ZEQ: 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.
ZEQ
Largest movements
- Current investments +€205,000
up €205,000 (+58.6%), from €350,000 to €555,000
- Cash -€114,721
down €114,721 (-83.9%), from €136,745 to €22,024
mainly Contributions, distributions and other (-€926,666) and Current investments (-€205,000)
- Other debts +€786,464
up €786,464 (+26799.1%), from €2,935 to €789,399
- Profit (loss) carried forward -€631,480
down €631,480 (-68.0%), from €928,654 to €297,174
- Tax, wage and social debts +€144,762
up €144,762 (+423.7%), from €34,164 to €178,926
of which Taxes: +€143,203
- Trade debts -€108,960
down €108,960 (-95.5%), from €114,077 to €5,117
- Debts after one year -€94,156
down €94,156 (-25.2%), from €373,649 to €279,493
- Gross operating margin +€58,600
up €58,600 (+28.7%), from €204,411 to €263,011
- Financial income -€23,350
down €23,350 (-11.9%), from €196,178 to €172,828
- Other operating charges +€8,281
up €8,281 (+1648.0%), from €502 to €8,784
- Taxes +€6,036
up €6,036 (+15.2%), from €39,688 to €45,724
- Staff costs +€3,158
up €3,158 (+4.6%), from €68,146 to €71,304
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 | €1,565,842 | €1,664,725 | +€98,882 | +6.3% |
| Fixed assets | 21/28 | €947,392 | €949,829 | +€2,437 | +0.3% |
| Tangible fixed assets | 22/27 | €3,392 | €5,829 | +€2,437 | +71.8% |
| Plant, machinery and equipment | 23 | €3,392 | €1,332 | -€2,060 | -60.7% |
| Furniture and vehicles | 24 | - | €4,497 | +€4,497 | |
| Financial fixed assets | 28 | €944,000 | €944,000 | = | 0.0% |
| Current assets | 29/58 | €618,450 | €714,896 | +€96,446 | +15.6% |
| Amounts receivable within one year | 40/41 | €119,190 | €126,989 | +€7,799 | +6.5% |
| Trade receivables | 40 | €110,823 | €118,622 | +€7,799 | +7.0% |
| Other amounts receivable | 41 | €8,367 | €8,367 | = | 0.0% |
| Current investments | 50/53 | €350,000 | €555,000 | +€205,000 | +58.6% |
| Cash at bank and in hand | 54/58 | €136,745 | €22,024 | -€114,721 | -83.9% |
| Deferred charges and accrued income | 490/1 | €12,515 | €10,883 | -€1,632 | -13.0% |
| Total equity and liabilities | 10/49 | €1,565,842 | €1,664,725 | +€98,882 | +6.3% |
| Equity | 10/15 | €949,114 | €317,634 | -€631,480 | -66.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 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% |
| Profit (loss) carried forward | 14 | €928,654 | €297,174 | -€631,480 | -68.0% |
| Amounts payable | 17/49 | €616,728 | €1,347,090 | +€730,362 | +118.4% |
| Amounts payable after more than one year | 17 | €373,649 | €279,493 | -€94,156 | -25.2% |
| Financial debts | 170/4 | €373,649 | €279,493 | -€94,156 | -25.2% |
| Amounts payable within one year | 42/48 | €243,079 | €1,067,597 | +€824,518 | +339.2% |
| Current portion of amounts payable after more than one year | 42 | €91,904 | €94,156 | +€2,252 | +2.5% |
| Trade debts | 44 | €114,077 | €5,117 | -€108,960 | -95.5% |
| Suppliers | 440/4 | €114,077 | €5,117 | -€108,960 | -95.5% |
| Taxes, remuneration and social security | 45 | €34,164 | €178,926 | +€144,762 | +423.7% |
| Taxes | 450/3 | €16,907 | €160,110 | +€143,203 | +847.0% |
| Remuneration and social security | 454/9 | €17,257 | €18,816 | +€1,559 | +9.0% |
| Other amounts payable | 47/48 | €2,935 | €789,399 | +€786,464 | +26799.1% |
| Remuneration, social security and pensions | 62 | €68,146 | €71,304 | +€3,158 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,060 | €4,063 | +€2,003 | +97.3% |
| Other operating charges | 640/8 | €502 | €8,784 | +€8,281 | +1648.0% |
| Gross operating margin | 9900 | €204,411 | €263,011 | +€58,600 | +28.7% |
| Operating profit (loss) | 9901 | €133,703 | €178,860 | +€45,157 | +33.8% |
| Financial income | 75/76B | €196,178 | €172,828 | -€23,350 | -11.9% |
| Recurring financial income | 75 | €196,178 | €172,828 | -€23,350 | -11.9% |
| Financial charges | 65/66B | €12,973 | €10,778 | -€2,195 | -16.9% |
| Recurring financial charges | 65 | €12,973 | €10,778 | -€2,195 | -16.9% |
| Profit (loss) for the period before taxes | 9903 | €316,908 | €340,911 | +€24,003 | +7.6% |
| Income taxes | 67/77 | €39,688 | €45,724 | +€6,036 | +15.2% |
| Profit (loss) for the period | 9904 | €277,219 | €295,186 | +€17,967 | +6.5% |
| Profit (loss) for the period to be appropriated | 9905 | €277,219 | €295,186 | +€17,967 | +6.5% |
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 10 October 2026 via checked.be.