ZELLIM: 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.
ZELLIM
Largest movements
- Cash -€136,855
down €136,855 (-99.6%), from €137,430 to €575
mainly Investment in fixed assets (net) (-€584,132) and Net result for the year (-€111,359)
- Financial fixed assets +€112,143
up €112,143 (+927%), from €12,091 to €124,234
- Receivables within one year +€90,893
up €90,893 (+344%), from €26,447 to €117,340
of which Other amounts receivable: +€94,643
- Tangible fixed assets -€77,516
down €77,516 (-2.4%), from €3.2m to €3.2m
- Other debts +€163,899
up €163,899 (+125%), from €130,892 to €294,791
- Reserves -€78,750
down €78,750 (-15.4%), from €511,224 to €432,475
of which Tax-exempt reserves: -€78,750
- Provisions -€54,724
down €54,724 (-8.8%), from €622,653 to €567,929
of which Provisions for liabilities and charges: -€28,474
- Gross operating margin -€357,962
down €357,962 (-35.5%), from €1.0m to €651,416
- Purchases and services +€264,713
new in 2025: €264,713
- Depreciation +€95,974
up €95,974 (+20.6%), from €465,897 to €561,871
- Other operating charges +€48,501
up €48,501 (+129%), from €37,738 to €86,239
- Financial charges +€28,348
up €28,348 (+20.0%), from €141,483 to €169,831
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 | €4,030,373 | €4,042,157 | +€11,784 | +0.3% |
| Fixed assets | 21/28 | €3,750,653 | €3,772,914 | +€22,261 | +0.6% |
| Intangible fixed assets | 21 | €507,003 | €494,637 | -€12,366 | -2.4% |
| Tangible fixed assets | 22/27 | €3,231,560 | €3,154,044 | -€77,516 | -2.4% |
| Land and buildings | 22 | €3,231,560 | €3,154,044 | -€77,516 | -2.4% |
| Financial fixed assets | 28 | €12,091 | €124,234 | +€112,143 | +927% |
| Current assets | 29/58 | €279,719 | €269,242 | -€10,477 | -3.7% |
| Amounts receivable after more than one year | 29 | €29,545 | €29,545 | = | 0.0% |
| Other amounts receivable | 291 | €29,545 | €29,545 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €26,447 | €117,340 | +€90,893 | +344% |
| Trade receivables | 40 | €26,000 | €22,250 | -€3,750 | -14.4% |
| Other amounts receivable | 41 | €447 | €95,090 | +€94,643 | +21,150% |
| Cash at bank and in hand | 54/58 | €137,430 | €575 | -€136,855 | -99.6% |
| Deferred charges and accrued income | 490/1 | €86,297 | €121,782 | +€35,485 | +41.1% |
| Total equity and liabilities | 10/49 | €4,030,373 | €4,042,157 | +€11,784 | +0.3% |
| Equity | 10/15 | €2,311,224 | €2,199,865 | -€111,359 | -4.8% |
| Contributions | 10/11 | €1,800,000 | €1,800,000 | = | 0.0% |
| Capital | 10 | €1,800,000 | €1,800,000 | = | 0.0% |
| Issued capital | 100 | €1,800,000 | €1,800,000 | = | 0.0% |
| Reserves | 13 | €511,224 | €432,475 | -€78,750 | -15.4% |
| Non-distributable reserves | 130/1 | €41,452 | €41,452 | = | 0.0% |
| Legal reserve | 130 | €41,452 | €41,452 | = | 0.0% |
| Tax-exempt reserves | 132 | €410,472 | €331,722 | -€78,750 | -19.2% |
| Distributable reserves | 133 | €59,300 | €59,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€32,609 | -€32,609 | |
| Provisions and deferred taxes | 16 | €622,653 | €567,929 | -€54,724 | -8.8% |
| Provisions for liabilities and charges | 160/5 | €485,829 | €457,355 | -€28,474 | -5.9% |
| Environmental obligations | 163 | €485,829 | €457,355 | -€28,474 | -5.9% |
| Deferred taxes | 168 | €136,824 | €110,574 | -€26,250 | -19.2% |
| Amounts payable | 17/49 | €1,096,495 | €1,274,362 | +€177,867 | +16.2% |
| Amounts payable after more than one year | 17 | €841,887 | €841,887 | = | 0.0% |
| Financial debts | 170/4 | €841,887 | €841,887 | = | 0.0% |
| Amounts payable within one year | 42/48 | €143,707 | €295,328 | +€151,621 | +106% |
| Trade debts | 44 | €1,344 | - | -€1,344 | |
| Suppliers | 440/4 | €1,344 | - | -€1,344 | |
| Taxes, remuneration and social security | 45 | €11,472 | €537 | -€10,935 | -95.3% |
| Taxes | 450/3 | €11,472 | €537 | -€10,935 | -95.3% |
| Other amounts payable | 47/48 | €130,892 | €294,791 | +€163,899 | +125% |
| Accrued charges and deferred income | 492/3 | €110,900 | €137,147 | +€26,246 | +23.7% |
| Goods, raw materials, services and sundry goods | 60/61 | - | €264,713 | +€264,713 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €465,897 | €561,871 | +€95,974 | +20.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€27,368 | -€28,474 | -€1,106 | -4.0% |
| Other operating charges | 640/8 | €37,738 | €86,239 | +€48,501 | +129% |
| Gross operating margin | 9900 | €1,009,378 | €651,416 | -€357,962 | -35.5% |
| Operating profit (loss) | 9901 | €533,111 | €31,780 | -€501,331 | -94.0% |
| Financial income | 75/76B | €1,224 | €442 | -€782 | -63.9% |
| Recurring financial income | 75 | €1,224 | €442 | -€782 | -63.9% |
| Financial charges | 65/66B | €141,483 | €169,831 | +€28,348 | +20.0% |
| Recurring financial charges | 65 | €141,483 | €169,831 | +€28,348 | +20.0% |
| Profit (loss) for the period before taxes | 9903 | €392,852 | -€137,609 | -€530,461 | |
| Transfer from deferred taxes | 780 | €19,176 | €26,250 | +€7,074 | +36.9% |
| Transfer to deferred taxes | 680 | €109,766 | - | -€109,766 | |
| Income taxes | 67/77 | €11,437 | - | -€11,437 | |
| Profit (loss) for the period | 9904 | €290,824 | -€111,359 | -€402,183 | |
| Transfer from tax-exempt reserves | 789 | €57,529 | €78,750 | +€21,221 | +36.9% |
| Transfer to tax-exempt reserves | 689 | €329,299 | - | -€329,299 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,054 | -€32,609 | -€51,663 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.