ZERO: 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.
ZERO
Largest movements
- Stocks and contracts -€49,404
down €49,404 (-48.8%), from €101,246 to €51,842
- Cash -€13,118
down €13,118 (-62.5%), from €20,993 to €7,875
mainly Net result for the year (-€42,098) and Trade debts (-€10,450)
- Receivables within one year -€5,066
down €5,066 (-13.9%), from €36,355 to €31,289
of which Trade receivables: -€5,156
- Tangible fixed assets +€2,466
new in 2025: €2,466
- Profit (loss) carried forward -€42,098
down €42,098 (-46.9%), from -€89,827 to -€131,924
- Trade debts -€10,450
down €10,450 (-32.4%), from €32,278 to €21,827
- Short-term financial debts -€5,000
down €5,000 (-5.6%), from €89,000 to €84,000
- Other debts -€4,520
down €4,520 (-7.6%), from €59,104 to €54,584
- Tax, wage and social debts -€3,054
no longer reported in 2025 (was €3,054)
- Gross operating margin -€34,751
down €34,751 (-47.9%), from €72,554 to €37,804
- Staff costs -€11,478
down €11,478 (-14.9%), from €77,218 to €65,740
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.
Derived cash bridge
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 | €158,612 | €93,490 | -€65,122 | -41.1% |
| Fixed assets | 21/28 | - | €2,466 | +€2,466 | |
| Tangible fixed assets | 22/27 | - | €2,466 | +€2,466 | |
| Plant, machinery and equipment | 23 | - | €2,466 | +€2,466 | |
| Current assets | 29/58 | €158,612 | €91,024 | -€67,588 | -42.6% |
| Stocks and contracts in progress | 3 | €101,246 | €51,842 | -€49,404 | -48.8% |
| Stocks | 30/36 | €101,246 | €51,842 | -€49,404 | -48.8% |
| Amounts receivable within one year | 40/41 | €36,355 | €31,289 | -€5,066 | -13.9% |
| Trade receivables | 40 | €36,355 | €31,199 | -€5,156 | -14.2% |
| Other amounts receivable | 41 | - | €90 | +€90 | |
| Cash at bank and in hand | 54/58 | €20,993 | €7,875 | -€13,118 | -62.5% |
| Deferred charges and accrued income | 490/1 | €18 | €18 | = | 0.0% |
| Total equity and liabilities | 10/49 | €158,612 | €93,490 | -€65,122 | -41.1% |
| Equity | 10/15 | -€24,824 | -€66,922 | -€42,098 | -170% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €46,402 | €46,402 | = | 0.0% |
| Tax-exempt reserves | 132 | €46,402 | €46,402 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€89,827 | -€131,924 | -€42,098 | -46.9% |
| Amounts payable | 17/49 | €183,436 | €160,412 | -€23,025 | -12.6% |
| Amounts payable within one year | 42/48 | €183,436 | €160,412 | -€23,025 | -12.6% |
| Financial debts | 43 | €89,000 | €84,000 | -€5,000 | -5.6% |
| Credit institutions | 430/8 | €89,000 | €84,000 | -€5,000 | -5.6% |
| Trade debts | 44 | €32,278 | €21,827 | -€10,450 | -32.4% |
| Suppliers | 440/4 | €32,278 | €21,827 | -€10,450 | -32.4% |
| Taxes, remuneration and social security | 45 | €3,054 | - | -€3,054 | |
| Taxes | 450/3 | €3,054 | - | -€3,054 | |
| Other amounts payable | 47/48 | €59,104 | €54,584 | -€4,520 | -7.6% |
| Non-recurring operating income | 76A | €1,081 | €11 | -€1,070 | -99.0% |
| Remuneration, social security and pensions | 62 | €77,218 | €65,740 | -€11,478 | -14.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €499 | +€499 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €136 | +€136 | |
| Other operating charges | 640/8 | €523 | €541 | +€18 | +3.4% |
| Gross operating margin | 9900 | €72,554 | €37,804 | -€34,751 | -47.9% |
| Operating profit (loss) | 9901 | -€5,187 | -€29,111 | -€23,925 | -461% |
| Financial income | 75/76B | €153 | €362 | +€209 | +137% |
| Recurring financial income | 75 | €153 | €362 | +€209 | +137% |
| Financial charges | 65/66B | €13,203 | €13,343 | +€139 | +1.1% |
| Recurring financial charges | 65 | €13,202 | €12,982 | -€220 | -1.7% |
| Non-recurring financial charges | 66B | €1 | €361 | +€360 | +35,613% |
| Profit (loss) for the period before taxes | 9903 | -€18,237 | -€42,092 | -€23,855 | -131% |
| Income taxes | 67/77 | €201 | €6 | -€196 | -97.2% |
| Profit (loss) for the period | 9904 | -€18,438 | -€42,098 | -€23,660 | -128% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,438 | -€42,098 | -€23,660 | -128% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.