ZHERO: what changed
ZHERO
Largest movements
- Tangible fixed assets +€117,122
up €117,122 (+38.9%), from €301,468 to €418,590
of which Land and buildings: +€136,746
- Cash -€14,420
down €14,420 (-47.0%), from €30,661 to €16,240
mainly Investment in fixed assets (net) (-€151,219) and Contributions, distributions and other (-€58,824)
- Debts after one year +€75,517
up €75,517 (+55.5%), from €136,012 to €211,528
- Short-term financial debts +€50,075
up €50,075 (+296%), from €16,925 to €67,000
- Trade debts -€29,886
down €29,886 (-82.5%), from €36,219 to €6,333
- Other debts +€13,810
new in 2025: €13,810
- Reserves -€5,382
down €5,382 (-3.6%), from €147,950 to €142,568
- Depreciation +€25,590
up €25,590 (+301%), from €8,507 to €34,097
- Gross operating margin -€20,984
down €20,984 (-15.8%), from €133,168 to €112,184
- Taxes -€7,119
down €7,119 (-26.6%), from €26,777 to €19,658
- Financial charges -€1,691
down €1,691 (-27.4%), from €6,172 to €4,482
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €359,160 | €462,353 | +€103,193 | +28.7% |
| Fixed assets | 21/28 | €301,468 | €418,590 | +€117,122 | +38.9% |
| Tangible fixed assets | 22/27 | €301,468 | €418,590 | +€117,122 | +38.9% |
| Land and buildings | 22 | €281,054 | €417,800 | +€136,746 | +48.7% |
| Furniture and vehicles | 24 | €20,414 | €789 | -€19,624 | -96.1% |
| Current assets | 29/58 | €57,692 | €43,763 | -€13,929 | -24.1% |
| Amounts receivable within one year | 40/41 | €27,031 | €27,523 | +€492 | +1.8% |
| Trade receivables | 40 | €2,008 | €24,181 | +€22,173 | +1,104% |
| Other amounts receivable | 41 | €25,023 | €3,342 | -€21,681 | -86.6% |
| Cash at bank and in hand | 54/58 | €30,661 | €16,240 | -€14,420 | -47.0% |
| Total equity and liabilities | 10/49 | €359,160 | €462,353 | +€103,193 | +28.7% |
| Equity | 10/15 | €150,950 | €145,568 | -€5,382 | -3.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €147,950 | €142,568 | -€5,382 | -3.6% |
| Distributable reserves | 133 | €147,950 | €142,568 | -€5,382 | -3.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €208,210 | €316,785 | +€108,575 | +52.1% |
| Amounts payable after more than one year | 17 | €136,012 | €211,528 | +€75,517 | +55.5% |
| Financial debts | 170/4 | €136,012 | €211,528 | +€75,517 | +55.5% |
| Amounts payable within one year | 42/48 | €72,198 | €105,257 | +€33,059 | +45.8% |
| Current portion of amounts payable after more than one year | 42 | €13,399 | €12,564 | -€835 | -6.2% |
| Financial debts | 43 | €16,925 | €67,000 | +€50,075 | +296% |
| Credit institutions | 430/8 | €16,925 | €67,000 | +€50,075 | +296% |
| Trade debts | 44 | €36,219 | €6,333 | -€29,886 | -82.5% |
| Suppliers | 440/4 | €36,219 | €6,333 | -€29,886 | -82.5% |
| Taxes, remuneration and social security | 45 | €5,655 | €5,550 | -€104 | -1.8% |
| Taxes | 450/3 | €4,425 | €5,550 | +€1,126 | +25.4% |
| Remuneration and social security | 454/9 | €1,230 | €0 | -€1,230 | -100% |
| Other amounts payable | 47/48 | - | €13,810 | +€13,810 | |
| Non-recurring operating income | 76A | - | €8,062 | +€8,062 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,507 | €34,097 | +€25,590 | +301% |
| Other operating charges | 640/8 | €1,405 | €520 | -€886 | -63.0% |
| Gross operating margin | 9900 | €133,168 | €112,184 | -€20,984 | -15.8% |
| Operating profit (loss) | 9901 | €123,255 | €77,568 | -€45,688 | -37.1% |
| Financial income | 75/76B | €59 | €13 | -€46 | -77.6% |
| Recurring financial income | 75 | €59 | €13 | -€46 | -77.6% |
| Financial charges | 65/66B | €6,172 | €4,482 | -€1,691 | -27.4% |
| Recurring financial charges | 65 | €6,172 | €4,482 | -€1,691 | -27.4% |
| Profit (loss) for the period before taxes | 9903 | €117,142 | €73,099 | -€44,043 | -37.6% |
| Income taxes | 67/77 | €26,777 | €19,658 | -€7,119 | -26.6% |
| Profit (loss) for the period | 9904 | €90,365 | €53,441 | -€36,923 | -40.9% |
| Profit (loss) for the period to be appropriated | 9905 | €90,365 | €53,441 | -€36,923 | -40.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.