ZELDA: 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.
What changed
ZELDA
NACE 96.230, Day spas, saunas and steam baths
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€18,234
2024 · €13,950+€4,284
Equity
€446,052
2024 · €427,818+€18,234
Cash
€121,073
2024 · €30,345+€90,728
Balance sheet total
€6.5m
2024 · €6.7m-€202,760
Largest movements
Assets
- Tangible fixed assets -€253,414
down €253,414 (-6.3%), from €4.0m to €3.8m
of which Land and buildings: -€163,523
- Cash +€90,728
up €90,728 (+299.0%), from €30,345 to €121,073
mainly Depreciation (+€229,981) and Investment in fixed assets (net) (+€64,078)
Equity and liabilities
- Debts after one year -€233,465
down €233,465 (-4.0%), from €5.9m to €5.6m
Income statement
- Staff costs +€13,111
up €13,111 (+3.5%), from €369,804 to €382,915
- Gross operating margin +€12,990
up €12,990 (+1.9%), from €697,629 to €710,620
- Other operating charges +€9,923
up €9,923 (+40.8%), from €24,348 to €34,270
- Depreciation -€8,268
down €8,268 (-3.5%), from €238,249 to €229,981
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.
Result 2024
€13,950
Gross operating margin
+€12,990
Staff costs
-€13,111
Depreciation
+€8,268
Other operating charges
-€9,923
Financial income
+€4,119
Financial charges
+€1,940
Result 2025
€18,234
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.
From operations
+€277,881
Investment
+€64,078
Financing
-€251,231
Cash 2024
€30,345
From operations (derived)
+€277,881
Net result for the year
+€18,234
Depreciation
+€229,981
Stocks and contracts
-€2,086
Receivables within one year
-€274
Deferred charges and accrued income
+€1,788
Trade debts
+€23,379
Tax, wage and social debts
+€6,858
Investment (derived)
+€64,078
Investment in fixed assets (net)
+€64,078
Financing
-€251,231
Debts after one year
-€233,465
Current portion of long-term debt
-€24,113
Short-term financial debts
+€6,346
Cash 2025
€121,073
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,725,126 | €6,522,366 | -€202,760 | -3.0% |
| Formation expenses | 20 | €40,150 | €303 | -€39,848 | -99.2% |
| Fixed assets | 21/28 | €6,611,377 | €6,357,166 | -€254,212 | -3.8% |
| Intangible fixed assets | 21 | €10,229 | €9,431 | -€798 | -7.8% |
| Tangible fixed assets | 22/27 | €4,042,843 | €3,789,429 | -€253,414 | -6.3% |
| Land and buildings | 22 | €3,689,423 | €3,525,900 | -€163,523 | -4.4% |
| Plant, machinery and equipment | 23 | €329,491 | €240,329 | -€89,162 | -27.1% |
| Furniture and vehicles | 24 | €23,929 | €23,199 | -€730 | -3.0% |
| Financial fixed assets | 28 | €2,558,306 | €2,558,306 | = | 0.0% |
| Current assets | 29/58 | €73,598 | €164,898 | +€91,299 | +124.1% |
| Stocks and contracts in progress | 3 | €23,962 | €26,047 | +€2,086 | +8.7% |
| Stocks | 30/36 | €23,962 | €26,047 | +€2,086 | +8.7% |
| Amounts receivable within one year | 40/41 | €16,736 | €17,010 | +€274 | +1.6% |
| Trade receivables | 40 | €8,228 | €14,088 | +€5,860 | +71.2% |
| Other amounts receivable | 41 | €8,508 | €2,922 | -€5,586 | -65.7% |
| Cash at bank and in hand | 54/58 | €30,345 | €121,073 | +€90,728 | +299.0% |
| Deferred charges and accrued income | 490/1 | €2,556 | €767 | -€1,788 | -70.0% |
| Total equity and liabilities | 10/49 | €6,725,126 | €6,522,366 | -€202,760 | -3.0% |
| Equity | 10/15 | €427,818 | €446,052 | +€18,234 | +4.3% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €177,818 | €196,052 | +€18,234 | +10.3% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,365 | €4,365 | = | 0.0% |
| Distributable reserves | 133 | €148,453 | €166,687 | +€18,234 | +12.3% |
| Amounts payable | 17/49 | €6,297,308 | €6,076,314 | -€220,994 | -3.5% |
| Amounts payable after more than one year | 17 | €5,877,449 | €5,643,984 | -€233,465 | -4.0% |
| Financial debts | 170/4 | €5,877,449 | €5,643,984 | -€233,465 | -4.0% |
| Amounts payable within one year | 42/48 | €419,859 | €432,330 | +€12,471 | +3.0% |
| Current portion of amounts payable after more than one year | 42 | €244,493 | €220,380 | -€24,113 | -9.9% |
| Financial debts | 43 | €5,976 | €12,323 | +€6,346 | +106.2% |
| Credit institutions | 430/8 | €5,976 | €12,323 | +€6,346 | +106.2% |
| Trade debts | 44 | €98,277 | €121,656 | +€23,379 | +23.8% |
| Suppliers | 440/4 | €98,277 | €121,656 | +€23,379 | +23.8% |
| Taxes, remuneration and social security | 45 | €70,113 | €76,971 | +€6,858 | +9.8% |
| Taxes | 450/3 | €28,170 | €30,928 | +€2,758 | +9.8% |
| Remuneration and social security | 454/9 | €41,943 | €46,043 | +€4,100 | +9.8% |
| Other amounts payable | 47/48 | €1,000 | €1,000 | = | 0.0% |
| Non-recurring operating income | 76A | €500 | €210,152 | +€209,652 | +41930.4% |
| Remuneration, social security and pensions | 62 | €369,804 | €382,915 | +€13,111 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €238,249 | €229,981 | -€8,268 | -3.5% |
| Other operating charges | 640/8 | €24,348 | €34,270 | +€9,923 | +40.8% |
| Gross operating margin | 9900 | €697,629 | €710,620 | +€12,990 | +1.9% |
| Operating profit (loss) | 9901 | €65,228 | €63,453 | -€1,775 | -2.7% |
| Financial income | 75/76B | €976 | €5,095 | +€4,119 | +421.9% |
| Recurring financial income | 75 | €976 | €5,095 | +€4,119 | +421.9% |
| Financial charges | 65/66B | €52,254 | €50,314 | -€1,940 | -3.7% |
| Recurring financial charges | 65 | €52,254 | €50,314 | -€1,940 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | €13,950 | €18,234 | +€4,284 | +30.7% |
| Profit (loss) for the period | 9904 | €13,950 | €18,234 | +€4,284 | +30.7% |
| Profit (loss) for the period to be appropriated | 9905 | €13,950 | €18,234 | +€4,284 | +30.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.