ZULLILEX: what changed
Two financial 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.
ZULLILEX
Largest movements
- Receivables within one year -€14,423
down €14,423 (-39.0%), from €36,963 to €22,540
of which Other amounts receivable: -€11,151
- Cash -€7,357
down €7,357 (-22.2%), from €33,068 to €25,711
mainly Contributions, distributions and other (-€154,421) and Debts after one year (-€46,268)
- Debts after one year -€46,268
down €46,268 (-21.7%), from €213,640 to €167,373
- Reserves +€23,861
up €23,861 (+15.5%), from €154,421 to €178,282
- Other debts +€20,597
new in 2025: €20,597
- Current portion of long-term debt -€15,877
down €15,877 (-25.5%), from €62,144 to €46,268
- Trade debts -€4,787
down €4,787 (-58.8%), from €8,142 to €3,355
- Financial income +€113,523
up €113,523 (+68,740%), from €165 to €113,688
- Gross operating margin -€5,049
down €5,049 (-4.4%), from €113,808 to €108,759
- Financial charges -€2,580
down €2,580 (-33.3%), from €7,748 to €5,167
- Taxes -€2,001
down €2,001 (-9.1%), from €21,999 to €19,998
- Depreciation -€1,359
down €1,359 (-7.6%), from €17,908 to €16,548
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.
Derived cash bridge
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 | €459,703 | €435,639 | -€24,064 | -5.2% |
| Fixed assets | 21/28 | €388,733 | €386,009 | -€2,724 | -0.7% |
| Tangible fixed assets | 22/27 | €378,733 | €376,009 | -€2,724 | -0.7% |
| Land and buildings | 22 | €373,524 | €369,517 | -€4,007 | -1.1% |
| Furniture and vehicles | 24 | €5,209 | €6,492 | +€1,283 | +24.6% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €70,970 | €49,630 | -€21,340 | -30.1% |
| Amounts receivable within one year | 40/41 | €36,963 | €22,540 | -€14,423 | -39.0% |
| Trade receivables | 40 | €3,272 | - | -€3,272 | |
| Other amounts receivable | 41 | €33,691 | €22,540 | -€11,151 | -33.1% |
| Cash at bank and in hand | 54/58 | €33,068 | €25,711 | -€7,357 | -22.2% |
| Deferred charges and accrued income | 490/1 | €939 | €1,379 | +€440 | +46.9% |
| Total equity and liabilities | 10/49 | €459,703 | €435,639 | -€24,064 | -5.2% |
| Equity | 10/15 | €173,021 | €196,882 | +€23,861 | +13.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €154,421 | €178,282 | +€23,861 | +15.5% |
| Distributable reserves | 133 | €154,421 | €178,282 | +€23,861 | +15.5% |
| Amounts payable | 17/49 | €286,681 | €238,757 | -€47,924 | -16.7% |
| Amounts payable after more than one year | 17 | €213,640 | €167,373 | -€46,268 | -21.7% |
| Financial debts | 170/4 | €213,640 | €167,373 | -€46,268 | -21.7% |
| Amounts payable within one year | 42/48 | €73,041 | €71,384 | -€1,657 | -2.3% |
| Current portion of amounts payable after more than one year | 42 | €62,144 | €46,268 | -€15,877 | -25.5% |
| Trade debts | 44 | €8,142 | €3,355 | -€4,787 | -58.8% |
| Suppliers | 440/4 | €8,142 | €3,355 | -€4,787 | -58.8% |
| Taxes, remuneration and social security | 45 | €2,755 | €1,165 | -€1,591 | -57.7% |
| Taxes | 450/3 | €2,755 | €1,165 | -€1,591 | -57.7% |
| Other amounts payable | 47/48 | - | €20,597 | +€20,597 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,908 | €16,548 | -€1,359 | -7.6% |
| Other operating charges | 640/8 | €2,581 | €2,453 | -€128 | -5.0% |
| Gross operating margin | 9900 | €113,808 | €108,759 | -€5,049 | -4.4% |
| Operating profit (loss) | 9901 | €93,320 | €89,759 | -€3,562 | -3.8% |
| Financial income | 75/76B | €165 | €113,688 | +€113,523 | +68,740% |
| Recurring financial income | 75 | €165 | €113,688 | +€113,523 | +68,740% |
| Financial charges | 65/66B | €7,748 | €5,167 | -€2,580 | -33.3% |
| Recurring financial charges | 65 | €7,748 | €5,167 | -€2,580 | -33.3% |
| Profit (loss) for the period before taxes | 9903 | €85,738 | €198,280 | +€112,542 | +131% |
| Income taxes | 67/77 | €21,999 | €19,998 | -€2,001 | -9.1% |
| Profit (loss) for the period | 9904 | €63,738 | €178,282 | +€114,543 | +180% |
| Profit (loss) for the period to be appropriated | 9905 | €63,738 | €178,282 | +€114,543 | +180% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.