ZEST: 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.
ZEST
Largest movements
- Current investments -€149,458
down €149,458 (-94.5%), from €158,150 to €8,692
- Intangible fixed assets +€115,959
new in 2025: €115,959
- Cash +€21,135
up €21,135 (+39.5%), from €53,543 to €74,679
mainly Current investments (+€149,458) and Depreciation (+€22,989)
- Tangible fixed assets -€11,491
down €11,491 (-23.4%), from €49,036 to €37,545
- Deferred charges and accrued income +€7,161
up €7,161 (+325.1%), from €2,203 to €9,363
- Reserves -€25,000
down €25,000 (-9.7%), from €257,995 to €232,995
of which Distributable reserves: -€25,000
- Trade debts +€11,946
up €11,946 (+50.7%), from €23,549 to €35,495
- Tax, wage and social debts -€11,151
down €11,151 (-49.6%), from €22,475 to €11,324
of which Taxes: -€10,095
- Profit (loss) carried forward +€6,139
up €6,139 (+68.5%), from €8,956 to €15,095
- Other debts +€4,721
up €4,721 (+11.0%), from €42,815 to €47,536
- Gross operating margin +€29,985
up €29,985 (+171.5%), from €17,487 to €47,472
- Depreciation +€9,029
up €9,029 (+64.7%), from €13,960 to €22,989
- Staff costs +€2,415
up €2,415 (+6.2%), from €38,993 to €41,409
- Financial income -€2,038
down €2,038 (-37.1%), from €5,487 to €3,449
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 | €378,607 | €365,263 | -€13,345 | -3.5% |
| Fixed assets | 21/28 | €49,564 | €154,032 | +€104,468 | +210.8% |
| Intangible fixed assets | 21 | - | €115,959 | +€115,959 | |
| Tangible fixed assets | 22/27 | €49,036 | €37,545 | -€11,491 | -23.4% |
| Land and buildings | 22 | €33,167 | €28,191 | -€4,975 | -15.0% |
| Plant, machinery and equipment | 23 | €5,204 | €2,747 | -€2,456 | -47.2% |
| Furniture and vehicles | 24 | €10,666 | €6,607 | -€4,059 | -38.1% |
| Financial fixed assets | 28 | €528 | €528 | = | 0.0% |
| Current assets | 29/58 | €329,043 | €211,231 | -€117,812 | -35.8% |
| Amounts receivable within one year | 40/41 | €115,147 | €118,497 | +€3,350 | +2.9% |
| Trade receivables | 40 | €109,595 | €112,044 | +€2,448 | +2.2% |
| Other amounts receivable | 41 | €5,552 | €6,453 | +€902 | +16.2% |
| Current investments | 50/53 | €158,150 | €8,692 | -€149,458 | -94.5% |
| Cash at bank and in hand | 54/58 | €53,543 | €74,679 | +€21,135 | +39.5% |
| Deferred charges and accrued income | 490/1 | €2,203 | €9,363 | +€7,161 | +325.1% |
| Total equity and liabilities | 10/49 | €378,607 | €365,263 | -€13,345 | -3.5% |
| Equity | 10/15 | €285,551 | €266,690 | -€18,861 | -6.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €257,995 | €232,995 | -€25,000 | -9.7% |
| 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 | €49,135 | €49,135 | = | 0.0% |
| Distributable reserves | 133 | €207,000 | €182,000 | -€25,000 | -12.1% |
| Profit (loss) carried forward | 14 | €8,956 | €15,095 | +€6,139 | +68.5% |
| Amounts payable | 17/49 | €93,057 | €98,573 | +€5,516 | +5.9% |
| Amounts payable within one year | 42/48 | €88,839 | €94,356 | +€5,516 | +6.2% |
| Trade debts | 44 | €23,549 | €35,495 | +€11,946 | +50.7% |
| Suppliers | 440/4 | €23,549 | €35,495 | +€11,946 | +50.7% |
| Taxes, remuneration and social security | 45 | €22,475 | €11,324 | -€11,151 | -49.6% |
| Taxes | 450/3 | €13,184 | €3,090 | -€10,095 | -76.6% |
| Remuneration and social security | 454/9 | €9,290 | €8,234 | -€1,056 | -11.4% |
| Other amounts payable | 47/48 | €42,815 | €47,536 | +€4,721 | +11.0% |
| Accrued charges and deferred income | 492/3 | €4,217 | €4,217 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €38,993 | €41,409 | +€2,415 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,960 | €22,989 | +€9,029 | +64.7% |
| Other operating charges | 640/8 | €4,512 | €4,806 | +€293 | +6.5% |
| Gross operating margin | 9900 | €17,487 | €47,472 | +€29,985 | +171.5% |
| Operating profit (loss) | 9901 | -€39,979 | -€21,732 | +€18,247 | +45.6% |
| Financial income | 75/76B | €5,487 | €3,449 | -€2,038 | -37.1% |
| Recurring financial income | 75 | €5,487 | €3,449 | -€2,038 | -37.1% |
| Financial charges | 65/66B | €254 | €208 | -€46 | -18.1% |
| Recurring financial charges | 65 | €254 | €208 | -€46 | -18.1% |
| Profit (loss) for the period before taxes | 9903 | -€34,745 | -€18,491 | +€16,254 | +46.8% |
| Income taxes | 67/77 | €565 | €371 | -€194 | -34.4% |
| Profit (loss) for the period | 9904 | -€35,310 | -€18,861 | +€16,448 | +46.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€35,310 | -€18,861 | +€16,448 | +46.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.