ZERES: 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.
ZERES
Largest movements
- Current investments +€50,150
up €50,150 (+91.9%), from €54,583 to €104,733
- Tangible fixed assets -€11,880
down €11,880 (-6.2%), from €192,235 to €180,355
of which Land and buildings: -€11,379
- Receivables within one year -€11,582
down €11,582 (-46.2%), from €25,095 to €13,512
of which Other amounts receivable: -€11,582
- Cash -€10,428
down €10,428 (-14.4%), from €72,551 to €62,123
mainly Current investments (-€50,150) and Contributions, distributions and other (-€36,000)
- Other debts +€17,550
up €17,550 (+130.6%), from €13,440 to €30,990
- Trade debts -€6,621
down €6,621 (-58.5%), from €11,323 to €4,702
- Reserves +€4,049
up €4,049 (+1.7%), from €245,164 to €249,214
of which Distributable reserves: +€9,000
- Gross operating margin +€4,290
up €4,290 (+5.6%), from €76,252 to €80,542
- Taxes +€1,395
up €1,395 (+6.2%), from €22,349 to €23,744
- Depreciation -€1,111
down €1,111 (-8.6%), from €12,991 to €11,880
- Financial income -€950
down €950 (-43.3%), from €2,196 to €1,246
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 | €349,343 | €362,669 | +€13,326 | +3.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €192,235 | €180,355 | -€11,880 | -6.2% |
| Tangible fixed assets | 22/27 | €192,235 | €180,355 | -€11,880 | -6.2% |
| Land and buildings | 22 | €190,248 | €178,869 | -€11,379 | -6.0% |
| Furniture and vehicles | 24 | €1,987 | €1,486 | -€501 | -25.2% |
| Current assets | 29/58 | €157,109 | €182,314 | +€25,206 | +16.0% |
| Amounts receivable within one year | 40/41 | €25,095 | €13,512 | -€11,582 | -46.2% |
| Trade receivables | 40 | €0 | €0 | = | |
| Other amounts receivable | 41 | €25,095 | €13,512 | -€11,582 | -46.2% |
| Current investments | 50/53 | €54,583 | €104,733 | +€50,150 | +91.9% |
| Cash at bank and in hand | 54/58 | €72,551 | €62,123 | -€10,428 | -14.4% |
| Deferred charges and accrued income | 490/1 | €4,880 | €1,946 | -€2,934 | -60.1% |
| Total equity and liabilities | 10/49 | €349,343 | €362,669 | +€13,326 | +3.8% |
| Equity | 10/15 | €264,706 | €269,046 | +€4,340 | +1.6% |
| Reserves | 13 | €245,164 | €249,214 | +€4,049 | +1.7% |
| Tax-exempt reserves | 132 | €94,064 | €89,114 | -€4,951 | -5.3% |
| Distributable reserves | 133 | €151,100 | €160,100 | +€9,000 | +6.0% |
| Profit (loss) carried forward | 14 | €19,541 | €19,832 | +€291 | +1.5% |
| Provisions and deferred taxes | 16 | €48,436 | €45,887 | -€2,549 | -5.3% |
| Deferred taxes | 168 | €48,436 | €45,887 | -€2,549 | -5.3% |
| Amounts payable | 17/49 | €36,202 | €47,737 | +€11,535 | +31.9% |
| Amounts payable after more than one year | 17 | €4,422 | €4,449 | +€27 | +0.6% |
| Other amounts payable | 178/9 | €4,422 | €4,449 | +€27 | +0.6% |
| Amounts payable within one year | 42/48 | €30,686 | €42,740 | +€12,055 | +39.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €11,323 | €4,702 | -€6,621 | -58.5% |
| Suppliers | 440/4 | €11,323 | €4,702 | -€6,621 | -58.5% |
| Taxes, remuneration and social security | 45 | €5,923 | €7,049 | +€1,126 | +19.0% |
| Taxes | 450/3 | €5,923 | €6,549 | +€626 | +10.6% |
| Remuneration and social security | 454/9 | - | €500 | +€500 | |
| Other amounts payable | 47/48 | €13,440 | €30,990 | +€17,550 | +130.6% |
| Accrued charges and deferred income | 492/3 | €1,095 | €547 | -€547 | -50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,991 | €11,880 | -€1,111 | -8.6% |
| Other operating charges | 640/8 | €5,026 | €5,431 | +€405 | +8.1% |
| Gross operating margin | 9900 | €76,252 | €80,542 | +€4,290 | +5.6% |
| Operating profit (loss) | 9901 | €58,235 | €63,231 | +€4,996 | +8.6% |
| Financial income | 75/76B | €2,196 | €1,246 | -€950 | -43.3% |
| Recurring financial income | 75 | €2,196 | €1,246 | -€950 | -43.3% |
| Financial charges | 65/66B | €3,382 | €2,941 | -€441 | -13.0% |
| Recurring financial charges | 65 | €3,382 | €2,941 | -€441 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | €57,049 | €61,536 | +€4,487 | +7.9% |
| Transfer from deferred taxes | 780 | €2,549 | €2,549 | = | 0.0% |
| Income taxes | 67/77 | €22,349 | €23,744 | +€1,395 | +6.2% |
| Profit (loss) for the period | 9904 | €37,249 | €40,340 | +€3,092 | +8.3% |
| Transfer from tax-exempt reserves | 789 | €4,951 | €4,951 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €42,200 | €45,291 | +€3,092 | +7.3% |
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 5 October 2026 via checked.be.