ZESSEN: 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.
ZESSEN
Largest movements
- Tangible fixed assets +€165,664
up €165,664 (+91.9%), from €180,278 to €345,942
of which Land and buildings: +€166,264
- Cash -€14,606
down €14,606 (-81.2%), from €17,990 to €3,384
mainly Investment in fixed assets (net) (-€173,711) and Smaller working-capital items (-€456)
- Receivables within one year -€7,407
down €7,407 (-98.1%), from €7,554 to €147
of which Trade receivables: -€7,454
- Debts after one year +€118,194
up €118,194 (+87.4%), from €135,195 to €253,389
- Reserves +€16,047
up €16,047 (+27.8%), from €57,728 to €73,775
- Current portion of long-term debt +€9,985
new in 2025: €9,985
- Other operating charges -€9,321
down €9,321 (-91.4%), from €10,202 to €881
- Financial charges +€6,579
up €6,579 (+164.4%), from €4,001 to €10,580
- Depreciation +€6,254
up €6,254 (+348.6%), from €1,794 to €8,047
- Gross operating margin +€1,869
up €1,869 (+4.8%), from €38,640 to €40,508
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 | €205,977 | €349,648 | +€143,671 | +69.8% |
| Fixed assets | 21/28 | €180,278 | €345,942 | +€165,664 | +91.9% |
| Tangible fixed assets | 22/27 | €180,278 | €345,942 | +€165,664 | +91.9% |
| Land and buildings | 22 | €178,408 | €344,671 | +€166,264 | +93.2% |
| Other tangible fixed assets | 26 | €1,871 | €1,271 | -€600 | -32.1% |
| Current assets | 29/58 | €25,699 | €3,706 | -€21,993 | -85.6% |
| Amounts receivable within one year | 40/41 | €7,554 | €147 | -€7,407 | -98.1% |
| Trade receivables | 40 | €7,454 | €0 | -€7,454 | -100.0% |
| Other amounts receivable | 41 | €100 | €147 | +€46 | +46.3% |
| Cash at bank and in hand | 54/58 | €17,990 | €3,384 | -€14,606 | -81.2% |
| Deferred charges and accrued income | 490/1 | €154 | €175 | +€21 | +13.4% |
| Total equity and liabilities | 10/49 | €205,977 | €349,648 | +€143,671 | +69.8% |
| Equity | 10/15 | €60,228 | €76,275 | +€16,047 | +26.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €57,728 | €73,775 | +€16,047 | +27.8% |
| Distributable reserves | 133 | €57,728 | €73,775 | +€16,047 | +27.8% |
| Amounts payable | 17/49 | €145,750 | €273,373 | +€127,624 | +87.6% |
| Amounts payable after more than one year | 17 | €135,195 | €253,389 | +€118,194 | +87.4% |
| Financial debts | 170/4 | €135,195 | €253,389 | +€118,194 | +87.4% |
| Amounts payable within one year | 42/48 | €10,555 | €19,984 | +€9,430 | +89.3% |
| Current portion of amounts payable after more than one year | 42 | - | €9,985 | +€9,985 | |
| Financial debts | 43 | €1,575 | €1,455 | -€120 | -7.6% |
| Other loans | 439 | €1,575 | €1,455 | -€120 | -7.6% |
| Trade debts | 44 | €2,040 | €1,867 | -€173 | -8.5% |
| Suppliers | 440/4 | €2,040 | €1,867 | -€173 | -8.5% |
| Taxes, remuneration and social security | 45 | €5,776 | €5,499 | -€277 | -4.8% |
| Taxes | 450/3 | €5,776 | €5,499 | -€277 | -4.8% |
| Other amounts payable | 47/48 | €1,164 | €1,178 | +€15 | +1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,794 | €8,047 | +€6,254 | +348.6% |
| Other operating charges | 640/8 | €10,202 | €881 | -€9,321 | -91.4% |
| Gross operating margin | 9900 | €38,640 | €40,508 | +€1,869 | +4.8% |
| Operating profit (loss) | 9901 | €26,644 | €31,580 | +€4,937 | +18.5% |
| Financial charges | 65/66B | €4,001 | €10,580 | +€6,579 | +164.4% |
| Recurring financial charges | 65 | €4,001 | €10,580 | +€6,579 | +164.4% |
| Profit (loss) for the period before taxes | 9903 | €22,643 | €21,000 | -€1,643 | -7.3% |
| Income taxes | 67/77 | €4,900 | €4,954 | +€54 | +1.1% |
| Profit (loss) for the period | 9904 | €17,744 | €16,047 | -€1,697 | -9.6% |
| Profit (loss) for the period to be appropriated | 9905 | €17,744 | €16,047 | -€1,697 | -9.6% |
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 4 October 2026 via checked.be.