ZODI: 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.
ZODI
Largest movements
- Receivables within one year -€330,520
down €330,520 (-82.0%), from €403,128 to €72,608
of which Other amounts receivable: -€325,018
- Cash +€300,560
up €300,560 (+523.3%), from €57,438 to €357,998
mainly Receivables within one year (+€330,520) and Depreciation (+€99,435)
- Tangible fixed assets +€16,634
up €16,634 (+7.0%), from €237,214 to €253,848
of which Other tangible fixed assets: +€15,743
- Deferred charges and accrued income +€12,341
up €12,341 (+120.4%), from €10,254 to €22,594
- Trade debts -€67,699
down €67,699 (-8.9%), from €758,759 to €691,060
- Debts after one year +€64,000
up €64,000 (+152.4%), from €42,000 to €106,000
- Current portion of long-term debt +€17,568
up €17,568 (+71.9%), from €24,432 to €42,000
- Staff costs -€43,679
down €43,679 (-6.5%), from €672,577 to €628,899
- Gross operating margin -€32,013
down €32,013 (-4.0%), from €792,063 to €760,051
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 | €1,087,950 | €1,087,147 | -€803 | -0.1% |
| Fixed assets | 21/28 | €237,214 | €253,848 | +€16,634 | +7.0% |
| Tangible fixed assets | 22/27 | €237,214 | €253,848 | +€16,634 | +7.0% |
| Plant, machinery and equipment | 23 | €29,887 | €36,778 | +€6,891 | +23.1% |
| Furniture and vehicles | 24 | €10,668 | €4,668 | -€6,000 | -56.2% |
| Other tangible fixed assets | 26 | €196,659 | €212,402 | +€15,743 | +8.0% |
| Current assets | 29/58 | €850,736 | €833,299 | -€17,437 | -2.0% |
| Stocks and contracts in progress | 3 | €379,917 | €380,099 | +€183 | 0.0% |
| Stocks | 30/36 | €379,917 | €380,099 | +€183 | 0.0% |
| Amounts receivable within one year | 40/41 | €403,128 | €72,608 | -€330,520 | -82.0% |
| Trade receivables | 40 | €60,952 | €55,450 | -€5,502 | -9.0% |
| Other amounts receivable | 41 | €342,176 | €17,158 | -€325,018 | -95.0% |
| Cash at bank and in hand | 54/58 | €57,438 | €357,998 | +€300,560 | +523.3% |
| Deferred charges and accrued income | 490/1 | €10,254 | €22,594 | +€12,341 | +120.4% |
| Total equity and liabilities | 10/49 | €1,087,950 | €1,087,147 | -€803 | -0.1% |
| Equity | 10/15 | €36,838 | €39,331 | +€2,492 | +6.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,838 | €17,331 | +€2,492 | +16.8% |
| Amounts payable | 17/49 | €1,051,112 | €1,047,816 | -€3,295 | -0.3% |
| Amounts payable after more than one year | 17 | €42,000 | €106,000 | +€64,000 | +152.4% |
| Financial debts | 170/4 | €42,000 | €106,000 | +€64,000 | +152.4% |
| Amounts payable within one year | 42/48 | €1,008,913 | €941,816 | -€67,097 | -6.7% |
| Current portion of amounts payable after more than one year | 42 | €24,432 | €42,000 | +€17,568 | +71.9% |
| Financial debts | 43 | €84,037 | €82,766 | -€1,271 | -1.5% |
| Credit institutions | 430/8 | €84,037 | €82,766 | -€1,271 | -1.5% |
| Trade debts | 44 | €758,759 | €691,060 | -€67,699 | -8.9% |
| Suppliers | 440/4 | €758,759 | €691,060 | -€67,699 | -8.9% |
| Taxes, remuneration and social security | 45 | €136,540 | €125,990 | -€10,550 | -7.7% |
| Taxes | 450/3 | €9,667 | €13,699 | +€4,033 | +41.7% |
| Remuneration and social security | 454/9 | €126,873 | €112,290 | -€14,583 | -11.5% |
| Other amounts payable | 47/48 | €5,145 | €0 | -€5,145 | -100.0% |
| Accrued charges and deferred income | 492/3 | €198 | €0 | -€198 | -100.0% |
| Remuneration, social security and pensions | 62 | €672,577 | €628,899 | -€43,679 | -6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,805 | €99,435 | +€4,631 | +4.9% |
| Other operating charges | 640/8 | €18,325 | €18,460 | +€134 | +0.7% |
| Gross operating margin | 9900 | €792,063 | €760,051 | -€32,013 | -4.0% |
| Operating profit (loss) | 9901 | €6,356 | €13,257 | +€6,901 | +108.6% |
| Financial income | 75/76B | €10,254 | €12,539 | +€2,285 | +22.3% |
| Recurring financial income | 75 | €10,254 | €12,539 | +€2,285 | +22.3% |
| Financial charges | 65/66B | €10,204 | €12,157 | +€1,953 | +19.1% |
| Recurring financial charges | 65 | €10,204 | €12,157 | +€1,953 | +19.1% |
| Profit (loss) for the period before taxes | 9903 | €6,406 | €13,639 | +€7,233 | +112.9% |
| Income taxes | 67/77 | €5,455 | €11,146 | +€5,692 | +104.3% |
| Profit (loss) for the period | 9904 | €951 | €2,492 | +€1,542 | +162.2% |
| Profit (loss) for the period to be appropriated | 9905 | €951 | €2,492 | +€1,542 | +162.2% |
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 9 October 2026 via checked.be.