ZoFe: 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.
ZoFe
Largest movements
- Receivables within one year +€49,646
up €49,646 (+162.5%), from €30,551 to €80,197
of which Trade receivables: +€29,542
- Cash +€35,109
up €35,109 (+314.9%), from €11,151 to €46,259
mainly Net result for the year (+€76,894) and Tax, wage and social debts (+€16,060)
- Deferred charges and accrued income -€6,660
down €6,660 (-57.3%), from €11,623 to €4,963
- Tangible fixed assets +€5,078
up €5,078 (+77.9%), from €6,520 to €11,598
of which Furniture and vehicles: +€6,922
- Reserves +€76,894
up €76,894 (+335.2%), from €22,943 to €99,837
- Tax, wage and social debts +€16,060
up €16,060 (+109.5%), from €14,669 to €30,729
- Accrued charges and deferred income -€7,030
down €7,030 (-56.5%), from €12,435 to €5,405
- Trade debts -€2,752
down €2,752 (-35.3%), from €7,799 to €5,047
- Gross operating margin +€87,649
up €87,649 (+593.0%), from €14,782 to €102,431
- Taxes +€17,051
up €17,051 (+558.3%), from €3,054 to €20,105
- Depreciation +€3,832
up €3,832 (+287.1%), from €1,334 to €5,166
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 | €59,846 | €143,018 | +€83,172 | +139.0% |
| Fixed assets | 21/28 | €6,520 | €11,598 | +€5,078 | +77.9% |
| Tangible fixed assets | 22/27 | €6,520 | €11,598 | +€5,078 | +77.9% |
| Plant, machinery and equipment | 23 | €5,654 | €3,855 | -€1,799 | -31.8% |
| Furniture and vehicles | 24 | - | €6,922 | +€6,922 | |
| Other tangible fixed assets | 26 | €866 | €821 | -€45 | -5.2% |
| Current assets | 29/58 | €53,325 | €131,419 | +€78,094 | +146.4% |
| Amounts receivable within one year | 40/41 | €30,551 | €80,197 | +€49,646 | +162.5% |
| Trade receivables | 40 | €15,146 | €44,688 | +€29,542 | +195.1% |
| Other amounts receivable | 41 | €15,405 | €35,509 | +€20,104 | +130.5% |
| Cash at bank and in hand | 54/58 | €11,151 | €46,259 | +€35,109 | +314.9% |
| Deferred charges and accrued income | 490/1 | €11,623 | €4,963 | -€6,660 | -57.3% |
| Total equity and liabilities | 10/49 | €59,846 | €143,018 | +€83,172 | +139.0% |
| Equity | 10/15 | €24,943 | €101,837 | +€76,894 | +308.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €22,943 | €99,837 | +€76,894 | +335.2% |
| Distributable reserves | 133 | €22,943 | €99,837 | +€76,894 | +335.2% |
| Amounts payable | 17/49 | €34,903 | €41,181 | +€6,278 | +18.0% |
| Amounts payable within one year | 42/48 | €22,468 | €35,776 | +€13,308 | +59.2% |
| Trade debts | 44 | €7,799 | €5,047 | -€2,752 | -35.3% |
| Suppliers | 440/4 | €7,799 | €5,047 | -€2,752 | -35.3% |
| Taxes, remuneration and social security | 45 | €14,669 | €30,729 | +€16,060 | +109.5% |
| Taxes | 450/3 | €14,669 | €30,729 | +€16,060 | +109.5% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €12,435 | €5,405 | -€7,030 | -56.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,334 | €5,166 | +€3,832 | +287.1% |
| Other operating charges | 640/8 | €1,016 | €1,282 | +€266 | +26.2% |
| Gross operating margin | 9900 | €14,782 | €102,431 | +€87,649 | +593.0% |
| Operating profit (loss) | 9901 | €12,432 | €95,983 | +€83,552 | +672.1% |
| Financial income | 75/76B | €362 | €1,380 | +€1,018 | +281.1% |
| Recurring financial income | 75 | €362 | €1,380 | +€1,018 | +281.1% |
| Financial charges | 65/66B | €1,023 | €364 | -€659 | -64.4% |
| Recurring financial charges | 65 | €1,023 | €364 | -€659 | -64.4% |
| Profit (loss) for the period before taxes | 9903 | €11,771 | €96,999 | +€85,228 | +724.1% |
| Income taxes | 67/77 | €3,054 | €20,105 | +€17,051 | +558.3% |
| Profit (loss) for the period | 9904 | €8,717 | €76,894 | +€68,177 | +782.1% |
| Profit (loss) for the period to be appropriated | 9905 | €8,717 | €76,894 | +€68,177 | +782.1% |
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.