ZEF CONSULTING: 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.
ZEF CONSULTING
Largest movements
- Cash +€96,976
up €96,976 (+824.5%), from €11,762 to €108,738
mainly Other debts (+€74,111) and Net result for the year (+€69,469)
- Receivables within one year -€48,799
down €48,799 (-67.5%), from €72,319 to €23,520
of which Trade receivables: -€38,545
- Tangible fixed assets -€17,258
down €17,258 (-3.5%), from €491,840 to €474,582
of which Plant, machinery and equipment: -€15,326
- Other debts +€74,111
up €74,111 (+199.0%), from €37,251 to €111,362
- Debts after one year -€38,610
down €38,610 (-11.8%), from €327,444 to €288,834
- Reserves -€28,581
down €28,581 (-20.0%), from €142,827 to €114,246
- Tax, wage and social debts +€18,977
up €18,977 (+114.8%), from €16,526 to €35,503
of which Taxes: +€26,332
- Gross operating margin +€31,414
up €31,414 (+20.9%), from €150,585 to €181,999
- Depreciation -€13,507
down €13,507 (-28.8%), from €46,938 to €33,431
- Staff costs +€11,792
up €11,792 (+52.2%), from €22,585 to €34,377
- Taxes +€7,881
up €7,881 (+62.0%), from €12,703 to €20,584
- Other operating charges -€7,828
down €7,828 (-33.6%), from €23,298 to €15,470
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 | €579,801 | €609,697 | +€29,897 | +5.2% |
| Fixed assets | 21/28 | €491,840 | €474,582 | -€17,258 | -3.5% |
| Tangible fixed assets | 22/27 | €491,840 | €474,582 | -€17,258 | -3.5% |
| Land and buildings | 22 | €339,225 | €327,229 | -€11,996 | -3.5% |
| Plant, machinery and equipment | 23 | €29,505 | €14,179 | -€15,326 | -51.9% |
| Furniture and vehicles | 24 | €123,110 | €133,174 | +€10,064 | +8.2% |
| Current assets | 29/58 | €87,960 | €135,115 | +€47,155 | +53.6% |
| Amounts receivable within one year | 40/41 | €72,319 | €23,520 | -€48,799 | -67.5% |
| Trade receivables | 40 | €62,035 | €23,491 | -€38,545 | -62.1% |
| Other amounts receivable | 41 | €10,283 | €29 | -€10,254 | -99.7% |
| Cash at bank and in hand | 54/58 | €11,762 | €108,738 | +€96,976 | +824.5% |
| Deferred charges and accrued income | 490/1 | €3,880 | €2,858 | -€1,022 | -26.3% |
| Total equity and liabilities | 10/49 | €579,801 | €609,697 | +€29,897 | +5.2% |
| Equity | 10/15 | €155,227 | €126,646 | -€28,581 | -18.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €142,827 | €114,246 | -€28,581 | -20.0% |
| Distributable reserves | 133 | €142,827 | €114,246 | -€28,581 | -20.0% |
| Amounts payable | 17/49 | €424,574 | €483,052 | +€58,478 | +13.8% |
| Amounts payable after more than one year | 17 | €327,444 | €288,834 | -€38,610 | -11.8% |
| Financial debts | 170/4 | €327,444 | €288,834 | -€38,610 | -11.8% |
| Amounts payable within one year | 42/48 | €95,119 | €192,428 | +€97,309 | +102.3% |
| Current portion of amounts payable after more than one year | 42 | €37,692 | €38,610 | +€918 | +2.4% |
| Trade debts | 44 | €3,650 | €6,953 | +€3,303 | +90.5% |
| Suppliers | 440/4 | €3,650 | €6,953 | +€3,303 | +90.5% |
| Taxes, remuneration and social security | 45 | €16,526 | €35,503 | +€18,977 | +114.8% |
| Taxes | 450/3 | €7,906 | €34,238 | +€26,332 | +333.0% |
| Remuneration and social security | 454/9 | €8,619 | €1,265 | -€7,355 | -85.3% |
| Other amounts payable | 47/48 | €37,251 | €111,362 | +€74,111 | +199.0% |
| Accrued charges and deferred income | 492/3 | €2,011 | €1,790 | -€221 | -11.0% |
| Remuneration, social security and pensions | 62 | €22,585 | €34,377 | +€11,792 | +52.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,938 | €33,431 | -€13,507 | -28.8% |
| Other operating charges | 640/8 | €23,298 | €15,470 | -€7,828 | -33.6% |
| Gross operating margin | 9900 | €150,585 | €181,999 | +€31,414 | +20.9% |
| Operating profit (loss) | 9901 | €57,764 | €98,721 | +€40,957 | +70.9% |
| Financial income | 75/76B | €112 | €25 | -€87 | -77.8% |
| Recurring financial income | 75 | €112 | €25 | -€87 | -77.8% |
| Financial charges | 65/66B | €7,289 | €8,693 | +€1,404 | +19.3% |
| Recurring financial charges | 65 | €7,289 | €8,693 | +€1,404 | +19.3% |
| Profit (loss) for the period before taxes | 9903 | €50,587 | €90,053 | +€39,466 | +78.0% |
| Income taxes | 67/77 | €12,703 | €20,584 | +€7,881 | +62.0% |
| Profit (loss) for the period | 9904 | €37,884 | €69,469 | +€31,585 | +83.4% |
| Profit (loss) for the period to be appropriated | 9905 | €37,884 | €69,469 | +€31,585 | +83.4% |
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 12 October 2026 via checked.be.