ZODIAC: 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.
ZODIAC
Largest movements
- Receivables after one year +€530,000
new in 2025: €530,000
- Cash -€326,230
down €326,230 (-78.2%), from €416,921 to €90,691
mainly Contributions, distributions and other (-€898,226) and Receivables after one year (-€530,000)
- Tangible fixed assets -€157,361
down €157,361 (-57.0%), from €276,179 to €118,818
of which Furniture and vehicles: -€93,996
- Intangible fixed assets -€40,000
down €40,000 (-14.3%), from €279,890 to €239,890
- Deferred charges and accrued income +€11,957
up €11,957 (+10853.8%), from €110 to €12,067
- Other debts +€855,075
up €855,075 (+1979.5%), from €43,197 to €898,272
- Reserves -€693,453
down €693,453 (-97.3%), from €712,453 to €19,000
- Debts after one year -€245,000
no longer reported in 2025 (was €245,000)
- Trade debts +€35,634
up €35,634 (+79.8%), from €44,668 to €80,302
- Accrued charges and deferred income +€35,232
up €35,232, from €0 to €35,232
- Gross operating margin -€67,263
down €67,263 (-12.9%), from €520,957 to €453,694
- Taxes -€10,546
down €10,546 (-13.8%), from €76,532 to €65,987
- Depreciation -€10,430
down €10,430 (-8.8%), from €118,279 to €107,849
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 | €1,068,351 | €1,089,477 | +€21,126 | +2.0% |
| Fixed assets | 21/28 | €556,070 | €358,709 | -€197,361 | -35.5% |
| Intangible fixed assets | 21 | €279,890 | €239,890 | -€40,000 | -14.3% |
| Tangible fixed assets | 22/27 | €276,179 | €118,818 | -€157,361 | -57.0% |
| Plant, machinery and equipment | 23 | €181,823 | €118,458 | -€63,365 | -34.8% |
| Furniture and vehicles | 24 | €94,356 | €360 | -€93,996 | -99.6% |
| Current assets | 29/58 | €512,281 | €730,768 | +€218,486 | +42.6% |
| Amounts receivable after more than one year | 29 | - | €530,000 | +€530,000 | |
| Other amounts receivable | 291 | - | €530,000 | +€530,000 | |
| Stocks and contracts in progress | 3 | €75,418 | €87,336 | +€11,918 | +15.8% |
| Stocks | 30/36 | €75,418 | €87,336 | +€11,918 | +15.8% |
| Amounts receivable within one year | 40/41 | €19,832 | €10,674 | -€9,158 | -46.2% |
| Trade receivables | 40 | €11,364 | €9,449 | -€1,916 | -16.9% |
| Other amounts receivable | 41 | €8,468 | €1,225 | -€7,243 | -85.5% |
| Cash at bank and in hand | 54/58 | €416,921 | €90,691 | -€326,230 | -78.2% |
| Deferred charges and accrued income | 490/1 | €110 | €12,067 | +€11,957 | +10853.8% |
| Total equity and liabilities | 10/49 | €1,068,351 | €1,089,477 | +€21,126 | +2.0% |
| Equity | 10/15 | €718,453 | €25,000 | -€693,453 | -96.5% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €712,453 | €19,000 | -€693,453 | -97.3% |
| Distributable reserves | 133 | €712,453 | €19,000 | -€693,453 | -97.3% |
| Amounts payable | 17/49 | €349,899 | €1,064,477 | +€714,578 | +204.2% |
| Amounts payable after more than one year | 17 | €245,000 | - | -€245,000 | |
| Other amounts payable | 178/9 | €245,000 | - | -€245,000 | |
| Amounts payable within one year | 42/48 | €104,899 | €1,029,245 | +€924,346 | +881.2% |
| Trade debts | 44 | €44,668 | €80,302 | +€35,634 | +79.8% |
| Suppliers | 440/4 | €44,668 | €80,302 | +€35,634 | +79.8% |
| Taxes, remuneration and social security | 45 | €17,033 | €50,671 | +€33,638 | +197.5% |
| Taxes | 450/3 | €4,131 | €43,319 | +€39,188 | +948.6% |
| Remuneration and social security | 454/9 | €12,902 | €7,351 | -€5,550 | -43.0% |
| Other amounts payable | 47/48 | €43,197 | €898,272 | +€855,075 | +1979.5% |
| Accrued charges and deferred income | 492/3 | €0 | €35,232 | +€35,232 | |
| Remuneration, social security and pensions | 62 | €78,391 | €73,300 | -€5,091 | -6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118,279 | €107,849 | -€10,430 | -8.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €919 | +€919 | |
| Other operating charges | 640/8 | €2,166 | €2,024 | -€142 | -6.6% |
| Non-recurring operating charges | 66A | €397 | €525 | +€128 | +32.3% |
| Gross operating margin | 9900 | €520,957 | €453,694 | -€67,263 | -12.9% |
| Operating profit (loss) | 9901 | €321,724 | €269,076 | -€52,648 | -16.4% |
| Financial income | 75/76B | €531 | €3,853 | +€3,321 | +625.0% |
| Recurring financial income | 75 | €531 | €3,853 | +€3,321 | +625.0% |
| Financial charges | 65/66B | €2,645 | €2,169 | -€476 | -18.0% |
| Recurring financial charges | 65 | €2,645 | €2,169 | -€476 | -18.0% |
| Profit (loss) for the period before taxes | 9903 | €319,610 | €270,760 | -€48,850 | -15.3% |
| Income taxes | 67/77 | €76,532 | €65,987 | -€10,546 | -13.8% |
| Profit (loss) for the period | 9904 | €243,078 | €204,773 | -€38,305 | -15.8% |
| Profit (loss) for the period to be appropriated | 9905 | €243,078 | €204,773 | -€38,305 | -15.8% |
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 8 October 2026 via checked.be.