Zeppelin Reizen: 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.
Zeppelin Reizen
Largest movements
- Receivables within one year -€310,570
down €310,570 (-60.3%), from €515,279 to €204,709
of which Trade receivables: -€307,670
- Cash +€36,103
up €36,103 (+47.0%), from €76,830 to €112,933
mainly Receivables within one year (+€310,570) and Deferred charges and accrued income (+€32,585)
- Deferred charges and accrued income -€32,585
down €32,585 (-27.0%), from €120,825 to €88,240
- Tangible fixed assets -€17,492
down €17,492 (-7.6%), from €230,275 to €212,783
of which Land and buildings: -€16,666
- Trade debts -€217,200
down €217,200 (-68.3%), from €317,829 to €100,629
- Advances received -€98,978
down €98,978 (-39.3%), from €252,097 to €153,119
- Reserves +€17,754
up €17,754 (+21.8%), from €81,538 to €99,293
- Debts after one year -€13,795
down €13,795 (-6.1%), from €226,978 to €213,183
- Gross operating margin +€22,910
up €22,910 (+55.5%), from €41,257 to €64,168
- Financial charges +€6,703
up €6,703 (+55.1%), from €12,162 to €18,865
- Taxes +€3,134
up €3,134 (+470%), from €667 to €3,801
- Other operating charges +€2,184
up €2,184 (+47.6%), from €4,590 to €6,774
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.
Derived cash bridge
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 | €946,096 | €621,553 | -€324,543 | -34.3% |
| Fixed assets | 21/28 | €233,162 | €215,670 | -€17,492 | -7.5% |
| Tangible fixed assets | 22/27 | €230,275 | €212,783 | -€17,492 | -7.6% |
| Land and buildings | 22 | €229,163 | €212,498 | -€16,666 | -7.3% |
| Plant, machinery and equipment | 23 | €1,111 | €285 | -€826 | -74.3% |
| Financial fixed assets | 28 | €2,887 | €2,887 | = | 0.0% |
| Current assets | 29/58 | €712,934 | €405,883 | -€307,051 | -43.1% |
| Amounts receivable within one year | 40/41 | €515,279 | €204,709 | -€310,570 | -60.3% |
| Trade receivables | 40 | €503,906 | €196,236 | -€307,670 | -61.1% |
| Other amounts receivable | 41 | €11,373 | €8,474 | -€2,899 | -25.5% |
| Cash at bank and in hand | 54/58 | €76,830 | €112,933 | +€36,103 | +47.0% |
| Deferred charges and accrued income | 490/1 | €120,825 | €88,240 | -€32,585 | -27.0% |
| Total equity and liabilities | 10/49 | €946,096 | €621,553 | -€324,543 | -34.3% |
| Equity | 10/15 | €106,538 | €124,293 | +€17,754 | +16.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €81,538 | €99,293 | +€17,754 | +21.8% |
| Distributable reserves | 133 | €81,538 | €99,293 | +€17,754 | +21.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €839,558 | €497,261 | -€342,297 | -40.8% |
| Amounts payable after more than one year | 17 | €226,978 | €213,183 | -€13,795 | -6.1% |
| Financial debts | 170/4 | €226,978 | €213,183 | -€13,795 | -6.1% |
| Amounts payable within one year | 42/48 | €605,051 | €281,459 | -€323,592 | -53.5% |
| Current portion of amounts payable after more than one year | 42 | €13,252 | €13,795 | +€543 | +4.1% |
| Trade debts | 44 | €317,829 | €100,629 | -€217,200 | -68.3% |
| Suppliers | 440/4 | €317,829 | €100,629 | -€217,200 | -68.3% |
| Advances received on contracts in progress | 46 | €252,097 | €153,119 | -€98,978 | -39.3% |
| Taxes, remuneration and social security | 45 | €8,254 | €2,486 | -€5,769 | -69.9% |
| Taxes | 450/3 | €754 | €2,486 | +€1,731 | +230% |
| Remuneration and social security | 454/9 | €7,500 | €0 | -€7,500 | -100% |
| Other amounts payable | 47/48 | €13,620 | €11,430 | -€2,189 | -16.1% |
| Accrued charges and deferred income | 492/3 | €7,529 | €2,618 | -€4,910 | -65.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,492 | €17,492 | = | 0.0% |
| Other operating charges | 640/8 | €4,590 | €6,774 | +€2,184 | +47.6% |
| Gross operating margin | 9900 | €41,257 | €64,168 | +€22,910 | +55.5% |
| Operating profit (loss) | 9901 | €19,175 | €39,902 | +€20,727 | +108% |
| Financial income | 75/76B | €326 | €519 | +€193 | +59.2% |
| Recurring financial income | 75 | €326 | €519 | +€193 | +59.2% |
| Financial charges | 65/66B | €12,162 | €18,865 | +€6,703 | +55.1% |
| Recurring financial charges | 65 | €12,162 | €18,865 | +€6,703 | +55.1% |
| Profit (loss) for the period before taxes | 9903 | €7,339 | €21,555 | +€14,217 | +194% |
| Income taxes | 67/77 | €667 | €3,801 | +€3,134 | +470% |
| Profit (loss) for the period | 9904 | €6,671 | €17,754 | +€11,083 | +166% |
| Profit (loss) for the period to be appropriated | 9905 | €6,671 | €17,754 | +€11,083 | +166% |
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 31 October 2026 via checked.be.