ZELACO: 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.
What changed
ZELACO
NACE 64.210, Activities of holding companies
financial year 2026 compared with 2025filed annual accounts (NBB)
Net result for the year
€166,167
2025 · €242,792-€76,625
Equity
€491,417
2025 · €568,042-€76,625
Cash
€153,959
2025 · €146,125+€7,834
Balance sheet total
€947,783
2025 · €933,795+€13,988
Largest movements
Assets
- Receivables within one year +€15,125
up €15,125, from €0 to €15,125
of which Trade receivables: +€15,125
Equity and liabilities
- Other debts +€96,314
up €96,314 (+49.8%), from €193,404 to €289,718
- Profit (loss) carried forward -€76,625
down €76,625 (-31.6%), from €242,792 to €166,167
- Tax, wage and social debts -€9,655
down €9,655 (-26.0%), from €37,182 to €27,527
of which Taxes: -€9,293
Income statement
- Gross operating margin -€103,042
down €103,042 (-25.2%), from €408,675 to €305,633
- Taxes -€24,707
down €24,707 (-32.1%), from €76,962 to €52,255
From the 2025 result to the 2026 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.
Result 2025
€242,792
Gross operating margin
-€103,042
Staff costs
-€2,206
Depreciation
-€799
Other operating charges
+€28
Financial income
+€3,180
Financial charges
+€1,506
Taxes
+€24,707
Result 2026
€166,167
raises the resultlowers the result
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€255,159
Investment
-€4,533
Financing
-€242,792
Cash 2025
€146,125
From operations (derived)
+€255,159
Net result for the year
+€166,167
Depreciation
+€13,743
Receivables within one year
-€15,125
Deferred charges and accrued income
-€239
Trade debts
+€1,633
Tax, wage and social debts
-€9,655
Other debts
+€96,314
Accrued charges and deferred income
+€2,321
Investment (derived)
-€4,533
Investment in fixed assets (net)
-€4,533
Financing
-€242,792
Contributions, distributions and other
-€242,792
Cash 2026
€153,959
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €933,795 | €947,783 | +€13,988 | +1.5% |
| Fixed assets | 21/28 | €786,644 | €777,434 | -€9,210 | -1.2% |
| Tangible fixed assets | 22/27 | €36,477 | €27,267 | -€9,210 | -25.2% |
| Land and buildings | 22 | €9,408 | €9,408 | = | 0.0% |
| Furniture and vehicles | 24 | €27,069 | €17,859 | -€9,210 | -34.0% |
| Financial fixed assets | 28 | €750,167 | €750,167 | = | 0.0% |
| Current assets | 29/58 | €147,151 | €170,349 | +€23,198 | +15.8% |
| Amounts receivable within one year | 40/41 | €0 | €15,125 | +€15,125 | |
| Trade receivables | 40 | €0 | €15,125 | +€15,125 | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €146,125 | €153,959 | +€7,834 | +5.4% |
| Deferred charges and accrued income | 490/1 | €1,026 | €1,265 | +€239 | +23.3% |
| Total equity and liabilities | 10/49 | €933,795 | €947,783 | +€13,988 | +1.5% |
| Equity | 10/15 | €568,042 | €491,417 | -€76,625 | -13.5% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €125,250 | €125,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €105,250 | €105,250 | = | 0.0% |
| Distributable reserves | 133 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €242,792 | €166,167 | -€76,625 | -31.6% |
| Amounts payable | 17/49 | €365,753 | €456,366 | +€90,613 | +24.8% |
| Amounts payable after more than one year | 17 | €125,000 | €125,000 | = | 0.0% |
| Financial debts | 170/4 | €125,000 | €125,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €232,514 | €320,806 | +€88,292 | +38.0% |
| Trade debts | 44 | €1,929 | €3,562 | +€1,633 | +84.6% |
| Suppliers | 440/4 | €1,929 | €3,562 | +€1,633 | +84.6% |
| Taxes, remuneration and social security | 45 | €37,182 | €27,527 | -€9,655 | -26.0% |
| Taxes | 450/3 | €20,302 | €11,009 | -€9,293 | -45.8% |
| Remuneration and social security | 454/9 | €16,879 | €16,517 | -€362 | -2.1% |
| Other amounts payable | 47/48 | €193,404 | €289,718 | +€96,314 | +49.8% |
| Accrued charges and deferred income | 492/3 | €8,239 | €10,560 | +€2,321 | +28.2% |
| Non-recurring operating income | 76A | €1,100 | €0 | -€1,100 | -100% |
| Remuneration, social security and pensions | 62 | €61,036 | €63,242 | +€2,206 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,944 | €13,743 | +€799 | +6.2% |
| Other operating charges | 640/8 | €2,835 | €2,807 | -€28 | -1.0% |
| Gross operating margin | 9900 | €408,675 | €305,633 | -€103,042 | -25.2% |
| Operating profit (loss) | 9901 | €331,861 | €225,842 | -€106,018 | -31.9% |
| Financial income | 75/76B | €0 | €3,180 | +€3,180 | |
| Recurring financial income | 75 | €0 | €3,180 | +€3,180 | |
| Financial charges | 65/66B | €12,107 | €10,600 | -€1,506 | -12.4% |
| Recurring financial charges | 65 | €12,107 | €10,600 | -€1,506 | -12.4% |
| Profit (loss) for the period before taxes | 9903 | €319,754 | €218,422 | -€101,332 | -31.7% |
| Income taxes | 67/77 | €76,962 | €52,255 | -€24,707 | -32.1% |
| Profit (loss) for the period | 9904 | €242,792 | €166,167 | -€76,625 | -31.6% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €242,792 | €166,167 | -€76,625 | -31.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.