ZETA: 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.
ZETA
Largest movements
- Receivables within one year +€51,374
up €51,374 (+30.2%), from €169,969 to €221,343
of which Trade receivables: +€52,956
- Cash -€26,953
down €26,953 (-46.0%), from €58,579 to €31,626
mainly Receivables within one year (-€51,374) and Stocks and contracts (-€13,403)
- Tangible fixed assets -€15,252
down €15,252 (-29.5%), from €51,786 to €36,535
of which Leasing and similar rights: -€9,373
- Stocks and contracts +€13,403
new in 2025: €13,403
- Deferred charges and accrued income -€9,647
down €9,647 (-86.3%), from €11,174 to €1,528
- Trade debts +€17,121
up €17,121 (+9.3%), from €183,895 to €201,017
- Other debts -€10,943
down €10,943 (-41.1%), from €26,610 to €15,667
- Debts after one year -€9,040
down €9,040 (-33.3%), from €27,183 to €18,142
- Profit (loss) carried forward +€8,006
up €8,006 (+102%), from €7,881 to €15,887
- Advances received +€5,349
new in 2025: €5,349
- Gross operating margin +€11,527
up €11,527 (+57.9%), from €19,906 to €31,433
- Taxes +€2,714
up €2,714 (+241%), from €1,124 to €3,838
- Depreciation +€706
up €706 (+5.2%), from €13,566 to €14,272
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 | €292,509 | €305,434 | +€12,925 | +4.4% |
| Fixed assets | 21/28 | €52,786 | €37,535 | -€15,252 | -28.9% |
| Tangible fixed assets | 22/27 | €51,786 | €36,535 | -€15,252 | -29.5% |
| Plant, machinery and equipment | 23 | €11,936 | €7,866 | -€4,069 | -34.1% |
| Furniture and vehicles | 24 | €2,634 | €1,216 | -€1,418 | -53.8% |
| Leasing and similar rights | 25 | €35,875 | €26,501 | -€9,373 | -26.1% |
| Other tangible fixed assets | 26 | €1,342 | €951 | -€391 | -29.1% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €239,723 | €267,899 | +€28,176 | +11.8% |
| Stocks and contracts in progress | 3 | - | €13,403 | +€13,403 | |
| Stocks | 30/36 | - | €13,403 | +€13,403 | |
| Amounts receivable within one year | 40/41 | €169,969 | €221,343 | +€51,374 | +30.2% |
| Trade receivables | 40 | €150,973 | €203,929 | +€52,956 | +35.1% |
| Other amounts receivable | 41 | €18,996 | €17,414 | -€1,582 | -8.3% |
| Cash at bank and in hand | 54/58 | €58,579 | €31,626 | -€26,953 | -46.0% |
| Deferred charges and accrued income | 490/1 | €11,174 | €1,528 | -€9,647 | -86.3% |
| Total equity and liabilities | 10/49 | €292,509 | €305,434 | +€12,925 | +4.4% |
| Equity | 10/15 | €34,663 | €42,669 | +€8,006 | +23.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €8,182 | €8,182 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €6,322 | €6,322 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,881 | €15,887 | +€8,006 | +102% |
| Amounts payable | 17/49 | €257,846 | €262,765 | +€4,918 | +1.9% |
| Amounts payable after more than one year | 17 | €27,183 | €18,142 | -€9,040 | -33.3% |
| Financial debts | 170/4 | €27,183 | €18,142 | -€9,040 | -33.3% |
| Amounts payable within one year | 42/48 | €230,664 | €244,622 | +€13,958 | +6.1% |
| Current portion of amounts payable after more than one year | 42 | €8,859 | €9,040 | +€181 | +2.0% |
| Trade debts | 44 | €183,895 | €201,017 | +€17,121 | +9.3% |
| Suppliers | 440/4 | €183,895 | €201,017 | +€17,121 | +9.3% |
| Advances received on contracts in progress | 46 | - | €5,349 | +€5,349 | |
| Taxes, remuneration and social security | 45 | €11,299 | €13,549 | +€2,249 | +19.9% |
| Taxes | 450/3 | €11,299 | €13,549 | +€2,249 | +19.9% |
| Other amounts payable | 47/48 | €26,610 | €15,667 | -€10,943 | -41.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,566 | €14,272 | +€706 | +5.2% |
| Other operating charges | 640/8 | €1,617 | €1,887 | +€270 | +16.7% |
| Non-recurring operating charges | 66A | - | €2,086 | +€2,086 | |
| Gross operating margin | 9900 | €19,906 | €31,433 | +€11,527 | +57.9% |
| Operating profit (loss) | 9901 | €4,724 | €13,188 | +€8,465 | +179% |
| Financial income | 75/76B | €54 | €140 | +€87 | +161% |
| Recurring financial income | 75 | €54 | €140 | +€87 | +161% |
| Financial charges | 65/66B | €1,768 | €1,484 | -€284 | -16.1% |
| Recurring financial charges | 65 | €1,768 | €1,484 | -€284 | -16.1% |
| Profit (loss) for the period before taxes | 9903 | €3,009 | €11,845 | +€8,836 | +294% |
| Income taxes | 67/77 | €1,124 | €3,838 | +€2,714 | +241% |
| Profit (loss) for the period | 9904 | €1,885 | €8,006 | +€6,121 | +325% |
| Profit (loss) for the period to be appropriated | 9905 | €1,885 | €8,006 | +€6,121 | +325% |
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 19 October 2026 via checked.be.