ZEKER: 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.
ZEKER
Largest movements
- Intangible fixed assets +€649,191
up €649,191 (+115%), from €563,568 to €1.2m
- Cash -€65,413
down €65,413 (-23.2%), from €281,543 to €216,130
mainly Investment in fixed assets (net) (-€755,402) and Contributions, distributions and other (-€50,000)
- Tangible fixed assets -€35,986
down €35,986 (-4.7%), from €759,262 to €723,276
of which Furniture and vehicles: -€19,025
- Receivables within one year +€30,841
up €30,841 (+40.7%), from €75,823 to €106,664
of which Other amounts receivable: +€29,513
- Debts after one year +€456,664
up €456,664 (+77.5%), from €589,142 to €1.0m
- Reserves +€78,835
up €78,835 (+16.5%), from €477,247 to €556,083
of which Distributable reserves: +€78,835
- Current portion of long-term debt +€50,968
up €50,968 (+65.9%), from €77,368 to €128,336
- Gross operating margin +€80,263
up €80,263 (+17.7%), from €453,161 to €533,424
- Staff costs +€58,145
up €58,145 (+36.0%), from €161,470 to €219,616
- Depreciation +€47,344
up €47,344 (+50.2%), from €94,298 to €141,643
- Taxes -€12,247
down €12,247 (-29.8%), from €41,143 to €28,897
- Financial income -€7,578
down €7,578 (-74.9%), from €10,119 to €2,541
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 | €1,684,089 | €2,265,774 | +€581,686 | +34.5% |
| Fixed assets | 21/28 | €1,322,830 | €1,936,590 | +€613,760 | +46.4% |
| Intangible fixed assets | 21 | €563,568 | €1,212,759 | +€649,191 | +115% |
| Tangible fixed assets | 22/27 | €759,262 | €723,276 | -€35,986 | -4.7% |
| Land and buildings | 22 | €628,491 | €611,530 | -€16,961 | -2.7% |
| Furniture and vehicles | 24 | €130,771 | €111,746 | -€19,025 | -14.5% |
| Financial fixed assets | 28 | - | €555 | +€555 | |
| Current assets | 29/58 | €361,259 | €329,184 | -€32,074 | -8.9% |
| Amounts receivable within one year | 40/41 | €75,823 | €106,664 | +€30,841 | +40.7% |
| Trade receivables | 40 | €524 | €1,852 | +€1,328 | +253% |
| Other amounts receivable | 41 | €75,299 | €104,812 | +€29,513 | +39.2% |
| Cash at bank and in hand | 54/58 | €281,543 | €216,130 | -€65,413 | -23.2% |
| Deferred charges and accrued income | 490/1 | €3,892 | €6,390 | +€2,498 | +64.2% |
| Total equity and liabilities | 10/49 | €1,684,089 | €2,265,774 | +€581,686 | +34.5% |
| Equity | 10/15 | €958,766 | €1,037,601 | +€78,835 | +8.2% |
| Contributions | 10/11 | €481,518 | €481,518 | = | 0.0% |
| Reserves | 13 | €477,247 | €556,083 | +€78,835 | +16.5% |
| Tax-exempt reserves | 132 | €1,218 | €1,218 | = | 0.0% |
| Distributable reserves | 133 | €476,030 | €554,865 | +€78,835 | +16.6% |
| Amounts payable | 17/49 | €725,323 | €1,228,174 | +€502,850 | +69.3% |
| Amounts payable after more than one year | 17 | €589,142 | €1,045,806 | +€456,664 | +77.5% |
| Financial debts | 170/4 | €589,142 | €1,045,806 | +€456,664 | +77.5% |
| Amounts payable within one year | 42/48 | €133,156 | €176,923 | +€43,766 | +32.9% |
| Current portion of amounts payable after more than one year | 42 | €77,368 | €128,336 | +€50,968 | +65.9% |
| Trade debts | 44 | €36,987 | €22,532 | -€14,456 | -39.1% |
| Suppliers | 440/4 | €36,987 | €22,532 | -€14,456 | -39.1% |
| Taxes, remuneration and social security | 45 | €18,801 | €26,055 | +€7,254 | +38.6% |
| Remuneration and social security | 454/9 | €18,801 | €26,055 | +€7,254 | +38.6% |
| Accrued charges and deferred income | 492/3 | €3,025 | €5,445 | +€2,420 | +80.0% |
| Remuneration, social security and pensions | 62 | €161,470 | €219,616 | +€58,145 | +36.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,298 | €141,643 | +€47,344 | +50.2% |
| Other operating charges | 640/8 | €3,201 | €4,832 | +€1,631 | +50.9% |
| Gross operating margin | 9900 | €453,161 | €533,424 | +€80,263 | +17.7% |
| Operating profit (loss) | 9901 | €194,191 | €167,334 | -€26,857 | -13.8% |
| Financial income | 75/76B | €10,119 | €2,541 | -€7,578 | -74.9% |
| Recurring financial income | 75 | €10,119 | €2,541 | -€7,578 | -74.9% |
| Financial charges | 65/66B | €12,453 | €12,143 | -€310 | -2.5% |
| Recurring financial charges | 65 | €12,453 | €12,143 | -€310 | -2.5% |
| Profit (loss) for the period before taxes | 9903 | €191,857 | €157,732 | -€34,125 | -17.8% |
| Income taxes | 67/77 | €41,143 | €28,897 | -€12,247 | -29.8% |
| Profit (loss) for the period | 9904 | €150,714 | €128,835 | -€21,879 | -14.5% |
| Profit (loss) for the period to be appropriated | 9905 | €150,714 | €128,835 | -€21,879 | -14.5% |
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 25 October 2026 via checked.be.