ZEEZICHT: 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.
ZEEZICHT
Largest movements
- Receivables within one year -€64,060
down €64,060 (-16.7%), from €384,618 to €320,557
of which Other amounts receivable: -€96,898
- Tangible fixed assets +€42,902
up €42,902 (+90.6%), from €47,337 to €90,239
of which Land and buildings: +€23,154
- Cash +€24,322
up €24,322 (+27.3%), from €89,004 to €113,326
mainly Receivables within one year (+€64,060) and Net result for the year (+€53,816)
- Receivables after one year +€15,164
up €15,164 (+15.3%), from €98,854 to €114,019
- Reserves +€53,000
up €53,000 (+26.1%), from €202,698 to €255,698
of which Distributable reserves: +€53,000
- Trade debts -€47,034
down €47,034 (-12.0%), from €393,053 to €346,019
- Tax, wage and social debts +€13,027
up €13,027 (+48.6%), from €26,798 to €39,825
- Gross operating margin +€9,469
up €9,469 (+8.1%), from €116,822 to €126,291
- Other operating charges +€4,977
up €4,977 (+178%), from €2,795 to €7,771
- Financial charges -€3,519
down €3,519 (-11.9%), from €29,660 to €26,141
- Depreciation +€3,332
up €3,332 (+19.1%), from €17,415 to €20,747
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 | €641,630 | €661,958 | +€20,328 | +3.2% |
| Fixed assets | 21/28 | €47,337 | €90,239 | +€42,902 | +90.6% |
| Tangible fixed assets | 22/27 | €47,337 | €90,239 | +€42,902 | +90.6% |
| Land and buildings | 22 | €32,764 | €55,917 | +€23,154 | +70.7% |
| Plant, machinery and equipment | 23 | €6,976 | €25,350 | +€18,374 | +263% |
| Furniture and vehicles | 24 | €1,676 | €7,060 | +€5,384 | +321% |
| Other tangible fixed assets | 26 | €5,921 | €1,912 | -€4,009 | -67.7% |
| Current assets | 29/58 | €594,293 | €571,719 | -€22,574 | -3.8% |
| Amounts receivable after more than one year | 29 | €98,854 | €114,019 | +€15,164 | +15.3% |
| Other amounts receivable | 291 | €98,854 | €114,019 | +€15,164 | +15.3% |
| Stocks and contracts in progress | 3 | €21,753 | €20,922 | -€831 | -3.8% |
| Stocks | 30/36 | €21,753 | €20,922 | -€831 | -3.8% |
| Amounts receivable within one year | 40/41 | €384,618 | €320,557 | -€64,060 | -16.7% |
| Trade receivables | 40 | €2,683 | €35,521 | +€32,838 | +1,224% |
| Other amounts receivable | 41 | €381,934 | €285,036 | -€96,898 | -25.4% |
| Cash at bank and in hand | 54/58 | €89,004 | €113,326 | +€24,322 | +27.3% |
| Deferred charges and accrued income | 490/1 | €63 | €2,894 | +€2,831 | +4,469% |
| Total equity and liabilities | 10/49 | €641,630 | €661,958 | +€20,328 | +3.2% |
| Equity | 10/15 | €221,380 | €275,196 | +€53,816 | +24.3% |
| Contributions | 10/11 | €18,553 | €18,553 | = | 0.0% |
| Reserves | 13 | €202,698 | €255,698 | +€53,000 | +26.1% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €31,839 | €31,839 | = | 0.0% |
| Distributable reserves | 133 | €169,000 | €222,000 | +€53,000 | +31.4% |
| Profit (loss) carried forward | 14 | €129 | €945 | +€816 | +634% |
| Amounts payable | 17/49 | €420,250 | €386,762 | -€33,488 | -8.0% |
| Amounts payable after more than one year | 17 | €400 | €400 | = | 0.0% |
| Other amounts payable | 178/9 | €400 | €400 | = | 0.0% |
| Amounts payable within one year | 42/48 | €419,850 | €386,362 | -€33,488 | -8.0% |
| Trade debts | 44 | €393,053 | €346,019 | -€47,034 | -12.0% |
| Suppliers | 440/4 | €393,053 | €346,019 | -€47,034 | -12.0% |
| Taxes, remuneration and social security | 45 | €26,798 | €39,825 | +€13,027 | +48.6% |
| Taxes | 450/3 | €26,798 | €39,825 | +€13,027 | +48.6% |
| Other amounts payable | 47/48 | - | €519 | +€519 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,415 | €20,747 | +€3,332 | +19.1% |
| Other operating charges | 640/8 | €2,795 | €7,771 | +€4,977 | +178% |
| Gross operating margin | 9900 | €116,822 | €126,291 | +€9,469 | +8.1% |
| Operating profit (loss) | 9901 | €96,612 | €97,772 | +€1,160 | +1.2% |
| Financial income | 75/76B | €1,539 | €1,396 | -€143 | -9.3% |
| Recurring financial income | 75 | €1,539 | €1,396 | -€143 | -9.3% |
| Financial charges | 65/66B | €29,660 | €26,141 | -€3,519 | -11.9% |
| Recurring financial charges | 65 | €29,660 | €26,141 | -€3,519 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | €68,491 | €73,027 | +€4,536 | +6.6% |
| Income taxes | 67/77 | €20,374 | €19,211 | -€1,163 | -5.7% |
| Profit (loss) for the period | 9904 | €48,118 | €53,816 | +€5,699 | +11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €48,118 | €53,816 | +€5,699 | +11.8% |
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 22 October 2026 via checked.be.