ZEITGEIST: 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.
ZEITGEIST
Largest movements
- Cash -€5,910
down €5,910 (-74.2%), from €7,961 to €2,051
mainly Net result for the year (-€35,472) and Accrued charges and deferred income (-€2,123)
- Receivables within one year -€4,722
down €4,722 (-10.9%), from €43,290 to €38,568
of which Trade receivables: -€6,939
- Tangible fixed assets -€1,422
down €1,422 (-21.5%), from €6,621 to €5,199
- Profit (loss) carried forward -€36,305
down €36,305 (-85.2%), from €42,630 to €6,325
- Provisions +€29,992
new in 2025: €29,992
- Accrued charges and deferred income -€2,123
down €2,123 (-45.5%), from €4,666 to €2,543
- Debts after one year -€1,795
down €1,795 (-51.0%), from €3,520 to €1,725
- Tax, wage and social debts -€1,193
down €1,193 (-30.6%), from €3,896 to €2,704
- Gross operating margin -€57,556
down €57,556, from €55,035 to -€2,521
- Provisions +€29,992
new in 2025: €29,992
- Taxes -€10,962
down €10,962 (-100.0%), from €10,962 to €0
- Depreciation +€2,055
up €2,055 (+621.6%), from €331 to €2,386
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 | €60,022 | €48,073 | -€11,949 | -19.9% |
| Fixed assets | 21/28 | €7,771 | €6,349 | -€1,422 | -18.3% |
| Tangible fixed assets | 22/27 | €6,621 | €5,199 | -€1,422 | -21.5% |
| Furniture and vehicles | 24 | €6,621 | €5,199 | -€1,422 | -21.5% |
| Financial fixed assets | 28 | €1,150 | €1,150 | = | 0.0% |
| Current assets | 29/58 | €52,251 | €41,724 | -€10,527 | -20.1% |
| Amounts receivable within one year | 40/41 | €43,290 | €38,568 | -€4,722 | -10.9% |
| Trade receivables | 40 | €16,176 | €9,237 | -€6,939 | -42.9% |
| Other amounts receivable | 41 | €27,114 | €29,331 | +€2,217 | +8.2% |
| Cash at bank and in hand | 54/58 | €7,961 | €2,051 | -€5,910 | -74.2% |
| Deferred charges and accrued income | 490/1 | €1,000 | €1,106 | +€106 | +10.6% |
| Total equity and liabilities | 10/49 | €60,022 | €48,073 | -€11,949 | -19.9% |
| Equity | 10/15 | €44,430 | €8,125 | -€36,305 | -81.7% |
| Contributions | 10/11 | €1,800 | €1,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,630 | €6,325 | -€36,305 | -85.2% |
| Provisions and deferred taxes | 16 | - | €29,992 | +€29,992 | |
| Provisions for liabilities and charges | 160/5 | - | €29,992 | +€29,992 | |
| Other liabilities and charges | 164/5 | - | €29,992 | +€29,992 | |
| Amounts payable | 17/49 | €15,593 | €9,956 | -€5,636 | -36.1% |
| Amounts payable after more than one year | 17 | €3,520 | €1,725 | -€1,795 | -51.0% |
| Financial debts | 170/4 | €3,520 | €1,725 | -€1,795 | -51.0% |
| Amounts payable within one year | 42/48 | €7,406 | €5,688 | -€1,718 | -23.2% |
| Current portion of amounts payable after more than one year | 42 | €1,708 | €1,795 | +€87 | +5.1% |
| Trade debts | 44 | €968 | €356 | -€612 | -63.2% |
| Suppliers | 440/4 | €968 | €356 | -€612 | -63.2% |
| Taxes, remuneration and social security | 45 | €3,896 | €2,704 | -€1,193 | -30.6% |
| Taxes | 450/3 | €3,896 | €2,704 | -€1,193 | -30.6% |
| Other amounts payable | 47/48 | €833 | €833 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €4,666 | €2,543 | -€2,123 | -45.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €331 | €2,386 | +€2,055 | +621.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €29,992 | +€29,992 | |
| Other operating charges | 640/8 | - | €289 | +€289 | |
| Gross operating margin | 9900 | €55,035 | -€2,521 | -€57,556 | |
| Operating profit (loss) | 9901 | €54,705 | -€35,188 | -€89,893 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €281 | €283 | +€2 | +0.9% |
| Recurring financial charges | 65 | €281 | €283 | +€2 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | €54,424 | -€35,472 | -€89,896 | |
| Income taxes | 67/77 | €10,962 | €0 | -€10,962 | -100.0% |
| Profit (loss) for the period | 9904 | €43,463 | -€35,472 | -€78,934 | |
| Profit (loss) for the period to be appropriated | 9905 | €43,463 | -€35,472 | -€78,934 |
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 30 September 2026 via checked.be.