ZEEWIND: 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.
ZEEWIND
Largest movements
- Cash -€234,454
down €234,454 (-73.8%), from €317,580 to €83,127
mainly Other debts (-€142,984) and Receivables within one year (-€91,731)
- Receivables within one year +€91,731
up €91,731 (+40.5%), from €226,649 to €318,380
of which Trade receivables: +€67,524
- Tangible fixed assets -€15,708
down €15,708 (-8.0%), from €195,550 to €179,842
- Accrued charges and deferred income +€155,569
up €155,569 (+108%), from €144,144 to €299,713
- Other debts -€142,984
down €142,984 (-100%), from €142,984 to €0
- Tax, wage and social debts -€86,229
down €86,229 (-62.2%), from €138,545 to €52,317
of which Taxes: -€43,583
- Trade debts -€59,868
down €59,868 (-41.0%), from €145,925 to €86,057
- Debts after one year -€15,416
down €15,416 (-100%), from €15,416 to €0
- Gross operating margin -€93,779
down €93,779 (-16.1%), from €583,506 to €489,727
- Staff costs -€34,797
down €34,797 (-7.7%), from €454,271 to €419,474
- Other operating charges -€27,418
down €27,418 (-79.8%), from €34,373 to €6,955
- Taxes -€6,743
down €6,743 (-34.0%), from €19,812 to €13,069
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 | €750,420 | €595,938 | -€154,482 | -20.6% |
| Fixed assets | 21/28 | €203,916 | €191,931 | -€11,985 | -5.9% |
| Intangible fixed assets | 21 | €8,132 | €11,855 | +€3,723 | +45.8% |
| Tangible fixed assets | 22/27 | €195,550 | €179,842 | -€15,708 | -8.0% |
| Land and buildings | 22 | €168,851 | €161,849 | -€7,002 | -4.1% |
| Plant, machinery and equipment | 23 | €14,652 | €9,856 | -€4,796 | -32.7% |
| Furniture and vehicles | 24 | €12,047 | €8,137 | -€3,910 | -32.5% |
| Financial fixed assets | 28 | €234 | €234 | = | 0.0% |
| Current assets | 29/58 | €546,504 | €404,007 | -€142,498 | -26.1% |
| Stocks and contracts in progress | 3 | €2,275 | €2,500 | +€225 | +9.9% |
| Stocks | 30/36 | €2,275 | €2,500 | +€225 | +9.9% |
| Amounts receivable within one year | 40/41 | €226,649 | €318,380 | +€91,731 | +40.5% |
| Trade receivables | 40 | €166,356 | €233,880 | +€67,524 | +40.6% |
| Other amounts receivable | 41 | €60,293 | €84,500 | +€24,207 | +40.1% |
| Cash at bank and in hand | 54/58 | €317,580 | €83,127 | -€234,454 | -73.8% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €750,420 | €595,938 | -€154,482 | -20.6% |
| Equity | 10/15 | €142,400 | €133,211 | -€9,189 | -6.5% |
| Contributions | 10/11 | €124,000 | €124,000 | = | 0.0% |
| Capital | 10 | €124,000 | €124,000 | = | 0.0% |
| Issued capital | 100 | €124,000 | €124,000 | = | 0.0% |
| Reserves | 13 | €18,400 | €18,400 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,400 | €12,400 | = | 0.0% |
| Legal reserve | 130 | €12,400 | €12,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,000 | €6,000 | = | 0.0% |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €0 | -€9,189 | -€9,189 | |
| Amounts payable | 17/49 | €608,020 | €462,727 | -€145,293 | -23.9% |
| Amounts payable after more than one year | 17 | €15,416 | €0 | -€15,416 | -100% |
| Financial debts | 170/4 | €15,416 | €0 | -€15,416 | -100% |
| Amounts payable within one year | 42/48 | €448,460 | €163,014 | -€285,446 | -63.7% |
| Current portion of amounts payable after more than one year | 42 | €18,500 | €15,748 | -€2,752 | -14.9% |
| Trade debts | 44 | €145,925 | €86,057 | -€59,868 | -41.0% |
| Suppliers | 440/4 | €145,925 | €86,057 | -€59,868 | -41.0% |
| Advances received on contracts in progress | 46 | €2,506 | €8,892 | +€6,386 | +255% |
| Taxes, remuneration and social security | 45 | €138,545 | €52,317 | -€86,229 | -62.2% |
| Taxes | 450/3 | €56,476 | €12,893 | -€43,583 | -77.2% |
| Remuneration and social security | 454/9 | €82,070 | €39,424 | -€42,646 | -52.0% |
| Other amounts payable | 47/48 | €142,984 | €0 | -€142,984 | -100% |
| Accrued charges and deferred income | 492/3 | €144,144 | €299,713 | +€155,569 | +108% |
| Remuneration, social security and pensions | 62 | €454,271 | €419,474 | -€34,797 | -7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,113 | €18,113 | -€3,000 | -14.2% |
| Other operating charges | 640/8 | €34,373 | €6,955 | -€27,418 | -79.8% |
| Non-recurring operating charges | 66A | - | €38,857 | +€38,857 | |
| Gross operating margin | 9900 | €583,506 | €489,727 | -€93,779 | -16.1% |
| Operating profit (loss) | 9901 | €73,749 | €6,329 | -€67,420 | -91.4% |
| Financial income | 75/76B | €1,289 | €588 | -€701 | -54.4% |
| Recurring financial income | 75 | €1,289 | €588 | -€701 | -54.4% |
| Financial charges | 65/66B | €1,775 | €3,037 | +€1,261 | +71.0% |
| Recurring financial charges | 65 | €1,775 | €3,037 | +€1,261 | +71.0% |
| Profit (loss) for the period before taxes | 9903 | €73,263 | €3,880 | -€69,383 | -94.7% |
| Income taxes | 67/77 | €19,812 | €13,069 | -€6,743 | -34.0% |
| Profit (loss) for the period | 9904 | €53,451 | -€9,189 | -€62,640 | |
| Profit (loss) for the period to be appropriated | 9905 | €53,451 | -€9,189 | -€62,640 |
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 14 October 2026 via checked.be.