ZOETE FRANK: what changed
ZOETE FRANK
Largest movements
- Tangible fixed assets -€24,348
down €24,348 (-10.2%), from €238,227 to €213,878
of which Other tangible fixed assets: -€20,293
- Cash +€20,394
up €20,394 (+47.5%), from €42,925 to €63,319
mainly Net result for the year (+€50,374) and Depreciation (+€24,348)
- Current investments -€12,354
down €12,354 (-4.0%), from €307,420 to €295,066
- Stocks and contracts -€8,000
down €8,000 (-50.0%), from €16,000 to €8,000
of which Contracts in progress: -€8,000
- Receivables within one year -€7,953
down €7,953 (-16.8%), from €47,447 to €39,494
of which Other amounts receivable: -€5,309
- Debts after one year -€14,546
down €14,546 (-18.9%), from €76,932 to €62,386
- Accrued charges and deferred income -€7,745
down €7,745 (-59.7%), from €12,980 to €5,235
- Financial income +€19,589
up €19,589 (+542%), from €3,611 to €23,200
- Taxes +€11,222
up €11,222 (+82.2%), from €13,646 to €24,868
- Financial charges -€7,904
down €7,904 (-52.1%), from €15,186 to €7,282
- Gross operating margin +€7,321
up €7,321 (+9.3%), from €78,934 to €86,255
- Other operating charges -€1,047
down €1,047 (-28.9%), from €3,630 to €2,582
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €652,019 | €619,757 | -€32,262 | -4.9% |
| Fixed assets | 21/28 | €238,227 | €213,878 | -€24,348 | -10.2% |
| Tangible fixed assets | 22/27 | €238,227 | €213,878 | -€24,348 | -10.2% |
| Plant, machinery and equipment | 23 | €7,440 | €3,384 | -€4,056 | -54.5% |
| Other tangible fixed assets | 26 | €230,787 | €210,494 | -€20,293 | -8.8% |
| Current assets | 29/58 | €413,792 | €405,879 | -€7,913 | -1.9% |
| Stocks and contracts in progress | 3 | €16,000 | €8,000 | -€8,000 | -50.0% |
| Stocks | 30/36 | €1,000 | €1,000 | = | 0.0% |
| Contracts in progress | 37 | €15,000 | €7,000 | -€8,000 | -53.3% |
| Amounts receivable within one year | 40/41 | €47,447 | €39,494 | -€7,953 | -16.8% |
| Trade receivables | 40 | €40,093 | €37,449 | -€2,644 | -6.6% |
| Other amounts receivable | 41 | €7,354 | €2,045 | -€5,309 | -72.2% |
| Current investments | 50/53 | €307,420 | €295,066 | -€12,354 | -4.0% |
| Cash at bank and in hand | 54/58 | €42,925 | €63,319 | +€20,394 | +47.5% |
| Total equity and liabilities | 10/49 | €652,019 | €619,757 | -€32,262 | -4.9% |
| Equity | 10/15 | €430,028 | €422,625 | -€7,403 | -1.7% |
| Contributions | 10/11 | €114,000 | €114,000 | = | 0.0% |
| Reserves | 13 | €311,054 | €305,311 | -€5,743 | -1.8% |
| Tax-exempt reserves | 132 | €23,400 | €23,400 | = | 0.0% |
| Distributable reserves | 133 | €287,654 | €281,911 | -€5,743 | -2.0% |
| Profit (loss) carried forward | 14 | €4,974 | €3,314 | -€1,660 | -33.4% |
| Amounts payable | 17/49 | €221,990 | €197,132 | -€24,859 | -11.2% |
| Amounts payable after more than one year | 17 | €76,932 | €62,386 | -€14,546 | -18.9% |
| Financial debts | 170/4 | €76,932 | €62,386 | -€14,546 | -18.9% |
| Amounts payable within one year | 42/48 | €132,078 | €129,511 | -€2,567 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €14,385 | €14,546 | +€161 | +1.1% |
| Trade debts | 44 | €10,654 | €10,431 | -€223 | -2.1% |
| Suppliers | 440/4 | €10,654 | €10,431 | -€223 | -2.1% |
| Taxes, remuneration and social security | 45 | €620 | €4,487 | +€3,868 | +624% |
| Taxes | 450/3 | €620 | €4,487 | +€3,868 | +624% |
| Other amounts payable | 47/48 | €106,419 | €100,046 | -€6,373 | -6.0% |
| Accrued charges and deferred income | 492/3 | €12,980 | €5,235 | -€7,745 | -59.7% |
| Non-recurring operating income | 76A | €1,500 | - | -€1,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,620 | €24,348 | +€729 | +3.1% |
| Other operating charges | 640/8 | €3,630 | €2,582 | -€1,047 | -28.9% |
| Gross operating margin | 9900 | €78,934 | €86,255 | +€7,321 | +9.3% |
| Operating profit (loss) | 9901 | €51,684 | €59,324 | +€7,640 | +14.8% |
| Financial income | 75/76B | €3,611 | €23,200 | +€19,589 | +542% |
| Recurring financial income | 75 | €3,611 | €23,200 | +€19,589 | +542% |
| Financial charges | 65/66B | €15,186 | €7,282 | -€7,904 | -52.1% |
| Recurring financial charges | 65 | €15,186 | €7,282 | -€7,904 | -52.1% |
| Profit (loss) for the period before taxes | 9903 | €40,109 | €75,242 | +€35,133 | +87.6% |
| Income taxes | 67/77 | €13,646 | €24,868 | +€11,222 | +82.2% |
| Profit (loss) for the period | 9904 | €26,463 | €50,374 | +€23,911 | +90.4% |
| Profit (loss) for the period to be appropriated | 9905 | €26,463 | €50,374 | +€23,911 | +90.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.