ZELUS MANAGEMENT & CONSULTING: what changed
What changed
ZELUS MANAGEMENT & CONSULTING
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€102,991
2024 · €8,216+€94,775
Equity
€2.3m
2024 · €2.2m+€102,991
Cash
€78,792
2024 · €123,784-€44,991
Balance sheet total
€2.3m
2024 · €2.2m+€99,679
Largest movements
Assets
- Current investments +€135,334
up €135,334 (+7.7%), from €1.8m to €1.9m
- Cash -€44,991
down €44,991 (-36.3%), from €123,784 to €78,792
mainly Current investments (-€135,334) and Investment in fixed assets (net) (-€14,340)
Equity and liabilities
- Reserves +€102,991
up €102,991 (+4.7%), from €2.2m to €2.3m
of which Distributable reserves: +€102,991
Income statement
- Financial income +€243,088
up €243,088 (+575%), from €42,270 to €285,358
- Gross operating margin -€116,679
down €116,679, from €9,937 to -€106,742
- Taxes +€31,239
up €31,239 (+199%), from €15,731 to €46,970
- Financial charges -€15,862
down €15,862 (-39.8%), from €39,854 to €23,992
- Provisions +€15,000
up €15,000, from -€15,000 to €0
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€8,216
Gross operating margin
-€116,679
Depreciation
-€1,387
Provisions
-€15,000
Other operating charges
+€130
Financial income
+€243,088
Financial charges
+€15,862
Taxes
-€31,239
Result 2025
€102,991
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€104,682
Investment
-€149,673
Financing
€0
Cash 2024
€123,784
From operations (derived)
+€104,682
Net result for the year
+€102,991
Depreciation
+€1,443
Receivables within one year
+€542
Deferred charges and accrued income
+€3,018
Trade debts
-€204
Tax, wage and social debts
-€1,550
Other debts
-€2,547
Accrued charges and deferred income
+€989
Investment (derived)
-€149,673
Investment in fixed assets (net)
-€14,340
Current investments
-€135,334
Cash 2025
€78,792
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,224,438 | €2,324,117 | +€99,679 | +4.5% |
| Fixed assets | 21/28 | €337,626 | €350,522 | +€12,896 | +3.8% |
| Tangible fixed assets | 22/27 | €337,626 | €350,522 | +€12,896 | +3.8% |
| Land and buildings | 22 | €329,500 | €329,500 | = | 0.0% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | €12,896 | +€12,896 | |
| Other tangible fixed assets | 26 | €8,126 | €8,126 | = | 0.0% |
| Current assets | 29/58 | €1,886,813 | €1,973,595 | +€86,782 | +4.6% |
| Amounts receivable within one year | 40/41 | €2,285 | €1,743 | -€542 | -23.7% |
| Trade receivables | 40 | €2,000 | €1,553 | -€447 | -22.3% |
| Other amounts receivable | 41 | €285 | €190 | -€95 | -33.3% |
| Current investments | 50/53 | €1,755,336 | €1,890,670 | +€135,334 | +7.7% |
| Cash at bank and in hand | 54/58 | €123,784 | €78,792 | -€44,991 | -36.3% |
| Deferred charges and accrued income | 490/1 | €5,409 | €2,390 | -€3,018 | -55.8% |
| Total equity and liabilities | 10/49 | €2,224,438 | €2,324,117 | +€99,679 | +4.5% |
| Equity | 10/15 | €2,184,096 | €2,287,087 | +€102,991 | +4.7% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €2,171,596 | €2,274,587 | +€102,991 | +4.7% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,169,596 | €2,272,587 | +€102,991 | +4.7% |
| Provisions and deferred taxes | 16 | €20,000 | €20,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €20,000 | €20,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €20,000 | €20,000 | = | 0.0% |
| Amounts payable | 17/49 | €20,343 | €17,030 | -€3,312 | -16.3% |
| Amounts payable within one year | 42/48 | €20,343 | €16,041 | -€4,301 | -21.1% |
| Trade debts | 44 | €2,048 | €1,844 | -€204 | -10.0% |
| Suppliers | 440/4 | €2,048 | €1,844 | -€204 | -10.0% |
| Taxes, remuneration and social security | 45 | €4,376 | €2,825 | -€1,550 | -35.4% |
| Taxes | 450/3 | €4,376 | €2,825 | -€1,550 | -35.4% |
| Other amounts payable | 47/48 | €13,919 | €11,372 | -€2,547 | -18.3% |
| Accrued charges and deferred income | 492/3 | - | €989 | +€989 | |
| Non-recurring operating income | 76A | - | €413 | +€413 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57 | €1,443 | +€1,387 | +2,454% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€15,000 | €0 | +€15,000 | |
| Other operating charges | 640/8 | €3,350 | €3,220 | -€130 | -3.9% |
| Gross operating margin | 9900 | €9,937 | -€106,742 | -€116,679 | |
| Operating profit (loss) | 9901 | €21,531 | -€111,405 | -€132,936 | |
| Financial income | 75/76B | €42,270 | €285,358 | +€243,088 | +575% |
| Recurring financial income | 75 | €42,270 | €285,358 | +€243,088 | +575% |
| Financial charges | 65/66B | €39,854 | €23,992 | -€15,862 | -39.8% |
| Recurring financial charges | 65 | €39,854 | €23,992 | -€15,862 | -39.8% |
| Profit (loss) for the period before taxes | 9903 | €23,947 | €149,961 | +€126,014 | +526% |
| Income taxes | 67/77 | €15,731 | €46,970 | +€31,239 | +199% |
| Profit (loss) for the period | 9904 | €8,216 | €102,991 | +€94,775 | +1,154% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €8,216 | €102,991 | +€94,775 | +1,154% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.