ZEPPE: 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.
ZEPPE
Largest movements
- Tangible fixed assets -€6.1m
down €6.1m (-37.3%), from €16.4m to €10.3m
of which Land and buildings: -€6.0m
- Stocks and contracts -€1.4m
no longer reported in 2025 (was €1.4m)
- Receivables within one year +€537,947
up €537,947 (+11.4%), from €4.7m to €5.3m
of which Other amounts receivable: +€638,002
- Other debts -€7.6m
down €7.6m (-59.1%), from €12.9m to €5.3m
- Contributions +€6.3m
up €6.3m (+2501.7%), from €250,000 to €6.5m
- Debts after one year -€2.7m
no longer reported in 2025 (was €2.7m)
- Reserves -€2.2m
down €2.2m (-39.4%), from €5.7m to €3.4m
of which Distributable reserves: -€1.8m
- Current portion of long-term debt -€769,731
no longer reported in 2025 (was €769,731)
- Financial charges -€136,789
down €136,789 (-29.0%), from €471,580 to €334,792
- Depreciation -€35,957
down €35,957 (-9.8%), from €368,027 to €332,070
- Taxes +€30,732
up €30,732 (+19.6%), from €156,479 to €187,211
- Gross operating margin +€23,142
up €23,142 (+1.6%), from €1.5m to €1.5m
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 | €22,528,033 | €15,549,304 | -€7.0m | -31.0% |
| Fixed assets | 21/28 | €16,395,881 | €10,274,271 | -€6.1m | -37.3% |
| Tangible fixed assets | 22/27 | €16,395,881 | €10,274,271 | -€6.1m | -37.3% |
| Land and buildings | 22 | €16,031,449 | €10,067,802 | -€6.0m | -37.2% |
| Furniture and vehicles | 24 | €11,323 | €206,469 | +€195,146 | +1723.5% |
| Assets under construction and advance payments | 27 | €353,109 | - | -€353,109 | |
| Current assets | 29/58 | €6,132,152 | €5,275,034 | -€857,118 | -14.0% |
| Stocks and contracts in progress | 3 | €1,368,017 | - | -€1.4m | |
| Stocks | 30/36 | €1,368,017 | - | -€1.4m | |
| Amounts receivable within one year | 40/41 | €4,714,844 | €5,252,790 | +€537,947 | +11.4% |
| Trade receivables | 40 | €104,116 | €4,061 | -€100,056 | -96.1% |
| Other amounts receivable | 41 | €4,610,727 | €5,248,729 | +€638,002 | +13.8% |
| Cash at bank and in hand | 54/58 | €48,111 | €20,423 | -€27,688 | -57.6% |
| Deferred charges and accrued income | 490/1 | €1,181 | €1,821 | +€640 | +54.2% |
| Total equity and liabilities | 10/49 | €22,528,033 | €15,549,304 | -€7.0m | -31.0% |
| Equity | 10/15 | €5,933,654 | €9,946,418 | +€4.0m | +67.6% |
| Contributions | 10/11 | €250,000 | €6,504,128 | +€6.3m | +2501.7% |
| Reserves | 13 | €5,683,654 | €3,442,290 | -€2.2m | -39.4% |
| Tax-exempt reserves | 132 | €736,750 | €295,834 | -€440,916 | -59.8% |
| Distributable reserves | 133 | €4,946,904 | €3,146,456 | -€1.8m | -36.4% |
| Amounts payable | 17/49 | €16,594,379 | €5,602,886 | -€11.0m | -66.2% |
| Amounts payable after more than one year | 17 | €2,668,700 | - | -€2.7m | |
| Financial debts | 170/4 | €2,668,700 | - | -€2.7m | |
| Amounts payable within one year | 42/48 | €13,869,732 | €5,584,811 | -€8.3m | -59.7% |
| Current portion of amounts payable after more than one year | 42 | €769,731 | - | -€769,731 | |
| Trade debts | 44 | €64,488 | €68,627 | +€4,140 | +6.4% |
| Suppliers | 440/4 | €64,488 | €68,627 | +€4,140 | +6.4% |
| Taxes, remuneration and social security | 45 | €100,494 | €229,925 | +€129,431 | +128.8% |
| Taxes | 450/3 | €100,494 | €229,925 | +€129,431 | +128.8% |
| Other amounts payable | 47/48 | €12,935,019 | €5,286,259 | -€7.6m | -59.1% |
| Accrued charges and deferred income | 492/3 | €55,947 | €18,075 | -€37,872 | -67.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €368,027 | €332,070 | -€35,957 | -9.8% |
| Other operating charges | 640/8 | €184,695 | €192,917 | +€8,222 | +4.5% |
| Gross operating margin | 9900 | €1,483,008 | €1,506,150 | +€23,142 | +1.6% |
| Operating profit (loss) | 9901 | €930,286 | €981,163 | +€50,877 | +5.5% |
| Financial income | 75/76B | €6,537 | €4,307 | -€2,230 | -34.1% |
| Recurring financial income | 75 | €6,537 | €4,307 | -€2,230 | -34.1% |
| Financial charges | 65/66B | €471,580 | €334,792 | -€136,789 | -29.0% |
| Recurring financial charges | 65 | €471,580 | €334,792 | -€136,789 | -29.0% |
| Profit (loss) for the period before taxes | 9903 | €465,243 | €650,679 | +€185,437 | +39.9% |
| Income taxes | 67/77 | €156,479 | €187,211 | +€30,732 | +19.6% |
| Profit (loss) for the period | 9904 | €308,763 | €463,468 | +€154,705 | +50.1% |
| Transfer from tax-exempt reserves | 789 | - | €210,500 | +€210,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €308,763 | €673,968 | +€365,205 | +118.3% |
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.