ZEPRO: 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.
ZEPRO
Largest movements
- Receivables within one year -€124,282
down €124,282 (-76.4%), from €162,651 to €38,370
of which Trade receivables: -€111,311
- Cash +€28,101
up €28,101 (+50.5%), from €55,699 to €83,799
mainly Receivables within one year (+€124,282) and Depreciation (+€101)
- Profit (loss) carried forward -€31,635
down €31,635 (-62.3%), from €50,764 to €19,129
- Other debts -€22,185
down €22,185 (-31.9%), from €69,557 to €47,372
- Tax, wage and social debts -€20,081
down €20,081 (-86.3%), from €23,261 to €3,180
of which Taxes: -€16,890
- Trade debts -€19,699
down €19,699 (-33.8%), from €58,196 to €38,497
- Gross operating margin -€136,182
down €136,182 (-80.6%), from €169,017 to €32,835
- Taxes -€34,838
no longer reported in 2025 (was €34,838)
- Staff costs -€19,416
down €19,416 (-24.1%), from €80,596 to €61,179
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 | €322,672 | €229,071 | -€93,601 | -29.0% |
| Fixed assets | 21/28 | €1,900 | €2,869 | +€969 | +51.0% |
| Tangible fixed assets | 22/27 | - | €969 | +€969 | |
| Furniture and vehicles | 24 | - | €969 | +€969 | |
| Financial fixed assets | 28 | €1,900 | €1,900 | = | 0.0% |
| Current assets | 29/58 | €320,772 | €226,202 | -€94,570 | -29.5% |
| Amounts receivable after more than one year | 29 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 291 | €100,000 | €100,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €162,651 | €38,370 | -€124,282 | -76.4% |
| Trade receivables | 40 | €148,995 | €37,684 | -€111,311 | -74.7% |
| Other amounts receivable | 41 | €13,657 | €686 | -€12,970 | -95.0% |
| Cash at bank and in hand | 54/58 | €55,699 | €83,799 | +€28,101 | +50.5% |
| Deferred charges and accrued income | 490/1 | €2,422 | €4,032 | +€1,611 | +66.5% |
| Total equity and liabilities | 10/49 | €322,672 | €229,071 | -€93,601 | -29.0% |
| Equity | 10/15 | €166,017 | €134,382 | -€31,635 | -19.1% |
| Contributions | 10/11 | €12,700 | €12,700 | = | 0.0% |
| Reserves | 13 | €102,553 | €102,553 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €100,693 | €100,693 | = | 0.0% |
| Profit (loss) carried forward | 14 | €50,764 | €19,129 | -€31,635 | -62.3% |
| Amounts payable | 17/49 | €156,654 | €94,689 | -€61,966 | -39.6% |
| Amounts payable within one year | 42/48 | €151,014 | €89,049 | -€61,966 | -41.0% |
| Trade debts | 44 | €58,196 | €38,497 | -€19,699 | -33.8% |
| Suppliers | 440/4 | €58,196 | €38,497 | -€19,699 | -33.8% |
| Taxes, remuneration and social security | 45 | €23,261 | €3,180 | -€20,081 | -86.3% |
| Taxes | 450/3 | €17,294 | €404 | -€16,890 | -97.7% |
| Remuneration and social security | 454/9 | €5,967 | €2,776 | -€3,191 | -53.5% |
| Other amounts payable | 47/48 | €69,557 | €47,372 | -€22,185 | -31.9% |
| Accrued charges and deferred income | 492/3 | €5,640 | €5,640 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €80,596 | €61,179 | -€19,416 | -24.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €101 | +€101 | |
| Other operating charges | 640/8 | €497 | €1,835 | +€1,338 | +269% |
| Gross operating margin | 9900 | €169,017 | €32,835 | -€136,182 | -80.6% |
| Operating profit (loss) | 9901 | €87,924 | -€30,280 | -€118,204 | |
| Financial income | 75/76B | €0 | €7 | +€7 | +23,933% |
| Recurring financial income | 75 | €0 | €7 | +€7 | +23,933% |
| Financial charges | 65/66B | €414 | €1,362 | +€948 | +229% |
| Recurring financial charges | 65 | €414 | €1,362 | +€948 | +229% |
| Profit (loss) for the period before taxes | 9903 | €87,510 | -€31,635 | -€119,145 | |
| Income taxes | 67/77 | €34,838 | - | -€34,838 | |
| Profit (loss) for the period | 9904 | €52,672 | -€31,635 | -€84,307 | |
| Profit (loss) for the period to be appropriated | 9905 | €52,672 | -€31,635 | -€84,307 |
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 28 October 2026 via checked.be.