ZOETE: 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.
ZOETE
Largest movements
- Receivables within one year -€4,605
down €4,605 (-71.5%), from €6,442 to €1,836
of which Trade receivables: -€5,908
- Tangible fixed assets -€3,882
down €3,882 (-3.3%), from €119,118 to €115,235
of which Land and buildings: -€10,382
- Cash -€2,228
down €2,228 (-37.9%), from €5,871 to €3,644
mainly Tax, wage and social debts (-€61,151) and Debts after one year (-€11,388)
- Tax, wage and social debts -€61,151
down €61,151 (-94.2%), from €64,903 to €3,752
of which Taxes: -€50,477
- Other debts +€45,233
up €45,233 (+366.8%), from €12,331 to €57,565
- Profit (loss) carried forward +€15,509
up €15,509 (+12.9%), from -€120,071 to -€104,562
- Debts after one year -€11,388
down €11,388 (-8.7%), from €130,157 to €118,769
of which Financial debts: -€11,388
- Trade debts -€3,302
down €3,302 (-4.8%), from €68,565 to €65,263
- Staff costs -€33,758
down €33,758 (-40.6%), from €83,142 to €49,385
- Depreciation -€6,883
down €6,883 (-29.7%), from €23,152 to €16,269
- Gross operating margin -€4,426
down €4,426 (-4.6%), from €96,575 to €92,149
- Other operating charges -€1,832
down €1,832 (-32.0%), from €5,719 to €3,887
- Financial charges -€1,038
down €1,038 (-12.6%), from €8,211 to €7,173
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 | €173,266 | €161,286 | -€11,980 | -6.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €122,743 | €117,285 | -€5,457 | -4.4% |
| Intangible fixed assets | 21 | €1,575 | €0 | -€1,575 | -100.0% |
| Tangible fixed assets | 22/27 | €119,118 | €115,235 | -€3,882 | -3.3% |
| Land and buildings | 22 | €106,426 | €96,044 | -€10,382 | -9.8% |
| Plant, machinery and equipment | 23 | €12,691 | €13,101 | +€410 | +3.2% |
| Furniture and vehicles | 24 | €0 | €6,089 | +€6,089 | |
| Financial fixed assets | 28 | €2,050 | €2,050 | = | 0.0% |
| Current assets | 29/58 | €50,523 | €44,001 | -€6,522 | -12.9% |
| Stocks and contracts in progress | 3 | €35,306 | €36,564 | +€1,259 | +3.6% |
| Stocks | 30/36 | €35,306 | €36,564 | +€1,259 | +3.6% |
| Amounts receivable within one year | 40/41 | €6,442 | €1,836 | -€4,605 | -71.5% |
| Trade receivables | 40 | €6,442 | €534 | -€5,908 | -91.7% |
| Other amounts receivable | 41 | - | €1,303 | +€1,303 | |
| Current investments | 50/53 | €1,000 | €1,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €5,871 | €3,644 | -€2,228 | -37.9% |
| Deferred charges and accrued income | 490/1 | €1,904 | €957 | -€947 | -49.7% |
| Total equity and liabilities | 10/49 | €173,266 | €161,286 | -€11,980 | -6.9% |
| Equity | 10/15 | -€113,871 | -€98,362 | +€15,509 | +13.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€120,071 | -€104,562 | +€15,509 | +12.9% |
| Amounts payable | 17/49 | €287,137 | €259,648 | -€27,489 | -9.6% |
| Amounts payable after more than one year | 17 | €130,157 | €118,769 | -€11,388 | -8.7% |
| Financial debts | 170/4 | €90,657 | €79,269 | -€11,388 | -12.6% |
| Other amounts payable | 178/9 | €39,500 | €39,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €156,980 | €140,879 | -€16,101 | -10.3% |
| Current portion of amounts payable after more than one year | 42 | €11,180 | €14,300 | +€3,119 | +27.9% |
| Trade debts | 44 | €68,565 | €65,263 | -€3,302 | -4.8% |
| Suppliers | 440/4 | €68,565 | €65,263 | -€3,302 | -4.8% |
| Taxes, remuneration and social security | 45 | €64,903 | €3,752 | -€61,151 | -94.2% |
| Taxes | 450/3 | €54,229 | €3,752 | -€50,477 | -93.1% |
| Remuneration and social security | 454/9 | €10,674 | €0 | -€10,674 | -100.0% |
| Other amounts payable | 47/48 | €12,331 | €57,565 | +€45,233 | +366.8% |
| Remuneration, social security and pensions | 62 | €83,142 | €49,385 | -€33,758 | -40.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,152 | €16,269 | -€6,883 | -29.7% |
| Other operating charges | 640/8 | €5,719 | €3,887 | -€1,832 | -32.0% |
| Gross operating margin | 9900 | €96,575 | €92,149 | -€4,426 | -4.6% |
| Operating profit (loss) | 9901 | -€15,438 | €22,609 | +€38,047 | |
| Financial income | 75/76B | €181 | €74 | -€108 | -59.4% |
| Recurring financial income | 75 | €181 | €74 | -€108 | -59.4% |
| Financial charges | 65/66B | €8,211 | €7,173 | -€1,038 | -12.6% |
| Recurring financial charges | 65 | €8,211 | €7,173 | -€1,038 | -12.6% |
| Profit (loss) for the period before taxes | 9903 | -€23,468 | €15,509 | +€38,977 | |
| Profit (loss) for the period | 9904 | -€23,468 | €15,509 | +€38,977 | |
| Profit (loss) for the period to be appropriated | 9905 | -€23,468 | €15,509 | +€38,977 |
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.