Zelo: what changed
Two fiscal 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.
Zelo
Largest movements
- Cash +€28,563
up €28,563 (+295.5%), from €9,665 to €38,228
mainly Net result for the year (+€23,272) and Tax, wage and social debts (+€12,892)
- Receivables within one year -€4,641
down €4,641 (-33.9%), from €13,683 to €9,042
- Tangible fixed assets +€885
up €885 (+34.3%), from €2,583 to €3,468
- Reserves +€23,272
up €23,272 (+1023.4%), from €2,274 to €25,546
- Tax, wage and social debts +€12,892
up €12,892 (+174.9%), from €7,370 to €20,262
- Other debts -€10,601
down €10,601 (-89.6%), from €11,828 to €1,227
- Gross operating margin +€20,106
up €20,106 (+114.2%), from €17,601 to €37,707
- Taxes +€4,461
up €4,461 (+90.0%), from €4,955 to €9,416
- Depreciation -€442
down €442 (-26.0%), from €1,702 to €1,260
- Other operating charges -€393
down €393 (-24.8%), from €1,582 to €1,189
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 | €27,439 | €52,611 | +€25,172 | +91.7% |
| Fixed assets | 21/28 | €2,583 | €3,468 | +€885 | +34.3% |
| Tangible fixed assets | 22/27 | €2,583 | €3,468 | +€885 | +34.3% |
| Plant, machinery and equipment | 23 | €2,583 | €3,468 | +€885 | +34.3% |
| Current assets | 29/58 | €24,856 | €49,143 | +€24,287 | +97.7% |
| Amounts receivable within one year | 40/41 | €13,683 | €9,042 | -€4,641 | -33.9% |
| Trade receivables | 40 | €13,683 | €9,042 | -€4,641 | -33.9% |
| Cash at bank and in hand | 54/58 | €9,665 | €38,228 | +€28,563 | +295.5% |
| Deferred charges and accrued income | 490/1 | €1,508 | €1,873 | +€365 | +24.2% |
| Total equity and liabilities | 10/49 | €27,439 | €52,611 | +€25,172 | +91.7% |
| Equity | 10/15 | €4,774 | €28,046 | +€23,272 | +487.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €2,274 | €25,546 | +€23,272 | +1023.4% |
| Distributable reserves | 133 | €2,274 | €25,546 | +€23,272 | +1023.4% |
| Amounts payable | 17/49 | €22,665 | €24,565 | +€1,900 | +8.4% |
| Amounts payable within one year | 42/48 | €22,665 | €24,565 | +€1,900 | +8.4% |
| Trade debts | 44 | €3,467 | €3,076 | -€391 | -11.3% |
| Suppliers | 440/4 | €3,467 | €3,076 | -€391 | -11.3% |
| Taxes, remuneration and social security | 45 | €7,370 | €20,262 | +€12,892 | +174.9% |
| Taxes | 450/3 | €7,370 | €20,262 | +€12,892 | +174.9% |
| Other amounts payable | 47/48 | €11,828 | €1,227 | -€10,601 | -89.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,702 | €1,260 | -€442 | -26.0% |
| Other operating charges | 640/8 | €1,582 | €1,189 | -€393 | -24.8% |
| Non-recurring operating charges | 66A | €4,286 | - | -€4,286 | |
| Gross operating margin | 9900 | €17,601 | €37,707 | +€20,106 | +114.2% |
| Operating profit (loss) | 9901 | €10,031 | €35,258 | +€25,227 | +251.5% |
| Financial income | 75/76B | €63 | €13 | -€50 | -79.4% |
| Recurring financial income | 75 | €63 | €13 | -€50 | -79.4% |
| Financial charges | 65/66B | €2,865 | €2,583 | -€282 | -9.8% |
| Recurring financial charges | 65 | €2,865 | €2,583 | -€282 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €7,229 | €32,688 | +€25,459 | +352.2% |
| Income taxes | 67/77 | €4,955 | €9,416 | +€4,461 | +90.0% |
| Profit (loss) for the period | 9904 | €2,274 | €23,272 | +€20,998 | +923.4% |
| Profit (loss) for the period to be appropriated | 9905 | €2,274 | €23,272 | +€20,998 | +923.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.