Zehr: 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.
Zehr
Largest movements
- Receivables within one year -€79,460
down €79,460 (-26.4%), from €300,774 to €221,314
of which Trade receivables: -€90,960
- Cash +€6,253
up €6,253 (+68.5%), from €9,125 to €15,378
mainly Net result for the year (+€118,053) and Receivables within one year (+€79,460)
- Reserves -€66,000
down €66,000 (-25.8%), from €255,550 to €189,550
- Tax, wage and social debts -€5,615
down €5,615 (-24.8%), from €22,645 to €17,030
- Gross operating margin -€86,994
down €86,994 (-36.2%), from €240,197 to €153,203
- Taxes -€21,701
down €21,701 (-39.3%), from €55,203 to €33,502
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 | €311,000 | €240,695 | -€70,305 | -22.6% |
| Fixed assets | 21/28 | €1,101 | €2,095 | +€994 | +90.3% |
| Tangible fixed assets | 22/27 | €1,101 | €2,095 | +€994 | +90.3% |
| Furniture and vehicles | 24 | €1,101 | €2,095 | +€994 | +90.3% |
| Current assets | 29/58 | €309,899 | €238,600 | -€71,299 | -23.0% |
| Amounts receivable within one year | 40/41 | €300,774 | €221,314 | -€79,460 | -26.4% |
| Trade receivables | 40 | €300,774 | €209,814 | -€90,960 | -30.2% |
| Other amounts receivable | 41 | €0 | €11,500 | +€11,500 | |
| Cash at bank and in hand | 54/58 | €9,125 | €15,378 | +€6,253 | +68.5% |
| Deferred charges and accrued income | 490/1 | - | €1,908 | +€1,908 | |
| Total equity and liabilities | 10/49 | €311,000 | €240,695 | -€70,305 | -22.6% |
| Equity | 10/15 | €285,884 | €219,937 | -€65,947 | -23.1% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €255,550 | €189,550 | -€66,000 | -25.8% |
| Distributable reserves | 133 | €255,550 | €189,550 | -€66,000 | -25.8% |
| Profit (loss) carried forward | 14 | €334 | €387 | +€53 | +16.0% |
| Amounts payable | 17/49 | €25,116 | €20,757 | -€4,358 | -17.4% |
| Amounts payable within one year | 42/48 | €25,116 | €20,757 | -€4,358 | -17.4% |
| Trade debts | 44 | €2,471 | €3,728 | +€1,257 | +50.9% |
| Suppliers | 440/4 | €2,471 | €3,728 | +€1,257 | +50.9% |
| Taxes, remuneration and social security | 45 | €22,645 | €17,030 | -€5,615 | -24.8% |
| Taxes | 450/3 | €22,645 | €17,030 | -€5,615 | -24.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €694 | €106 | -€587 | -84.7% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Non-recurring operating charges | 66A | - | €1,101 | +€1,101 | |
| Gross operating margin | 9900 | €240,197 | €153,203 | -€86,994 | -36.2% |
| Operating profit (loss) | 9901 | €239,116 | €151,596 | -€87,520 | -36.6% |
| Financial income | 75/76B | €250 | €0 | -€250 | -100.0% |
| Recurring financial income | 75 | €250 | €0 | -€250 | -100.0% |
| Financial charges | 65/66B | €82 | €40 | -€41 | -50.7% |
| Recurring financial charges | 65 | €82 | €40 | -€41 | -50.7% |
| Profit (loss) for the period before taxes | 9903 | €239,284 | €151,556 | -€87,728 | -36.7% |
| Income taxes | 67/77 | €55,203 | €33,502 | -€21,701 | -39.3% |
| Profit (loss) for the period | 9904 | €184,081 | €118,053 | -€66,028 | -35.9% |
| Profit (loss) for the period to be appropriated | 9905 | €184,081 | €118,053 | -€66,028 | -35.9% |
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 6 October 2026 via checked.be.