ZERAS: 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.
ZERAS
Largest movements
- Receivables after one year +€186,015
new in 2025: €186,015
- Financial fixed assets -€166,667
down €166,667 (-100.0%), from €166,667 to €0
- Receivables within one year +€55,491
up €55,491 (+169.5%), from €32,743 to €88,234
of which Other amounts receivable: +€32,292
- Cash +€38,197
up €38,197 (+250.1%), from €15,272 to €53,469
mainly Investment in fixed assets (net) (+€182,802) and Trade debts (+€56,690)
- Tangible fixed assets -€19,740
down €19,740 (-37.8%), from €52,243 to €32,503
of which Furniture and vehicles: -€18,066
- Trade debts +€56,690
up €56,690 (+161.8%), from €35,036 to €91,726
- Reserves +€14,046
up €14,046 (+8.5%), from €166,222 to €180,268
of which Distributable reserves: +€14,046
- Tax, wage and social debts +€12,315
up €12,315 (+33.6%), from €36,623 to €48,938
- Debts after one year -€12,128
down €12,128 (-44.9%), from €27,021 to €14,894
- Gross operating margin +€24,294
up €24,294 (+56.9%), from €42,660 to €66,954
- Financial income +€18,095
up €18,095 (+1376.5%), from €1,315 to €19,409
of which Non-recurring financial income: +€19,348
- Taxes +€13,302
up €13,302 (+138.0%), from €9,637 to €22,939
- Depreciation -€7,822
down €7,822 (-68.5%), from €11,427 to €3,605
- Other operating charges +€1,524
up €1,524 (+59.3%), from €2,572 to €4,097
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 | €286,209 | €360,966 | +€74,757 | +26.1% |
| Fixed assets | 21/28 | €218,910 | €32,503 | -€186,407 | -85.2% |
| Tangible fixed assets | 22/27 | €52,243 | €32,503 | -€19,740 | -37.8% |
| Plant, machinery and equipment | 23 | €2,528 | €1,291 | -€1,237 | -48.9% |
| Furniture and vehicles | 24 | €46,265 | €28,199 | -€18,066 | -39.0% |
| Other tangible fixed assets | 26 | €3,450 | €3,012 | -€438 | -12.7% |
| Financial fixed assets | 28 | €166,667 | €0 | -€166,667 | -100.0% |
| Current assets | 29/58 | €67,299 | €328,463 | +€261,164 | +388.1% |
| Amounts receivable after more than one year | 29 | - | €186,015 | +€186,015 | |
| Other amounts receivable | 291 | - | €186,015 | +€186,015 | |
| Amounts receivable within one year | 40/41 | €32,743 | €88,234 | +€55,491 | +169.5% |
| Trade receivables | 40 | €0 | €23,199 | +€23,199 | |
| Other amounts receivable | 41 | €32,743 | €65,035 | +€32,292 | +98.6% |
| Cash at bank and in hand | 54/58 | €15,272 | €53,469 | +€38,197 | +250.1% |
| Deferred charges and accrued income | 490/1 | €19,284 | €745 | -€18,539 | -96.1% |
| Total equity and liabilities | 10/49 | €286,209 | €360,966 | +€74,757 | +26.1% |
| Equity | 10/15 | €175,522 | €189,568 | +€14,046 | +8.0% |
| Contributions | 10/11 | €9,300 | €9,300 | = | 0.0% |
| Reserves | 13 | €166,222 | €180,268 | +€14,046 | +8.5% |
| 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 | €164,362 | €178,408 | +€14,046 | +8.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €110,687 | €171,398 | +€60,711 | +54.8% |
| Amounts payable after more than one year | 17 | €27,021 | €14,894 | -€12,128 | -44.9% |
| Financial debts | 170/4 | €27,021 | €14,894 | -€12,128 | -44.9% |
| Amounts payable within one year | 42/48 | €83,357 | €156,357 | +€73,000 | +87.6% |
| Current portion of amounts payable after more than one year | 42 | €11,699 | €12,128 | +€429 | +3.7% |
| Financial debts | 43 | - | €328 | +€328 | |
| Credit institutions | 430/8 | - | €328 | +€328 | |
| Trade debts | 44 | €35,036 | €91,726 | +€56,690 | +161.8% |
| Suppliers | 440/4 | €35,036 | €91,726 | +€56,690 | +161.8% |
| Taxes, remuneration and social security | 45 | €36,623 | €48,938 | +€12,315 | +33.6% |
| Taxes | 450/3 | €36,623 | €48,938 | +€12,315 | +33.6% |
| Other amounts payable | 47/48 | €0 | €3,239 | +€3,239 | |
| Accrued charges and deferred income | 492/3 | €308 | €147 | -€162 | -52.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,427 | €3,605 | -€7,822 | -68.5% |
| Other operating charges | 640/8 | €2,572 | €4,097 | +€1,524 | +59.3% |
| Non-recurring operating charges | 66A | €1,330 | €0 | -€1,330 | -100.0% |
| Gross operating margin | 9900 | €42,660 | €66,954 | +€24,294 | +56.9% |
| Operating profit (loss) | 9901 | €27,330 | €59,252 | +€31,922 | +116.8% |
| Financial income | 75/76B | €1,315 | €19,409 | +€18,095 | +1376.5% |
| Recurring financial income | 75 | €1,315 | €61 | -€1,253 | -95.4% |
| Non-recurring financial income | 76B | - | €19,348 | +€19,348 | |
| Financial charges | 65/66B | €4,368 | €4,013 | -€355 | -8.1% |
| Recurring financial charges | 65 | €4,368 | €4,013 | -€355 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | €24,277 | €74,648 | +€50,371 | +207.5% |
| Income taxes | 67/77 | €9,637 | €22,939 | +€13,302 | +138.0% |
| Profit (loss) for the period | 9904 | €14,640 | €51,709 | +€37,069 | +253.2% |
| Profit (loss) for the period to be appropriated | 9905 | €14,640 | €51,709 | +€37,069 | +253.2% |
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 8 October 2026 via checked.be.