ZERTEX: 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.
ZERTEX
Largest movements
- Receivables within one year +€48,768
up €48,768 (+46.9%), from €103,904 to €152,672
of which Trade receivables: +€48,730
- Tangible fixed assets -€33,811
down €33,811 (-26.9%), from €125,881 to €92,070
of which Leasing and similar rights: -€30,818
- Cash -€10,708
no longer reported in 2025 (was €10,708)
mainly Receivables within one year (-€48,768) and Debts after one year (-€19,477)
- Debts after one year -€19,477
down €19,477 (-30.2%), from €64,591 to €45,114
- Short-term financial debts +€14,820
up €14,820 (+86.6%), from €17,108 to €31,927
of which Credit institutions: +€14,835
- Reserves +€10,800
up €10,800 (+12.1%), from €89,360 to €100,160
of which Distributable reserves: +€10,800
- Tax, wage and social debts -€4,244
down €4,244 (-71.6%), from €5,924 to €1,680
of which Remuneration and social security: -€3,499
- Gross operating margin +€11,400
up €11,400 (+20.2%), from €56,543 to €67,943
- Other operating charges +€8,033
up €8,033 (+153%), from €5,244 to €13,277
- Depreciation +€6,467
up €6,467 (+24.4%), from €26,536 to €33,003
- Taxes -€4,297
down €4,297 (-43.6%), from €9,849 to €5,552
- Financial charges +€2,671
up €2,671 (+50.8%), from €5,262 to €7,933
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 | €258,726 | €261,191 | +€2,465 | +1.0% |
| Fixed assets | 21/28 | €126,935 | €93,124 | -€33,811 | -26.6% |
| Tangible fixed assets | 22/27 | €125,881 | €92,070 | -€33,811 | -26.9% |
| Plant, machinery and equipment | 23 | €5,509 | €3,204 | -€2,305 | -41.8% |
| Furniture and vehicles | 24 | €6,996 | €6,307 | -€689 | -9.8% |
| Leasing and similar rights | 25 | €113,376 | €82,559 | -€30,818 | -27.2% |
| Financial fixed assets | 28 | €1,054 | €1,054 | = | 0.0% |
| Current assets | 29/58 | €131,791 | €168,067 | +€36,276 | +27.5% |
| Stocks and contracts in progress | 3 | €12,880 | €10,835 | -€2,045 | -15.9% |
| Stocks | 30/36 | €12,880 | €10,835 | -€2,045 | -15.9% |
| Amounts receivable within one year | 40/41 | €103,904 | €152,672 | +€48,768 | +46.9% |
| Trade receivables | 40 | €48,941 | €97,671 | +€48,730 | +99.6% |
| Other amounts receivable | 41 | €54,963 | €55,001 | +€38 | +0.1% |
| Cash at bank and in hand | 54/58 | €10,708 | - | -€10,708 | |
| Deferred charges and accrued income | 490/1 | €4,299 | €4,560 | +€261 | +6.1% |
| Total equity and liabilities | 10/49 | €258,726 | €261,191 | +€2,465 | +1.0% |
| Equity | 10/15 | €134,599 | €145,415 | +€10,816 | +8.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €89,360 | €100,160 | +€10,800 | +12.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,000 | €8,000 | = | 0.0% |
| Distributable reserves | 133 | €79,500 | €90,300 | +€10,800 | +13.6% |
| Profit (loss) carried forward | 14 | €39,039 | €39,055 | +€16 | 0.0% |
| Amounts payable | 17/49 | €124,126 | €115,775 | -€8,351 | -6.7% |
| Amounts payable after more than one year | 17 | €64,591 | €45,114 | -€19,477 | -30.2% |
| Financial debts | 170/4 | €64,591 | €45,114 | -€19,477 | -30.2% |
| Amounts payable within one year | 42/48 | €59,176 | €70,661 | +€11,485 | +19.4% |
| Current portion of amounts payable after more than one year | 42 | €14,237 | €15,647 | +€1,410 | +9.9% |
| Financial debts | 43 | €17,108 | €31,927 | +€14,820 | +86.6% |
| Credit institutions | 430/8 | €12,796 | €27,631 | +€14,835 | +116% |
| Other loans | 439 | €4,312 | €4,297 | -€16 | -0.4% |
| Trade debts | 44 | €21,907 | €21,407 | -€500 | -2.3% |
| Suppliers | 440/4 | €21,907 | €21,407 | -€500 | -2.3% |
| Taxes, remuneration and social security | 45 | €5,924 | €1,680 | -€4,244 | -71.6% |
| Taxes | 450/3 | €1,825 | €1,080 | -€745 | -40.8% |
| Remuneration and social security | 454/9 | €4,099 | €600 | -€3,499 | -85.4% |
| Accrued charges and deferred income | 492/3 | €359 | - | -€359 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,536 | €33,003 | +€6,467 | +24.4% |
| Other operating charges | 640/8 | €5,244 | €13,277 | +€8,033 | +153% |
| Gross operating margin | 9900 | €56,543 | €67,943 | +€11,400 | +20.2% |
| Operating profit (loss) | 9901 | €24,764 | €21,663 | -€3,100 | -12.5% |
| Financial income | 75/76B | €2,892 | €2,637 | -€255 | -8.8% |
| Recurring financial income | 75 | €2,892 | €2,637 | -€255 | -8.8% |
| Financial charges | 65/66B | €5,262 | €7,933 | +€2,671 | +50.8% |
| Recurring financial charges | 65 | €5,262 | €7,933 | +€2,671 | +50.8% |
| Profit (loss) for the period before taxes | 9903 | €22,394 | €16,368 | -€6,027 | -26.9% |
| Income taxes | 67/77 | €9,849 | €5,552 | -€4,297 | -43.6% |
| Profit (loss) for the period | 9904 | €12,545 | €10,816 | -€1,729 | -13.8% |
| Profit (loss) for the period to be appropriated | 9905 | €12,545 | €10,816 | -€1,729 | -13.8% |
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 20 October 2026 via checked.be.