Zelal Tat: 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.
Zelal Tat
Largest movements
- Receivables within one year +€6,451
up €6,451 (+7.8%), from €82,906 to €89,357
of which Other amounts receivable: +€6,180
- Stocks and contracts -€2,573
down €2,573 (-29.9%), from €8,601 to €6,028
- Tax, wage and social debts +€21,029
up €21,029 (+46.3%), from €45,421 to €66,450
of which Remuneration and social security: +€25,195
- Trade debts +€13,814
up €13,814 (+89.1%), from €15,508 to €29,321
- Profit (loss) carried forward -€12,438
no longer reported in 2025 (was €12,438)
- Reserves -€8,444
down €8,444 (-40.5%), from €20,864 to €12,419
- Current portion of long-term debt -€6,206
down €6,206 (-61.2%), from €10,146 to €3,940
- Staff costs +€26,975
up €26,975 (+33.3%), from €80,905 to €107,881
- Other operating charges +€8,241
up €8,241 (+198%), from €4,164 to €12,406
- Gross operating margin +€5,771
up €5,771 (+5.2%), from €110,204 to €115,974
- Taxes -€3,935
down €3,935 (-84.5%), from €4,654 to €719
- Depreciation +€2,287
up €2,287 (+19.4%), from €11,782 to €14,070
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 | €122,749 | €126,564 | +€3,815 | +3.1% |
| Fixed assets | 21/28 | €18,415 | €18,367 | -€48 | -0.3% |
| Tangible fixed assets | 22/27 | €16,765 | €16,717 | -€48 | -0.3% |
| Plant, machinery and equipment | 23 | €963 | €12,024 | +€11,060 | +1,148% |
| Furniture and vehicles | 24 | €15,801 | €4,150 | -€11,652 | -73.7% |
| Other tangible fixed assets | 26 | - | €543 | +€543 | |
| Financial fixed assets | 28 | €1,650 | €1,650 | = | 0.0% |
| Current assets | 29/58 | €104,335 | €108,198 | +€3,863 | +3.7% |
| Stocks and contracts in progress | 3 | €8,601 | €6,028 | -€2,573 | -29.9% |
| Stocks | 30/36 | €8,601 | €6,028 | -€2,573 | -29.9% |
| Amounts receivable within one year | 40/41 | €82,906 | €89,357 | +€6,451 | +7.8% |
| Trade receivables | 40 | €19,827 | €20,097 | +€271 | +1.4% |
| Other amounts receivable | 41 | €63,079 | €69,259 | +€6,180 | +9.8% |
| Cash at bank and in hand | 54/58 | €10,816 | €11,015 | +€199 | +1.8% |
| Deferred charges and accrued income | 490/1 | €2,011 | €1,798 | -€214 | -10.6% |
| Total equity and liabilities | 10/49 | €122,749 | €126,564 | +€3,815 | +3.1% |
| Equity | 10/15 | €47,302 | €26,419 | -€20,882 | -44.1% |
| Contributions | 10/11 | €14,000 | €14,000 | = | 0.0% |
| Reserves | 13 | €20,864 | €12,419 | -€8,444 | -40.5% |
| Distributable reserves | 133 | €20,864 | €12,419 | -€8,444 | -40.5% |
| Profit (loss) carried forward | 14 | €12,438 | - | -€12,438 | |
| Amounts payable | 17/49 | €75,448 | €100,145 | +€24,697 | +32.7% |
| Amounts payable after more than one year | 17 | €3,940 | - | -€3,940 | |
| Financial debts | 170/4 | €3,940 | - | -€3,940 | |
| Amounts payable within one year | 42/48 | €71,508 | €100,145 | +€28,637 | +40.0% |
| Current portion of amounts payable after more than one year | 42 | €10,146 | €3,940 | -€6,206 | -61.2% |
| Trade debts | 44 | €15,508 | €29,321 | +€13,814 | +89.1% |
| Suppliers | 440/4 | €15,508 | €29,321 | +€13,814 | +89.1% |
| Advances received on contracts in progress | 46 | €434 | €434 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €45,421 | €66,450 | +€21,029 | +46.3% |
| Taxes | 450/3 | €16,444 | €12,278 | -€4,166 | -25.3% |
| Remuneration and social security | 454/9 | €28,977 | €54,172 | +€25,195 | +86.9% |
| Remuneration, social security and pensions | 62 | €80,905 | €107,881 | +€26,975 | +33.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,782 | €14,070 | +€2,287 | +19.4% |
| Other operating charges | 640/8 | €4,164 | €12,406 | +€8,241 | +198% |
| Gross operating margin | 9900 | €110,204 | €115,974 | +€5,771 | +5.2% |
| Operating profit (loss) | 9901 | €13,352 | -€18,382 | -€31,733 | |
| Financial income | 75/76B | €1,044 | €3,319 | +€2,275 | +218% |
| Recurring financial income | 75 | €1,044 | €3,192 | +€2,147 | +206% |
| Non-recurring financial income | 76B | €1,044 | €128 | -€917 | -87.8% |
| Financial charges | 65/66B | €3,412 | €5,101 | +€1,689 | +49.5% |
| Recurring financial charges | 65 | €3,412 | €3,273 | -€139 | -4.1% |
| Non-recurring financial charges | 66B | - | €1,828 | +€1,828 | |
| Profit (loss) for the period before taxes | 9903 | €10,985 | -€20,163 | -€31,148 | |
| Income taxes | 67/77 | €4,654 | €719 | -€3,935 | -84.5% |
| Profit (loss) for the period | 9904 | €6,330 | -€20,882 | -€27,213 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,330 | -€20,882 | -€27,213 |
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 30 October 2026 via checked.be.