ZIRVE: 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.
ZIRVE
Largest movements
- Receivables within one year -€111,965
down €111,965 (-29.4%), from €380,843 to €268,878
- Cash +€84,532
up €84,532 (+102.1%), from €82,796 to €167,328
mainly Receivables within one year (+€111,965) and Depreciation (+€69,767)
- Tangible fixed assets -€63,267
down €63,267 (-2.7%), from €2.4m to €2.3m
- Current investments +€39,600
new in 2025: €39,600
- Debts after one year -€132,369
down €132,369 (-9.0%), from €1.5m to €1.3m
of which Financial debts: -€137,423
- Reserves +€65,488
up €65,488 (+8.0%), from €819,552 to €885,040
of which Distributable reserves: +€91,248
- Other operating charges -€67,886
down €67,886 (-74.8%), from €90,749 to €22,863
- Gross operating margin +€32,863
up €32,863 (+16.5%), from €199,342 to €232,206
- Taxes +€26,844
up €26,844 (+140.6%), from €19,093 to €45,937
- Depreciation +€12,357
up €12,357 (+21.5%), from €57,410 to €69,767
- Financial charges +€8,308
up €8,308 (+29.2%), from €28,430 to €36,737
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 | €2,828,212 | €2,777,611 | -€50,601 | -1.8% |
| Fixed assets | 21/28 | €2,363,379 | €2,300,112 | -€63,267 | -2.7% |
| Tangible fixed assets | 22/27 | €2,363,379 | €2,300,112 | -€63,267 | -2.7% |
| Land and buildings | 22 | €2,363,379 | €2,300,112 | -€63,267 | -2.7% |
| Current assets | 29/58 | €464,833 | €477,499 | +€12,666 | +2.7% |
| Amounts receivable within one year | 40/41 | €380,843 | €268,878 | -€111,965 | -29.4% |
| Other amounts receivable | 41 | €380,843 | €268,878 | -€111,965 | -29.4% |
| Current investments | 50/53 | - | €39,600 | +€39,600 | |
| Cash at bank and in hand | 54/58 | €82,796 | €167,328 | +€84,532 | +102.1% |
| Deferred charges and accrued income | 490/1 | €1,194 | €1,693 | +€499 | +41.8% |
| Total equity and liabilities | 10/49 | €2,828,212 | €2,777,611 | -€50,601 | -1.8% |
| Equity | 10/15 | €881,552 | €947,040 | +€65,488 | +7.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €819,552 | €885,040 | +€65,488 | +8.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €639,686 | €613,926 | -€25,760 | -4.0% |
| Distributable reserves | 133 | €173,666 | €264,914 | +€91,248 | +52.5% |
| Provisions and deferred taxes | 16 | €213,058 | €204,471 | -€8,587 | -4.0% |
| Deferred taxes | 168 | €213,058 | €204,471 | -€8,587 | -4.0% |
| Amounts payable | 17/49 | €1,733,603 | €1,626,100 | -€107,503 | -6.2% |
| Amounts payable after more than one year | 17 | €1,467,652 | €1,335,283 | -€132,369 | -9.0% |
| Financial debts | 170/4 | €1,467,452 | €1,330,029 | -€137,423 | -9.4% |
| Other amounts payable | 178/9 | €200 | €5,254 | +€5,054 | +2527.0% |
| Amounts payable within one year | 42/48 | €265,950 | €290,817 | +€24,867 | +9.4% |
| Current portion of amounts payable after more than one year | 42 | €148,132 | €137,423 | -€10,708 | -7.2% |
| Trade debts | 44 | - | €21,228 | +€21,228 | |
| Suppliers | 440/4 | - | €21,228 | +€21,228 | |
| Taxes, remuneration and social security | 45 | €52,571 | €65,030 | +€12,459 | +23.7% |
| Taxes | 450/3 | €52,571 | €65,030 | +€12,459 | +23.7% |
| Other amounts payable | 47/48 | €65,248 | €67,135 | +€1,888 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,410 | €69,767 | +€12,357 | +21.5% |
| Other operating charges | 640/8 | €90,749 | €22,863 | -€67,886 | -74.8% |
| Gross operating margin | 9900 | €199,342 | €232,206 | +€32,863 | +16.5% |
| Operating profit (loss) | 9901 | €51,184 | €139,576 | +€88,392 | +172.7% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €28,430 | €36,737 | +€8,308 | +29.2% |
| Recurring financial charges | 65 | €28,430 | €36,737 | +€8,308 | +29.2% |
| Profit (loss) for the period before taxes | 9903 | €22,754 | €102,839 | +€80,084 | +352.0% |
| Transfer from deferred taxes | 780 | €8,715 | €8,587 | -€128 | -1.5% |
| Income taxes | 67/77 | €19,093 | €45,937 | +€26,844 | +140.6% |
| Profit (loss) for the period | 9904 | €12,376 | €65,488 | +€53,113 | +429.2% |
| Transfer from tax-exempt reserves | 789 | €25,632 | €25,760 | +€128 | +0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €38,008 | €91,248 | +€53,241 | +140.1% |
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.