ZELLIK 2: 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.
ZELLIK 2
Largest movements
- Tangible fixed assets -€494,774
down €494,774 (-27.4%), from €1.8m to €1.3m
- Cash +€196,360
up €196,360 (+20.2%), from €969,940 to €1.2m
mainly Net result for the year (+€912,959) and Depreciation (+€494,774)
- Receivables within one year -€30,381
down €30,381 (-46.5%), from €65,279 to €34,898
of which Trade receivables: -€30,381
- Provisions -€914,451
down €914,451 (-46.8%), from €2.0m to €1.0m
- Profit (loss) carried forward +€912,959
up €912,959 (+19.5%), from -€4.7m to -€3.8m
- Debts after one year -€316,533
down €316,533 (-10.1%), from €3.1m to €2.8m
- Gross operating margin -€1.8m
down €1.8m (-74.4%), from €2.5m to €631,757
- Provisions -€914,451
new in 2025: -€914,451
- Financial charges -€285,291
down €285,291 (-67.3%), from €423,765 to €138,474
- Taxes -€26,892
down €26,892, from €26,892 to -€0
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 | €2,853,086 | €2,523,289 | -€329,797 | -11.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €1,804,800 | €1,310,026 | -€494,774 | -27.4% |
| Tangible fixed assets | 22/27 | €1,804,800 | €1,310,026 | -€494,774 | -27.4% |
| Plant, machinery and equipment | 23 | €1,804,800 | €1,310,026 | -€494,774 | -27.4% |
| Current assets | 29/58 | €1,048,286 | €1,213,263 | +€164,977 | +15.7% |
| Amounts receivable within one year | 40/41 | €65,279 | €34,898 | -€30,381 | -46.5% |
| Trade receivables | 40 | €64,247 | €33,866 | -€30,381 | -47.3% |
| Other amounts receivable | 41 | €1,032 | €1,032 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €969,940 | €1,166,300 | +€196,360 | +20.2% |
| Deferred charges and accrued income | 490/1 | €13,066 | €12,064 | -€1,002 | -7.7% |
| Total equity and liabilities | 10/49 | €2,853,086 | €2,523,289 | -€329,797 | -11.6% |
| Equity | 10/15 | -€2,613,618 | -€1,700,659 | +€912,959 | +34.9% |
| Contributions | 10/11 | €2,060,050 | €2,060,050 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,673,668 | -€3,760,709 | +€912,959 | +19.5% |
| Provisions and deferred taxes | 16 | €1,953,902 | €1,039,451 | -€914,451 | -46.8% |
| Provisions for liabilities and charges | 160/5 | €1,953,902 | €1,039,451 | -€914,451 | -46.8% |
| Other liabilities and charges | 164/5 | €1,953,902 | €1,039,451 | -€914,451 | -46.8% |
| Amounts payable | 17/49 | €3,512,802 | €3,184,497 | -€328,306 | -9.3% |
| Amounts payable after more than one year | 17 | €3,143,705 | €2,827,172 | -€316,533 | -10.1% |
| Financial debts | 170/4 | €3,143,705 | €2,827,172 | -€316,533 | -10.1% |
| Amounts payable within one year | 42/48 | €369,098 | €357,325 | -€11,773 | -3.2% |
| Current portion of amounts payable after more than one year | 42 | €303,984 | €316,533 | +€12,549 | +4.1% |
| Trade debts | 44 | €7,674 | €11,015 | +€3,341 | +43.5% |
| Suppliers | 440/4 | €7,674 | €11,015 | +€3,341 | +43.5% |
| Taxes, remuneration and social security | 45 | €57,440 | €29,777 | -€27,663 | -48.2% |
| Taxes | 450/3 | €57,440 | €29,777 | -€27,663 | -48.2% |
| Non-recurring operating income | 76A | €2,000,000 | - | -€2.0m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €494,774 | €494,774 | = | 0.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€914,451 | -€914,451 | |
| Non-recurring operating charges | 66A | €220,000 | - | -€220,000 | |
| Gross operating margin | 9900 | €2,467,493 | €631,757 | -€1.8m | -74.4% |
| Operating profit (loss) | 9901 | €1,752,719 | €1,051,433 | -€701,285 | -40.0% |
| Financial income | 75/76B | €4 | - | -€4 | |
| Recurring financial income | 75 | €4 | - | -€4 | |
| Financial charges | 65/66B | €423,765 | €138,474 | -€285,291 | -67.3% |
| Recurring financial charges | 65 | €423,765 | €138,474 | -€285,291 | -67.3% |
| Profit (loss) for the period before taxes | 9903 | €1,328,958 | €912,959 | -€415,998 | -31.3% |
| Income taxes | 67/77 | €26,892 | -€0 | -€26,892 | |
| Profit (loss) for the period | 9904 | €1,302,065 | €912,959 | -€389,106 | -29.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,302,065 | €912,959 | -€389,106 | -29.9% |
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 31 October 2026 via checked.be.