Zelderloo Maxim: 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.
Zelderloo Maxim
Largest movements
- Cash +€64,731
up €64,731 (+62.5%), from €103,548 to €168,279
mainly Net result for the year (+€69,473) and Depreciation (+€1,549)
- Reserves +€68,640
up €68,640 (+89.3%), from €76,904 to €145,544
- Tax, wage and social debts -€6,923
down €6,923 (-19.8%), from €34,999 to €28,076
of which Taxes: -€6,923
- Gross operating margin -€10,585
down €10,585 (-10.4%), from €101,491 to €90,906
- Taxes -€2,031
down €2,031 (-9.7%), from €20,920 to €18,889
- Depreciation -€1,154
down €1,154 (-42.7%), from €2,703 to €1,549
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 | €127,439 | €190,851 | +€63,413 | +49.8% |
| Fixed assets | 21/28 | €6,772 | €6,050 | -€722 | -10.7% |
| Tangible fixed assets | 22/27 | €6,772 | €6,050 | -€722 | -10.7% |
| Plant, machinery and equipment | 23 | €884 | €498 | -€387 | -43.7% |
| Furniture and vehicles | 24 | €1,588 | €1,720 | +€132 | +8.3% |
| Other tangible fixed assets | 26 | €4,300 | €3,832 | -€468 | -10.9% |
| Current assets | 29/58 | €120,667 | €184,802 | +€64,135 | +53.2% |
| Amounts receivable within one year | 40/41 | €16,771 | €16,285 | -€486 | -2.9% |
| Trade receivables | 40 | €16,771 | €16,285 | -€486 | -2.9% |
| Cash at bank and in hand | 54/58 | €103,548 | €168,279 | +€64,731 | +62.5% |
| Deferred charges and accrued income | 490/1 | €348 | €238 | -€110 | -31.7% |
| Total equity and liabilities | 10/49 | €127,439 | €190,851 | +€63,413 | +49.8% |
| Equity | 10/15 | €79,904 | €148,544 | +€68,640 | +85.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €76,904 | €145,544 | +€68,640 | +89.3% |
| Distributable reserves | 133 | €76,904 | €145,544 | +€68,640 | +89.3% |
| Amounts payable | 17/49 | €47,535 | €42,308 | -€5,227 | -11.0% |
| Amounts payable within one year | 42/48 | €47,345 | €41,724 | -€5,621 | -11.9% |
| Trade debts | 44 | €1,651 | €2,002 | +€351 | +21.3% |
| Suppliers | 440/4 | €1,651 | €2,002 | +€351 | +21.3% |
| Taxes, remuneration and social security | 45 | €34,999 | €28,076 | -€6,923 | -19.8% |
| Taxes | 450/3 | €31,999 | €25,076 | -€6,923 | -21.6% |
| Remuneration and social security | 454/9 | €3,000 | €3,000 | = | 0.0% |
| Other amounts payable | 47/48 | €10,695 | €11,646 | +€951 | +8.9% |
| Accrued charges and deferred income | 492/3 | €190 | €584 | +€394 | +207% |
| Remuneration, social security and pensions | 62 | €10 | €299 | +€289 | +2,877% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,703 | €1,549 | -€1,154 | -42.7% |
| Other operating charges | 640/8 | €80 | €150 | +€70 | +87.5% |
| Gross operating margin | 9900 | €101,491 | €90,906 | -€10,585 | -10.4% |
| Operating profit (loss) | 9901 | €98,698 | €88,908 | -€9,790 | -9.9% |
| Financial income | 75/76B | €0 | €5 | +€5 | +49,900% |
| Recurring financial income | 75 | €0 | €5 | +€5 | +49,900% |
| Financial charges | 65/66B | €42 | €551 | +€509 | +1,226% |
| Recurring financial charges | 65 | €42 | €551 | +€509 | +1,226% |
| Profit (loss) for the period before taxes | 9903 | €98,656 | €88,362 | -€10,295 | -10.4% |
| Income taxes | 67/77 | €20,920 | €18,889 | -€2,031 | -9.7% |
| Profit (loss) for the period | 9904 | €77,737 | €69,473 | -€8,264 | -10.6% |
| Profit (loss) for the period to be appropriated | 9905 | €77,737 | €69,473 | -€8,264 | -10.6% |
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 17 October 2026 via checked.be.