ZETES: 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.
What changed
ZETES
NACE 46.500, Wholesale of information and communication equipment
financial year 2025 against 2026filed annual accounts (NBB)
Net result for the year
€8.2m
2025 · €6.8m+€1.4m
Equity
€43.3m
2025 · €40.8m+€2.5m
Cash
€7.0m
2025 · €3.5m+€3.5m
Balance sheet total
€86.2m
2025 · €86.5m-€277,040
Largest movements
Assets
- Receivables within one year -€3.5m
down €3.5m (-11.3%), from €31.1m to €27.6m
of which Trade receivables: -€3.5m
- Cash +€3.5m
up €3.5m (+98.3%), from €3.5m to €7.0m
mainly Net result for the year (+€8.2m) and Depreciation (+€5.5m)
- Tangible fixed assets -€1.3m
down €1.3m (-6.8%), from €18.9m to €17.6m
of which Other tangible fixed assets: -€1.3m
- Deferred charges and accrued income +€1.0m
up €1.0m (+15.9%), from €6.5m to €7.5m
Equity and liabilities
- Debts after one year -€6.0m
down €6.0m (-100.0%), from €6.0m to €0
- Profit (loss) carried forward +€2.3m
up €2.3m (+11.5%), from €20.0m to €22.3m
- Trade debts +€2.0m
up €2.0m (+18.2%), from €11.2m to €13.2m
- Other debts +€1.7m
up €1.7m (+30.1%), from €5.6m to €7.3m
- Advances received -€905,250
down €905,250 (-20.7%), from €4.4m to €3.5m
Income statement
- Turnover +€8.5m
up €8.5m (+8.0%), from €106.5m to €115.0m
- Staff costs +€3.7m
up €3.7m (+11.5%), from €32.4m to €36.1m
- Financial income -€1.3m
down €1.3m (-31.0%), from €4.1m to €2.8m
From the 2025 result to the 2026 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.
Result 2025
€6.8m
Turnover
+€8.5m
Other operating income
+€538,958
Goods and materials
-€271,468
Services and other goods
-€688,699
Staff costs
-€3.7m
Depreciation
-€954,335
Write-downs
+€195,991
Provisions
+€380,000
Other operating charges
-€94,236
Financial income
-€1.3m
Financial charges
-€455,450
Taxes
-€693,522
Result 2026
€8.2m
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€19.2m
Investment
-€4.0m
Financing
-€11.7m
Cash 2025
€3.5m
From operations (derived)
+€19.2m
Net result for the year
+€8.2m
Depreciation
+€5.5m
Stocks and contracts
-€191,342
Receivables within one year
+€3.5m
Deferred charges and accrued income
-€1.0m
Provisions
-€190,000
Trade debts
+€2.0m
Tax, wage and social debts
+€270,323
Advances received
-€905,250
Other debts
+€1.7m
Accrued charges and deferred income
+€309,589
Investment (derived)
-€4.0m
Investment in fixed assets (net)
-€4.0m
Financing
-€11.7m
Debts after one year
-€6.0m
Contributions, distributions and other
-€5.7m
Cash 2026
€7.0m
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €86,451,408 | €86,174,368 | -€277,040 | -0.3% |
| Fixed assets | 21/28 | €37,252,061 | €35,816,523 | -€1.4m | -3.9% |
| Intangible fixed assets | 21 | €1,655,020 | €1,972,521 | +€317,501 | +19.2% |
| Tangible fixed assets | 22/27 | €18,921,598 | €17,628,352 | -€1.3m | -6.8% |
| Land and buildings | 22 | €2,191,953 | €2,774,690 | +€582,737 | +26.6% |
| Plant, machinery and equipment | 23 | €6,852,659 | €6,223,785 | -€628,874 | -9.2% |
| Furniture and vehicles | 24 | €399,744 | €388,638 | -€11,106 | -2.8% |
| Other tangible fixed assets | 26 | €9,477,242 | €8,151,740 | -€1.3m | -14.0% |
| Assets under construction and advance payments | 27 | €0 | €89,500 | +€89,500 | |
| Financial fixed assets | 28 | €16,675,444 | €16,215,649 | -€459,795 | -2.8% |
| Affiliated companies | 280/1 | €16,648,471 | €16,215,649 | -€432,822 | -2.6% |
| Participating interests | 280 | €13,771,572 | €14,137,368 | +€365,796 | +2.7% |
| Amounts receivable | 281 | €2,876,899 | €2,078,281 | -€798,618 | -27.8% |
| Other financial fixed assets | 284/8 | €26,973 | €0 | -€26,973 | -100.0% |
| Amounts receivable and cash guarantees | 285/8 | €26,973 | €0 | -€26,973 | -100.0% |
| Current assets | 29/58 | €49,199,346 | €50,357,845 | +€1.2m | +2.4% |
| Stocks and contracts in progress | 3 | €8,039,380 | €8,230,722 | +€191,342 | +2.4% |
| Stocks | 30/36 | €8,039,380 | €8,230,722 | +€191,342 | +2.4% |
| Goods purchased for resale | 34 | €7,341,899 | €8,214,366 | +€872,467 | +11.9% |
| Advance payments | 36 | €697,481 | €16,356 | -€681,126 | -97.7% |
| Amounts receivable within one year | 40/41 | €31,128,799 | €27,597,568 | -€3.5m | -11.3% |
| Trade receivables | 40 | €30,515,495 | €27,047,918 | -€3.5m | -11.4% |
| Other amounts receivable | 41 | €613,304 | €549,650 | -€63,653 | -10.4% |
| Cash at bank and in hand | 54/58 | €3,525,818 | €6,992,788 | +€3.5m | +98.3% |
| Deferred charges and accrued income | 490/1 | €6,505,349 | €7,536,767 | +€1.0m | +15.9% |
