ZEX IMMO: what changed
Two fiscal 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.
ZEX IMMO
Largest movements
- Current investments +€616,024
up €616,024 (+73.7%), from €835,604 to €1.5m
- Cash -€505,310
down €505,310 (-83.6%), from €604,719 to €99,409
mainly Current investments (-€616,024) and Investment in fixed assets (net) (-€479,837)
- Tangible fixed assets +€467,385
up €467,385 (+137.5%), from €339,952 to €807,336
- Deferred charges and accrued income +€125,000
up €125,000 (+312499925.0%), from €0 to €125,000
- Receivables within one year +€33,293
up €33,293 (+11042.4%), from €302 to €33,594
of which Trade receivables: +€30,000
- Debts after one year +€394,573
new in 2025: €394,573
- Profit (loss) carried forward +€261,674
up €261,674 (+22.7%), from €1.2m to €1.4m
- Current portion of long-term debt +€42,448
up €42,448 (+278.6%), from €15,235 to €57,683
- Tax, wage and social debts +€37,731
up €37,731 (+303.7%), from €12,426 to €50,157
- Financial income +€50,374
up €50,374 (+178.4%), from €28,231 to €78,604
- Other operating charges -€39,019
down €39,019 (-96.7%), from €40,361 to €1,342
- Financial charges +€20,587
up €20,587 (+644.0%), from €3,197 to €23,784
- Taxes +€20,429
up €20,429 (+29.4%), from €69,518 to €89,947
- Gross operating margin +€16,028
up €16,028 (+5.4%), from €294,569 to €310,596
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,780,576 | €2,516,968 | +€736,392 | +41.4% |
| Fixed assets | 21/28 | €339,952 | €807,336 | +€467,385 | +137.5% |
| Tangible fixed assets | 22/27 | €339,952 | €807,336 | +€467,385 | +137.5% |
| Land and buildings | 22 | €339,952 | €807,336 | +€467,385 | +137.5% |
| Current assets | 29/58 | €1,440,624 | €1,709,632 | +€269,007 | +18.7% |
| Amounts receivable within one year | 40/41 | €302 | €33,594 | +€33,293 | +11042.4% |
| Trade receivables | 40 | - | €30,000 | +€30,000 | |
| Other amounts receivable | 41 | €302 | €3,594 | +€3,293 | +1092.1% |
| Current investments | 50/53 | €835,604 | €1,451,628 | +€616,024 | +73.7% |
| Cash at bank and in hand | 54/58 | €604,719 | €99,409 | -€505,310 | -83.6% |
| Deferred charges and accrued income | 490/1 | €0 | €125,000 | +€125,000 | +312499925.0% |
| Total equity and liabilities | 10/49 | €1,780,576 | €2,516,968 | +€736,392 | +41.4% |
| Equity | 10/15 | €1,748,680 | €2,010,355 | +€261,674 | +15.0% |
| Contributions | 10/11 | €210,552 | €210,552 | = | 0.0% |
| Reserves | 13 | €386,122 | €386,122 | = | 0.0% |
| Non-distributable reserves | 130/1 | €21,055 | €21,055 | = | 0.0% |
| Other | 1319 | €21,055 | €21,055 | = | 0.0% |
| Tax-exempt reserves | 132 | €140,656 | €140,656 | = | 0.0% |
| Distributable reserves | 133 | €224,411 | €224,411 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,152,007 | €1,413,681 | +€261,674 | +22.7% |
| Amounts payable | 17/49 | €31,896 | €506,613 | +€474,718 | +1488.3% |
| Amounts payable after more than one year | 17 | - | €394,573 | +€394,573 | |
| Financial debts | 170/4 | - | €394,573 | +€394,573 | |
| Amounts payable within one year | 42/48 | €31,896 | €112,040 | +€80,144 | +251.3% |
| Current portion of amounts payable after more than one year | 42 | €15,235 | €57,683 | +€42,448 | +278.6% |
| Trade debts | 44 | €4,235 | €4,200 | -€35 | -0.8% |
| Suppliers | 440/4 | €4,235 | €4,200 | -€35 | -0.8% |
| Taxes, remuneration and social security | 45 | €12,426 | €50,157 | +€37,731 | +303.7% |
| Taxes | 450/3 | €12,426 | €50,157 | +€37,731 | +303.7% |
| Accrued charges and deferred income | 492/3 | €0 | €0 | -€0 | -6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €912 | €12,453 | +€11,541 | +1265.4% |
| Other operating charges | 640/8 | €40,361 | €1,342 | -€39,019 | -96.7% |
| Gross operating margin | 9900 | €294,569 | €310,596 | +€16,028 | +5.4% |
| Operating profit (loss) | 9901 | €253,295 | €296,801 | +€43,506 | +17.2% |
| Financial income | 75/76B | €28,231 | €78,604 | +€50,374 | +178.4% |
| Recurring financial income | 75 | €28,231 | €78,604 | +€50,374 | +178.4% |
| Financial charges | 65/66B | €3,197 | €23,784 | +€20,587 | +644.0% |
| Recurring financial charges | 65 | €3,197 | €23,784 | +€20,587 | +644.0% |
| Profit (loss) for the period before taxes | 9903 | €278,329 | €351,621 | +€73,292 | +26.3% |
| Income taxes | 67/77 | €69,518 | €89,947 | +€20,429 | +29.4% |
| Profit (loss) for the period | 9904 | €208,811 | €261,674 | +€52,863 | +25.3% |
| Profit (loss) for the period to be appropriated | 9905 | €208,811 | €261,674 | +€52,863 | +25.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.