ZERMAT: 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.
ZERMAT
Largest movements
- Receivables within one year +€23,009
new in 2025: €23,009
- Cash -€1,058
down €1,058 (-72.1%), from €1,468 to €410
mainly Receivables within one year (-€23,009) and Other debts (-€10,289)
- Tangible fixed assets -€1,000
down €1,000 (-46.1%), from €2,167 to €1,167
- Tax, wage and social debts +€17,520
up €17,520 (+4880.0%), from €359 to €17,879
- Other debts -€10,289
down €10,289 (-53.7%), from €19,173 to €8,884
- Profit (loss) carried forward +€8,738
up €8,738 (+60.1%), from -€14,529 to -€5,791
- Trade debts +€4,982
up €4,982 (+81.2%), from €6,132 to €11,114
- Gross operating margin +€25,756
up €25,756, from -€12,825 to €12,931
- Other operating charges +€2,226
up €2,226 (+256.3%), from €868 to €3,094
- Depreciation +€167
up €167 (+20.0%), from €833 to €1,000
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 | €12,635 | €33,586 | +€20,951 | +165.8% |
| Fixed assets | 21/28 | €11,167 | €10,167 | -€1,000 | -9.0% |
| Tangible fixed assets | 22/27 | €2,167 | €1,167 | -€1,000 | -46.1% |
| Furniture and vehicles | 24 | €2,167 | €1,167 | -€1,000 | -46.1% |
| Financial fixed assets | 28 | €9,000 | €9,000 | -€0 | 0.0% |
| Current assets | 29/58 | €1,468 | €23,419 | +€21,951 | +1495.5% |
| Amounts receivable within one year | 40/41 | - | €23,009 | +€23,009 | |
| Trade receivables | 40 | - | €23,009 | +€23,009 | |
| Cash at bank and in hand | 54/58 | €1,468 | €410 | -€1,058 | -72.1% |
| Total equity and liabilities | 10/49 | €12,635 | €33,586 | +€20,951 | +165.8% |
| Equity | 10/15 | -€13,029 | -€4,291 | +€8,738 | +67.1% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,529 | -€5,791 | +€8,738 | +60.1% |
| Amounts payable | 17/49 | €25,664 | €37,876 | +€12,213 | +47.6% |
| Amounts payable within one year | 42/48 | €25,664 | €37,876 | +€12,213 | +47.6% |
| Trade debts | 44 | €6,132 | €11,114 | +€4,982 | +81.2% |
| Suppliers | 440/4 | €6,132 | €11,114 | +€4,982 | +81.2% |
| Taxes, remuneration and social security | 45 | €359 | €17,879 | +€17,520 | +4880.0% |
| Taxes | 450/3 | €359 | €17,879 | +€17,520 | +4880.0% |
| Other amounts payable | 47/48 | €19,173 | €8,884 | -€10,289 | -53.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €833 | €1,000 | +€167 | +20.0% |
| Other operating charges | 640/8 | €868 | €3,094 | +€2,226 | +256.3% |
| Gross operating margin | 9900 | -€12,825 | €12,931 | +€25,756 | |
| Operating profit (loss) | 9901 | -€14,527 | €8,837 | +€23,364 | |
| Financial charges | 65/66B | €2 | €99 | +€97 | +4383.3% |
| Recurring financial charges | 65 | €2 | €99 | +€97 | +4383.3% |
| Profit (loss) for the period before taxes | 9903 | -€14,529 | €8,738 | +€23,267 | |
| Profit (loss) for the period | 9904 | -€14,529 | €8,738 | +€23,267 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,529 | €8,738 | +€23,267 |
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 6 October 2026 via checked.be.