ZOERA: 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.
ZOERA
Largest movements
- Receivables after one year -€86,100
no longer reported in 2025 (was €86,100)
- Cash +€47,138
up €47,138 (+197.5%), from €23,865 to €71,003
mainly Receivables after one year (+€86,100) and Depreciation (+€6,429)
- Tangible fixed assets +€14,865
up €14,865 (+9.0%), from €164,373 to €179,238
of which Land and buildings: +€16,942
- Receivables within one year +€3,784
up €3,784 (+21.6%), from €17,548 to €21,333
of which Other amounts receivable: +€16,743
- Trade debts -€10,532
down €10,532 (-52.8%), from €19,954 to €9,422
- Tax, wage and social debts -€9,089
no longer reported in 2025 (was €9,089)
- Financial income -€40,044
down €40,044 (-90.3%), from €44,345 to €4,301
- Gross operating margin -€33,647
down €33,647 (-82.1%), from €41,003 to €7,356
- Taxes -€19,941
down €19,941 (-99.1%), from €20,122 to €181
- Depreciation -€1,391
down €1,391 (-17.8%), from €7,821 to €6,429
- Financial charges +€629
up €629 (+19.6%), from €3,206 to €3,835
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 | €293,353 | €272,330 | -€21,023 | -7.2% |
| Fixed assets | 21/28 | €164,883 | €179,238 | +€14,355 | +8.7% |
| Tangible fixed assets | 22/27 | €164,373 | €179,238 | +€14,865 | +9.0% |
| Land and buildings | 22 | €161,445 | €178,387 | +€16,942 | +10.5% |
| Plant, machinery and equipment | 23 | €866 | €433 | -€433 | -50.0% |
| Furniture and vehicles | 24 | €1,505 | - | -€1,505 | |
| Other tangible fixed assets | 26 | €558 | €419 | -€140 | -25.0% |
| Financial fixed assets | 28 | €510 | - | -€510 | |
| Current assets | 29/58 | €128,470 | €93,092 | -€35,378 | -27.5% |
| Amounts receivable after more than one year | 29 | €86,100 | - | -€86,100 | |
| Other amounts receivable | 291 | €86,100 | - | -€86,100 | |
| Amounts receivable within one year | 40/41 | €17,548 | €21,333 | +€3,784 | +21.6% |
| Trade receivables | 40 | €12,959 | - | -€12,959 | |
| Other amounts receivable | 41 | €4,589 | €21,333 | +€16,743 | +364.8% |
| Cash at bank and in hand | 54/58 | €23,865 | €71,003 | +€47,138 | +197.5% |
| Deferred charges and accrued income | 490/1 | €957 | €757 | -€200 | -20.9% |
| Total equity and liabilities | 10/49 | €293,353 | €272,330 | -€21,023 | -7.2% |
| Equity | 10/15 | €264,310 | €262,908 | -€1,402 | -0.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €240,158 | €240,158 | = | 0.0% |
| Distributable reserves | 133 | €240,158 | €240,158 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,153 | €2,751 | -€1,402 | -33.8% |
| Amounts payable | 17/49 | €29,043 | €9,422 | -€19,621 | -67.6% |
| Amounts payable within one year | 42/48 | €29,043 | €9,422 | -€19,621 | -67.6% |
| Trade debts | 44 | €19,954 | €9,422 | -€10,532 | -52.8% |
| Suppliers | 440/4 | €19,954 | €9,422 | -€10,532 | -52.8% |
| Taxes, remuneration and social security | 45 | €9,089 | - | -€9,089 | |
| Taxes | 450/3 | €9,089 | - | -€9,089 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,821 | €6,429 | -€1,391 | -17.8% |
| Other operating charges | 640/8 | €877 | €979 | +€102 | +11.6% |
| Non-recurring operating charges | 66A | - | €1,635 | +€1,635 | |
| Gross operating margin | 9900 | €41,003 | €7,356 | -€33,647 | -82.1% |
| Operating profit (loss) | 9901 | €32,306 | -€1,687 | -€33,993 | |
| Financial income | 75/76B | €44,345 | €4,301 | -€40,044 | -90.3% |
| Recurring financial income | 75 | €44,345 | €4,301 | -€40,044 | -90.3% |
| Financial charges | 65/66B | €3,206 | €3,835 | +€629 | +19.6% |
| Recurring financial charges | 65 | €3,206 | €3,835 | +€629 | +19.6% |
| Profit (loss) for the period before taxes | 9903 | €73,444 | -€1,221 | -€74,665 | |
| Income taxes | 67/77 | €20,122 | €181 | -€19,941 | -99.1% |
| Profit (loss) for the period | 9904 | €53,322 | -€1,402 | -€54,724 | |
| Profit (loss) for the period to be appropriated | 9905 | €53,322 | -€1,402 | -€54,724 |
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 9 October 2026 via checked.be.