ZULAV: 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.
ZULAV
Largest movements
- Financial fixed assets +€202,887
new in 2025: €202,887
- Cash -€46,595
down €46,595 (-44.7%), from €104,311 to €57,716
mainly Investment in fixed assets (net) (-€208,623) and Contributions, distributions and other (-€40,000)
- Tangible fixed assets -€19,580
down €19,580 (-4.8%), from €406,998 to €387,418
of which Land and buildings: -€17,027
- Other debts +€147,332
up €147,332 (+294.7%), from €50,000 to €197,332
- Reserves -€21,895
down €21,895 (-23.8%), from €92,029 to €70,134
of which Distributable reserves: -€21,895
- Provisions +€20,000
up €20,000 (+200.0%), from €10,000 to €30,000
- Current portion of long-term debt -€7,198
down €7,198 (-45.3%), from €15,881 to €8,684
- Gross operating margin -€22,191
down €22,191 (-13.7%), from €161,916 to €139,725
- Staff costs -€15,796
down €15,796 (-27.6%), from €57,264 to €41,468
- Financial charges +€14,316
up €14,316 (+107.9%), from €13,272 to €27,589
- Provisions +€10,000
up €10,000 (+100.0%), from €10,000 to €20,000
- Taxes -€5,273
down €5,273 (-35.7%), from €14,772 to €9,499
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 | €550,057 | €691,277 | +€141,220 | +25.7% |
| Fixed assets | 21/28 | €406,998 | €590,304 | +€183,307 | +45.0% |
| Tangible fixed assets | 22/27 | €406,998 | €387,418 | -€19,580 | -4.8% |
| Land and buildings | 22 | €377,420 | €360,394 | -€17,027 | -4.5% |
| Plant, machinery and equipment | 23 | €9,857 | €11,415 | +€1,557 | +15.8% |
| Furniture and vehicles | 24 | €19,720 | €15,609 | -€4,111 | -20.8% |
| Financial fixed assets | 28 | - | €202,887 | +€202,887 | |
| Current assets | 29/58 | €143,059 | €100,972 | -€42,087 | -29.4% |
| Stocks and contracts in progress | 3 | €36,634 | €34,454 | -€2,181 | -6.0% |
| Stocks | 30/36 | €36,634 | €34,454 | -€2,181 | -6.0% |
| Amounts receivable within one year | 40/41 | €1,534 | €6,113 | +€4,579 | +298.6% |
| Trade receivables | 40 | €1,180 | €5,759 | +€4,579 | +388.1% |
| Other amounts receivable | 41 | €354 | €354 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €104,311 | €57,716 | -€46,595 | -44.7% |
| Deferred charges and accrued income | 490/1 | €580 | €2,690 | +€2,110 | +363.6% |
| Total equity and liabilities | 10/49 | €550,057 | €691,277 | +€141,220 | +25.7% |
| Equity | 10/15 | €225,421 | €200,215 | -€25,207 | -11.2% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €92,029 | €70,134 | -€21,895 | -23.8% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,351 | €5,351 | = | 0.0% |
| Distributable reserves | 133 | €74,178 | €52,283 | -€21,895 | -29.5% |
| Profit (loss) carried forward | 14 | €8,392 | €5,080 | -€3,312 | -39.5% |
| Provisions and deferred taxes | 16 | €10,000 | €30,000 | +€20,000 | +200.0% |
| Provisions for liabilities and charges | 160/5 | €10,000 | €30,000 | +€20,000 | +200.0% |
| Other liabilities and charges | 164/5 | €10,000 | €30,000 | +€20,000 | +200.0% |
| Amounts payable | 17/49 | €314,635 | €461,062 | +€146,427 | +46.5% |
| Amounts payable after more than one year | 17 | €213,422 | €212,416 | -€1,005 | -0.5% |
| Financial debts | 170/4 | €213,422 | €212,416 | -€1,005 | -0.5% |
| Amounts payable within one year | 42/48 | €94,850 | €243,884 | +€149,034 | +157.1% |
| Current portion of amounts payable after more than one year | 42 | €15,881 | €8,684 | -€7,198 | -45.3% |
| Trade debts | 44 | €3,442 | €9,050 | +€5,609 | +163.0% |
| Suppliers | 440/4 | €3,442 | €9,050 | +€5,609 | +163.0% |
| Taxes, remuneration and social security | 45 | €25,527 | €28,818 | +€3,291 | +12.9% |
| Taxes | 450/3 | €14,734 | €20,291 | +€5,557 | +37.7% |
| Remuneration and social security | 454/9 | €10,792 | €8,527 | -€2,266 | -21.0% |
| Other amounts payable | 47/48 | €50,000 | €197,332 | +€147,332 | +294.7% |
| Accrued charges and deferred income | 492/3 | €6,364 | €4,761 | -€1,602 | -25.2% |
| Remuneration, social security and pensions | 62 | €57,264 | €41,468 | -€15,796 | -27.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,236 | €25,316 | +€4,081 | +19.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €10,000 | €20,000 | +€10,000 | +100.0% |
| Other operating charges | 640/8 | €5,143 | €4,944 | -€199 | -3.9% |
| Gross operating margin | 9900 | €161,916 | €139,725 | -€22,191 | -13.7% |
| Operating profit (loss) | 9901 | €68,273 | €47,996 | -€20,277 | -29.7% |
| Financial income | 75/76B | €422 | €3,885 | +€3,463 | +821.1% |
| Recurring financial income | 75 | €422 | €3,885 | +€3,463 | +821.1% |
| Financial charges | 65/66B | €13,272 | €27,589 | +€14,316 | +107.9% |
| Recurring financial charges | 65 | €13,272 | €27,589 | +€14,316 | +107.9% |
| Profit (loss) for the period before taxes | 9903 | €55,423 | €24,292 | -€31,130 | -56.2% |
| Income taxes | 67/77 | €14,772 | €9,499 | -€5,273 | -35.7% |
| Profit (loss) for the period | 9904 | €40,651 | €14,793 | -€25,857 | -63.6% |
| Profit (loss) for the period to be appropriated | 9905 | €40,651 | €14,793 | -€25,857 | -63.6% |
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 6 October 2026 via checked.be.