ZEPPOZ: 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.
ZEPPOZ
Largest movements
- Cash +€26,458
up €26,458 (+12.7%), from €208,038 to €234,496
mainly Net result for the year (+€38,776) and Depreciation (+€14,727)
- Tangible fixed assets -€13,061
down €13,061 (-25.7%), from €50,762 to €37,701
of which Furniture and vehicles: -€12,246
- Receivables within one year +€4,909
up €4,909 (+12.7%), from €38,504 to €43,413
of which Trade receivables: +€6,909
- Reserves +€17,815
up €17,815 (+8.0%), from €221,973 to €239,788
- Debts after one year -€4,527
down €4,527 (-28.0%), from €16,152 to €11,625
- Tax, wage and social debts +€4,338
up €4,338 (+25.3%), from €17,117 to €21,454
- Gross operating margin -€9,156
down €9,156 (-11.6%), from €79,151 to €69,995
- Depreciation +€3,304
up €3,304 (+28.9%), from €11,424 to €14,727
- Taxes -€2,699
down €2,699 (-13.9%), from €19,355 to €16,656
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 | €301,239 | €319,011 | +€17,772 | +5.9% |
| Fixed assets | 21/28 | €54,697 | €39,970 | -€14,727 | -26.9% |
| Intangible fixed assets | 21 | €3,811 | €2,145 | -€1,667 | -43.7% |
| Tangible fixed assets | 22/27 | €50,762 | €37,701 | -€13,061 | -25.7% |
| Plant, machinery and equipment | 23 | €1,906 | €1,092 | -€815 | -42.7% |
| Furniture and vehicles | 24 | €48,855 | €36,609 | -€12,246 | -25.1% |
| Financial fixed assets | 28 | €124 | €124 | = | 0.0% |
| Current assets | 29/58 | €246,542 | €279,041 | +€32,499 | +13.2% |
| Amounts receivable within one year | 40/41 | €38,504 | €43,413 | +€4,909 | +12.7% |
| Trade receivables | 40 | €36,489 | €43,398 | +€6,909 | +18.9% |
| Other amounts receivable | 41 | €2,015 | €15 | -€2,000 | -99.2% |
| Cash at bank and in hand | 54/58 | €208,038 | €234,496 | +€26,458 | +12.7% |
| Deferred charges and accrued income | 490/1 | - | €1,132 | +€1,132 | |
| Total equity and liabilities | 10/49 | €301,239 | €319,011 | +€17,772 | +5.9% |
| Equity | 10/15 | €236,198 | €254,013 | +€17,815 | +7.5% |
| Contributions | 10/11 | €14,225 | €14,225 | = | 0.0% |
| Reserves | 13 | €221,973 | €239,788 | +€17,815 | +8.0% |
| Distributable reserves | 133 | €221,973 | €239,788 | +€17,815 | +8.0% |
| Amounts payable | 17/49 | €65,041 | €64,998 | -€43 | -0.1% |
| Amounts payable after more than one year | 17 | €16,152 | €11,625 | -€4,527 | -28.0% |
| Financial debts | 170/4 | €16,152 | €11,625 | -€4,527 | -28.0% |
| Amounts payable within one year | 42/48 | €48,889 | €53,373 | +€4,484 | +9.2% |
| Current portion of amounts payable after more than one year | 42 | €4,370 | €4,527 | +€157 | +3.6% |
| Trade debts | 44 | €8,430 | €6,290 | -€2,140 | -25.4% |
| Suppliers | 440/4 | €8,430 | €6,290 | -€2,140 | -25.4% |
| Taxes, remuneration and social security | 45 | €17,117 | €21,454 | +€4,338 | +25.3% |
| Taxes | 450/3 | €17,117 | €21,454 | +€4,338 | +25.3% |
| Other amounts payable | 47/48 | €18,972 | €21,102 | +€2,130 | +11.2% |
| Non-recurring operating income | 76A | €4,696 | - | -€4,696 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,424 | €14,727 | +€3,304 | +28.9% |
| Other operating charges | 640/8 | €779 | €590 | -€189 | -24.3% |
| Gross operating margin | 9900 | €79,151 | €69,995 | -€9,156 | -11.6% |
| Operating profit (loss) | 9901 | €66,948 | €54,678 | -€12,270 | -18.3% |
| Financial income | 75/76B | €908 | €1,584 | +€676 | +74.4% |
| Recurring financial income | 75 | €908 | €1,584 | +€676 | +74.4% |
| Financial charges | 65/66B | €1,322 | €830 | -€493 | -37.3% |
| Recurring financial charges | 65 | €1,322 | €830 | -€493 | -37.3% |
| Profit (loss) for the period before taxes | 9903 | €66,534 | €55,432 | -€11,102 | -16.7% |
| Income taxes | 67/77 | €19,355 | €16,656 | -€2,699 | -13.9% |
| Profit (loss) for the period | 9904 | €47,179 | €38,776 | -€8,403 | -17.8% |
| Profit (loss) for the period to be appropriated | 9905 | €47,179 | €38,776 | -€8,403 | -17.8% |
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 20 October 2026 via checked.be.