ZELCO: what changed
Two fiscal 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
- Current investments -€499,629
down €499,629 (-99.9%), from €500,000 to €371
- Cash +€33,032
up €33,032 (+58.9%), from €56,036 to €89,068
mainly Current investments (+€499,629) and Depreciation (+€125,994)
- Intangible fixed assets -€30,800
down €30,800 (-21.4%), from €143,909 to €113,109
- Stocks and contracts +€24,537
up €24,537 (+8.1%), from €302,130 to €326,667
- Receivables within one year -€19,175
down €19,175 (-9.7%), from €197,117 to €177,942
of which Trade receivables: -€93,229
- Debts after one year -€494,357
down €494,357 (-34.1%), from €1.4m to €955,395
of which Trade debts: -€293,557
- Trade debts -€120,680
down €120,680 (-28.7%), from €420,512 to €299,832
- Current portion of long-term debt +€115,000
up €115,000 (+373.4%), from €30,800 to €145,800
- Other debts +€39,813
new in 2025: €39,813
- Gross operating margin +€183,393
up €183,393 (+53.7%), from €341,264 to €524,656
- Depreciation +€75,834
up €75,834 (+151.2%), from €50,160 to €125,994
- Financial charges +€24,200
up €24,200 (+88.7%), from €27,296 to €51,497
- Staff costs -€21,965
down €21,965 (-5.4%), from €407,357 to €385,392
From the 30-09-2024 result to the 30-09-2025 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 30-09-2024 and 30-09-2025 balance sheets and the 30-09-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 30-09-2024 | 30-09-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,914,900 | €1,437,469 | -€477,430 | -24.9% |
| Formation expenses | 20 | €7,189 | €5,689 | -€1,500 | -20.9% |
| Fixed assets | 21/28 | €842,180 | €823,983 | -€18,197 | -2.2% |
| Intangible fixed assets | 21 | €143,909 | €113,109 | -€30,800 | -21.4% |
| Tangible fixed assets | 22/27 | €695,757 | €708,360 | +€12,603 | +1.8% |
| Plant, machinery and equipment | 23 | €175,697 | €153,391 | -€22,306 | -12.7% |
| Other tangible fixed assets | 26 | €520,060 | €554,969 | +€34,909 | +6.7% |
| Financial fixed assets | 28 | €2,515 | €2,515 | = | 0.0% |
| Current assets | 29/58 | €1,065,531 | €607,798 | -€457,733 | -43.0% |
| Stocks and contracts in progress | 3 | €302,130 | €326,667 | +€24,537 | +8.1% |
| Stocks | 30/36 | €302,130 | €326,667 | +€24,537 | +8.1% |
| Amounts receivable within one year | 40/41 | €197,117 | €177,942 | -€19,175 | -9.7% |
| Trade receivables | 40 | €149,905 | €56,675 | -€93,229 | -62.2% |
| Other amounts receivable | 41 | €47,212 | €121,267 | +€74,054 | +156.9% |
| Current investments | 50/53 | €500,000 | €371 | -€499,629 | -99.9% |
| Cash at bank and in hand | 54/58 | €56,036 | €89,068 | +€33,032 | +58.9% |
| Deferred charges and accrued income | 490/1 | €10,247 | €13,749 | +€3,502 | +34.2% |
| Total equity and liabilities | 10/49 | €1,914,900 | €1,437,469 | -€477,430 | -24.9% |
| Equity | 10/15 | -€69,312 | -€80,665 | -€11,352 | -16.4% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €120,167 | €120,167 | = | 0.0% |
| Distributable reserves | 133 | €120,167 | €120,167 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€239,480 | -€250,832 | -€11,352 | -4.7% |
| Amounts payable | 17/49 | €1,984,212 | €1,518,134 | -€466,078 | -23.5% |
| Amounts payable after more than one year | 17 | €1,449,751 | €955,395 | -€494,357 | -34.1% |
| Financial debts | 170/4 | €807,167 | €606,367 | -€200,800 | -24.9% |
| Trade debts | 175 | €642,585 | €349,028 | -€293,557 | -45.7% |
| Amounts payable within one year | 42/48 | €534,461 | €562,739 | +€28,279 | +5.3% |
| Current portion of amounts payable after more than one year | 42 | €30,800 | €145,800 | +€115,000 | +373.4% |
| Trade debts | 44 | €420,512 | €299,832 | -€120,680 | -28.7% |
| Suppliers | 440/4 | €420,512 | €299,832 | -€120,680 | -28.7% |
| Taxes, remuneration and social security | 45 | €83,148 | €77,294 | -€5,854 | -7.0% |
| Taxes | 450/3 | €152 | €5 | -€147 | -96.8% |
| Remuneration and social security | 454/9 | €82,996 | €77,289 | -€5,707 | -6.9% |
| Other amounts payable | 47/48 | - | €39,813 | +€39,813 | |
| Remuneration, social security and pensions | 62 | €407,357 | €385,392 | -€21,965 | -5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,160 | €125,994 | +€75,834 | +151.2% |
| Other operating charges | 640/8 | €2,519 | €5,257 | +€2,737 | +108.7% |
| Gross operating margin | 9900 | €341,264 | €524,656 | +€183,393 | +53.7% |
| Operating profit (loss) | 9901 | -€118,773 | €8,014 | +€126,786 | |
| Financial income | 75/76B | €30,943 | €32,295 | +€1,351 | +4.4% |
| Recurring financial income | 75 | €30,943 | €32,295 | +€1,351 | +4.4% |
| Financial charges | 65/66B | €27,296 | €51,497 | +€24,200 | +88.7% |
| Recurring financial charges | 65 | €27,296 | €51,497 | +€24,200 | +88.7% |
| Profit (loss) for the period before taxes | 9903 | -€115,125 | -€11,188 | +€103,937 | +90.3% |
| Income taxes | 67/77 | €152 | €164 | +€12 | +7.7% |
| Profit (loss) for the period | 9904 | -€115,278 | -€11,352 | +€103,926 | +90.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€115,278 | -€11,352 | +€103,926 | +90.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.