Zeghli: 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.
Zeghli
Largest movements
- Receivables within one year +€90,725
up €90,725 (+285.4%), from €31,794 to €122,519
of which Other amounts receivable: +€90,945
- Cash -€38,746
down €38,746 (-71.4%), from €54,266 to €15,520
mainly Receivables within one year (-€90,725) and Investment in fixed assets (net) (-€13,406)
- Deferred charges and accrued income -€15,425
down €15,425 (-69.1%), from €22,314 to €6,889
- Tangible fixed assets +€3,435
up €3,435 (+9.9%), from €34,556 to €37,991
of which Other tangible fixed assets: +€7,246
- Reserves +€35,193
up €35,193 (+87.8%), from €40,103 to €75,296
of which Distributable reserves: +€35,193
- Tax, wage and social debts +€8,441
up €8,441 (+49.5%), from €17,063 to €25,504
of which Taxes: +€9,452
- Trade debts -€3,646
down €3,646 (-70.0%), from €5,209 to €1,564
- Gross operating margin -€34,910
down €34,910 (-24.8%), from €141,048 to €106,138
- Taxes -€4,879
down €4,879 (-19.1%), from €25,588 to €20,709
- Staff costs +€3,698
up €3,698 (+9.7%), from €38,108 to €41,806
- Depreciation +€3,172
up €3,172 (+46.7%), from €6,799 to €9,971
- Financial income +€2,634
up €2,634 (+183.8%), from €1,433 to €4,066
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 | €142,930 | €182,919 | +€39,989 | +28.0% |
| Fixed assets | 21/28 | €34,556 | €37,991 | +€3,435 | +9.9% |
| Tangible fixed assets | 22/27 | €34,556 | €37,991 | +€3,435 | +9.9% |
| Furniture and vehicles | 24 | €33,003 | €29,192 | -€3,811 | -11.5% |
| Other tangible fixed assets | 26 | €1,554 | €8,799 | +€7,246 | +466.4% |
| Current assets | 29/58 | €108,374 | €144,928 | +€36,554 | +33.7% |
| Amounts receivable within one year | 40/41 | €31,794 | €122,519 | +€90,725 | +285.4% |
| Trade receivables | 40 | €221 | €0 | -€221 | -100.0% |
| Other amounts receivable | 41 | €31,573 | €122,519 | +€90,945 | +288.0% |
| Cash at bank and in hand | 54/58 | €54,266 | €15,520 | -€38,746 | -71.4% |
| Deferred charges and accrued income | 490/1 | €22,314 | €6,889 | -€15,425 | -69.1% |
| Total equity and liabilities | 10/49 | €142,930 | €182,919 | +€39,989 | +28.0% |
| Equity | 10/15 | €120,658 | €155,851 | +€35,193 | +29.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €40,103 | €75,296 | +€35,193 | +87.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €33,243 | €68,436 | +€35,193 | +105.9% |
| Profit (loss) carried forward | 14 | €68,155 | €68,155 | = | 0.0% |
| Amounts payable | 17/49 | €22,272 | €27,068 | +€4,796 | +21.5% |
| Amounts payable within one year | 42/48 | €22,272 | €27,068 | +€4,796 | +21.5% |
| Trade debts | 44 | €5,209 | €1,564 | -€3,646 | -70.0% |
| Suppliers | 440/4 | €5,209 | €1,564 | -€3,646 | -70.0% |
| Taxes, remuneration and social security | 45 | €17,063 | €25,504 | +€8,441 | +49.5% |
| Taxes | 450/3 | €9,588 | €19,040 | +€9,452 | +98.6% |
| Remuneration and social security | 454/9 | €7,475 | €6,464 | -€1,011 | -13.5% |
| Non-recurring operating income | 76A | €10,614 | €0 | -€10,614 | -100.0% |
| Remuneration, social security and pensions | 62 | €38,108 | €41,806 | +€3,698 | +9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,799 | €9,971 | +€3,172 | +46.7% |
| Other operating charges | 640/8 | €2,485 | €1,852 | -€633 | -25.5% |
| Gross operating margin | 9900 | €141,048 | €106,138 | -€34,910 | -24.8% |
| Operating profit (loss) | 9901 | €93,656 | €52,509 | -€41,147 | -43.9% |
| Financial income | 75/76B | €1,433 | €4,066 | +€2,634 | +183.8% |
| Recurring financial income | 75 | €1,433 | €4,066 | +€2,634 | +183.8% |
| Financial charges | 65/66B | €1,347 | €674 | -€673 | -50.0% |
| Recurring financial charges | 65 | €1,347 | €674 | -€673 | -50.0% |
| Profit (loss) for the period before taxes | 9903 | €93,742 | €55,902 | -€37,840 | -40.4% |
| Income taxes | 67/77 | €25,588 | €20,709 | -€4,879 | -19.1% |
| Profit (loss) for the period | 9904 | €68,155 | €35,193 | -€32,962 | -48.4% |
| Profit (loss) for the period to be appropriated | 9905 | €68,155 | €35,193 | -€32,962 | -48.4% |
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.