ZELFIES: 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.
ZELFIES
Largest movements
- Cash +€19,804
up €19,804 (+74.1%), from €26,734 to €46,538
mainly Net result for the year (+€46,090) and Tax, wage and social debts (+€10,693)
- Current investments +€8,000
new in 2025: €8,000
- Receivables within one year +€4,488
up €4,488 (+116%), from €3,874 to €8,362
of which Other amounts receivable: +€4,488
- Tangible fixed assets +€2,453
up €2,453 (+964%), from €254 to €2,707
- Reserves +€23,334
new in 2025: €23,334
- Profit (loss) carried forward +€22,756
up €22,756, from -€22,756 to €0
- Trade debts -€13,632
down €13,632 (-89.1%), from €15,302 to €1,670
- Tax, wage and social debts +€10,693
up €10,693 (+231%), from €4,626 to €15,318
of which Taxes: +€13,943
- Other debts -€7,371
down €7,371 (-94.0%), from €7,841 to €470
- Gross operating margin +€23,140
up €23,140 (+58.1%), from €39,799 to €62,939
- Taxes +€10,272
up €10,272 (+7,901%), from €130 to €10,402
- Financial charges +€1,063
up €1,063 (+23.4%), from €4,535 to €5,598
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 | €30,862 | €66,218 | +€35,356 | +115% |
| Fixed assets | 21/28 | €254 | €2,707 | +€2,453 | +964% |
| Tangible fixed assets | 22/27 | €254 | €2,707 | +€2,453 | +964% |
| Furniture and vehicles | 24 | €254 | €2,707 | +€2,453 | +964% |
| Current assets | 29/58 | €30,608 | €63,511 | +€32,904 | +108% |
| Amounts receivable within one year | 40/41 | €3,874 | €8,362 | +€4,488 | +116% |
| Trade receivables | 40 | €3,842 | €3,842 | = | 0.0% |
| Other amounts receivable | 41 | €32 | €4,520 | +€4,488 | +14,082% |
| Current investments | 50/53 | - | €8,000 | +€8,000 | |
| Cash at bank and in hand | 54/58 | €26,734 | €46,538 | +€19,804 | +74.1% |
| Deferred charges and accrued income | 490/1 | - | €611 | +€611 | |
| Total equity and liabilities | 10/49 | €30,862 | €66,218 | +€35,356 | +115% |
| Equity | 10/15 | €2,244 | €48,334 | +€46,090 | +2,054% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | - | €23,334 | +€23,334 | |
| Distributable reserves | 133 | - | €23,334 | +€23,334 | |
| Profit (loss) carried forward | 14 | -€22,756 | €0 | +€22,756 | |
| Amounts payable | 17/49 | €28,618 | €17,884 | -€10,734 | -37.5% |
| Amounts payable within one year | 42/48 | €27,768 | €17,884 | -€9,884 | -35.6% |
| Financial debts | 43 | €0 | €426 | +€426 | |
| Credit institutions | 430/8 | €0 | €426 | +€426 | |
| Trade debts | 44 | €15,302 | €1,670 | -€13,632 | -89.1% |
| Suppliers | 440/4 | €15,302 | €1,670 | -€13,632 | -89.1% |
| Taxes, remuneration and social security | 45 | €4,626 | €15,318 | +€10,693 | +231% |
| Taxes | 450/3 | €1,376 | €15,318 | +€13,943 | +1,014% |
| Remuneration and social security | 454/9 | €3,250 | €0 | -€3,250 | -100% |
| Other amounts payable | 47/48 | €7,841 | €470 | -€7,371 | -94.0% |
| Accrued charges and deferred income | 492/3 | €850 | €0 | -€850 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €524 | €538 | +€13 | +2.5% |
| Other operating charges | 640/8 | €449 | €525 | +€76 | +16.9% |
| Gross operating margin | 9900 | €39,799 | €62,939 | +€23,140 | +58.1% |
| Operating profit (loss) | 9901 | €38,825 | €61,876 | +€23,051 | +59.4% |
| Financial income | 75/76B | €7 | €215 | +€208 | +2,969% |
| Recurring financial income | 75 | €7 | €215 | +€208 | +2,969% |
| Financial charges | 65/66B | €4,535 | €5,598 | +€1,063 | +23.4% |
| Recurring financial charges | 65 | €4,535 | €5,598 | +€1,063 | +23.4% |
| Profit (loss) for the period before taxes | 9903 | €34,297 | €56,493 | +€22,196 | +64.7% |
| Income taxes | 67/77 | €130 | €10,402 | +€10,272 | +7,901% |
| Profit (loss) for the period | 9904 | €34,167 | €46,090 | +€11,923 | +34.9% |
| Profit (loss) for the period to be appropriated | 9905 | €34,167 | €46,090 | +€11,923 | +34.9% |
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 13 October 2026 via checked.be.