,860 | €2,789,295 | +€2.6m | +1146.0% |
| Recurring financial charges | 65 | €223,860 | €17,430 | -€206,430 | -92.2% |
| Non-recurring financial charges | 66B | - | €2,771,865 | +€2.8m | |
| Profit (loss) for the period before taxes | 9903 | -€312,705 | -€974,688 | -€661,983 | -211.7% |
| Transfer from deferred taxes | 780 | €65,000 | €336,126 | +€271,126 | +417.1% |
| Transfer to deferred taxes | 680 | - | €426,453 | +€426,453 | |
| Income taxes | 67/77 | - | €128,683 | +€128,683 | |
| Profit (loss) for the period | 9904 | -€247,705 | -€1,193,698 | -€945,993 | -381.9% |
| Transfer from tax-exempt reserves | 789 | €194,999 | €1,008,381 | +€813,382 | +417.1% |
| Transfer to tax-exempt reserves | 689 | - | €1,279,358 | +€1.3m | |
| Profit (loss) for the period to be appropriated | 9905 | -€52,706 | -€1,464,675 | -€1.4m | -2678.9% |
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.