ZEPA: 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.
What changed
ZEPA
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€11.8m
2024 · €92,389-€11.9m
Equity
€3.1m
2024 · €14.9m-€11.8m
Cash
€465,346
2024 · €41,450+€423,896
Balance sheet total
€13.0m
2024 · €24.8m-€11.8m
Largest movements
Assets
- Financial fixed assets -€12.0m
down €12.0m (-49.3%), from €24.4m to €12.4m
- Cash +€423,896
up €423,896 (+1022.7%), from €41,450 to €465,346
mainly Investment in fixed assets (net) (+€12.0m) and Debts after one year (+€3.2m)
Equity and liabilities
- Profit (loss) carried forward -€11.8m
down €11.8m, from €1.5m to -€10.3m
- Debts after one year +€3.2m
up €3.2m (+53.9%), from €5.9m to €9.1m
- Short-term financial debts -€2.0m
no longer reported in 2025 (was €2.0m)
- Current portion of long-term debt -€720,032
down €720,032 (-59.0%), from €1.2m to €500,000
- Other debts -€459,558
down €459,558 (-90.2%), from €509,345 to €49,786
Income statement
- Financial charges +€11.9m
up €11.9m (+3013.3%), from €394,381 to €12.3m
of which Non-recurring financial charges: +€12.0m
- Turnover -€105,647
down €105,647 (-10.3%), from €1.0m to €920,830
- Services and other goods -€39,567
down €39,567 (-15.1%), from €261,747 to €222,179
- Staff costs -€24,765
down €24,765 (-8.7%), from €283,724 to €258,959
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.
Result 2024
€92,389
Turnover
-€105,647
Other operating income
-€5,813
Goods and materials
+€11
Services and other goods
+€39,567
Staff costs
+€24,765
Depreciation
+€1,433
Other operating charges
-€1
Financial income
-€5
Financial charges
-€11.9m
Taxes
-€79
Result 2025
-€11.8m
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.
From operations
-€12.1m
Investment
+€12.0m
Financing
+€479,968
Cash 2024
€41,450
From operations (derived)
-€12.1m
Net result for the year
-€11.8m
Depreciation
+€3,968
Receivables within one year
+€232,792
Smaller working-capital items
-€9,774
Trade debts
-€92,101
Other debts
-€459,558
Accrued charges and deferred income
+€110,705
Investment (derived)
+€12.0m
Investment in fixed assets (net)
+€12.0m
Financing
+€479,968
Debts after one year
+€3.2m
Current portion of long-term debt
-€720,032
Short-term financial debts
-€2.0m
Cash 2025
€465,346
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €24,762,023 | €12,953,765 | -€11.8m | -47.7% |
| Fixed assets | 21/28 | €24,364,836 | €12,365,633 | -€12.0m | -49.2% |
| Tangible fixed assets | 22/27 | €2,802 | €3,600 | +€798 | +28.5% |
| Furniture and vehicles | 24 | - | €3,600 | +€3,600 | |
| Leasing and similar rights | 25 | €2,802 | - | -€2,802 | |
| Financial fixed assets | 28 | €24,362,033 | €12,362,033 | -€12.0m | -49.3% |
| Affiliated companies | 280/1 | €24,362,033 | €12,362,033 | -€12.0m | -49.3% |
| Participating interests | 280 | €24,362,033 | €12,362,033 | -€12.0m | -49.3% |
| Current assets | 29/58 | €397,188 | €588,132 | +€190,944 | +48.1% |
| Amounts receivable within one year | 40/41 | €352,781 | €119,989 | -€232,792 | -66.0% |
| Trade receivables | 40 | €48,077 | €87,594 | +€39,517 | +82.2% |
| Other amounts receivable | 41 | €304,705 | €32,395 | -€272,309 | -89.4% |
| Cash at bank and in hand | 54/58 | €41,450 | €465,346 | +€423,896 | +1022.7% |
| Deferred charges and accrued income | 490/1 | €2,957 | €2,796 | -€160 | -5.4% |
| Total equity and liabilities | 10/49 | €24,762,023 | €12,953,765 | -€11.8m | -47.7% |
| Equity | 10/15 | €14,945,235 | €3,107,898 | -€11.8m | -79.2% |
