ZET Vast: what changed
What changed
ZET Vast
filed annual accounts (NBB)
Net result for the year
€48,474
2024 · €14,938+€33,536
Equity
€166,527
2024 · €254,684-€88,156
Cash
€8,830
2024 · €14,434-€5,604
Balance sheet total
€1.5m
2024 · €1.4m+€130,795
Largest movements
Assets
- Receivables within one year +€229,142
up €229,142 (+1,000%), from €22,921 to €252,063
of which Trade receivables: +€226,300
- Tangible fixed assets -€58,163
down €58,163 (-5.0%), from €1.2m to €1.1m
- Stocks and contracts -€35,841
down €35,841 (-17.3%), from €207,531 to €171,690
Equity and liabilities
- Profit (loss) carried forward -€136,630
no longer reported in 2025 (was €136,630)
- Debts after one year +€115,090
up €115,090 (+10.8%), from €1.1m to €1.2m
of which Other amounts payable: +€172,609
- Other debts +€101,784
up €101,784 (+583%), from €17,451 to €119,235
- Reserves +€48,474
up €48,474 (+44.4%), from €109,103 to €157,577
Income statement
- Gross operating margin +€44,439
up €44,439 (+35.4%), from €125,453 to €169,891
- Taxes +€11,179
up €11,179 (+224%), from €4,979 to €16,158
- Other operating charges -€4,434
down €4,434 (-44.9%), from €9,866 to €5,432
- Financial charges +€3,850
up €3,850 (+10.2%), from €37,815 to €41,665
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€14,938
Gross operating margin
+€44,439
Other operating charges
+€4,434
Financial income
-€308
Financial charges
-€3,850
Taxes
-€11,179
Result 2025
€48,474
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€14,747
Investment
€0
Financing
-€20,350
Cash 2024
€14,434
From operations (derived)
+€14,747
Net result for the year
+€48,474
Depreciation
+€58,163
Stocks and contracts
+€35,841
Receivables within one year
-€229,142
Deferred charges and accrued income
-€1,260
Trade debts
-€662
Tax, wage and social debts
+€1,647
Other debts
+€101,784
Accrued charges and deferred income
-€98
Financing
-€20,350
Debts after one year
+€115,090
Current portion of long-term debt
+€1,190
Contributions, distributions and other
-€136,630
Cash 2025
€8,830
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,406,992 | €1,537,787 | +€130,795 | +9.3% |
| Fixed assets | 21/28 | €1,161,259 | €1,103,096 | -€58,163 | -5.0% |
| Tangible fixed assets | 22/27 | €1,160,284 | €1,102,121 | -€58,163 | -5.0% |
| Land and buildings | 22 | €1,160,284 | €1,102,121 | -€58,163 | -5.0% |
| Financial fixed assets | 28 | €975 | €975 | = | 0.0% |
| Current assets | 29/58 | €245,733 | €434,691 | +€188,958 | +76.9% |
| Stocks and contracts in progress | 3 | €207,531 | €171,690 | -€35,841 | -17.3% |
| Stocks | 30/36 | €207,531 | €171,690 | -€35,841 | -17.3% |
| Amounts receivable within one year | 40/41 | €22,921 | €252,063 | +€229,142 | +1,000% |
| Trade receivables | 40 | €21,708 | €248,008 | +€226,300 | +1,042% |
| Other amounts receivable | 41 | €1,213 | €4,055 | +€2,842 | +234% |
| Cash at bank and in hand | 54/58 | €14,434 | €8,830 | -€5,604 | -38.8% |
| Deferred charges and accrued income | 490/1 | €847 | €2,107 | +€1,260 | +149% |
| Total equity and liabilities | 10/49 | €1,406,992 | €1,537,787 | +€130,795 | +9.3% |
| Equity | 10/15 | €254,684 | €166,527 | -€88,156 | -34.6% |
| Contributions | 10/11 | €8,950 | €8,950 | = | 0.0% |
| Reserves | 13 | €109,103 | €157,577 | +€48,474 | +44.4% |
| Distributable reserves | 133 | €109,103 | €157,577 | +€48,474 | +44.4% |
| Profit (loss) carried forward | 14 | €136,630 | - | -€136,630 | |
| Amounts payable | 17/49 | €1,152,308 | €1,371,260 | +€218,951 | +19.0% |
| Amounts payable after more than one year | 17 | €1,069,380 | €1,184,470 | +€115,090 | +10.8% |
| Financial debts | 170/4 | €931,085 | €873,566 | -€57,520 | -6.2% |
| Other amounts payable | 178/9 | €138,295 | €310,904 | +€172,609 | +125% |
| Amounts payable within one year | 42/48 | €81,114 | €185,073 | +€103,960 | +128% |
| Current portion of amounts payable after more than one year | 42 | €56,329 | €57,520 | +€1,190 | +2.1% |
| Trade debts | 44 | €673 | €11 | -€662 | -98.4% |
| Suppliers | 440/4 | €673 | €11 | -€662 | -98.4% |
| Taxes, remuneration and social security | 45 | €6,661 | €8,309 | +€1,647 | +24.7% |
| Taxes | 450/3 | €6,661 | €8,309 | +€1,647 | +24.7% |
| Other amounts payable | 47/48 | €17,451 | €119,235 | +€101,784 | +583% |
| Accrued charges and deferred income | 492/3 | €1,815 | €1,717 | -€98 | -5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,163 | €58,163 | = | 0.0% |
| Other operating charges | 640/8 | €9,866 | €5,432 | -€4,434 | -44.9% |
| Gross operating margin | 9900 | €125,453 | €169,891 | +€44,439 | +35.4% |
| Operating profit (loss) | 9901 | €57,424 | €106,297 | +€48,873 | +85.1% |
| Financial income | 75/76B | €308 | €0 | -€308 | -99.9% |
| Recurring financial income | 75 | €308 | €0 | -€308 | -99.9% |
| Financial charges | 65/66B | €37,815 | €41,665 | +€3,850 | +10.2% |
| Recurring financial charges | 65 | €37,815 | €41,665 | +€3,850 | +10.2% |
| Profit (loss) for the period before taxes | 9903 | €19,918 | €64,632 | +€44,715 | +224% |
| Income taxes | 67/77 | €4,979 | €16,158 | +€11,179 | +224% |
| Profit (loss) for the period | 9904 | €14,938 | €48,474 | +€33,536 | +224% |
| Profit (loss) for the period to be appropriated | 9905 | €14,938 | €48,474 | +€33,536 | +224% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.