Zerf Medicals: what changed
What changed
Zerf Medicals
NACE 86.210, General medical practice
filed annual accounts (NBB)
Net result for the year
€101,143
2024 · €60,925+€40,218
Equity
€2,000
2024 · €2,000
Cash
€8,827
2024 · €17,627-€8,799
Balance sheet total
€799,179
2024 · €852,912-€53,733
Largest movements
Assets
- Receivables after one year -€27,042
down €27,042 (-93.8%), from €28,831 to €1,789
- Tangible fixed assets -€14,307
down €14,307 (-1.9%), from €762,531 to €748,224
of which Land and buildings: -€15,787
- Cash -€8,799
down €8,799 (-49.9%), from €17,627 to €8,827
mainly Contributions, distributions and other (-€101,143) and Debts after one year (-€50,172)
Equity and liabilities
- Debts after one year -€50,172
down €50,172 (-7.7%), from €653,060 to €602,888
- Other debts -€13,952
down €13,952 (-9.5%), from €146,648 to €132,696
Income statement
- Gross operating margin +€68,279
up €68,279 (+50.9%), from €134,195 to €202,474
- Taxes +€12,284
up €12,284 (+77.3%), from €15,891 to €28,175
- Staff costs +€9,201
new in 2025: €9,201
- Depreciation +€7,624
up €7,624 (+27.1%), from €28,122 to €35,746
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.
Result 2024
€60,925
Gross operating margin
+€68,279
Staff costs
-€9,201
Depreciation
-€7,624
Other operating charges
+€108
Other operating items
-€230
Financial income
-€45
Financial charges
+€1,215
Taxes
-€12,284
Result 2025
€101,143
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€160,691
Investment
-€21,439
Financing
-€148,051
Cash 2024
€17,627
From operations (derived)
+€160,691
Net result for the year
+€101,143
Depreciation
+€35,746
Receivables after one year
+€27,042
Receivables within one year
+€3,893
Deferred charges and accrued income
-€309
Trade debts
-€72
Tax, wage and social debts
+€7,198
Other debts
-€13,952
Investment (derived)
-€21,439
Investment in fixed assets (net)
-€21,439
Financing
-€148,051
Debts after one year
-€50,172
Current portion of long-term debt
+€1,806
Short-term financial debts
+€1,458
Contributions, distributions and other
-€101,143
Cash 2025
€8,827
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €852,912 | €799,179 | -€53,733 | -6.3% |
| Fixed assets | 21/28 | €762,531 | €748,224 | -€14,307 | -1.9% |
| Tangible fixed assets | 22/27 | €762,531 | €748,224 | -€14,307 | -1.9% |
| Land and buildings | 22 | €693,849 | €678,062 | -€15,787 | -2.3% |
| Plant, machinery and equipment | 23 | €6,920 | €9,041 | +€2,121 | +30.6% |
| Furniture and vehicles | 24 | €61,762 | €55,787 | -€5,974 | -9.7% |
| Other tangible fixed assets | 26 | - | €5,334 | +€5,334 | |
| Current assets | 29/58 | €90,381 | €50,955 | -€39,426 | -43.6% |
| Amounts receivable after more than one year | 29 | €28,831 | €1,789 | -€27,042 | -93.8% |
| Other amounts receivable | 291 | €28,831 | €1,789 | -€27,042 | -93.8% |
| Amounts receivable within one year | 40/41 | €41,743 | €37,849 | -€3,893 | -9.3% |
| Trade receivables | 40 | €11,595 | €11,648 | +€53 | +0.5% |
| Other amounts receivable | 41 | €30,148 | €26,201 | -€3,946 | -13.1% |
| Cash at bank and in hand | 54/58 | €17,627 | €8,827 | -€8,799 | -49.9% |
| Deferred charges and accrued income | 490/1 | €2,181 | €2,490 | +€309 | +14.2% |
| Total equity and liabilities | 10/49 | €852,912 | €799,179 | -€53,733 | -6.3% |
| Equity | 10/15 | €2,000 | €2,000 | = | 0.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Amounts payable | 17/49 | €850,912 | €797,179 | -€53,733 | -6.3% |
| Amounts payable after more than one year | 17 | €653,060 | €602,888 | -€50,172 | -7.7% |
| Financial debts | 170/4 | €653,060 | €602,888 | -€50,172 | -7.7% |
| Amounts payable within one year | 42/48 | €197,552 | €193,991 | -€3,561 | -1.8% |
| Current portion of amounts payable after more than one year | 42 | €48,366 | €50,172 | +€1,806 | +3.7% |
| Financial debts | 43 | - | €1,458 | +€1,458 | |
| Credit institutions | 430/8 | - | €1,458 | +€1,458 | |
| Trade debts | 44 | €738 | €667 | -€72 | -9.7% |
| Suppliers | 440/4 | €738 | €667 | -€72 | -9.7% |
| Taxes, remuneration and social security | 45 | €1,799 | €8,998 | +€7,198 | +400% |
| Taxes | 450/3 | €282 | €8,175 | +€7,893 | +2,801% |
| Remuneration and social security | 454/9 | €1,517 | €823 | -€694 | -45.8% |
| Other amounts payable | 47/48 | €146,648 | €132,696 | -€13,952 | -9.5% |
| Accrued charges and deferred income | 492/3 | €300 | €300 | = | 0.0% |
| Non-recurring operating income | 76A | €1,061 | - | -€1,061 | |
| Remuneration, social security and pensions | 62 | - | €9,201 | +€9,201 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,122 | €35,746 | +€7,624 | +27.1% |
| Other operating charges | 640/8 | €2,873 | €2,765 | -€108 | -3.8% |
| Non-recurring operating charges | 66A | - | €230 | +€230 | |
| Gross operating margin | 9900 | €134,195 | €202,474 | +€68,279 | +50.9% |
| Operating profit (loss) | 9901 | €103,200 | €154,532 | +€51,333 | +49.7% |
| Financial income | 75/76B | €110 | €65 | -€45 | -41.2% |
| Recurring financial income | 75 | €110 | €65 | -€45 | -41.2% |
| Financial charges | 65/66B | €26,494 | €25,279 | -€1,215 | -4.6% |
| Recurring financial charges | 65 | €26,494 | €25,279 | -€1,215 | -4.6% |
| Profit (loss) for the period before taxes | 9903 | €76,816 | €129,318 | +€52,502 | +68.3% |
| Income taxes | 67/77 | €15,891 | €28,175 | +€12,284 | +77.3% |
| Profit (loss) for the period | 9904 | €60,925 | €101,143 | +€40,218 | +66.0% |
| Profit (loss) for the period to be appropriated | 9905 | €60,925 | €101,143 | +€40,218 | +66.0% |
Next steps
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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 2 November 2026 via checked.be.