ZELDA: 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.
ZELDA
Largest movements
- Current investments -€60,776
down €60,776 (-5.2%), from €1.2m to €1.1m
- Receivables within one year -€50,199
down €50,199 (-99.8%), from €50,314 to €115
- Cash +€27,250
up €27,250 (+111%), from €24,602 to €51,852
mainly Current investments (+€60,776) and Receivables within one year (+€50,199)
- Provisions -€58,261
down €58,261 (-10.1%), from €579,597 to €521,336
- Other debts -€52,796
down €52,796 (-61.9%), from €85,286 to €32,491
- Profit (loss) carried forward +€30,956
up €30,956 (+19.4%), from €159,261 to €190,217
- Financial charges +€25,794
up €25,794 (+102%), from €25,366 to €51,160
of which Financial charges: +€32,416
- Other operating charges -€11,851
down €11,851 (-64.0%), from €18,509 to €6,659
- Depreciation +€11,689
up €11,689 (+348%), from €3,358 to €15,046
- Gross operating margin -€11,084
down €11,084, from €7,183 to -€3,902
- Financial income -€3,285
down €3,285 (-2.6%), from €128,232 to €124,947
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 | €1,835,244 | €1,748,912 | -€86,332 | -4.7% |
| Fixed assets | 21/28 | €70,873 | €55,827 | -€15,046 | -21.2% |
| Tangible fixed assets | 22/27 | €70,873 | €55,827 | -€15,046 | -21.2% |
| Furniture and vehicles | 24 | €70,873 | €55,827 | -€15,046 | -21.2% |
| Current assets | 29/58 | €1,764,371 | €1,693,085 | -€71,286 | -4.0% |
| Amounts receivable after more than one year | 29 | €500,000 | €500,000 | = | 0.0% |
| Other amounts receivable | 291 | €500,000 | €500,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €50,314 | €115 | -€50,199 | -99.8% |
| Other amounts receivable | 41 | €50,314 | €115 | -€50,199 | -99.8% |
| Current investments | 50/53 | €1,165,609 | €1,104,833 | -€60,776 | -5.2% |
| Cash at bank and in hand | 54/58 | €24,602 | €51,852 | +€27,250 | +111% |
| Deferred charges and accrued income | 490/1 | €23,845 | €36,285 | +€12,440 | +52.2% |
| Total equity and liabilities | 10/49 | €1,835,244 | €1,748,912 | -€86,332 | -4.7% |
| Equity | 10/15 | €659,261 | €690,217 | +€30,956 | +4.7% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €159,261 | €190,217 | +€30,956 | +19.4% |
| Provisions and deferred taxes | 16 | €579,597 | €521,336 | -€58,261 | -10.1% |
| Provisions for liabilities and charges | 160/5 | €579,597 | €521,336 | -€58,261 | -10.1% |
| Environmental obligations | 163 | €579,597 | €0 | -€579,597 | -100% |
| Other liabilities and charges | 164/5 | - | €521,336 | +€521,336 | |
| Amounts payable | 17/49 | €596,385 | €537,359 | -€59,027 | -9.9% |
| Amounts payable after more than one year | 17 | €500,000 | €500,000 | = | 0.0% |
| Financial debts | 170/4 | €500,000 | €500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €95,690 | €33,591 | -€62,098 | -64.9% |
| Financial debts | 43 | €6,494 | €0 | -€6,494 | -100% |
| Credit institutions | 430/8 | €6,494 | €0 | -€6,494 | -100% |
| Trade debts | 44 | €1,645 | €384 | -€1,261 | -76.7% |
| Suppliers | 440/4 | €1,645 | €384 | -€1,261 | -76.7% |
| Taxes, remuneration and social security | 45 | €2,265 | €717 | -€1,548 | -68.3% |
| Taxes | 450/3 | €2,265 | €717 | -€1,548 | -68.3% |
| Other amounts payable | 47/48 | €85,286 | €32,491 | -€52,796 | -61.9% |
| Accrued charges and deferred income | 492/3 | €696 | €3,767 | +€3,072 | +442% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,358 | €15,046 | +€11,689 | +348% |
| Other operating charges | 640/8 | €18,509 | €6,659 | -€11,851 | -64.0% |
| Gross operating margin | 9900 | €7,183 | -€3,902 | -€11,084 | |
| Operating profit (loss) | 9901 | -€14,684 | -€25,607 | -€10,922 | -74.4% |
| Financial income | 75/76B | €128,232 | €124,947 | -€3,285 | -2.6% |
| Recurring financial income | 75 | €128,232 | €124,947 | -€3,285 | -2.6% |
| Financial charges | 65/66B | €25,366 | €51,160 | +€25,794 | +102% |
| Recurring financial charges | 65 | €18,745 | €51,160 | +€32,416 | +173% |
| Non-recurring financial charges | 66B | €6,622 | €0 | -€6,622 | -100% |
| Profit (loss) for the period before taxes | 9903 | €88,181 | €48,180 | -€40,002 | -45.4% |
| Income taxes | 67/77 | €17,166 | €17,224 | +€58 | +0.3% |
| Profit (loss) for the period | 9904 | €71,016 | €30,956 | -€40,060 | -56.4% |
| Profit (loss) for the period to be appropriated | 9905 | €71,016 | €30,956 | -€40,060 | -56.4% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.