ZELS: 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.
ZELS
Largest movements
- Tangible fixed assets +€28,371
up €28,371 (+76.0%), from €37,340 to €65,711
of which Leasing and similar rights: +€33,469
- Receivables within one year -€22,905
down €22,905 (-18.5%), from €123,663 to €100,759
- Cash -€21,421
down €21,421 (-19.8%), from €108,052 to €86,631
mainly Short-term financial debts (-€60,000) and Investment in fixed assets (net) (-€41,204)
- Stocks and contracts -€8,998
down €8,998 (-1.8%), from €496,980 to €487,982
- Short-term financial debts -€60,000
down €60,000 (-21.8%), from €275,000 to €215,000
- Debts after one year +€22,701
up €22,701 (+28.8%), from €78,933 to €101,634
of which Financial debts: +€22,701
- Profit (loss) carried forward +€12,470
up €12,470 (+9.6%), from €130,381 to €142,851
- Trade debts -€10,242
down €10,242 (-42.3%), from €24,188 to €13,946
- Current portion of long-term debt +€9,602
new in 2025: €9,602
- Purchases and services -€78,869
down €78,869 (-18.3%), from €431,830 to €352,961
- Turnover -€50,400
down €50,400 (-8.9%), from €563,494 to €513,094
- Gross operating margin +€28,469
up €28,469 (+21.6%), from €131,664 to €160,133
- Staff costs +€16,629
up €16,629 (+19.0%), from €87,464 to €104,093
- Financial charges -€9,907
down €9,907 (-28.4%), from €34,869 to €24,962
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 | €773,460 | €744,463 | -€28,997 | -3.7% |
| Fixed assets | 21/28 | €37,900 | €66,271 | +€28,371 | +74.9% |
| Tangible fixed assets | 22/27 | €37,340 | €65,711 | +€28,371 | +76.0% |
| Land and buildings | 22 | €32,074 | €30,593 | -€1,481 | -4.6% |
| Plant, machinery and equipment | 23 | €2,605 | €1,648 | -€956 | -36.7% |
| Furniture and vehicles | 24 | €2,661 | €0 | -€2,661 | -100.0% |
| Leasing and similar rights | 25 | - | €33,469 | +€33,469 | |
| Financial fixed assets | 28 | €560 | €560 | = | 0.0% |
| Current assets | 29/58 | €735,560 | €678,192 | -€57,368 | -7.8% |
| Stocks and contracts in progress | 3 | €496,980 | €487,982 | -€8,998 | -1.8% |
| Stocks | 30/36 | €496,980 | €487,982 | -€8,998 | -1.8% |
| Amounts receivable within one year | 40/41 | €123,663 | €100,759 | -€22,905 | -18.5% |
| Trade receivables | 40 | €123,663 | €100,759 | -€22,905 | -18.5% |
| Cash at bank and in hand | 54/58 | €108,052 | €86,631 | -€21,421 | -19.8% |
| Deferred charges and accrued income | 490/1 | €6,865 | €2,821 | -€4,044 | -58.9% |
| Total equity and liabilities | 10/49 | €773,460 | €744,463 | -€28,997 | -3.7% |
| Equity | 10/15 | €307,624 | €320,094 | +€12,470 | +4.1% |
| Contributions | 10/11 | €161,130 | €161,130 | = | 0.0% |
| Capital | 10 | €161,130 | €161,130 | = | 0.0% |
| Issued capital | 100 | €161,130 | €161,130 | = | 0.0% |
| Reserves | 13 | €16,113 | €16,113 | = | 0.0% |
| Non-distributable reserves | 130/1 | €16,113 | €16,113 | = | 0.0% |
| Legal reserve | 130 | €16,113 | €16,113 | = | 0.0% |
| Profit (loss) carried forward | 14 | €130,381 | €142,851 | +€12,470 | +9.6% |
| Amounts payable | 17/49 | €465,836 | €424,369 | -€41,467 | -8.9% |
| Amounts payable after more than one year | 17 | €78,933 | €101,634 | +€22,701 | +28.8% |
| Financial debts | 170/4 | €30,333 | €53,034 | +€22,701 | +74.8% |
| Other amounts payable | 178/9 | €48,600 | €48,600 | = | 0.0% |
| Amounts payable within one year | 42/48 | €378,867 | €317,426 | -€61,441 | -16.2% |
| Current portion of amounts payable after more than one year | 42 | - | €9,602 | +€9,602 | |
| Financial debts | 43 | €275,000 | €215,000 | -€60,000 | -21.8% |
| Credit institutions | 430/8 | €275,000 | €215,000 | -€60,000 | -21.8% |
| Trade debts | 44 | €24,188 | €13,946 | -€10,242 | -42.3% |
| Suppliers | 440/4 | €24,188 | €13,946 | -€10,242 | -42.3% |
| Taxes, remuneration and social security | 45 | €33,056 | €32,920 | -€136 | -0.4% |
| Taxes | 450/3 | €13,692 | €10,066 | -€3,626 | -26.5% |
| Remuneration and social security | 454/9 | €19,364 | €22,855 | +€3,490 | +18.0% |
| Other amounts payable | 47/48 | €46,623 | €45,957 | -€666 | -1.4% |
| Accrued charges and deferred income | 492/3 | €8,036 | €5,309 | -€2,726 | -33.9% |
| Turnover | 70 | €563,494 | €513,094 | -€50,400 | -8.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €431,830 | €352,961 | -€78,869 | -18.3% |
| Remuneration, social security and pensions | 62 | €87,464 | €104,093 | +€16,629 | +19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,599 | €12,833 | +€6,234 | +94.5% |
| Other operating charges | 640/8 | €6,469 | €5,378 | -€1,091 | -16.9% |
| Non-recurring operating charges | 66A | - | €594 | +€594 | |
| Gross operating margin | 9900 | €131,664 | €160,133 | +€28,469 | +21.6% |
| Operating profit (loss) | 9901 | €31,132 | €37,234 | +€6,102 | +19.6% |
| Financial income | 75/76B | €8,455 | €502 | -€7,953 | -94.1% |
| Recurring financial income | 75 | €8,455 | €502 | -€7,953 | -94.1% |
| Financial charges | 65/66B | €34,869 | €24,962 | -€9,907 | -28.4% |
| Recurring financial charges | 65 | €34,869 | €24,962 | -€9,907 | -28.4% |
| Profit (loss) for the period before taxes | 9903 | €4,717 | €12,774 | +€8,057 | +170.8% |
| Income taxes | 67/77 | €415 | €304 | -€111 | -26.7% |
| Profit (loss) for the period | 9904 | €4,302 | €12,470 | +€8,167 | +189.8% |
| Profit (loss) for the period to be appropriated | 9905 | €4,302 | €12,470 | +€8,167 | +189.8% |
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 5 October 2026 via checked.be.