| Contributions | 10/11 | €13,341,487 | €13,341,487 | = | 0.0% |
| Capital | 10 | €13,341,487 | €13,341,487 | = | 0.0% |
| Issued capital | 100 | €13,341,487 | €13,341,487 | = | 0.0% |
| Reserves | 13 | €101,342 | €101,342 | = | 0.0% |
| Non-distributable reserves | 130/1 | €101,342 | €101,342 | = | 0.0% |
| Legal reserve | 130 | €101,342 | €101,342 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,502,406 | -€10,334,931 | -€11.8m | |
| Amounts payable | 17/49 | €9,816,789 | €9,845,867 | +€29,078 | +0.3% |
| Amounts payable after more than one year | 17 | €5,933,000 | €9,133,000 | +€3.2m | +53.9% |
| Financial debts | 170/4 | €5,933,000 | €9,133,000 | +€3.2m | +53.9% |
| Credit institutions | 173 | €3,000,000 | €2,750,000 | -€250,000 | -8.3% |
| Other loans | 174 | €2,933,000 | €6,383,000 | +€3.5m | +117.6% |
| Amounts payable within one year | 42/48 | €3,883,419 | €601,793 | -€3.3m | -84.5% |
| Current portion of amounts payable after more than one year | 42 | €1,220,032 | €500,000 | -€720,032 | -59.0% |
| Financial debts | 43 | €2,000,000 | - | -€2.0m | |
| Credit institutions | 430/8 | €2,000,000 | - | -€2.0m | |
| Trade debts | 44 | €121,025 | €28,923 | -€92,101 | -76.1% |
| Suppliers | 440/4 | €121,025 | €28,923 | -€92,101 | -76.1% |
| Taxes, remuneration and social security | 45 | €33,018 | €23,084 | -€9,934 | -30.1% |
| Remuneration and social security | 454/9 | €33,018 | €23,084 | -€9,934 | -30.1% |
| Other amounts payable | 47/48 | €509,345 | €49,786 | -€459,558 | -90.2% |
| Accrued charges and deferred income | 492/3 | €369 | €111,074 | +€110,705 | +29986.6% |
| Operating income | 70/76A | €1,039,764 | €928,304 | -€111,460 | -10.7% |
| Turnover | 70 | €1,026,478 | €920,830 | -€105,647 | -10.3% |
| Other operating income | 74 | €13,286 | €7,473 | -€5,813 | -43.7% |
| Operating charges | 60/66A | €552,635 | €486,860 | -€65,775 | -11.9% |
| Goods for resale, raw materials and consumables | 60 | €11 | - | -€11 | |
| Purchases | 600/8 | €11 | - | -€11 | |
| Services and other goods | 61 | €261,747 | €222,179 | -€39,567 | -15.1% |
| Remuneration, social security and pensions | 62 | €283,724 | €258,959 | -€24,765 | -8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,401 | €3,968 | -€1,433 | -26.5% |
| Other operating charges | 640/8 | €1,752 | €1,753 | +€1 | +0.1% |
| Operating profit (loss) | 9901 | €487,129 | €441,444 | -€45,685 | -9.4% |
| Financial income | 75/76B | €6 | €1 | -€5 | -82.2% |
| Recurring financial income | 75 | €6 | €1 | -€5 | -82.2% |
| Income from current assets | 751 | €1 | €1 | -€0 | -16.7% |
| Other financial income | 752/9 | €4 | - | -€4 | |
| Financial charges | 65/66B | €394,381 | €12,278,339 | +€11.9m | +3013.3% |
| Recurring financial charges | 65 | €394,381 | €278,339 | -€116,042 | -29.4% |
| Debt charges | 650 | €393,948 | €277,579 | -€116,368 | -29.5% |
| Other financial charges | 652/9 | €434 | €759 | +€326 | +75.1% |
| Non-recurring financial charges | 66B | - | €12,000,000 | +€12.0m | |
| Profit (loss) for the period before taxes | 9903 | €92,753 | -€11,836,894 | -€11.9m | |
| Income taxes | 67/77 | €364 | €443 | +€79 | +21.7% |
| Taxes | 670/3 | €364 | €444 | +€79 | +21.8% |
| Tax adjustments and reversals of tax provisions | 77 | - | €0 | +€0 | |
| Profit (loss) for the period | 9904 | €92,389 | -€11,837,337 | -€11.9m | |
| Profit (loss) for the period to be appropriated | 9905 | €92,389 | -€11,837,337 | -€11.9m |
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 4 October 2026 via checked.be.