ZESTF: 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.
ZESTF
Largest movements
- Receivables within one year +€14,708
up €14,708 (+140.9%), from €10,440 to €25,148
of which Trade receivables: +€10,505
- Cash -€10,231
down €10,231 (-25.1%), from €40,760 to €30,528
mainly Receivables within one year (-€14,708) and Tax, wage and social debts (-€9,778)
- Tangible fixed assets -€4,000
no longer reported in 2025 (was €4,000)
- Profit (loss) carried forward +€11,419
up €11,419 (+41.1%), from €27,803 to €39,222
- Tax, wage and social debts -€9,778
down €9,778 (-63.9%), from €15,308 to €5,530
- Other debts -€2,404
down €2,404 (-80.5%), from €2,987 to €583
- Trade debts +€981
up €981 (+14.1%), from €6,973 to €7,954
- Gross operating margin -€6,445
down €6,445 (-18.4%), from €35,035 to €28,590
- Taxes -€1,095
down €1,095 (-20.9%), from €5,252 to €4,156
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 | €55,571 | €55,789 | +€218 | +0.4% |
| Fixed assets | 21/28 | €4,000 | - | -€4,000 | |
| Tangible fixed assets | 22/27 | €4,000 | - | -€4,000 | |
| Furniture and vehicles | 24 | €4,000 | - | -€4,000 | |
| Current assets | 29/58 | €51,572 | €55,789 | +€4,217 | +8.2% |
| Amounts receivable within one year | 40/41 | €10,440 | €25,148 | +€14,708 | +140.9% |
| Trade receivables | 40 | €10,440 | €20,945 | +€10,505 | +100.6% |
| Other amounts receivable | 41 | - | €4,202 | +€4,202 | |
| Cash at bank and in hand | 54/58 | €40,760 | €30,528 | -€10,231 | -25.1% |
| Deferred charges and accrued income | 490/1 | €372 | €113 | -€259 | -69.7% |
| Total equity and liabilities | 10/49 | €55,571 | €55,789 | +€218 | +0.4% |
| Equity | 10/15 | €30,303 | €41,722 | +€11,419 | +37.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €27,803 | €39,222 | +€11,419 | +41.1% |
| Amounts payable | 17/49 | €25,268 | €14,067 | -€11,201 | -44.3% |
| Amounts payable within one year | 42/48 | €25,268 | €14,067 | -€11,201 | -44.3% |
| Trade debts | 44 | €6,973 | €7,954 | +€981 | +14.1% |
| Suppliers | 440/4 | €6,973 | €7,954 | +€981 | +14.1% |
| Taxes, remuneration and social security | 45 | €15,308 | €5,530 | -€9,778 | -63.9% |
| Taxes | 450/3 | €15,308 | €5,530 | -€9,778 | -63.9% |
| Other amounts payable | 47/48 | €2,987 | €583 | -€2,404 | -80.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,999 | €4,000 | +€1 | 0.0% |
| Other operating charges | 640/8 | €7,921 | €8,165 | +€244 | +3.1% |
| Gross operating margin | 9900 | €35,035 | €28,590 | -€6,445 | -18.4% |
| Operating profit (loss) | 9901 | €23,115 | €16,426 | -€6,689 | -28.9% |
| Financial income | 75/76B | - | €114 | +€114 | |
| Recurring financial income | 75 | - | €114 | +€114 | |
| Financial charges | 65/66B | €120 | €131 | +€11 | +9.4% |
| Recurring financial charges | 65 | €120 | €131 | +€11 | +9.4% |
| Profit (loss) for the period before taxes | 9903 | €22,995 | €16,408 | -€6,586 | -28.6% |
| Income taxes | 67/77 | €5,252 | €4,156 | -€1,095 | -20.9% |
| Profit (loss) for the period | 9904 | €17,743 | €12,252 | -€5,491 | -30.9% |
| Profit (loss) for the period to be appropriated | 9905 | €17,743 | €12,252 | -€5,491 | -30.9% |
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 3 October 2026 via checked.be.