ZET: 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.
ZET
Largest movements
- Stocks and contracts +€22,500
up €22,500 (+8.3%), from €270,450 to €292,950
- Cash -€4,829
down €4,829 (-7.0%), from €68,969 to €64,139
mainly Stocks and contracts (-€22,500)
- Reserves +€8,373
up €8,373 (+2.8%), from €302,030 to €310,403
- Trade debts +€4,391
up €4,391 (+18.6%), from €23,566 to €27,956
- Gross operating margin +€4,436
up €4,436 (+53.5%), from €8,297 to €12,733
- Write-downs +€4,147
no longer reported in 2025 (was -€4,147)
- Financial income -€675
down €675 (-54.9%), from €1,230 to €554
- Taxes +€540
up €540 (+20.3%), from €2,653 to €3,193
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 | €346,849 | €362,805 | +€15,956 | +4.6% |
| Current assets | 29/58 | €346,849 | €362,805 | +€15,956 | +4.6% |
| Stocks and contracts in progress | 3 | €270,450 | €292,950 | +€22,500 | +8.3% |
| Stocks | 30/36 | €270,450 | €292,950 | +€22,500 | +8.3% |
| Amounts receivable within one year | 40/41 | €6,885 | €5,173 | -€1,711 | -24.9% |
| Trade receivables | 40 | €2,857 | €1,380 | -€1,477 | -51.7% |
| Other amounts receivable | 41 | €4,027 | €3,794 | -€234 | -5.8% |
| Cash at bank and in hand | 54/58 | €68,969 | €64,139 | -€4,829 | -7.0% |
| Deferred charges and accrued income | 490/1 | €546 | €542 | -€4 | -0.7% |
| Total equity and liabilities | 10/49 | €346,849 | €362,805 | +€15,956 | +4.6% |
| Equity | 10/15 | €320,630 | €329,003 | +€8,373 | +2.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €302,030 | €310,403 | +€8,373 | +2.8% |
| Distributable reserves | 133 | €302,030 | €310,403 | +€8,373 | +2.8% |
| Amounts payable | 17/49 | €26,219 | €33,802 | +€7,583 | +28.9% |
| Amounts payable within one year | 42/48 | €26,219 | €33,802 | +€7,583 | +28.9% |
| Trade debts | 44 | €23,566 | €27,956 | +€4,391 | +18.6% |
| Suppliers | 440/4 | €23,566 | €27,956 | +€4,391 | +18.6% |
| Taxes, remuneration and social security | 45 | €2,653 | €5,845 | +€3,193 | +120% |
| Taxes | 450/3 | €2,653 | €5,845 | +€3,193 | +120% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€4,147 | - | +€4,147 | |
| Other operating charges | 640/8 | €1,119 | €1,135 | +€16 | +1.4% |
| Gross operating margin | 9900 | €8,297 | €12,733 | +€4,436 | +53.5% |
| Operating profit (loss) | 9901 | €11,325 | €11,598 | +€273 | +2.4% |
| Financial income | 75/76B | €1,230 | €554 | -€675 | -54.9% |
| Recurring financial income | 75 | €1,230 | €554 | -€675 | -54.9% |
| Financial charges | 65/66B | €495 | €587 | +€92 | +18.6% |
| Recurring financial charges | 65 | €495 | €587 | +€92 | +18.6% |
| Profit (loss) for the period before taxes | 9903 | €12,059 | €11,565 | -€494 | -4.1% |
| Income taxes | 67/77 | €2,653 | €3,193 | +€540 | +20.3% |
| Profit (loss) for the period | 9904 | €9,406 | €8,373 | -€1,034 | -11.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,406 | €8,373 | -€1,034 | -11.0% |
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 24 October 2026 via checked.be.