ZELOS: 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.
ZELOS
Largest movements
- Financial fixed assets +€839,150
up €839,150 (+83.4%), from €1.0m to €1.8m
- Receivables within one year -€323,217
down €323,217 (-36.2%), from €894,003 to €570,786
of which Trade receivables: -€227,959
- Cash +€47,041
up €47,041 (+78.6%), from €59,841 to €106,881
mainly Other debts (+€711,000) and Receivables within one year (+€323,217)
- Tangible fixed assets -€41,697
down €41,697 (-32.0%), from €130,124 to €88,427
- Other debts +€711,000
up €711,000 (+1,422%), from €50,000 to €761,000
- Short-term financial debts -€250,000
no longer reported in 2025 (was €250,000)
- Profit (loss) carried forward +€118,528
up €118,528 (+10.5%), from €1.1m to €1.3m
- Accrued charges and deferred income -€80,305
down €80,305 (-28.5%), from €281,415 to €201,110
- Debts after one year +€31,163
new in 2025: €31,163
- Depreciation -€161,336
down €161,336 (-78.5%), from €205,597 to €44,261
- Financial income -€82,723
down €82,723 (-96.4%), from €85,853 to €3,130
- Gross operating margin -€77,673
down €77,673 (-19.1%), from €405,712 to €328,039
- Staff costs -€42,079
down €42,079 (-26.9%), from €156,680 to €114,601
- Taxes -€14,249
down €14,249 (-23.9%), from €59,604 to €45,355
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 | €2,109,167 | €2,632,366 | +€523,199 | +24.8% |
| Fixed assets | 21/28 | €1,141,620 | €1,939,073 | +€797,453 | +69.9% |
| Intangible fixed assets | 21 | €5,255 | €5,255 | = | 0.0% |
| Tangible fixed assets | 22/27 | €130,124 | €88,427 | -€41,697 | -32.0% |
| Furniture and vehicles | 24 | €130,124 | €88,427 | -€41,697 | -32.0% |
| Financial fixed assets | 28 | €1,006,241 | €1,845,391 | +€839,150 | +83.4% |
| Current assets | 29/58 | €967,547 | €693,293 | -€274,255 | -28.3% |
| Amounts receivable within one year | 40/41 | €894,003 | €570,786 | -€323,217 | -36.2% |
| Trade receivables | 40 | €423,983 | €196,024 | -€227,959 | -53.8% |
| Other amounts receivable | 41 | €470,019 | €374,762 | -€95,258 | -20.3% |
| Current investments | 50/53 | €117 | €373 | +€256 | +218% |
| Cash at bank and in hand | 54/58 | €59,841 | €106,881 | +€47,041 | +78.6% |
| Deferred charges and accrued income | 490/1 | €13,587 | €15,252 | +€1,666 | +12.3% |
| Total equity and liabilities | 10/49 | €2,109,167 | €2,632,366 | +€523,199 | +24.8% |
| Equity | 10/15 | €1,200,429 | €1,318,958 | +€118,528 | +9.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,132,779 | €1,251,308 | +€118,528 | +10.5% |
| Amounts payable | 17/49 | €908,738 | €1,313,408 | +€404,670 | +44.5% |
| Amounts payable after more than one year | 17 | - | €31,163 | +€31,163 | |
| Financial debts | 170/4 | - | €31,163 | +€31,163 | |
| Amounts payable within one year | 42/48 | €627,323 | €1,081,136 | +€453,813 | +72.3% |
| Current portion of amounts payable after more than one year | 42 | €27,708 | €17,967 | -€9,742 | -35.2% |
| Financial debts | 43 | €250,000 | - | -€250,000 | |
| Credit institutions | 430/8 | €250,000 | - | -€250,000 | |
| Trade debts | 44 | €263,806 | €276,060 | +€12,254 | +4.6% |
| Suppliers | 440/4 | €263,806 | €276,060 | +€12,254 | +4.6% |
| Taxes, remuneration and social security | 45 | €35,809 | €26,109 | -€9,699 | -27.1% |
| Taxes | 450/3 | €26,238 | €14,913 | -€11,325 | -43.2% |
| Remuneration and social security | 454/9 | €9,571 | €11,197 | +€1,626 | +17.0% |
| Other amounts payable | 47/48 | €50,000 | €761,000 | +€711,000 | +1,422% |
| Accrued charges and deferred income | 492/3 | €281,415 | €201,110 | -€80,305 | -28.5% |
| Remuneration, social security and pensions | 62 | €156,680 | €114,601 | -€42,079 | -26.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €205,597 | €44,261 | -€161,336 | -78.5% |
| Other operating charges | 640/8 | €7,358 | €2,745 | -€4,613 | -62.7% |
| Gross operating margin | 9900 | €405,712 | €328,039 | -€77,673 | -19.1% |
| Operating profit (loss) | 9901 | €36,077 | €166,432 | +€130,355 | +361% |
| Financial income | 75/76B | €85,853 | €3,130 | -€82,723 | -96.4% |
| Recurring financial income | 75 | €85,853 | €3,130 | -€82,723 | -96.4% |
| Financial charges | 65/66B | €19,185 | €5,678 | -€13,507 | -70.4% |
| Recurring financial charges | 65 | €19,185 | €5,678 | -€13,507 | -70.4% |
| Profit (loss) for the period before taxes | 9903 | €102,744 | €163,884 | +€61,139 | +59.5% |
| Income taxes | 67/77 | €59,604 | €45,355 | -€14,249 | -23.9% |
| Profit (loss) for the period | 9904 | €43,141 | €118,528 | +€75,388 | +175% |
| Profit (loss) for the period to be appropriated | 9905 | €43,141 | €118,528 | +€75,388 | +175% |
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 17 October 2026 via checked.be.