ZELIES: 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.
ZELIES
Largest movements
- Receivables within one year +€10,189
up €10,189 (+1228.3%), from €830 to €11,019
of which Trade receivables: +€5,117
- Cash -€6,908
down €6,908 (-21.4%), from €32,251 to €25,343
mainly Receivables within one year (-€10,189) and Investment in fixed assets (net) (-€7,819)
- Stocks and contracts +€2,896
up €2,896 (+39.0%), from €7,428 to €10,324
- Tangible fixed assets +€1,698
up €1,698 (+6.4%), from €26,626 to €28,324
of which Plant, machinery and equipment: +€3,631
- Trade debts +€7,346
up €7,346 (+169.7%), from €4,329 to €11,675
- Other debts -€5,169
down €5,169 (-13.5%), from €38,240 to €33,071
- Reserves +€4,690
up €4,690 (+44.0%), from €10,667 to €15,357
- Tax, wage and social debts +€2,125
up €2,125 (+38.1%), from €5,581 to €7,706
- Accrued charges and deferred income -€1,117
down €1,117 (-19.2%), from €5,818 to €4,701
- Gross operating margin -€8,793
down €8,793 (-39.0%), from €22,522 to €13,729
- Staff costs -€4,842
no longer reported in 2025 (was €4,842)
- Depreciation +€2,662
up €2,662 (+76.9%), from €3,459 to €6,121
- Taxes -€2,240
down €2,240 (-64.5%), from €3,473 to €1,233
- Other operating charges +€1,173
up €1,173 (+2680.1%), from €44 to €1,217
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €67,134 | €75,010 | +€7,875 | +11.7% |
| Fixed assets | 21/28 | €26,626 | €28,324 | +€1,698 | +6.4% |
| Tangible fixed assets | 22/27 | €26,626 | €28,324 | +€1,698 | +6.4% |
| Plant, machinery and equipment | 23 | €9,287 | €12,917 | +€3,631 | +39.1% |
| Furniture and vehicles | 24 | €16,352 | €14,527 | -€1,826 | -11.2% |
| Other tangible fixed assets | 26 | €987 | €880 | -€108 | -10.9% |
| Current assets | 29/58 | €40,508 | €46,686 | +€6,178 | +15.3% |
| Stocks and contracts in progress | 3 | €7,428 | €10,324 | +€2,896 | +39.0% |
| Stocks | 30/36 | €7,428 | €10,324 | +€2,896 | +39.0% |
| Amounts receivable within one year | 40/41 | €830 | €11,019 | +€10,189 | +1228.3% |
| Trade receivables | 40 | €830 | €5,946 | +€5,117 | +616.8% |
| Other amounts receivable | 41 | - | €5,072 | +€5,072 | |
| Cash at bank and in hand | 54/58 | €32,251 | €25,343 | -€6,908 | -21.4% |
| Total equity and liabilities | 10/49 | €67,134 | €75,010 | +€7,875 | +11.7% |
| Equity | 10/15 | €13,167 | €17,857 | +€4,690 | +35.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €10,667 | €15,357 | +€4,690 | +44.0% |
| Distributable reserves | 133 | €10,667 | €15,357 | +€4,690 | +44.0% |
| Amounts payable | 17/49 | €53,968 | €57,153 | +€3,185 | +5.9% |
| Amounts payable within one year | 42/48 | €48,150 | €52,452 | +€4,302 | +8.9% |
| Trade debts | 44 | €4,329 | €11,675 | +€7,346 | +169.7% |
| Suppliers | 440/4 | €4,329 | €11,675 | +€7,346 | +169.7% |
| Taxes, remuneration and social security | 45 | €5,581 | €7,706 | +€2,125 | +38.1% |
| Taxes | 450/3 | €5,581 | €7,706 | +€2,125 | +38.1% |
| Other amounts payable | 47/48 | €38,240 | €33,071 | -€5,169 | -13.5% |
| Accrued charges and deferred income | 492/3 | €5,818 | €4,701 | -€1,117 | -19.2% |
| Remuneration, social security and pensions | 62 | €4,842 | - | -€4,842 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,459 | €6,121 | +€2,662 | +76.9% |
| Other operating charges | 640/8 | €44 | €1,217 | +€1,173 | +2680.1% |
| Gross operating margin | 9900 | €22,522 | €13,729 | -€8,793 | -39.0% |
| Operating profit (loss) | 9901 | €14,177 | €6,391 | -€7,786 | -54.9% |
| Financial income | 75/76B | €3 | €161 | +€158 | +4757.8% |
| Recurring financial income | 75 | €3 | €161 | +€158 | +4757.8% |
| Financial charges | 65/66B | €41 | €629 | +€588 | +1452.4% |
| Recurring financial charges | 65 | €41 | €629 | +€588 | +1452.4% |
| Profit (loss) for the period before taxes | 9903 | €14,140 | €5,923 | -€8,216 | -58.1% |
| Income taxes | 67/77 | €3,473 | €1,233 | -€2,240 | -64.5% |
| Profit (loss) for the period | 9904 | €10,667 | €4,690 | -€5,976 | -56.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,667 | €4,690 | -€5,976 | -56.0% |
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 11 October 2026 via checked.be.