ZSE TECHNOLOGY: 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.
ZSE TECHNOLOGY
Largest movements
- Cash -€139,557
down €139,557 (-46.5%), from €299,813 to €160,256
mainly Net result for the year (-€1.5m) and Tax, wage and social debts (-€22,026)
- Receivables within one year +€18,634
up €18,634 (+29.3%), from €63,575 to €82,209
of which Other amounts receivable: +€11,817
- Tangible fixed assets -€12,452
down €12,452 (-22.2%), from €56,101 to €43,649
of which Plant, machinery and equipment: -€6,923
- Profit (loss) carried forward -€1.5m
down €1.5m (-65.6%), from -€2.3m to -€3.8m
- Contributions +€1.4m
up €1.4m (+52.8%), from €2.6m to €4.0m
- Trade debts +€40,468
up €40,468 (+49.5%), from €81,761 to €122,229
- Tax, wage and social debts -€22,026
down €22,026 (-33.4%), from €65,904 to €43,878
of which Remuneration and social security: -€29,822
- Gross operating margin -€284,664
down €284,664 (-29.8%), from -€955,789 to -€1.2m
- Staff costs -€107,619
down €107,619 (-30.4%), from €354,278 to €246,660
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 | €422,504 | €286,114 | -€136,390 | -32.3% |
| Fixed assets | 21/28 | €56,101 | €43,649 | -€12,452 | -22.2% |
| Tangible fixed assets | 22/27 | €56,101 | €43,649 | -€12,452 | -22.2% |
| Land and buildings | 22 | €19,756 | €18,475 | -€1,281 | -6.5% |
| Plant, machinery and equipment | 23 | €30,276 | €23,353 | -€6,923 | -22.9% |
| Furniture and vehicles | 24 | €6,069 | €1,821 | -€4,248 | -70.0% |
| Current assets | 29/58 | €366,403 | €242,464 | -€123,939 | -33.8% |
| Amounts receivable within one year | 40/41 | €63,575 | €82,209 | +€18,634 | +29.3% |
| Trade receivables | 40 | - | €6,816 | +€6,816 | |
| Other amounts receivable | 41 | €63,575 | €75,392 | +€11,817 | +18.6% |
| Cash at bank and in hand | 54/58 | €299,813 | €160,256 | -€139,557 | -46.5% |
| Deferred charges and accrued income | 490/1 | €3,016 | - | -€3,016 | |
| Total equity and liabilities | 10/49 | €422,504 | €286,114 | -€136,390 | -32.3% |
| Equity | 10/15 | €271,862 | €120,007 | -€151,855 | -55.9% |
| Contributions | 10/11 | €2,584,845 | €3,950,000 | +€1.4m | +52.8% |
| Outside capital | 11 | €2,584,845 | - | -€2.6m | |
| Other | 1109/19 | €2,584,845 | - | -€2.6m | |
| Profit (loss) carried forward | 14 | -€2,312,983 | -€3,829,993 | -€1.5m | -65.6% |
| Amounts payable | 17/49 | €150,642 | €166,107 | +€15,464 | +10.3% |
| Amounts payable within one year | 42/48 | €150,642 | €166,107 | +€15,464 | +10.3% |
| Trade debts | 44 | €81,761 | €122,229 | +€40,468 | +49.5% |
| Suppliers | 440/4 | €81,761 | €122,229 | +€40,468 | +49.5% |
| Taxes, remuneration and social security | 45 | €65,904 | €43,878 | -€22,026 | -33.4% |
| Taxes | 450/3 | €3,063 | €10,859 | +€7,796 | +254.5% |
| Remuneration and social security | 454/9 | €62,841 | €33,019 | -€29,822 | -47.5% |
| Other amounts payable | 47/48 | €2,977 | - | -€2,977 | |
| Remuneration, social security and pensions | 62 | €354,278 | €246,660 | -€107,619 | -30.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,070 | €15,855 | -€216 | -1.3% |
| Other operating charges | 640/8 | €1,027 | €11,573 | +€10,546 | +1027.2% |
| Gross operating margin | 9900 | -€955,789 | -€1,240,453 | -€284,664 | -29.8% |
| Operating profit (loss) | 9901 | -€1,327,165 | -€1,514,540 | -€187,376 | -14.1% |
| Financial income | 75/76B | €118 | €490 | +€372 | +314.1% |
| Recurring financial income | 75 | €118 | €490 | +€372 | +314.1% |
| Financial charges | 65/66B | €736 | €2,395 | +€1,659 | +225.5% |
| Recurring financial charges | 65 | €736 | €2,395 | +€1,659 | +225.5% |
| Profit (loss) for the period before taxes | 9903 | -€1,327,782 | -€1,516,445 | -€188,663 | -14.2% |
| Income taxes | 67/77 | €413 | €565 | +€152 | +36.9% |
| Profit (loss) for the period | 9904 | -€1,328,195 | -€1,517,010 | -€188,815 | -14.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,328,195 | -€1,517,010 | -€188,815 | -14.2% |
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 4 October 2026 via checked.be.