ZEROM: 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.
ZEROM
Largest movements
- Current investments +€349,858
up €349,858 (+246015.0%), from €142 to €350,000
- Tangible fixed assets -€334,066
down €334,066 (-7.6%), from €4.4m to €4.1m
of which Land and buildings: -€345,249
- Cash +€83,824
up €83,824 (+244.1%), from €34,346 to €118,170
mainly Investment in fixed assets (net) (+€198,190) and Depreciation (+€135,876)
- Reserves +€116,567
up €116,567 (+4.6%), from €2.5m to €2.7m
of which Distributable reserves: +€167,662
- Current portion of long-term debt -€60,896
down €60,896 (-70.4%), from €86,439 to €25,543
- Other debts +€49,599
up €49,599 (+52.5%), from €94,522 to €144,121
- Gross operating margin +€163,847
up €163,847 (+83.3%), from €196,699 to €360,546
- Taxes +€44,690
up €44,690 (+610.8%), from €7,317 to €52,008
- Depreciation -€23,501
down €23,501 (-14.7%), from €159,377 to €135,876
- Other operating charges -€3,725
down €3,725 (-13.2%), from €28,241 to €24,515
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 | €4,448,923 | €4,545,807 | +€96,884 | +2.2% |
| Fixed assets | 21/28 | €4,401,315 | €4,067,249 | -€334,066 | -7.6% |
| Tangible fixed assets | 22/27 | €4,401,315 | €4,067,249 | -€334,066 | -7.6% |
| Land and buildings | 22 | €4,387,661 | €4,042,412 | -€345,249 | -7.9% |
| Plant, machinery and equipment | 23 | €836 | €149 | -€687 | -82.2% |
| Furniture and vehicles | 24 | €12,818 | €24,688 | +€11,870 | +92.6% |
| Current assets | 29/58 | €47,608 | €478,557 | +€430,950 | +905.2% |
| Amounts receivable within one year | 40/41 | €13,119 | €4,850 | -€8,269 | -63.0% |
| Trade receivables | 40 | €13,119 | €4,850 | -€8,269 | -63.0% |
| Current investments | 50/53 | €142 | €350,000 | +€349,858 | +246015.0% |
| Cash at bank and in hand | 54/58 | €34,346 | €118,170 | +€83,824 | +244.1% |
| Deferred charges and accrued income | 490/1 | - | €5,537 | +€5,537 | |
| Total equity and liabilities | 10/49 | €4,448,923 | €4,545,807 | +€96,884 | +2.2% |
| Equity | 10/15 | €2,967,405 | €3,083,972 | +€116,567 | +3.9% |
| Contributions | 10/11 | €426,894 | €426,894 | = | 0.0% |
| Reserves | 13 | €2,540,511 | €2,657,078 | +€116,567 | +4.6% |
| Tax-exempt reserves | 132 | €1,002,628 | €951,533 | -€51,095 | -5.1% |
| Distributable reserves | 133 | €1,537,883 | €1,705,545 | +€167,662 | +10.9% |
| Provisions and deferred taxes | 16 | €284,263 | €270,466 | -€13,798 | -4.9% |
| Deferred taxes | 168 | €284,263 | €270,466 | -€13,798 | -4.9% |
| Amounts payable | 17/49 | €1,197,254 | €1,191,369 | -€5,885 | -0.5% |
| Amounts payable after more than one year | 17 | €979,638 | €954,095 | -€25,543 | -2.6% |
| Financial debts | 170/4 | €979,638 | €954,095 | -€25,543 | -2.6% |
| Amounts payable within one year | 42/48 | €204,683 | €222,750 | +€18,067 | +8.8% |
| Current portion of amounts payable after more than one year | 42 | €86,439 | €25,543 | -€60,896 | -70.4% |
| Trade debts | 44 | €167 | €9,451 | +€9,284 | +5544.2% |
| Suppliers | 440/4 | €167 | €9,451 | +€9,284 | +5544.2% |
| Taxes, remuneration and social security | 45 | €23,554 | €43,634 | +€20,080 | +85.3% |
| Taxes | 450/3 | €23,554 | €43,634 | +€20,080 | +85.3% |
| Other amounts payable | 47/48 | €94,522 | €144,121 | +€49,599 | +52.5% |
| Accrued charges and deferred income | 492/3 | €12,933 | €14,523 | +€1,591 | +12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €159,377 | €135,876 | -€23,501 | -14.7% |
| Other operating charges | 640/8 | €28,241 | €24,515 | -€3,725 | -13.2% |
| Gross operating margin | 9900 | €196,699 | €360,546 | +€163,847 | +83.3% |
| Operating profit (loss) | 9901 | €9,082 | €200,155 | +€191,073 | +2103.9% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €48,396 | €45,378 | -€3,018 | -6.2% |
| Recurring financial charges | 65 | €48,396 | €45,378 | -€3,018 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | -€39,314 | €154,777 | +€194,091 | |
| Transfer from deferred taxes | 780 | €17,094 | €13,798 | -€3,296 | -19.3% |
| Income taxes | 67/77 | €7,317 | €52,008 | +€44,690 | +610.8% |
| Profit (loss) for the period | 9904 | -€29,538 | €116,567 | +€146,105 | |
| Transfer from tax-exempt reserves | 789 | €65,227 | €51,095 | -€14,132 | -21.7% |
| Profit (loss) for the period to be appropriated | 9905 | €35,689 | €167,662 | +€131,973 | +369.8% |
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 30 September 2026 via checked.be.