ZELCO: 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.
ZELCO
Largest movements
- Cash +€774,478
up €774,478 (+888.5%), from €87,170 to €861,648
mainly Net result for the year (+€1.4m) and Depreciation (+€105,746)
- Financial fixed assets +€127,406
up €127,406 (+57.1%), from €223,084 to €350,490
- Tangible fixed assets +€113,548
up €113,548 (+21.8%), from €521,355 to €634,902
of which Land and buildings: +€77,977
- Profit (loss) carried forward +€1.1m
up €1.1m (+886.7%), from €122,941 to €1.2m
- Reserves +€253,666
up €253,666 (+101.1%), from €250,891 to €504,557
of which Distributable reserves: +€300,000
- Debts after one year -€224,560
down €224,560 (-59.3%), from €378,625 to €154,065
- Other debts -€97,560
down €97,560 (-45.0%), from €216,644 to €119,084
- Financial income +€1.5m
up €1.5m (+1421.0%), from €105,281 to €1.6m
of which Non-recurring financial income: +€1.3m
- Gross operating margin -€203,258
down €203,258 (-94.5%), from €215,068 to €11,810
- Depreciation +€22,711
up €22,711 (+27.4%), from €83,035 to €105,746
- Taxes -€5,091
down €5,091 (-11.9%), from €42,797 to €37,706
- Other operating charges +€2,258
up €2,258 (+23.9%), from €9,458 to €11,717
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 | €1,398,506 | €2,398,670 | +€1.0m | +71.5% |
| Fixed assets | 21/28 | €744,439 | €985,392 | +€240,954 | +32.4% |
| Tangible fixed assets | 22/27 | €521,355 | €634,902 | +€113,548 | +21.8% |
| Land and buildings | 22 | €364,361 | €442,337 | +€77,977 | +21.4% |
| Plant, machinery and equipment | 23 | €3,566 | €1,441 | -€2,125 | -59.6% |
| Furniture and vehicles | 24 | €115,644 | €163,164 | +€47,521 | +41.1% |
| Other tangible fixed assets | 26 | €37,785 | €27,960 | -€9,825 | -26.0% |
| Financial fixed assets | 28 | €223,084 | €350,490 | +€127,406 | +57.1% |
| Current assets | 29/58 | €654,067 | €1,413,278 | +€759,210 | +116.1% |
| Stocks and contracts in progress | 3 | €77,200 | €74,200 | -€3,000 | -3.9% |
| Stocks | 30/36 | €77,200 | €74,200 | -€3,000 | -3.9% |
| Amounts receivable within one year | 40/41 | €481,245 | €469,188 | -€12,057 | -2.5% |
| Trade receivables | 40 | €59,911 | €32,245 | -€27,666 | -46.2% |
| Other amounts receivable | 41 | €421,334 | €436,944 | +€15,609 | +3.7% |
| Cash at bank and in hand | 54/58 | €87,170 | €861,648 | +€774,478 | +888.5% |
| Deferred charges and accrued income | 490/1 | €8,453 | €8,241 | -€211 | -2.5% |
| Total equity and liabilities | 10/49 | €1,398,506 | €2,398,670 | +€1.0m | +71.5% |
| Equity | 10/15 | €454,398 | €1,798,193 | +€1.3m | +295.7% |
| Contributions | 10/11 | €80,565 | €80,565 | = | 0.0% |
| Capital | 10 | €80,565 | €80,565 | = | 0.0% |
| Issued capital | 100 | €80,565 | €80,565 | = | 0.0% |
| Reserves | 13 | €250,891 | €504,557 | +€253,666 | +101.1% |
| Non-distributable reserves | 130/1 | €8,056 | €8,056 | = | 0.0% |
| Legal reserve | 130 | €8,056 | €8,056 | = | 0.0% |
| Tax-exempt reserves | 132 | €237,835 | €191,501 | -€46,334 | -19.5% |
| Distributable reserves | 133 | €5,000 | €305,000 | +€300,000 | +6000.0% |
| Profit (loss) carried forward | 14 | €122,941 | €1,213,071 | +€1.1m | +886.7% |
| Provisions and deferred taxes | 16 | €78,418 | €62,973 | -€15,445 | -19.7% |
| Deferred taxes | 168 | €78,418 | €62,973 | -€15,445 | -19.7% |
| Amounts payable | 17/49 | €865,690 | €537,504 | -€328,187 | -37.9% |
| Amounts payable after more than one year | 17 | €378,625 | €154,065 | -€224,560 | -59.3% |
| Financial debts | 170/4 | €378,625 | €154,065 | -€224,560 | -59.3% |
| Amounts payable within one year | 42/48 | €483,130 | €378,036 | -€105,094 | -21.8% |
| Current portion of amounts payable after more than one year | 42 | €71,611 | €88,216 | +€16,604 | +23.2% |
| Financial debts | 43 | €50,000 | €50,000 | = | 0.0% |
| Credit institutions | 430/8 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €97,036 | €83,031 | -€14,005 | -14.4% |
| Suppliers | 440/4 | €97,036 | €83,031 | -€14,005 | -14.4% |
| Taxes, remuneration and social security | 45 | €47,839 | €37,706 | -€10,133 | -21.2% |
| Taxes | 450/3 | €47,839 | €37,706 | -€10,133 | -21.2% |
| Other amounts payable | 47/48 | €216,644 | €119,084 | -€97,560 | -45.0% |
| Accrued charges and deferred income | 492/3 | €3,935 | €5,402 | +€1,467 | +37.3% |
| Non-recurring operating income | 76A | - | €15,661 | +€15,661 | |
| Remuneration, social security and pensions | 62 | €293 | - | -€293 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,035 | €105,746 | +€22,711 | +27.4% |
| Other operating charges | 640/8 | €9,458 | €11,717 | +€2,258 | +23.9% |
| Non-recurring operating charges | 66A | €166 | - | -€166 | |
| Gross operating margin | 9900 | €215,068 | €11,810 | -€203,258 | -94.5% |
| Operating profit (loss) | 9901 | €122,115 | -€105,652 | -€227,768 | |
| Financial income | 75/76B | €105,281 | €1,601,310 | +€1.5m | +1421.0% |
| Recurring financial income | 75 | €105,281 | €271,490 | +€166,209 | +157.9% |
| Non-recurring financial income | 76B | - | €1,329,820 | +€1.3m | |
| Financial charges | 65/66B | €27,729 | €29,601 | +€1,872 | +6.8% |
| Recurring financial charges | 65 | €27,729 | €29,601 | +€1,872 | +6.8% |
| Profit (loss) for the period before taxes | 9903 | €199,667 | €1,466,057 | +€1.3m | +634.2% |
| Transfer from deferred taxes | 780 | €15,571 | €15,445 | -€127 | -0.8% |
| Income taxes | 67/77 | €42,797 | €37,706 | -€5,091 | -11.9% |
| Profit (loss) for the period | 9904 | €172,442 | €1,443,796 | +€1.3m | +737.3% |
| Transfer from tax-exempt reserves | 789 | €46,714 | €46,334 | -€380 | -0.8% |
| Profit (loss) for the period to be appropriated | 9905 | €219,156 | €1,490,130 | +€1.3m | +579.9% |
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 10 October 2026 via checked.be.