Zetus: 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
Zetus
NACE 68.121, Development of residential building projects
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€466,396
2024 · -€658,463+€192,067
Equity
€10.5m
2024 · €11.1m-€568,779
Cash
€1.8m
2024 · €4.0m-€2.2m
Balance sheet total
€136.5m
2024 · €129.4m+€7.0m
Largest movements
Assets
- Tangible fixed assets +€8.8m
up €8.8m (+7.1%), from €123.9m to €132.7m
of which Land and buildings: +€11.0m
- Cash -€2.2m
down €2.2m (-53.9%), from €4.0m to €1.8m
mainly Investment in fixed assets (net) (-€12.1m) and Trade debts (-€945,485)
Equity and liabilities
- Debts after one year +€8.3m
up €8.3m (+7.5%), from €110.1m to €118.4m
of which Financial debts: +€8.2m
Income statement
- Financial income +€703,294
up €703,294 (+32.6%), from €2.2m to €2.9m
- Provisions -€611,656
new in 2025: -€611,656
- Financial charges +€534,282
up €534,282 (+21.1%), from €2.5m to €3.1m
- Depreciation +€362,737
up €362,737 (+12.3%), from €2.9m to €3.3m
- Gross operating margin -€228,581
down €228,581 (-4.0%), from €5.7m to €5.4m
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.
Result 2024
-€658,463
Gross operating margin
-€228,581
Staff costs
-€149,120
Depreciation
-€362,737
Write-downs
-€137,413
Provisions
+€611,656
Other operating charges
+€128,745
Other operating items
+€160,286
Financial income
+€703,294
Financial charges
-€534,282
Taxes
-€2
Deferred taxes and other
+€222
Result 2025
-€466,396
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.
From operations
+€1.3m
Investment
-€12.1m
Financing
+€8.7m
Cash 2024
€4.0m
From operations (derived)
+€1.3m
Net result for the year
-€466,396
Depreciation
+€3.3m
Receivables within one year
-€196,406
Deferred charges and accrued income
-€191,944
Provisions
-€617,501
Trade debts
-€945,485
Tax, wage and social debts
+€35,343
Other debts
+€179,444
Accrued charges and deferred income
+€164,629
Investment (derived)
-€12.1m
Investment in fixed assets (net)
-€12.1m
Current investments
-€87
Financing
+€8.7m
Debts after one year
+€8.3m
Current portion of long-term debt
+€503,769
Contributions, distributions and other
-€102,383
Cash 2025
€1.8m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €129,444,688 | €136,488,937 | +€7.0m | +5.4% |
| Fixed assets | 21/28 | €124,060,601 | €132,872,085 | +€8.8m | +7.1% |
| Intangible fixed assets | 21 | €150,379 | €112,784 | -€37,595 | -25.0% |
| Tangible fixed assets | 22/27 | €123,902,633 | €132,735,887 | +€8.8m | +7.1% |
| Land and buildings | 22 | €108,765,820 | €119,750,754 | +€11.0m | +10.1% |
| Plant, machinery and equipment | 23 | €6,952 | €5,788 | -€1,164 | -16.7% |
| Furniture and vehicles | 24 | €141,253 | €115,772 | -€25,482 | -18.0% |
| Other tangible fixed assets | 26 | €1,787 | €1,898 | +€112 | +6.2% |
| Assets under construction and advance payments | 27 | €14,986,822 | €12,861,675 | -€2.1m | -14.2% |
| Financial fixed assets | 28 | €7,589 | €23,414 | +€15,825 | +208.5% |
| Current assets | 29/58 | €5,384,087 | €3,616,851 | -€1.8m | -32.8% |
| Stocks and contracts in progress | 3 | €13,206 | €13,206 | = | 0.0% |
| Stocks | 30/36 | €13,206 | €13,206 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €482,554 | €678,960 | +€196,406 | +40.7% |
| Trade receivables | 40 | €292,033 | €305,858 | +€13,825 | +4.7% |
| Other amounts receivable | 41 | €190,521 | €373,103 | +€182,581 | +95.8% |
| Current investments | 50/53 | €26,923 | €27,010 | +€87 | +0.3% |
| Cash at bank and in hand | 54/58 | €3,995,732 | €1,840,059 | -€2.2m | -53.9% |
| Deferred charges and accrued income | 490/1 | €865,672 | €1,057,617 | +€191,944 | +22.2% |
