ZEPPO: 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.
ZEPPO
Largest movements
- Tangible fixed assets -€12,744
down €12,744 (-4.8%), from €263,623 to €250,879
of which Land and buildings: -€12,639
- Cash +€6,000
up €6,000 (+39.1%), from €15,346 to €21,347
mainly Depreciation (+€14,349) and Net result for the year (+€6,195)
- Receivables within one year +€4,550
up €4,550 (+293.8%), from €1,549 to €6,098
- Reserves +€6,195
up €6,195 (+3.6%), from €172,278 to €178,472
- Debts after one year -€5,817
down €5,817 (-26.2%), from €22,219 to €16,402
- Other debts -€4,997
down €4,997 (-76.0%), from €6,578 to €1,581
- Tax, wage and social debts +€3,937
up €3,937 (+33.6%), from €11,700 to €15,637
- Gross operating margin -€6,618
down €6,618 (-20.0%), from €33,138 to €26,520
- Taxes -€1,576
down €1,576 (-33.0%), from €4,778 to €3,202
- Depreciation -€966
down €966 (-6.3%), from €15,315 to €14,349
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 | €283,431 | €281,275 | -€2,156 | -0.8% |
| Fixed assets | 21/28 | €263,623 | €250,879 | -€12,744 | -4.8% |
| Tangible fixed assets | 22/27 | €263,623 | €250,879 | -€12,744 | -4.8% |
| Land and buildings | 22 | €250,812 | €238,172 | -€12,639 | -5.0% |
| Plant, machinery and equipment | 23 | €10,066 | €9,176 | -€890 | -8.8% |
| Furniture and vehicles | 24 | €2,746 | €3,531 | +€785 | +28.6% |
| Current assets | 29/58 | €19,807 | €30,396 | +€10,588 | +53.5% |
| Amounts receivable within one year | 40/41 | €1,549 | €6,098 | +€4,550 | +293.8% |
| Trade receivables | 40 | €1,549 | €6,098 | +€4,550 | +293.8% |
| Cash at bank and in hand | 54/58 | €15,346 | €21,347 | +€6,000 | +39.1% |
| Deferred charges and accrued income | 490/1 | €2,912 | €2,951 | +€39 | +1.3% |
| Total equity and liabilities | 10/49 | €283,431 | €281,275 | -€2,156 | -0.8% |
| Equity | 10/15 | €233,878 | €240,072 | +€6,195 | +2.6% |
| Contributions | 10/11 | €61,600 | €61,600 | = | 0.0% |
| Reserves | 13 | €172,278 | €178,472 | +€6,195 | +3.6% |
| Distributable reserves | 133 | €172,278 | €178,472 | +€6,195 | +3.6% |
| Amounts payable | 17/49 | €49,553 | €41,202 | -€8,351 | -16.9% |
| Amounts payable after more than one year | 17 | €22,219 | €16,402 | -€5,817 | -26.2% |
| Financial debts | 170/4 | €22,219 | €16,402 | -€5,817 | -26.2% |
| Amounts payable within one year | 42/48 | €27,334 | €24,800 | -€2,533 | -9.3% |
| Current portion of amounts payable after more than one year | 42 | €5,740 | €5,817 | +€77 | +1.3% |
| Trade debts | 44 | €3,315 | €1,765 | -€1,550 | -46.8% |
| Suppliers | 440/4 | €3,315 | €1,765 | -€1,550 | -46.8% |
| Taxes, remuneration and social security | 45 | €11,700 | €15,637 | +€3,937 | +33.6% |
| Taxes | 450/3 | €11,700 | €15,637 | +€3,937 | +33.6% |
| Other amounts payable | 47/48 | €6,578 | €1,581 | -€4,997 | -76.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,315 | €14,349 | -€966 | -6.3% |
| Other operating charges | 640/8 | €1,743 | €1,635 | -€108 | -6.2% |
| Gross operating margin | 9900 | €33,138 | €26,520 | -€6,618 | -20.0% |
| Operating profit (loss) | 9901 | €16,081 | €10,536 | -€5,544 | -34.5% |
| Financial income | 75/76B | €1 | €11 | +€10 | +1259.0% |
| Recurring financial income | 75 | €1 | €11 | +€10 | +1259.0% |
| Financial charges | 65/66B | €1,179 | €1,150 | -€29 | -2.4% |
| Recurring financial charges | 65 | €1,179 | €1,150 | -€29 | -2.4% |
| Profit (loss) for the period before taxes | 9903 | €14,903 | €9,397 | -€5,506 | -36.9% |
| Income taxes | 67/77 | €4,778 | €3,202 | -€1,576 | -33.0% |
| Profit (loss) for the period | 9904 | €10,125 | €6,195 | -€3,930 | -38.8% |
| Profit (loss) for the period to be appropriated | 9905 | €10,125 | €6,195 | -€3,930 | -38.8% |
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 30 September 2026 via checked.be.