Zelpa: 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.
Zelpa
Largest movements
- Stocks and contracts +€391,250
up €391,250 (+22.5%), from €1.7m to €2.1m
- Receivables within one year -€382,946
down €382,946 (-71.8%), from €532,997 to €150,051
of which Trade receivables: -€346,146
- Cash +€130,350
up €130,350 (+591.3%), from €22,045 to €152,395
mainly Short-term financial debts (+€407,578) and Receivables within one year (+€382,946)
- Tangible fixed assets +€125,446
up €125,446 (+275.5%), from €45,528 to €170,974
of which Plant, machinery and equipment: +€111,814
- Trade debts -€448,533
down €448,533 (-61.8%), from €725,446 to €276,913
- Short-term financial debts +€407,578
up €407,578 (+139.1%), from €293,000 to €700,578
of which Credit institutions: +€400,299
- Other debts +€179,942
up €179,942 (+36.9%), from €488,096 to €668,039
- Debts after one year +€60,523
up €60,523 (+117.5%), from €51,531 to €112,054
- Profit (loss) carried forward +€56,896
new in 2025: €56,896
- Gross operating margin +€494,312
up €494,312 (+386.3%), from €127,975 to €622,287
- Staff costs +€110,368
up €110,368 (+29.7%), from €371,065 to €481,434
- Depreciation +€12,207
up €12,207 (+148.6%), from €8,212 to €20,420
- Other operating charges +€10,378
up €10,378 (+291.8%), from €3,557 to €13,934
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 | €2,350,155 | €2,620,583 | +€270,429 | +11.5% |
| Fixed assets | 21/28 | €45,528 | €170,974 | +€125,446 | +275.5% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €45,528 | €170,974 | +€125,446 | +275.5% |
| Land and buildings | 22 | €5,400 | €5,100 | -€300 | -5.6% |
| Plant, machinery and equipment | 23 | €15,794 | €127,608 | +€111,814 | +707.9% |
| Furniture and vehicles | 24 | €24,334 | €38,266 | +€13,932 | +57.3% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €2,304,626 | €2,449,609 | +€144,983 | +6.3% |
| Stocks and contracts in progress | 3 | €1,740,753 | €2,132,003 | +€391,250 | +22.5% |
| Stocks | 30/36 | €1,740,753 | €2,132,003 | +€391,250 | +22.5% |
| Amounts receivable within one year | 40/41 | €532,997 | €150,051 | -€382,946 | -71.8% |
| Trade receivables | 40 | €491,022 | €144,876 | -€346,146 | -70.5% |
| Other amounts receivable | 41 | €41,975 | €5,175 | -€36,800 | -87.7% |
| Cash at bank and in hand | 54/58 | €22,045 | €152,395 | +€130,350 | +591.3% |
| Deferred charges and accrued income | 490/1 | €8,831 | €15,160 | +€6,329 | +71.7% |
| Total equity and liabilities | 10/49 | €2,350,155 | €2,620,583 | +€270,429 | +11.5% |
| Equity | 10/15 | €707,383 | €764,279 | +€56,896 | +8.0% |
| Contributions | 10/11 | €57,810 | €57,810 | = | 0.0% |
| Reserves | 13 | €649,573 | €649,573 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €649,573 | €649,573 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €56,896 | +€56,896 | |
| Amounts payable | 17/49 | €1,642,771 | €1,856,305 | +€213,533 | +13.0% |
| Amounts payable after more than one year | 17 | €51,531 | €112,054 | +€60,523 | +117.5% |
| Financial debts | 170/4 | €51,531 | €112,054 | +€60,523 | +117.5% |
| Amounts payable within one year | 42/48 | €1,581,750 | €1,744,251 | +€162,501 | +10.3% |
| Current portion of amounts payable after more than one year | 42 | €40,278 | €33,871 | -€6,407 | -15.9% |
| Financial debts | 43 | €293,000 | €700,578 | +€407,578 | +139.1% |
| Credit institutions | 430/8 | €293,000 | €693,299 | +€400,299 | +136.6% |
| Other loans | 439 | - | €7,279 | +€7,279 | |
| Trade debts | 44 | €725,446 | €276,913 | -€448,533 | -61.8% |
| Suppliers | 440/4 | €725,446 | €276,913 | -€448,533 | -61.8% |
| Taxes, remuneration and social security | 45 | €34,930 | €64,851 | +€29,921 | +85.7% |
| Taxes | 450/3 | - | €8,285 | +€8,285 | |
| Remuneration and social security | 454/9 | €34,930 | €56,566 | +€21,636 | +61.9% |
| Other amounts payable | 47/48 | €488,096 | €668,039 | +€179,942 | +36.9% |
| Accrued charges and deferred income | 492/3 | €9,491 | - | -€9,491 | |
| Non-recurring operating income | 76A | €20,123 | - | -€20,123 | |
| Remuneration, social security and pensions | 62 | €371,065 | €481,434 | +€110,368 | +29.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,212 | €20,420 | +€12,207 | +148.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €3,557 | €13,934 | +€10,378 | +291.8% |
| Gross operating margin | 9900 | €127,975 | €622,287 | +€494,312 | +386.3% |
| Operating profit (loss) | 9901 | -€254,859 | €106,499 | +€361,359 | |
| Financial income | 75/76B | €401 | €834 | +€433 | +108.1% |
| Recurring financial income | 75 | €401 | €834 | +€433 | +108.1% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €54,103 | €49,742 | -€4,360 | -8.1% |
| Recurring financial charges | 65 | €54,103 | €49,742 | -€4,360 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | -€308,561 | €57,591 | +€366,152 | |
| Income taxes | 67/77 | €699 | €696 | -€4 | -0.6% |
| Profit (loss) for the period | 9904 | -€309,261 | €56,896 | +€366,156 | |
| Profit (loss) for the period to be appropriated | 9905 | -€309,261 | €56,896 | +€366,156 |
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 12 October 2026 via checked.be.