ZeZo: 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.
ZeZo
Largest movements
- Cash +€68,091
up €68,091 (+141.5%), from €48,117 to €116,208
mainly Net result for the year (+€82,516) and Depreciation (+€28,981)
- Tangible fixed assets -€28,981
down €28,981 (-9.3%), from €311,877 to €282,896
of which Leasing and similar rights: -€14,628
- Stocks and contracts +€16,220
up €16,220 (+344.5%), from €4,708 to €20,928
- Receivables within one year +€11,858
up €11,858 (+125.6%), from €9,438 to €21,296
- Reserves +€82,516
up €82,516 (+139.9%), from €58,993 to €141,509
- Debts after one year -€26,014
down €26,014 (-11.0%), from €236,172 to €210,158
- Tax, wage and social debts +€12,590
up €12,590 (+105.9%), from €11,884 to €24,474
- Gross operating margin +€63,714
up €63,714 (+84.0%), from €75,868 to €139,582
- Taxes +€12,850
up €12,850 (+159.8%), from €8,041 to €20,891
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 | €375,230 | €443,167 | +€67,937 | +18.1% |
| Fixed assets | 21/28 | €311,877 | €282,896 | -€28,981 | -9.3% |
| Tangible fixed assets | 22/27 | €311,877 | €282,896 | -€28,981 | -9.3% |
| Land and buildings | 22 | €231,326 | €222,323 | -€9,004 | -3.9% |
| Plant, machinery and equipment | 23 | €28,691 | €23,342 | -€5,350 | -18.6% |
| Leasing and similar rights | 25 | €51,860 | €37,232 | -€14,628 | -28.2% |
| Current assets | 29/58 | €63,353 | €160,271 | +€96,919 | +153.0% |
| Stocks and contracts in progress | 3 | €4,708 | €20,928 | +€16,220 | +344.5% |
| Stocks | 30/36 | €4,708 | €20,928 | +€16,220 | +344.5% |
| Amounts receivable within one year | 40/41 | €9,438 | €21,296 | +€11,858 | +125.6% |
| Trade receivables | 40 | €9,438 | €21,296 | +€11,858 | +125.6% |
| Cash at bank and in hand | 54/58 | €48,117 | €116,208 | +€68,091 | +141.5% |
| Deferred charges and accrued income | 490/1 | €1,089 | €1,839 | +€750 | +68.9% |
| Total equity and liabilities | 10/49 | €375,230 | €443,167 | +€67,937 | +18.1% |
| Equity | 10/15 | €98,993 | €181,509 | +€82,516 | +83.4% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €58,993 | €141,509 | +€82,516 | +139.9% |
| Distributable reserves | 133 | €58,993 | €141,509 | +€82,516 | +139.9% |
| Amounts payable | 17/49 | €276,237 | €261,658 | -€14,579 | -5.3% |
| Amounts payable after more than one year | 17 | €236,172 | €210,158 | -€26,014 | -11.0% |
| Financial debts | 170/4 | €236,172 | €210,158 | -€26,014 | -11.0% |
| Amounts payable within one year | 42/48 | €40,065 | €51,500 | +€11,435 | +28.5% |
| Current portion of amounts payable after more than one year | 42 | €25,160 | €26,014 | +€854 | +3.4% |
| Trade debts | 44 | €3,021 | €1,012 | -€2,009 | -66.5% |
| Suppliers | 440/4 | €3,021 | €1,012 | -€2,009 | -66.5% |
| Taxes, remuneration and social security | 45 | €11,884 | €24,474 | +€12,590 | +105.9% |
| Taxes | 450/3 | €11,884 | €24,474 | +€12,590 | +105.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,740 | €28,981 | +€1,241 | +4.5% |
| Other operating charges | 640/8 | €1,199 | €2,112 | +€913 | +76.2% |
| Gross operating margin | 9900 | €75,868 | €139,582 | +€63,714 | +84.0% |
| Operating profit (loss) | 9901 | €46,929 | €108,489 | +€61,559 | +131.2% |
| Financial charges | 65/66B | €5,876 | €5,081 | -€794 | -13.5% |
| Recurring financial charges | 65 | €5,876 | €5,081 | -€794 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | €41,054 | €103,407 | +€62,354 | +151.9% |
| Income taxes | 67/77 | €8,041 | €20,891 | +€12,850 | +159.8% |
| Profit (loss) for the period | 9904 | €33,013 | €82,516 | +€49,503 | +150.0% |
| Profit (loss) for the period to be appropriated | 9905 | €33,013 | €82,516 | +€49,503 | +150.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.