Zoé Ingels: 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.
Zoé Ingels
Largest movements
- Cash +€27,095
up €27,095 (+47.8%), from €56,731 to €83,826
mainly Net result for the year (+€26,296) and Tax, wage and social debts (+€5,900)
- Receivables within one year +€4,283
up €4,283 (+23.8%), from €17,991 to €22,275
of which Trade receivables: +€2,493
- Tangible fixed assets +€3,362
up €3,362 (+76.0%), from €4,425 to €7,786
of which Furniture and vehicles: +€3,490
- Reserves +€25,466
up €25,466 (+35.3%), from €72,083 to €97,549
- Tax, wage and social debts +€5,900
up €5,900 (+200.0%), from €2,949 to €8,849
of which Taxes: +€7,678
- Accrued charges and deferred income +€3,727
up €3,727 (+7453.0%), from €50 to €3,777
- Financial charges +€26,040
up €26,040 (+64535.7%), from €40 to €26,080
- Gross operating margin +€8,126
up €8,126 (+15.4%), from €52,714 to €60,839
- Taxes -€3,332
down €3,332 (-29.6%), from €11,254 to €7,922
- Depreciation +€623
up €623 (+371.5%), from €168 to €790
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 | €79,321 | €114,058 | +€34,737 | +43.8% |
| Fixed assets | 21/28 | €4,425 | €7,786 | +€3,362 | +76.0% |
| Tangible fixed assets | 22/27 | €4,425 | €7,786 | +€3,362 | +76.0% |
| Furniture and vehicles | 24 | €3,247 | €6,736 | +€3,490 | +107.5% |
| Other tangible fixed assets | 26 | €1,178 | €1,050 | -€128 | -10.9% |
| Current assets | 29/58 | €74,896 | €106,272 | +€31,376 | +41.9% |
| Amounts receivable within one year | 40/41 | €17,991 | €22,275 | +€4,283 | +23.8% |
| Trade receivables | 40 | €7,856 | €10,349 | +€2,493 | +31.7% |
| Other amounts receivable | 41 | €10,135 | €11,925 | +€1,790 | +17.7% |
| Cash at bank and in hand | 54/58 | €56,731 | €83,826 | +€27,095 | +47.8% |
| Deferred charges and accrued income | 490/1 | €174 | €171 | -€3 | -1.8% |
| Total equity and liabilities | 10/49 | €79,321 | €114,058 | +€34,737 | +43.8% |
| Equity | 10/15 | €75,083 | €100,549 | +€25,466 | +33.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €72,083 | €97,549 | +€25,466 | +35.3% |
| Distributable reserves | 133 | €72,083 | €97,549 | +€25,466 | +35.3% |
| Amounts payable | 17/49 | €4,238 | €13,510 | +€9,272 | +218.8% |
| Amounts payable within one year | 42/48 | €4,188 | €9,733 | +€5,545 | +132.4% |
| Trade debts | 44 | €439 | €55 | -€384 | -87.5% |
| Suppliers | 440/4 | €439 | €55 | -€384 | -87.5% |
| Taxes, remuneration and social security | 45 | €2,949 | €8,849 | +€5,900 | +200.0% |
| Taxes | 450/3 | €851 | €8,529 | +€7,678 | +902.3% |
| Remuneration and social security | 454/9 | €2,098 | €320 | -€1,778 | -84.7% |
| Other amounts payable | 47/48 | €800 | €830 | +€30 | +3.8% |
| Accrued charges and deferred income | 492/3 | €50 | €3,777 | +€3,727 | +7453.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €168 | €790 | +€623 | +371.5% |
| Other operating charges | 640/8 | €387 | €58 | -€329 | -85.0% |
| Gross operating margin | 9900 | €52,714 | €60,839 | +€8,126 | +15.4% |
| Operating profit (loss) | 9901 | €52,159 | €59,991 | +€7,832 | +15.0% |
| Financial income | 75/76B | €231 | €307 | +€76 | +32.8% |
| Recurring financial income | 75 | €231 | €307 | +€76 | +32.8% |
| Financial charges | 65/66B | €40 | €26,080 | +€26,040 | +64535.7% |
| Recurring financial charges | 65 | €40 | €26,080 | +€26,040 | +64535.7% |
| Profit (loss) for the period before taxes | 9903 | €52,350 | €34,218 | -€18,132 | -34.6% |
| Income taxes | 67/77 | €11,254 | €7,922 | -€3,332 | -29.6% |
| Profit (loss) for the period | 9904 | €41,096 | €26,296 | -€14,800 | -36.0% |
| Profit (loss) for the period to be appropriated | 9905 | €41,096 | €26,296 | -€14,800 | -36.0% |
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 12 October 2026 via checked.be.