| Total equity and liabilities | 10/49 | €129,444,688 | €136,488,937 | +€7.0m | +5.4% |
| Equity | 10/15 | €11,090,440 | €10,521,661 | -€568,779 | -5.1% |
| Contributions | 10/11 | €85,236 | €85,063 | -€174 | -0.2% |
| Revaluation surpluses | 12 | €494,166 | €494,166 | = | 0.0% |
| Reserves | 13 | €2,925,367 | €2,458,970 | -€466,396 | -15.9% |
| Non-distributable reserves | 130/1 | €1,099,157 | €634,977 | -€464,180 | -42.2% |
| Reserves not available under the articles | 1311 | €1,099,157 | €634,977 | -€464,180 | -42.2% |
| Tax-exempt reserves | 132 | €1,826,209 | €1,823,993 | -€2,216 | -0.1% |
| Investment grants | 15 | €7,585,671 | €7,483,462 | -€102,209 | -1.3% |
| Provisions and deferred taxes | 16 | €1,315,131 | €697,630 | -€617,501 | -47.0% |
| Provisions for liabilities and charges | 160/5 | €893,358 | €281,703 | -€611,656 | -68.5% |
| Major repairs and maintenance | 162 | €893,358 | €281,703 | -€611,656 | -68.5% |
| Deferred taxes | 168 | €421,773 | €415,927 | -€5,846 | -1.4% |
| Amounts payable | 17/49 | €117,039,117 | €125,269,646 | +€8.2m | +7.0% |
| Amounts payable after more than one year | 17 | €110,117,392 | €118,410,221 | +€8.3m | +7.5% |
| Financial debts | 170/4 | €109,111,511 | €117,328,040 | +€8.2m | +7.5% |
| Other amounts payable | 178/9 | €1,005,881 | €1,082,181 | +€76,300 | +7.6% |
| Amounts payable within one year | 42/48 | €6,335,605 | €6,108,676 | -€226,929 | -3.6% |
| Current portion of amounts payable after more than one year | 42 | €3,248,659 | €3,752,428 | +€503,769 | +15.5% |
| Trade debts | 44 | €1,959,848 | €1,014,363 | -€945,485 | -48.2% |
| Suppliers | 440/4 | €1,959,848 | €1,014,363 | -€945,485 | -48.2% |
| Taxes, remuneration and social security | 45 | €825,198 | €860,541 | +€35,343 | +4.3% |
| Taxes | 450/3 | €634,737 | €637,250 | +€2,513 | +0.4% |
| Remuneration and social security | 454/9 | €190,461 | €223,290 | +€32,830 | +17.2% |
| Other amounts payable | 47/48 | €301,900 | €481,344 | +€179,444 | +59.4% |
| Accrued charges and deferred income | 492/3 | €586,121 | €750,750 | +€164,629 | +28.1% |
| Non-recurring operating income | 76A | €228 | €3,545 | +€3,317 | +1452.5% |
| Remuneration, social security and pensions | 62 | €2,059,027 | €2,208,146 | +€149,120 | +7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,939,699 | €3,302,436 | +€362,737 | +12.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€64,898 | €72,515 | +€137,413 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€611,656 | -€611,656 | |
| Other operating charges | 640/8 | €867,574 | €738,829 | -€128,745 | -14.8% |
| Non-recurring operating charges | 66A | €160,598 | €312 | -€160,286 | -99.8% |
| Gross operating margin | 9900 | €5,660,374 | €5,431,793 | -€228,581 | -4.0% |
| Operating profit (loss) | 9901 | -€301,626 | -€278,790 | +€22,835 | +7.6% |
| Financial income | 75/76B | €2,158,352 | €2,861,646 | +€703,294 | +32.6% |
| Recurring financial income | 75 | €2,158,352 | €2,861,646 | +€703,294 | +32.6% |
| Financial charges | 65/66B | €2,526,975 | €3,061,256 | +€534,282 | +21.1% |
| Recurring financial charges | 65 | €2,526,975 | €3,061,256 | +€534,282 | +21.1% |
| Profit (loss) for the period before taxes | 9903 | -€670,248 | -€478,401 | +€191,847 | +28.6% |
| Transfer from deferred taxes | 780 | €11,843 | €12,065 | +€222 | +1.9% |
| Income taxes | 67/77 | €58 | €61 | +€2 | +4.2% |
| Profit (loss) for the period | 9904 | -€658,463 | -€466,396 | +€192,067 | +29.2% |
| Transfer from tax-exempt reserves | 789 | €2,216 | €2,216 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€656,247 | -€464,180 | +€192,067 | +29.3% |
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 10 October 2026 via checked.be.