ZEK IMMO: 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.
ZEK IMMO
Largest movements
- Cash +€33,672
up €33,672 (+18.9%), from €178,591 to €212,263
mainly Other debts (+€95,506) and Net result for the year (+€87,998)
- Receivables within one year +€23,802
up €23,802 (+39.2%), from €60,717 to €84,519
of which Other amounts receivable: +€20,341
- Other debts +€95,506
up €95,506 (+203.2%), from €46,994 to €142,500
- Reserves -€63,403
down €63,403 (-12.2%), from €520,772 to €457,369
of which Distributable reserves: -€63,403
- Tax, wage and social debts +€12,412
up €12,412 (+529.0%), from €2,347 to €14,759
- Gross operating margin +€49,243
up €49,243 (+80.3%), from €61,318 to €110,561
- Depreciation -€48,238
down €48,238 (-70.0%), from €68,908 to €20,670
- Taxes -€23,289
down €23,289 (-91.2%), from €25,548 to €2,259
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 | €1,072,223 | €1,119,431 | +€47,207 | +4.4% |
| Fixed assets | 21/28 | €776,360 | €766,041 | -€10,319 | -1.3% |
| Tangible fixed assets | 22/27 | €756,815 | €746,496 | -€10,319 | -1.4% |
| Land and buildings | 22 | €659,030 | €670,302 | +€11,272 | +1.7% |
| Plant, machinery and equipment | 23 | - | €359 | +€359 | |
| Furniture and vehicles | 24 | €3,542 | - | -€3,542 | |
| Other tangible fixed assets | 26 | €94,243 | €75,835 | -€18,408 | -19.5% |
| Financial fixed assets | 28 | €19,545 | €19,545 | = | 0.0% |
| Current assets | 29/58 | €295,863 | €353,389 | +€57,526 | +19.4% |
| Amounts receivable after more than one year | 29 | €56,079 | €56,079 | = | 0.0% |
| Trade receivables | 290 | €56,079 | €56,079 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €60,717 | €84,519 | +€23,802 | +39.2% |
| Trade receivables | 40 | €3,034 | €6,496 | +€3,462 | +114.1% |
| Other amounts receivable | 41 | €57,683 | €78,023 | +€20,341 | +35.3% |
| Cash at bank and in hand | 54/58 | €178,591 | €212,263 | +€33,672 | +18.9% |
| Deferred charges and accrued income | 490/1 | €476 | €527 | +€51 | +10.8% |
| Total equity and liabilities | 10/49 | €1,072,223 | €1,119,431 | +€47,207 | +4.4% |
| Equity | 10/15 | €953,155 | €891,153 | -€62,002 | -6.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | €12,400 | = | 0.0% |
| Other | 1109/19 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €520,772 | €457,369 | -€63,403 | -12.2% |
| 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 | €260 | €260 | = | 0.0% |
| Distributable reserves | 133 | €518,652 | €455,249 | -€63,403 | -12.2% |
| Profit (loss) carried forward | 14 | €419,983 | €421,384 | +€1,401 | +0.3% |
| Amounts payable | 17/49 | €119,068 | €228,278 | +€109,210 | +91.7% |
| Amounts payable after more than one year | 17 | €60,000 | €60,000 | = | 0.0% |
| Financial debts | 170/4 | €60,000 | €60,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €59,068 | €168,278 | +€109,210 | +184.9% |
| Trade debts | 44 | €9,728 | €11,019 | +€1,291 | +13.3% |
| Suppliers | 440/4 | €9,728 | €11,019 | +€1,291 | +13.3% |
| Taxes, remuneration and social security | 45 | €2,347 | €14,759 | +€12,412 | +529.0% |
| Taxes | 450/3 | €2,347 | €14,759 | +€12,412 | +529.0% |
| Other amounts payable | 47/48 | €46,994 | €142,500 | +€95,506 | +203.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,908 | €20,670 | -€48,238 | -70.0% |
| Other operating charges | 640/8 | €1,253 | €2,043 | +€791 | +63.1% |
| Gross operating margin | 9900 | €61,318 | €110,561 | +€49,243 | +80.3% |
| Operating profit (loss) | 9901 | -€8,843 | €87,847 | +€96,690 | |
| Financial income | 75/76B | €3,477 | €2,534 | -€943 | -27.1% |
| Recurring financial income | 75 | €3,477 | €2,534 | -€943 | -27.1% |
| Financial charges | 65/66B | €135 | €125 | -€10 | -7.5% |
| Recurring financial charges | 65 | €135 | €125 | -€10 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | -€5,501 | €90,257 | +€95,758 | |
| Income taxes | 67/77 | €25,548 | €2,259 | -€23,289 | -91.2% |
| Profit (loss) for the period | 9904 | -€31,049 | €87,998 | +€119,047 | |
| Profit (loss) for the period to be appropriated | 9905 | -€31,049 | €87,998 | +€119,047 |
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 9 October 2026 via checked.be.