ZERDA: what changed
ZERDA
Largest movements
- Cash -€20,427
down €20,427 (-68.9%), from €29,628 to €9,201
mainly Trade debts (-€10,725) and Receivables within one year (-€10,634)
- Receivables within one year +€10,634
up €10,634 (+29.2%), from €36,405 to €47,039
of which Trade receivables: +€23,771
- Trade debts -€10,725
down €10,725 (-94.5%), from €11,344 to €619
- Taxes -€8,356
down €8,356 (-84.1%), from €9,940 to €1,584
- Gross operating margin -€4,449
down €4,449 (-37.1%), from €11,989 to €7,540
- Other operating charges -€1,431
down €1,431 (-35.8%), from €4,002 to €2,570
- Financial charges +€369
up €369 (+17.8%), from €2,077 to €2,446
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €264,094 | €252,855 | -€11,239 | -4.3% |
| Fixed assets | 21/28 | €7,766 | €6,314 | -€1,452 | -18.7% |
| Tangible fixed assets | 22/27 | €2,442 | €990 | -€1,452 | -59.5% |
| Furniture and vehicles | 24 | €2,442 | €990 | -€1,452 | -59.5% |
| Financial fixed assets | 28 | €5,324 | €5,324 | = | 0.0% |
| Current assets | 29/58 | €256,328 | €246,541 | -€9,787 | -3.8% |
| Amounts receivable after more than one year | 29 | €190,064 | €190,064 | = | 0.0% |
| Trade receivables | 290 | €190,064 | €190,064 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €36,405 | €47,039 | +€10,634 | +29.2% |
| Trade receivables | 40 | €20,664 | €44,435 | +€23,771 | +115% |
| Other amounts receivable | 41 | €15,741 | €2,604 | -€13,137 | -83.5% |
| Cash at bank and in hand | 54/58 | €29,628 | €9,201 | -€20,427 | -68.9% |
| Deferred charges and accrued income | 490/1 | €230 | €237 | +€6 | +2.7% |
| Total equity and liabilities | 10/49 | €264,094 | €252,855 | -€11,239 | -4.3% |
| Equity | 10/15 | €249,451 | €248,937 | -€513 | -0.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €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% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €228,991 | €228,477 | -€513 | -0.2% |
| Amounts payable | 17/49 | €14,643 | €3,918 | -€10,725 | -73.2% |
| Amounts payable within one year | 42/48 | €14,643 | €3,918 | -€10,725 | -73.2% |
| Trade debts | 44 | €11,344 | €619 | -€10,725 | -94.5% |
| Suppliers | 440/4 | €11,344 | €619 | -€10,725 | -94.5% |
| Other amounts payable | 47/48 | €3,299 | €3,299 | = | 0.0% |
| Non-recurring operating income | 76A | €12,354 | €26,567 | +€14,214 | +115% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,452 | €1,452 | = | 0.0% |
| Other operating charges | 640/8 | €4,002 | €2,570 | -€1,431 | -35.8% |
| Gross operating margin | 9900 | €11,989 | €7,540 | -€4,449 | -37.1% |
| Operating profit (loss) | 9901 | €6,535 | €3,517 | -€3,018 | -46.2% |
| Financial charges | 65/66B | €2,077 | €2,446 | +€369 | +17.8% |
| Recurring financial charges | 65 | €2,077 | €2,446 | +€369 | +17.8% |
| Profit (loss) for the period before taxes | 9903 | €4,458 | €1,071 | -€3,387 | -76.0% |
| Income taxes | 67/77 | €9,940 | €1,584 | -€8,356 | -84.1% |
| Profit (loss) for the period | 9904 | -€5,482 | -€513 | +€4,969 | +90.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,482 | -€513 | +€4,969 | +90.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.