ZERPA: 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.
ZERPA
Largest movements
- Cash +€28,759
up €28,759 (+14.6%), from €196,411 to €225,170
mainly Net result for the year (+€68,250) and Trade debts (+€20,449)
- Receivables within one year +€21,766
up €21,766 (+18.4%), from €118,451 to €140,217
of which Trade receivables: +€12,520
- Tangible fixed assets -€10,815
down €10,815 (-3.8%), from €285,013 to €274,198
of which Land and buildings: -€6,150
- Reserves +€23,000
up €23,000 (+5.5%), from €421,750 to €444,750
of which Distributable reserves: +€23,000
- Trade debts +€20,449
up €20,449 (+31.2%), from €65,542 to €85,992
- Gross operating margin -€59,271
down €59,271 (-25.0%), from €237,271 to €178,000
- Taxes -€28,303
down €28,303 (-51.9%), from €54,488 to €26,186
- Financial charges +€2,438
up €2,438 (+204%), from €1,195 to €3,633
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 | €615,249 | €654,946 | +€39,698 | +6.5% |
| Fixed assets | 21/28 | €285,013 | €274,198 | -€10,815 | -3.8% |
| Tangible fixed assets | 22/27 | €285,013 | €274,198 | -€10,815 | -3.8% |
| Land and buildings | 22 | €272,013 | €265,863 | -€6,150 | -2.3% |
| Plant, machinery and equipment | 23 | €1,614 | €2,000 | +€386 | +23.9% |
| Furniture and vehicles | 24 | €11,385 | €6,334 | -€5,051 | -44.4% |
| Current assets | 29/58 | €330,236 | €380,749 | +€50,513 | +15.3% |
| Amounts receivable within one year | 40/41 | €118,451 | €140,217 | +€21,766 | +18.4% |
| Trade receivables | 40 | €103,806 | €116,326 | +€12,520 | +12.1% |
| Other amounts receivable | 41 | €14,645 | €23,891 | +€9,246 | +63.1% |
| Current investments | 50/53 | €10,780 | €10,780 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €196,411 | €225,170 | +€28,759 | +14.6% |
| Deferred charges and accrued income | 490/1 | €4,594 | €4,581 | -€13 | -0.3% |
| Total equity and liabilities | 10/49 | €615,249 | €654,946 | +€39,698 | +6.5% |
| Equity | 10/15 | €476,076 | €499,326 | +€23,250 | +4.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €421,750 | €444,750 | +€23,000 | +5.5% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €403,000 | €426,000 | +€23,000 | +5.7% |
| Profit (loss) carried forward | 14 | €34,326 | €34,576 | +€250 | +0.7% |
| Amounts payable | 17/49 | €139,173 | €155,621 | +€16,448 | +11.8% |
| Amounts payable after more than one year | 17 | €51,833 | €50,000 | -€1,833 | -3.5% |
| Financial debts | 170/4 | €51,833 | €50,000 | -€1,833 | -3.5% |
| Amounts payable within one year | 42/48 | €87,339 | €105,621 | +€18,281 | +20.9% |
| Current portion of amounts payable after more than one year | 42 | €3,111 | €1,833 | -€1,278 | -41.1% |
| Trade debts | 44 | €65,542 | €85,992 | +€20,449 | +31.2% |
| Suppliers | 440/4 | €65,542 | €85,992 | +€20,449 | +31.2% |
| Taxes, remuneration and social security | 45 | €17,747 | €14,881 | -€2,867 | -16.2% |
| Taxes | 450/3 | €9,900 | €6,800 | -€3,100 | -31.3% |
| Remuneration and social security | 454/9 | €7,847 | €8,081 | +€233 | +3.0% |
| Other amounts payable | 47/48 | €939 | €2,916 | +€1,976 | +210% |
| Remuneration, social security and pensions | 62 | €66,764 | €66,409 | -€355 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,048 | €11,722 | -€326 | -2.7% |
| Other operating charges | 640/8 | €2,132 | €1,962 | -€170 | -8.0% |
| Non-recurring operating charges | 66A | €121 | €182 | +€61 | +50.5% |
| Gross operating margin | 9900 | €237,271 | €178,000 | -€59,271 | -25.0% |
| Operating profit (loss) | 9901 | €156,206 | €97,726 | -€58,481 | -37.4% |
| Financial income | 75/76B | €123 | €342 | +€219 | +177% |
| Recurring financial income | 75 | €123 | €342 | +€219 | +177% |
| Financial charges | 65/66B | €1,195 | €3,633 | +€2,438 | +204% |
| Recurring financial charges | 65 | €1,195 | €3,633 | +€2,438 | +204% |
| Profit (loss) for the period before taxes | 9903 | €155,135 | €94,435 | -€60,700 | -39.1% |
| Income taxes | 67/77 | €54,488 | €26,186 | -€28,303 | -51.9% |
| Profit (loss) for the period | 9904 | €100,647 | €68,250 | -€32,397 | -32.2% |
| Profit (loss) for the period to be appropriated | 9905 | €100,647 | €68,250 | -€32,397 | -32.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.