ZEIKO: 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.
ZEIKO
Largest movements
- Cash -€130,662
down €130,662 (-80.5%), from €162,391 to €31,729
mainly Net result for the year (-€151,090) and Investment in fixed assets (net) (-€61,375)
- Receivables within one year +€9,145
up €9,145 (+38.1%), from €24,024 to €33,169
of which Trade receivables: +€8,956
- Deferred charges and accrued income +€7,425
up €7,425 (+106%), from €6,997 to €14,422
- Intangible fixed assets +€6,471
up €6,471 (+3.8%), from €171,313 to €177,785
- Profit (loss) carried forward -€151,090
down €151,090 (-147%), from -€102,804 to -€253,893
- Accrued charges and deferred income +€40,431
new in 2025: €40,431
- Debts after one year -€17,203
down €17,203 (-7.6%), from €225,208 to €208,005
- Current portion of long-term debt +€9,911
up €9,911 (+29.8%), from €33,292 to €43,203
- Tax, wage and social debts +€7,824
up €7,824 (+45.6%), from €17,171 to €24,995
of which Remuneration and social security: +€10,077
- Gross operating margin -€43,562
down €43,562 (-54.6%), from €79,808 to €36,246
- Staff costs +€41,667
up €41,667 (+52.9%), from €78,828 to €120,495
- Depreciation +€15,569
up €15,569 (+37.9%), from €41,128 to €56,697
- Financial charges +€4,663
up €4,663 (+110%), from €4,253 to €8,916
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 | €370,636 | €261,222 | -€109,414 | -29.5% |
| Formation expenses | 20 | €1,080 | €666 | -€413 | -38.3% |
| Fixed assets | 21/28 | €176,145 | €181,236 | +€5,091 | +2.9% |
| Intangible fixed assets | 21 | €171,313 | €177,785 | +€6,471 | +3.8% |
| Tangible fixed assets | 22/27 | €2,871 | €1,078 | -€1,793 | -62.4% |
| Furniture and vehicles | 24 | €2,871 | €1,078 | -€1,793 | -62.4% |
| Financial fixed assets | 28 | €1,961 | €2,373 | +€412 | +21.0% |
| Current assets | 29/58 | €193,411 | €79,320 | -€114,091 | -59.0% |
| Amounts receivable within one year | 40/41 | €24,024 | €33,169 | +€9,145 | +38.1% |
| Trade receivables | 40 | €24,024 | €32,980 | +€8,956 | +37.3% |
| Other amounts receivable | 41 | €0 | €189 | +€189 | |
| Cash at bank and in hand | 54/58 | €162,391 | €31,729 | -€130,662 | -80.5% |
| Deferred charges and accrued income | 490/1 | €6,997 | €14,422 | +€7,425 | +106% |
| Total equity and liabilities | 10/49 | €370,636 | €261,222 | -€109,414 | -29.5% |
| Equity | 10/15 | €85,196 | -€65,893 | -€151,090 | |
| Contributions | 10/11 | €188,000 | €188,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€102,804 | -€253,893 | -€151,090 | -147% |
| Amounts payable | 17/49 | €285,439 | €327,115 | +€41,676 | +14.6% |
| Amounts payable after more than one year | 17 | €225,208 | €208,005 | -€17,203 | -7.6% |
| Financial debts | 170/4 | €225,208 | €208,005 | -€17,203 | -7.6% |
| Amounts payable within one year | 42/48 | €60,231 | €78,679 | +€18,448 | +30.6% |
| Current portion of amounts payable after more than one year | 42 | €33,292 | €43,203 | +€9,911 | +29.8% |
| Trade debts | 44 | €7,667 | €10,481 | +€2,814 | +36.7% |
| Suppliers | 440/4 | €7,667 | €10,481 | +€2,814 | +36.7% |
| Taxes, remuneration and social security | 45 | €17,171 | €24,995 | +€7,824 | +45.6% |
| Taxes | 450/3 | €5,184 | €2,931 | -€2,253 | -43.5% |
| Remuneration and social security | 454/9 | €11,987 | €22,064 | +€10,077 | +84.1% |
| Other amounts payable | 47/48 | €2,101 | €0 | -€2,101 | -100% |
| Accrued charges and deferred income | 492/3 | - | €40,431 | +€40,431 | |
| Remuneration, social security and pensions | 62 | €78,828 | €120,495 | +€41,667 | +52.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,128 | €56,697 | +€15,569 | +37.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,262 | €956 | -€306 | -24.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €79,808 | €36,246 | -€43,562 | -54.6% |
| Operating profit (loss) | 9901 | -€41,411 | -€141,902 | -€100,491 | -243% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €4,253 | €8,916 | +€4,663 | +110% |
| Recurring financial charges | 65 | €4,253 | €8,916 | +€4,663 | +110% |
| Profit (loss) for the period before taxes | 9903 | -€45,664 | -€150,818 | -€105,154 | -230% |
| Income taxes | 67/77 | - | €272 | +€272 | |
| Profit (loss) for the period | 9904 | -€45,664 | -€151,090 | -€105,426 | -231% |
| Profit (loss) for the period to be appropriated | 9905 | -€45,664 | -€151,090 | -€105,426 | -231% |
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 16 October 2026 via checked.be.