Zultanit: 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.
Zultanit
Largest movements
- Tangible fixed assets +€346,342
up €346,342 (+42473.6%), from €815 to €347,158
of which Land and buildings: +€346,750
- Stocks and contracts +€55,687
up €55,687 (+81.0%), from €68,727 to €124,414
- Cash +€34,123
up €34,123 (+33.6%), from €101,669 to €135,792
mainly Debts after one year (+€312,053) and Net result for the year (+€166,966)
- Receivables within one year +€33,109
up €33,109 (+165547.4%), from €20 to €33,129
- Debts after one year +€312,053
new in 2025: €312,053
- Reserves +€166,966
up €166,966 (+159.8%), from €104,481 to €271,446
- Trade debts -€26,611
no longer reported in 2025 (was €26,611)
- Current portion of long-term debt +€16,838
new in 2025: €16,838
- Gross operating margin +€172,981
up €172,981 (+266.3%), from €64,952 to €237,933
- Other operating charges +€44,952
up €44,952 (+2358.7%), from €1,906 to €46,858
- Depreciation +€18,250
up €18,250 (+4476.2%), from €408 to €18,658
- Taxes -€11,306
no longer reported in 2025 (was €11,306)
- Financial charges +€4,571
up €4,571 (+518.3%), from €882 to €5,453
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 | €171,232 | €640,493 | +€469,262 | +274.1% |
| Fixed assets | 21/28 | €815 | €347,158 | +€346,342 | +42473.6% |
| Tangible fixed assets | 22/27 | €815 | €347,158 | +€346,342 | +42473.6% |
| Land and buildings | 22 | - | €346,750 | +€346,750 | |
| Plant, machinery and equipment | 23 | €815 | €408 | -€408 | -50.0% |
| Current assets | 29/58 | €170,416 | €293,335 | +€122,919 | +72.1% |
| Stocks and contracts in progress | 3 | €68,727 | €124,414 | +€55,687 | +81.0% |
| Stocks | 30/36 | €68,727 | €124,414 | +€55,687 | +81.0% |
| Amounts receivable within one year | 40/41 | €20 | €33,129 | +€33,109 | +165547.4% |
| Trade receivables | 40 | €20 | €33,129 | +€33,109 | +165547.4% |
| Cash at bank and in hand | 54/58 | €101,669 | €135,792 | +€34,123 | +33.6% |
| Total equity and liabilities | 10/49 | €171,232 | €640,493 | +€469,262 | +274.1% |
| Equity | 10/15 | €104,981 | €271,946 | +€166,966 | +159.0% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Capital | 10 | €500 | €500 | = | 0.0% |
| Issued capital | 100 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €104,481 | €271,446 | +€166,966 | +159.8% |
| Distributable reserves | 133 | €104,481 | €271,446 | +€166,966 | +159.8% |
| Amounts payable | 17/49 | €66,251 | €368,547 | +€302,296 | +456.3% |
| Amounts payable after more than one year | 17 | - | €312,053 | +€312,053 | |
| Financial debts | 170/4 | - | €312,053 | +€312,053 | |
| Amounts payable within one year | 42/48 | €66,251 | €56,493 | -€9,758 | -14.7% |
| Current portion of amounts payable after more than one year | 42 | - | €16,838 | +€16,838 | |
| Trade debts | 44 | €26,611 | - | -€26,611 | |
| Suppliers | 440/4 | €26,611 | - | -€26,611 | |
| Taxes, remuneration and social security | 45 | €3,348 | €3,533 | +€185 | +5.5% |
| Taxes | 450/3 | €848 | €1,033 | +€185 | +21.8% |
| Remuneration and social security | 454/9 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 47/48 | €36,291 | €36,122 | -€169 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €408 | €18,658 | +€18,250 | +4476.2% |
| Other operating charges | 640/8 | €1,906 | €46,858 | +€44,952 | +2358.7% |
| Gross operating margin | 9900 | €64,952 | €237,933 | +€172,981 | +266.3% |
| Operating profit (loss) | 9901 | €62,639 | €172,417 | +€109,778 | +175.3% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €882 | €5,453 | +€4,571 | +518.3% |
| Recurring financial charges | 65 | €882 | €5,453 | +€4,571 | +518.3% |
| Profit (loss) for the period before taxes | 9903 | €61,757 | €166,966 | +€105,209 | +170.4% |
| Income taxes | 67/77 | €11,306 | - | -€11,306 | |
| Profit (loss) for the period | 9904 | €50,451 | €166,966 | +€116,515 | +230.9% |
| Profit (loss) for the period to be appropriated | 9905 | €50,451 | €166,966 | +€116,515 | +230.9% |
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 12 October 2026 via checked.be.