ZODIAC: what changed
Two financial 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 within one year +€255,758
up €255,758 (+106.8%), from €239,399 to €495,156
of which Other amounts receivable: +€245,306
- Cash -€81,993
down €81,993 (-12.7%), from €643,789 to €561,796
mainly Receivables within one year (-€255,758) and Investment in fixed assets (net) (-€47,391)
- Tangible fixed assets -€47,482
down €47,482 (-11.9%), from €399,146 to €351,664
of which Land and buildings: -€38,789
- Reserves +€126,300
up €126,300 (+64.5%), from €195,946 to €322,246
of which Tax-exempt reserves: +€126,300
- Debts after one year -€35,594
down €35,594 (-56.3%), from €63,186 to €27,592
- Trade debts +€23,683
up €23,683 (+8.1%), from €293,180 to €316,863
- Short-term financial debts +€22,588
up €22,588 (+178.1%), from €12,683 to €35,272
- Profit (loss) carried forward +€17,936
up €17,936 (+3.9%), from €463,769 to €481,705
- Staff costs +€164,233
up €164,233 (+16.6%), from €988,275 to €1.2m
- Gross operating margin -€144,470
down €144,470 (-9.0%), from €1.6m to €1.5m
- Taxes -€80,806
down €80,806 (-61.2%), from €132,047 to €51,241
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 | €1,348,903 | €1,476,980 | +€128,077 | +9.5% |
| Fixed assets | 21/28 | €399,345 | €351,862 | -€47,482 | -11.9% |
| Tangible fixed assets | 22/27 | €399,146 | €351,664 | -€47,482 | -11.9% |
| Land and buildings | 22 | €208,216 | €169,427 | -€38,789 | -18.6% |
| Plant, machinery and equipment | 23 | €175,456 | €170,030 | -€5,425 | -3.1% |
| Furniture and vehicles | 24 | €15,475 | €9,314 | -€6,161 | -39.8% |
| Other tangible fixed assets | 26 | - | €2,893 | +€2,893 | |
| Financial fixed assets | 28 | €198 | €198 | = | 0.0% |
| Current assets | 29/58 | €949,559 | €1,125,118 | +€175,559 | +18.5% |
| Stocks and contracts in progress | 3 | €21,132 | €23,093 | +€1,961 | +9.3% |
| Stocks | 30/36 | €21,132 | €23,093 | +€1,961 | +9.3% |
| Amounts receivable within one year | 40/41 | €239,399 | €495,156 | +€255,758 | +106.8% |
| Trade receivables | 40 | - | €10,451 | +€10,451 | |
| Other amounts receivable | 41 | €239,399 | €484,705 | +€245,306 | +102.5% |
| Cash at bank and in hand | 54/58 | €643,789 | €561,796 | -€81,993 | -12.7% |
| Deferred charges and accrued income | 490/1 | €45,239 | €45,072 | -€166 | -0.4% |
| Total equity and liabilities | 10/49 | €1,348,903 | €1,476,980 | +€128,077 | +9.5% |
| Equity | 10/15 | €765,915 | €910,151 | +€144,236 | +18.8% |
| Contributions | 10/11 | €106,200 | €106,200 | = | 0.0% |
| Reserves | 13 | €195,946 | €322,246 | +€126,300 | +64.5% |
| Tax-exempt reserves | 132 | €189,450 | €315,750 | +€126,300 | +66.7% |
| Distributable reserves | 133 | €6,496 | €6,496 | = | 0.0% |
| Profit (loss) carried forward | 14 | €463,769 | €481,705 | +€17,936 | +3.9% |
| Amounts payable | 17/49 | €582,988 | €566,829 | -€16,159 | -2.8% |
| Amounts payable after more than one year | 17 | €63,186 | €27,592 | -€35,594 | -56.3% |
| Financial debts | 170/4 | €63,186 | €27,592 | -€35,594 | -56.3% |
| Amounts payable within one year | 42/48 | €519,802 | €539,237 | +€19,435 | +3.7% |
| Current portion of amounts payable after more than one year | 42 | €46,137 | €35,594 | -€10,543 | -22.9% |
| Financial debts | 43 | €12,683 | €35,272 | +€22,588 | +178.1% |
| Other loans | 439 | €12,683 | €35,272 | +€22,588 | +178.1% |
| Trade debts | 44 | €293,180 | €316,863 | +€23,683 | +8.1% |
| Suppliers | 440/4 | €293,180 | €316,863 | +€23,683 | +8.1% |
| Taxes, remuneration and social security | 45 | €136,769 | €119,350 | -€17,420 | -12.7% |
| Taxes | 450/3 | €29,131 | €0 | -€29,131 | -100.0% |
| Remuneration and social security | 454/9 | €107,638 | €119,350 | +€11,711 | +10.9% |
| Other amounts payable | 47/48 | €31,033 | €32,159 | +€1,126 | +3.6% |
| Remuneration, social security and pensions | 62 | €988,275 | €1,152,508 | +€164,233 | +16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,427 | €94,874 | +€4,447 | +4.9% |
| Other operating charges | 640/8 | €16,717 | €12,053 | -€4,664 | -27.9% |
| Non-recurring operating charges | 66A | €143,300 | €1,676 | -€141,624 | -98.8% |
| Gross operating margin | 9900 | €1,612,634 | €1,468,164 | -€144,470 | -9.0% |
| Operating profit (loss) | 9901 | €373,915 | €207,053 | -€166,862 | -44.6% |
| Financial income | 75/76B | €4,283 | €6 | -€4,277 | -99.9% |
| Recurring financial income | 75 | €4,283 | €6 | -€4,277 | -99.9% |
| Financial charges | 65/66B | €9,040 | €11,583 | +€2,543 | +28.1% |
| Recurring financial charges | 65 | €9,040 | €11,583 | +€2,543 | +28.1% |
| Profit (loss) for the period before taxes | 9903 | €369,158 | €195,477 | -€173,682 | -47.0% |
| Income taxes | 67/77 | €132,047 | €51,241 | -€80,806 | -61.2% |
| Profit (loss) for the period | 9904 | €237,111 | €144,236 | -€92,875 | -39.2% |
| Transfer to tax-exempt reserves | 689 | €189,450 | €126,300 | -€63,150 | -33.3% |
| Profit (loss) for the period to be appropriated | 9905 | €47,661 | €17,936 | -€29,725 | -62.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.