ZIPA: 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.
ZIPA
Largest movements
- Receivables within one year -€45,631
down €45,631 (-29.6%), from €154,291 to €108,659
of which Other amounts receivable: -€34,771
- Cash +€24,875
up €24,875 (+43.7%), from €56,953 to €81,827
mainly Net result for the year (+€58,893) and Receivables within one year (+€45,631)
- Tangible fixed assets +€20,825
up €20,825 (+252.8%), from €8,237 to €29,061
of which Furniture and vehicles: +€20,038
- Stocks and contracts -€8,105
no longer reported in 2025 (was €8,105)
- Deferred charges and accrued income -€3,035
down €3,035 (-66.1%), from €4,592 to €1,557
- Other debts -€59,883
down €59,883 (-76.9%), from €77,883 to €18,000
- Reserves +€40,893
up €40,893 (+37.7%), from €108,460 to €149,353
of which Distributable reserves: +€40,893
- Trade debts +€13,470
up €13,470 (+4240.3%), from €318 to €13,788
- Tax, wage and social debts -€2,998
down €2,998 (-14.0%), from €21,455 to €18,457
- Accrued charges and deferred income -€2,554
down €2,554 (-44.1%), from €5,787 to €3,233
- Gross operating margin +€3,188
up €3,188 (+4.0%), from €79,599 to €82,787
- Financial charges -€2,726
down €2,726 (-46.7%), from €5,835 to €3,109
- Taxes -€1,363
down €1,363 (-7.2%), from €18,921 to €17,558
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 | €237,176 | €226,105 | -€11,072 | -4.7% |
| Fixed assets | 21/28 | €8,237 | €29,061 | +€20,825 | +252.8% |
| Tangible fixed assets | 22/27 | €8,237 | €29,061 | +€20,825 | +252.8% |
| Plant, machinery and equipment | 23 | €2,392 | €3,178 | +€787 | +32.9% |
| Furniture and vehicles | 24 | €5,845 | €25,883 | +€20,038 | +342.8% |
| Current assets | 29/58 | €228,940 | €197,044 | -€31,896 | -13.9% |
| Stocks and contracts in progress | 3 | €8,105 | - | -€8,105 | |
| Stocks | 30/36 | €8,105 | - | -€8,105 | |
| Amounts receivable within one year | 40/41 | €154,291 | €108,659 | -€45,631 | -29.6% |
| Trade receivables | 40 | €39,291 | €28,430 | -€10,860 | -27.6% |
| Other amounts receivable | 41 | €115,000 | €80,229 | -€34,771 | -30.2% |
| Current investments | 50/53 | €5,000 | €5,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €56,953 | €81,827 | +€24,875 | +43.7% |
| Deferred charges and accrued income | 490/1 | €4,592 | €1,557 | -€3,035 | -66.1% |
| Total equity and liabilities | 10/49 | €237,176 | €226,105 | -€11,072 | -4.7% |
| Equity | 10/15 | €131,733 | €172,627 | +€40,893 | +31.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €108,460 | €149,353 | +€40,893 | +37.7% |
| Tax-exempt reserves | 132 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €98,460 | €139,353 | +€40,893 | +41.5% |
| Profit (loss) carried forward | 14 | €4,673 | €4,673 | = | 0.0% |
| Amounts payable | 17/49 | €105,443 | €53,478 | -€51,965 | -49.3% |
| Amounts payable within one year | 42/48 | €99,656 | €50,245 | -€49,411 | -49.6% |
| Trade debts | 44 | €318 | €13,788 | +€13,470 | +4240.3% |
| Suppliers | 440/4 | €318 | €13,788 | +€13,470 | +4240.3% |
| Taxes, remuneration and social security | 45 | €21,455 | €18,457 | -€2,998 | -14.0% |
| Taxes | 450/3 | €21,455 | €18,457 | -€2,998 | -14.0% |
| Other amounts payable | 47/48 | €77,883 | €18,000 | -€59,883 | -76.9% |
| Accrued charges and deferred income | 492/3 | €5,787 | €3,233 | -€2,554 | -44.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,819 | €3,380 | +€561 | +19.9% |
| Other operating charges | 640/8 | €489 | €708 | +€219 | +44.8% |
| Gross operating margin | 9900 | €79,599 | €82,787 | +€3,188 | +4.0% |
| Operating profit (loss) | 9901 | €76,292 | €78,700 | +€2,408 | +3.2% |
| Financial income | 75/76B | €382 | €860 | +€478 | +125.0% |
| Recurring financial income | 75 | €382 | €860 | +€478 | +125.0% |
| Financial charges | 65/66B | €5,835 | €3,109 | -€2,726 | -46.7% |
| Recurring financial charges | 65 | €5,835 | €3,109 | -€2,726 | -46.7% |
| Profit (loss) for the period before taxes | 9903 | €70,839 | €76,452 | +€5,613 | +7.9% |
| Income taxes | 67/77 | €18,921 | €17,558 | -€1,363 | -7.2% |
| Profit (loss) for the period | 9904 | €51,918 | €58,893 | +€6,976 | +13.4% |
| Profit (loss) for the period to be appropriated | 9905 | €51,918 | €58,893 | +€6,976 | +13.4% |
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 4 October 2026 via checked.be.