ZEM: 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.
ZEM
Largest movements
- Receivables within one year -€8,350
down €8,350 (-89.9%), from €9,291 to €941
of which Other amounts receivable: -€8,350
- Tangible fixed assets -€6,946
down €6,946 (-27.8%), from €24,955 to €18,009
of which Furniture and vehicles: -€6,917
- Cash +€1,108
new in 2025: €1,108
mainly Receivables within one year (+€8,350) and Depreciation (+€6,946)
- Profit (loss) carried forward -€17,591
down €17,591 (-30.4%), from -€57,855 to -€75,445
- Other debts +€6,217
up €6,217 (+19.8%), from €31,405 to €37,622
- Current portion of long-term debt -€2,818
no longer reported in 2025 (was €2,818)
- Gross operating margin -€6,026
down €6,026 (-222.6%), from -€2,707 to -€8,733
- Depreciation -€677
down €677 (-8.9%), from €7,623 to €6,946
- Other operating charges +€527
up €527 (+68.9%), from €765 to €1,292
- Financial charges +€186
up €186 (+42.9%), from €434 to €620
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 | €34,503 | €20,058 | -€14,445 | -41.9% |
| Fixed assets | 21/28 | €24,955 | €18,009 | -€6,946 | -27.8% |
| Tangible fixed assets | 22/27 | €24,955 | €18,009 | -€6,946 | -27.8% |
| Plant, machinery and equipment | 23 | €29 | €0 | -€29 | -100.0% |
| Furniture and vehicles | 24 | €24,926 | €18,009 | -€6,917 | -27.8% |
| Current assets | 29/58 | €9,548 | €2,049 | -€7,499 | -78.5% |
| Amounts receivable within one year | 40/41 | €9,291 | €941 | -€8,350 | -89.9% |
| Trade receivables | 40 | €941 | €941 | = | 0.0% |
| Other amounts receivable | 41 | €8,350 | - | -€8,350 | |
| Cash at bank and in hand | 54/58 | - | €1,108 | +€1,108 | |
| Deferred charges and accrued income | 490/1 | €256 | - | -€256 | |
| Total equity and liabilities | 10/49 | €34,503 | €20,058 | -€14,445 | -41.9% |
| Equity | 10/15 | -€161 | -€17,752 | -€17,591 | -10921.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €51,493 | €51,493 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €49,633 | €49,633 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€57,855 | -€75,445 | -€17,591 | -30.4% |
| Amounts payable | 17/49 | €34,664 | €37,810 | +€3,146 | +9.1% |
| Amounts payable within one year | 42/48 | €34,664 | €37,810 | +€3,146 | +9.1% |
| Current portion of amounts payable after more than one year | 42 | €2,818 | - | -€2,818 | |
| Trade debts | 44 | €313 | - | -€313 | |
| Suppliers | 440/4 | €313 | - | -€313 | |
| Taxes, remuneration and social security | 45 | €128 | €188 | +€60 | +46.8% |
| Taxes | 450/3 | €128 | €188 | +€60 | +46.8% |
| Other amounts payable | 47/48 | €31,405 | €37,622 | +€6,217 | +19.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,623 | €6,946 | -€677 | -8.9% |
| Other operating charges | 640/8 | €765 | €1,292 | +€527 | +68.9% |
| Gross operating margin | 9900 | -€2,707 | -€8,733 | -€6,026 | -222.6% |
| Operating profit (loss) | 9901 | -€11,095 | -€16,971 | -€5,877 | -53.0% |
| Financial income | 75/76B | €17 | - | -€17 | |
| Recurring financial income | 75 | €17 | - | -€17 | |
| Financial charges | 65/66B | €434 | €620 | +€186 | +42.9% |
| Recurring financial charges | 65 | €434 | €620 | +€186 | +42.9% |
| Profit (loss) for the period before taxes | 9903 | -€11,511 | -€17,591 | -€6,079 | -52.8% |
| Profit (loss) for the period | 9904 | -€11,511 | -€17,591 | -€6,079 | -52.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,511 | -€17,591 | -€6,079 | -52.8% |
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 6 October 2026 via checked.be.