ZERED: 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.
ZERED
Largest movements
- Cash -€278,126
down €278,126 (-87.7%), from €317,014 to €38,888
mainly Tax, wage and social debts (-€270,523) and Receivables within one year (-€129,037)
- Tax, wage and social debts -€270,523
down €270,523 (-86.0%), from €314,523 to €44,000
- Financial income -€7.1m
down €7.1m (-97.5%), from €7.3m to €178,896
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 | €18,468,972 | €18,319,883 | -€149,090 | -0.8% |
| Fixed assets | 21/28 | €13,934,486 | €13,934,486 | = | 0.0% |
| Financial fixed assets | 28 | €13,934,486 | €13,934,486 | = | 0.0% |
| Affiliated companies | 280/1 | €13,934,486 | €13,934,486 | = | 0.0% |
| Participating interests | 280 | €13,934,486 | €13,934,486 | = | 0.0% |
| Current assets | 29/58 | €4,534,486 | €4,385,397 | -€149,090 | -3.3% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €4,217,472 | €4,346,509 | +€129,037 | +3.1% |
| Trade receivables | 40 | €2,132,848 | €2,132,848 | = | 0.0% |
| Other amounts receivable | 41 | €2,084,625 | €2,213,662 | +€129,037 | +6.2% |
| Cash at bank and in hand | 54/58 | €317,014 | €38,888 | -€278,126 | -87.7% |
| Total equity and liabilities | 10/49 | €18,468,972 | €18,319,883 | -€149,090 | -0.8% |
| Equity | 10/15 | €18,154,449 | €18,275,883 | +€121,433 | +0.7% |
| Contributions | 10/11 | €9,810,148 | €9,810,148 | = | 0.0% |
| Capital | 10 | €9,810,148 | €9,810,148 | = | 0.0% |
| Issued capital | 100 | €9,810,148 | €9,810,148 | = | 0.0% |
| Reserves | 13 | €8,344,301 | €8,465,734 | +€121,433 | +1.5% |
| Non-distributable reserves | 130/1 | €981,015 | €981,015 | = | 0.0% |
| Legal reserve | 130 | €981,015 | €981,015 | = | 0.0% |
| Distributable reserves | 133 | €7,363,286 | €7,484,719 | +€121,433 | +1.6% |
| Amounts payable | 17/49 | €314,523 | €44,000 | -€270,523 | -86.0% |
| Amounts payable within one year | 42/48 | €314,523 | €44,000 | -€270,523 | -86.0% |
| Taxes, remuneration and social security | 45 | €314,523 | €44,000 | -€270,523 | -86.0% |
| Taxes | 450/3 | €314,523 | €44,000 | -€270,523 | -86.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Operating income | 70/76A | €0 | - | = | |
| Turnover | 70 | €0 | - | = | |
| Operating charges | 60/66A | €10,952 | €11,090 | +€139 | +1.3% |
| Services and other goods | 61 | €9,984 | €10,092 | +€108 | +1.1% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Operating profit (loss) | 9901 | -€10,952 | -€11,090 | -€139 | -1.3% |
| Financial income | 75/76B | €7,275,296 | €178,896 | -€7.1m | -97.5% |
| Recurring financial income | 75 | €7,275,296 | €178,896 | -€7.1m | -97.5% |
| Income from financial fixed assets | 750 | €6,786,980 | €0 | -€6.8m | -100.0% |
| Income from current assets | 751 | €488,315 | €178,896 | -€309,419 | -63.4% |
| Other financial income | 752/9 | €1 | €0 | -€1 | -100.0% |
| Financial charges | 65/66B | €176 | €2,788 | +€2,611 | +1480.5% |
| Recurring financial charges | 65 | €176 | €2,788 | +€2,611 | +1480.5% |
| Other financial charges | 652/9 | €176 | €2,788 | +€2,611 | +1480.5% |
| Profit (loss) for the period before taxes | 9903 | €7,264,168 | €165,018 | -€7.1m | -97.7% |
| Income taxes | 67/77 | €37,523 | €43,585 | +€6,062 | +16.2% |
| Taxes | 670/3 | €38,000 | €44,000 | +€6,000 | +15.8% |
| Tax adjustments and reversals of tax provisions | 77 | €477 | €415 | -€62 | -13.0% |
| Profit (loss) for the period | 9904 | €7,226,645 | €121,433 | -€7.1m | -98.3% |
| Profit (loss) for the period to be appropriated | 9905 | €7,226,645 | €121,433 | -€7.1m | -98.3% |
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 9 October 2026 via checked.be.