Zeppelin Insula: 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.
Zeppelin Insula
Largest movements
- Tangible fixed assets +€148,216
up €148,216 (+62.2%), from €238,346 to €386,561
of which Plant, machinery and equipment: +€162,804
- Receivables within one year -€43,660
down €43,660 (-32.9%), from €132,792 to €89,132
of which Trade receivables: -€36,361
- Cash +€13,553
up €13,553 (+156.2%), from €8,675 to €22,228
mainly Debts after one year (+€53,876) and Receivables within one year (+€43,660)
- Debts after one year +€53,876
up €53,876 (+24.1%), from €223,097 to €276,972
- Other debts +€28,760
up €28,760 (+61.4%), from €46,852 to €75,612
- Reserves +€18,667
up €18,667 (+30.0%), from €62,184 to €80,851
- Current portion of long-term debt +€14,067
up €14,067 (+173.1%), from €8,125 to €22,192
- Gross operating margin +€18,449
up €18,449 (+45.6%), from €40,463 to €58,912
- Taxes +€8,235
up €8,235 (+421.1%), from €1,956 to €10,191
- Other operating charges -€6,170
down €6,170 (-70.8%), from €8,718 to €2,548
- Depreciation -€1,915
down €1,915 (-8.6%), from €22,157 to €20,242
- Financial charges +€1,795
up €1,795 (+31.8%), from €5,642 to €7,437
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 | €380,656 | €498,171 | +€117,515 | +30.9% |
| Fixed assets | 21/28 | €238,996 | €386,811 | +€147,816 | +61.8% |
| Tangible fixed assets | 22/27 | €238,346 | €386,561 | +€148,216 | +62.2% |
| Land and buildings | 22 | €134,852 | €124,470 | -€10,383 | -7.7% |
| Plant, machinery and equipment | 23 | €97,455 | €260,260 | +€162,804 | +167.1% |
| Furniture and vehicles | 24 | €6,038 | €1,832 | -€4,206 | -69.7% |
| Financial fixed assets | 28 | €650 | €250 | -€400 | -61.5% |
| Current assets | 29/58 | €141,660 | €111,360 | -€30,300 | -21.4% |
| Amounts receivable within one year | 40/41 | €132,792 | €89,132 | -€43,660 | -32.9% |
| Trade receivables | 40 | €123,235 | €86,874 | -€36,361 | -29.5% |
| Other amounts receivable | 41 | €9,556 | €2,257 | -€7,299 | -76.4% |
| Cash at bank and in hand | 54/58 | €8,675 | €22,228 | +€13,553 | +156.2% |
| Deferred charges and accrued income | 490/1 | €193 | - | -€193 | |
| Total equity and liabilities | 10/49 | €380,656 | €498,171 | +€117,515 | +30.9% |
| Equity | 10/15 | €62,184 | €80,851 | +€18,667 | +30.0% |
| Reserves | 13 | €62,184 | €80,851 | +€18,667 | +30.0% |
| Distributable reserves | 133 | €62,184 | €80,851 | +€18,667 | +30.0% |
| Amounts payable | 17/49 | €318,472 | €417,321 | +€98,849 | +31.0% |
| Amounts payable after more than one year | 17 | €223,097 | €276,972 | +€53,876 | +24.1% |
| Financial debts | 170/4 | €223,097 | €276,972 | +€53,876 | +24.1% |
| Amounts payable within one year | 42/48 | €95,375 | €140,349 | +€44,973 | +47.2% |
| Current portion of amounts payable after more than one year | 42 | €8,125 | €22,192 | +€14,067 | +173.1% |
| Financial debts | 43 | €2,273 | €2,345 | +€72 | +3.2% |
| Credit institutions | 430/8 | €2,273 | €2,345 | +€72 | +3.2% |
| Trade debts | 44 | €35,196 | €38,734 | +€3,538 | +10.1% |
| Suppliers | 440/4 | €35,196 | €38,734 | +€3,538 | +10.1% |
| Taxes, remuneration and social security | 45 | €2,930 | €1,466 | -€1,464 | -50.0% |
| Taxes | 450/3 | €2,930 | €1,466 | -€1,464 | -50.0% |
| Other amounts payable | 47/48 | €46,852 | €75,612 | +€28,760 | +61.4% |
| Non-recurring operating income | 76A | - | €6,439 | +€6,439 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,157 | €20,242 | -€1,915 | -8.6% |
| Other operating charges | 640/8 | €8,718 | €2,548 | -€6,170 | -70.8% |
| Gross operating margin | 9900 | €40,463 | €58,912 | +€18,449 | +45.6% |
| Operating profit (loss) | 9901 | €9,588 | €36,123 | +€26,535 | +276.8% |
| Financial income | 75/76B | €45 | €173 | +€128 | +287.0% |
| Recurring financial income | 75 | €45 | €62 | +€18 | +39.5% |
| Non-recurring financial income | 76B | - | €110 | +€110 | |
| Financial charges | 65/66B | €5,642 | €7,437 | +€1,795 | +31.8% |
| Recurring financial charges | 65 | €5,642 | €7,437 | +€1,795 | +31.8% |
| Profit (loss) for the period before taxes | 9903 | €3,990 | €28,858 | +€24,868 | +623.2% |
| Income taxes | 67/77 | €1,956 | €10,191 | +€8,235 | +421.1% |
| Profit (loss) for the period | 9904 | €2,035 | €18,667 | +€16,632 | +817.5% |
| Profit (loss) for the period to be appropriated | 9905 | €2,035 | €18,667 | +€16,632 | +817.5% |
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.