Zeplin: 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.
Zeplin
Largest movements
- Current investments +€189,011
up €189,011 (+10.6%), from €1.8m to €2.0m
- Cash -€93,734
down €93,734 (-8.9%), from €1.1m to €958,036
mainly Current investments (-€189,011) and Receivables within one year (-€78,831)
- Receivables within one year +€78,831
up €78,831 (+96.0%), from €82,093 to €160,924
of which Trade receivables: +€80,078
- Profit (loss) carried forward +€118,858
new in 2025: €118,858
- Reserves +€68,652
up €68,652 (+5.8%), from €1.2m to €1.3m
- Financial income -€290,436
down €290,436 (-96.5%), from €301,039 to €10,604
- Gross operating margin +€92,393
up €92,393 (+4.1%), from €2.3m to €2.3m
- Staff costs -€59,426
down €59,426 (-2.7%), from €2.2m to €2.1m
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 | €3,088,977 | €3,216,448 | +€127,472 | +4.1% |
| Fixed assets | 21/28 | €125,187 | €96,325 | -€28,862 | -23.1% |
| Intangible fixed assets | 21 | €8,411 | €581 | -€7,830 | -93.1% |
| Tangible fixed assets | 22/27 | €116,777 | €95,744 | -€21,033 | -18.0% |
| Land and buildings | 22 | €47,027 | €40,997 | -€6,030 | -12.8% |
| Plant, machinery and equipment | 23 | €23,154 | €17,820 | -€5,333 | -23.0% |
| Furniture and vehicles | 24 | €46,596 | €36,926 | -€9,669 | -20.8% |
| Current assets | 29/58 | €2,963,789 | €3,120,123 | +€156,334 | +5.3% |
| Amounts receivable within one year | 40/41 | €82,093 | €160,924 | +€78,831 | +96.0% |
| Trade receivables | 40 | €78,576 | €158,654 | +€80,078 | +101.9% |
| Other amounts receivable | 41 | €3,517 | €2,270 | -€1,247 | -35.5% |
| Current investments | 50/53 | €1,779,456 | €1,968,467 | +€189,011 | +10.6% |
| Cash at bank and in hand | 54/58 | €1,051,770 | €958,036 | -€93,734 | -8.9% |
| Deferred charges and accrued income | 490/1 | €50,470 | €32,696 | -€17,775 | -35.2% |
| Total equity and liabilities | 10/49 | €3,088,977 | €3,216,448 | +€127,472 | +4.1% |
| Equity | 10/15 | €2,665,174 | €2,821,981 | +€156,806 | +5.9% |
| Contributions | 10/11 | €1,452,699 | €1,452,699 | = | 0.0% |
| Capital | 10 | €1,452,699 | €1,452,699 | = | 0.0% |
| Reserves | 13 | €1,181,348 | €1,250,000 | +€68,652 | +5.8% |
| Profit (loss) carried forward | 14 | - | €118,858 | +€118,858 | |
| Investment grants | 15 | €31,127 | €423 | -€30,704 | -98.6% |
| Amounts payable | 17/49 | €423,802 | €394,467 | -€29,335 | -6.9% |
| Amounts payable within one year | 42/48 | €414,739 | €393,844 | -€20,895 | -5.0% |
| Trade debts | 44 | €88,932 | €58,771 | -€30,160 | -33.9% |
| Suppliers | 440/4 | €88,932 | €58,771 | -€30,160 | -33.9% |
| Taxes, remuneration and social security | 45 | €302,349 | €335,073 | +€32,724 | +10.8% |
| Taxes | 450/3 | €46,382 | €56,675 | +€10,293 | +22.2% |
| Remuneration and social security | 454/9 | €255,967 | €278,397 | +€22,430 | +8.8% |
| Accrued charges and deferred income | 492/3 | €9,063 | €623 | -€8,439 | -93.1% |
| Remuneration, social security and pensions | 62 | €2,183,214 | €2,123,788 | -€59,426 | -2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,274 | €26,829 | -€6,445 | -19.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,105 | +€1,105 | |
| Other operating charges | 640/8 | €5,614 | €9,938 | +€4,325 | +77.0% |
| Non-recurring operating charges | 66A | €0 | €5,787 | +€5,787 | |
| Gross operating margin | 9900 | €2,256,131 | €2,348,524 | +€92,393 | +4.1% |
| Operating profit (loss) | 9901 | €34,030 | €181,076 | +€147,046 | +432.1% |
| Financial income | 75/76B | €301,039 | €10,604 | -€290,436 | -96.5% |
| Recurring financial income | 75 | €301,039 | €10,604 | -€290,436 | -96.5% |
| Financial charges | 65/66B | €23,111 | €2,493 | -€20,619 | -89.2% |
| Recurring financial charges | 65 | €23,111 | €2,493 | -€20,619 | -89.2% |
| Profit (loss) for the period before taxes | 9903 | €311,958 | €189,187 | -€122,770 | -39.4% |
| Income taxes | 67/77 | €122 | €1,677 | +€1,555 | +1274.8% |
| Profit (loss) for the period | 9904 | €311,836 | €187,510 | -€124,326 | -39.9% |
| Profit (loss) for the period to be appropriated | 9905 | €311,836 | €187,510 | -€124,326 | -39.9% |
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.