ZUET: 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.
ZUET
Largest movements
- Tangible fixed assets -€289,493
down €289,493 (-10.1%), from €2.9m to €2.6m
of which Plant, machinery and equipment: -€325,352
- Cash +€237,376
up €237,376 (+800.3%), from €29,662 to €267,037
mainly Depreciation (+€501,662) and Net result for the year (+€286,057)
- Receivables within one year +€122,747
up €122,747 (+78.6%), from €156,085 to €278,832
of which Trade receivables: +€62,971
- Other debts -€289,876
down €289,876 (-100.0%), from €289,876 to €0
- Reserves +€286,057
up €286,057 (+42.2%), from €677,376 to €963,433
- Trade debts +€67,423
up €67,423 (+41.3%), from €163,350 to €230,773
- Debts after one year -€53,086
down €53,086 (-3.0%), from €1.7m to €1.7m
- Gross operating margin +€223,838
up €223,838 (+30.1%), from €742,644 to €966,483
- Depreciation +€55,035
up €55,035 (+12.3%), from €446,627 to €501,662
- Taxes +€33,261
up €33,261 (+74.7%), from €44,506 to €77,766
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 | €3,107,673 | €3,171,116 | +€63,443 | +2.0% |
| Fixed assets | 21/28 | €2,876,485 | €2,593,893 | -€282,592 | -9.8% |
| Intangible fixed assets | 21 | - | €6,901 | +€6,901 | |
| Tangible fixed assets | 22/27 | €2,866,587 | €2,577,094 | -€289,493 | -10.1% |
| Land and buildings | 22 | €1,119,376 | €991,493 | -€127,883 | -11.4% |
| Plant, machinery and equipment | 23 | €1,736,796 | €1,411,444 | -€325,352 | -18.7% |
| Furniture and vehicles | 24 | €10,415 | €8,189 | -€2,226 | -21.4% |
| Leasing and similar rights | 25 | - | €165,968 | +€165,968 | |
| Financial fixed assets | 28 | €9,898 | €9,898 | = | 0.0% |
| Current assets | 29/58 | €231,188 | €577,222 | +€346,035 | +149.7% |
| Stocks and contracts in progress | 3 | €35,424 | €16,380 | -€19,044 | -53.8% |
| Stocks | 30/36 | €35,424 | €16,380 | -€19,044 | -53.8% |
| Amounts receivable within one year | 40/41 | €156,085 | €278,832 | +€122,747 | +78.6% |
| Trade receivables | 40 | €155,591 | €218,562 | +€62,971 | +40.5% |
| Other amounts receivable | 41 | €494 | €60,270 | +€59,775 | +12090.7% |
| Cash at bank and in hand | 54/58 | €29,662 | €267,037 | +€237,376 | +800.3% |
| Deferred charges and accrued income | 490/1 | €10,017 | €14,973 | +€4,956 | +49.5% |
| Total equity and liabilities | 10/49 | €3,107,673 | €3,171,116 | +€63,443 | +2.0% |
| Equity | 10/15 | €714,560 | €1,000,617 | +€286,057 | +40.0% |
| Contributions | 10/11 | €37,184 | €37,184 | = | 0.0% |
| Reserves | 13 | €677,376 | €963,433 | +€286,057 | +42.2% |
| Distributable reserves | 133 | €677,376 | €963,433 | +€286,057 | +42.2% |
| Amounts payable | 17/49 | €2,393,113 | €2,170,499 | -€222,615 | -9.3% |
| Amounts payable after more than one year | 17 | €1,744,897 | €1,691,811 | -€53,086 | -3.0% |
| Financial debts | 170/4 | €1,744,897 | €1,691,811 | -€53,086 | -3.0% |
| Amounts payable within one year | 42/48 | €648,216 | €478,687 | -€169,529 | -26.2% |
| Current portion of amounts payable after more than one year | 42 | €188,658 | €218,323 | +€29,665 | +15.7% |
| Financial debts | 43 | - | €16,807 | +€16,807 | |
| Credit institutions | 430/8 | - | €16,807 | +€16,807 | |
| Trade debts | 44 | €163,350 | €230,773 | +€67,423 | +41.3% |
| Suppliers | 440/4 | €163,350 | €230,773 | +€67,423 | +41.3% |
| Taxes, remuneration and social security | 45 | €6,332 | €12,784 | +€6,453 | +101.9% |
| Taxes | 450/3 | €872 | €12,784 | +€11,913 | +1366.9% |
| Remuneration and social security | 454/9 | €5,460 | €0 | -€5,460 | -100.0% |
| Other amounts payable | 47/48 | €289,876 | €0 | -€289,876 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €446,627 | €501,662 | +€55,035 | +12.3% |
| Other operating charges | 640/8 | €7,779 | €14,216 | +€6,437 | +82.7% |
| Gross operating margin | 9900 | €742,644 | €966,483 | +€223,838 | +30.1% |
| Operating profit (loss) | 9901 | €288,238 | €450,605 | +€162,367 | +56.3% |
| Financial income | 75/76B | €904 | €184 | -€720 | -79.6% |
| Recurring financial income | 75 | €904 | €184 | -€720 | -79.6% |
| Financial charges | 65/66B | €89,898 | €86,965 | -€2,932 | -3.3% |
| Recurring financial charges | 65 | €89,898 | €86,965 | -€2,932 | -3.3% |
| Profit (loss) for the period before taxes | 9903 | €199,245 | €363,824 | +€164,579 | +82.6% |
| Income taxes | 67/77 | €44,506 | €77,766 | +€33,261 | +74.7% |
| Profit (loss) for the period | 9904 | €154,739 | €286,057 | +€131,318 | +84.9% |
| Profit (loss) for the period to be appropriated | 9905 | €154,739 | €286,057 | +€131,318 | +84.9% |
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.