| Total equity and liabilities | 10/49 | €86,451,408 | €86,174,368 | -€277,040 | -0.3% |
| Equity | 10/15 | €40,795,170 | €43,320,575 | +€2.5m | +6.2% |
| Contributions | 10/11 | €18,448,850 | €18,448,850 | = | 0.0% |
| Capital | 10 | €18,448,850 | €18,448,850 | = | 0.0% |
| Issued capital | 100 | €18,448,850 | €18,448,850 | = | 0.0% |
| Reserves | 13 | €2,338,471 | €2,570,128 | +€231,657 | +9.9% |
| Non-distributable reserves | 130/1 | €1,613,228 | €1,844,885 | +€231,657 | +14.4% |
| Legal reserve | 130 | €1,613,228 | €1,844,885 | +€231,657 | +14.4% |
| Tax-exempt reserves | 132 | €6,352 | €6,352 | = | 0.0% |
| Distributable reserves | 133 | €718,891 | €718,891 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,007,850 | €22,301,597 | +€2.3m | +11.5% |
| Provisions and deferred taxes | 16 | €190,000 | €0 | -€190,000 | -100.0% |
| Provisions for liabilities and charges | 160/5 | €190,000 | €0 | -€190,000 | -100.0% |
| Other liabilities and charges | 164/5 | €190,000 | €0 | -€190,000 | -100.0% |
| Amounts payable | 17/49 | €45,466,237 | €42,853,793 | -€2.6m | -5.7% |
| Amounts payable after more than one year | 17 | €6,000,000 | €0 | -€6.0m | -100.0% |
| Financial debts | 170/4 | €6,000,000 | €0 | -€6.0m | -100.0% |
| Other loans | 174 | €6,000,000 | €0 | -€6.0m | -100.0% |
| Amounts payable within one year | 42/48 | €29,727,101 | €32,805,068 | +€3.1m | +10.4% |
| Trade debts | 44 | €11,163,948 | €13,192,480 | +€2.0m | +18.2% |
| Suppliers | 440/4 | €11,163,948 | €13,192,480 | +€2.0m | +18.2% |
| Advances received on contracts in progress | 46 | €4,376,203 | €3,470,953 | -€905,250 | -20.7% |
| Taxes, remuneration and social security | 45 | €8,592,058 | €8,862,381 | +€270,323 | +3.1% |
| Taxes | 450/3 | €1,750,686 | €1,156,624 | -€594,062 | -33.9% |
| Remuneration and social security | 454/9 | €6,841,372 | €7,705,757 | +€864,385 | +12.6% |
| Other amounts payable | 47/48 | €5,594,892 | €7,279,254 | +€1.7m | +30.1% |
| Accrued charges and deferred income | 492/3 | €9,739,136 | €10,048,725 | +€309,589 | +3.2% |
| Operating income | 70/76A | €108,209,284 | €117,221,386 | +€9.0m | +8.3% |
| Turnover | 70 | €106,525,577 | €114,998,721 | +€8.5m | +8.0% |
| Other operating income | 74 | €1,683,707 | €2,222,665 | +€538,958 | +32.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Operating charges | 60/66A | €103,746,419 | €108,900,132 | +€5.2m | +5.0% |
| Goods for resale, raw materials and consumables | 60 | €47,527,261 | €47,798,729 | +€271,468 | +0.6% |
| Purchases | 600/8 | €47,799,267 | €47,997,034 | +€197,767 | +0.4% |
| Change in stocks: decrease (increase) | 609 | -€272,006 | -€198,306 | +€73,701 | +27.1% |
| Services and other goods | 61 | €18,823,769 | €19,512,468 | +€688,699 | +3.7% |
| Remuneration, social security and pensions | 62 | €32,415,424 | €36,136,390 | +€3.7m | +11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,529,669 | €5,484,004 | +€954,335 | +21.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €236,900 | €40,909 | -€195,991 | -82.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €190,000 | -€190,000 | -€380,000 | |
| Other operating charges | 640/8 | €23,396 | €117,632 | +€94,236 | +402.8% |
| Operating profit (loss) | 9901 | €4,462,865 | €8,321,254 | +€3.9m | +86.5% |
| Financial income | 75/76B | €4,097,817 | €2,826,064 | -€1.3m | -31.0% |
| Recurring financial income | 75 | €4,097,817 | €2,826,064 | -€1.3m | -31.0% |
| Income from financial fixed assets | 750 | €3,949,173 | €2,653,466 | -€1.3m | -32.8% |
| Other financial income | 752/9 | €148,643 | €172,598 | +€23,954 | +16.1% |
| Financial charges | 65/66B | €709,940 | €1,165,390 | +€455,450 | +64.2% |
| Recurring financial charges | 65 | €709,940 | €661,186 | -€48,754 | -6.9% |
| Debt charges | 650 | €608,199 | €536,736 | -€71,463 | -11.7% |
| Other financial charges | 652/9 | €101,741 | €124,450 | +€22,710 | +22.3% |
| Non-recurring financial charges | 66B | - | €504,204 | +€504,204 | |
| Profit (loss) for the period before taxes | 9903 | €7,850,742 | €9,981,928 | +€2.1m | +27.1% |
| Income taxes | 67/77 | €1,053,002 | €1,746,524 | +€693,522 | +65.9% |
| Taxes | 670/3 | €1,053,002 | €1,791,523 | +€738,521 | +70.1% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | €44,999 | +€44,999 | |
| Profit (loss) for the period | 9904 | €6,797,740 | €8,235,404 | +€1.4m | +21.1% |
| Profit (loss) for the period to be appropriated | 9905 | €6,797,740 | €8,235,404 | +€1.4m | +21.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.