ZERIN: 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.
ZERIN
Largest movements
- Stocks and contracts +€305,960
up €305,960 (+2468.9%), from €12,392 to €318,352
- Cash -€41,900
down €41,900 (-46.7%), from €89,681 to €47,781
mainly Stocks and contracts (-€305,960) and Investment in fixed assets (net) (-€36,039)
- Receivables within one year +€13,695
up €13,695 (+39.1%), from €35,041 to €48,736
of which Other amounts receivable: +€13,751
- Debts after one year +€198,226
up €198,226 (+129.1%), from €153,579 to €351,805
- Other debts +€51,285
up €51,285 (+158.2%), from €32,409 to €83,694
- Current portion of long-term debt +€33,883
up €33,883 (+82.5%), from €41,061 to €74,945
- Profit (loss) carried forward -€20,285
new in 2025: -€20,285
- Tax, wage and social debts +€6,915
up €6,915 (+42.7%), from €16,194 to €23,109
of which Remuneration and social security: +€4,846
- Staff costs +€37,240
up €37,240 (+28.9%), from €128,701 to €165,941
- Gross operating margin -€34,287
down €34,287 (-14.1%), from €242,408 to €208,120
- Financial charges +€9,393
up €9,393 (+102.2%), from €9,189 to €18,582
- Taxes -€8,762
no longer reported in 2025 (was €8,762)
- Other operating charges +€2,902
up €2,902 (+437.4%), from €663 to €3,565
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 | €352,226 | €625,436 | +€273,210 | +77.6% |
| Fixed assets | 21/28 | €214,415 | €210,006 | -€4,409 | -2.1% |
| Tangible fixed assets | 22/27 | €214,415 | €210,006 | -€4,409 | -2.1% |
| Land and buildings | 22 | €158,653 | €136,004 | -€22,649 | -14.3% |
| Plant, machinery and equipment | 23 | €27,383 | €22,004 | -€5,379 | -19.6% |
| Furniture and vehicles | 24 | €1,565 | €48,092 | +€46,528 | +2973.7% |
| Assets under construction and advance payments | 27 | €26,814 | €3,905 | -€22,909 | -85.4% |
| Current assets | 29/58 | €137,812 | €415,430 | +€277,619 | +201.4% |
| Stocks and contracts in progress | 3 | €12,392 | €318,352 | +€305,960 | +2468.9% |
| Stocks | 30/36 | €12,392 | €318,352 | +€305,960 | +2468.9% |
| Amounts receivable within one year | 40/41 | €35,041 | €48,736 | +€13,695 | +39.1% |
| Trade receivables | 40 | €24,738 | €24,682 | -€56 | -0.2% |
| Other amounts receivable | 41 | €10,302 | €24,054 | +€13,751 | +133.5% |
| Cash at bank and in hand | 54/58 | €89,681 | €47,781 | -€41,900 | -46.7% |
| Deferred charges and accrued income | 490/1 | €697 | €562 | -€136 | -19.4% |
| Total equity and liabilities | 10/49 | €352,226 | €625,436 | +€273,210 | +77.6% |
| Equity | 10/15 | €92,527 | €72,242 | -€20,285 | -21.9% |
| Contributions | 10/11 | €28,000 | €28,000 | = | 0.0% |
| Reserves | 13 | €64,527 | €64,527 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,800 | €2,800 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,800 | €2,800 | = | 0.0% |
| Distributable reserves | 133 | €61,727 | €61,727 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€20,285 | -€20,285 | |
| Amounts payable | 17/49 | €259,699 | €553,194 | +€293,495 | +113.0% |
| Amounts payable after more than one year | 17 | €153,579 | €351,805 | +€198,226 | +129.1% |
| Financial debts | 170/4 | €153,579 | €351,805 | +€198,226 | +129.1% |
| Amounts payable within one year | 42/48 | €106,120 | €201,389 | +€95,269 | +89.8% |
| Current portion of amounts payable after more than one year | 42 | €41,061 | €74,945 | +€33,883 | +82.5% |
| Trade debts | 44 | €16,455 | €19,641 | +€3,186 | +19.4% |
| Suppliers | 440/4 | €16,455 | €19,641 | +€3,186 | +19.4% |
| Taxes, remuneration and social security | 45 | €16,194 | €23,109 | +€6,915 | +42.7% |
| Taxes | 450/3 | - | €2,069 | +€2,069 | |
| Remuneration and social security | 454/9 | €16,194 | €21,040 | +€4,846 | +29.9% |
| Other amounts payable | 47/48 | €32,409 | €83,694 | +€51,285 | +158.2% |
| Remuneration, social security and pensions | 62 | €128,701 | €165,941 | +€37,240 | +28.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,505 | €40,448 | +€1,943 | +5.0% |
| Other operating charges | 640/8 | €663 | €3,565 | +€2,902 | +437.4% |
| Gross operating margin | 9900 | €242,408 | €208,120 | -€34,287 | -14.1% |
| Operating profit (loss) | 9901 | €74,539 | -€1,834 | -€76,372 | |
| Financial income | 75/76B | €451 | €130 | -€321 | -71.1% |
| Recurring financial income | 75 | €451 | €130 | -€321 | -71.1% |
| Financial charges | 65/66B | €9,189 | €18,582 | +€9,393 | +102.2% |
| Recurring financial charges | 65 | €9,189 | €18,582 | +€9,393 | +102.2% |
| Profit (loss) for the period before taxes | 9903 | €65,801 | -€20,285 | -€86,086 | |
| Income taxes | 67/77 | €8,762 | - | -€8,762 | |
| Profit (loss) for the period | 9904 | €57,038 | -€20,285 | -€77,324 | |
| Profit (loss) for the period to be appropriated | 9905 | €57,038 | -€20,285 | -€77,324 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.