ZULTIMMO: 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.
ZULTIMMO
Largest movements
- Receivables within one year +€375,274
up €375,274 (+144.9%), from €258,924 to €634,197
of which Other amounts receivable: +€369,829
- Tangible fixed assets +€57,903
up €57,903 (+9.8%), from €593,018 to €650,921
of which Land and buildings: +€57,903
- Cash +€35,574
up €35,574 (+1844.4%), from €1,929 to €37,503
mainly Other debts (+€516,860) and Depreciation (+€64,836)
- Other debts +€516,860
up €516,860 (+75.6%), from €684,003 to €1.2m
- Debts after one year -€29,794
down €29,794 (-1.7%), from €1.7m to €1.7m
- Gross operating margin +€11,694
up €11,694 (+22.5%), from €51,983 to €63,677
- Depreciation +€5,706
up €5,706 (+9.7%), from €59,130 to €64,836
- Financial income -€756
down €756 (-16.6%), from €4,568 to €3,812
- Financial charges -€648
down €648 (-4.9%), from €13,120 to €12,472
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 | €2,453,086 | €2,920,865 | +€467,779 | +19.1% |
| Fixed assets | 21/28 | €2,186,987 | €2,244,890 | +€57,903 | +2.6% |
| Tangible fixed assets | 22/27 | €593,018 | €650,921 | +€57,903 | +9.8% |
| Land and buildings | 22 | €568,018 | €625,921 | +€57,903 | +10.2% |
| Other tangible fixed assets | 26 | €25,000 | €25,000 | = | 0.0% |
| Financial fixed assets | 28 | €1,593,969 | €1,593,969 | = | 0.0% |
| Current assets | 29/58 | €266,099 | €675,975 | +€409,876 | +154.0% |
| Amounts receivable within one year | 40/41 | €258,924 | €634,197 | +€375,274 | +144.9% |
| Trade receivables | 40 | €0 | €5,445 | +€5,445 | |
| Other amounts receivable | 41 | €258,924 | €628,752 | +€369,829 | +142.8% |
| Cash at bank and in hand | 54/58 | €1,929 | €37,503 | +€35,574 | +1844.4% |
| Deferred charges and accrued income | 490/1 | €5,247 | €4,275 | -€972 | -18.5% |
| Total equity and liabilities | 10/49 | €2,453,086 | €2,920,865 | +€467,779 | +19.1% |
| Equity | 10/15 | €10,499 | -€3,638 | -€14,137 | |
| Contributions | 10/11 | €286,000 | €286,000 | = | 0.0% |
| Reserves | 13 | €164,405 | €164,405 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €164,405 | €164,405 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€439,906 | -€454,043 | -€14,137 | -3.2% |
| Amounts payable | 17/49 | €2,442,587 | €2,924,503 | +€481,916 | +19.7% |
| Amounts payable after more than one year | 17 | €1,704,677 | €1,674,883 | -€29,794 | -1.7% |
| Financial debts | 170/4 | €1,704,677 | €1,674,883 | -€29,794 | -1.7% |
| Amounts payable within one year | 42/48 | €737,910 | €1,249,119 | +€511,209 | +69.3% |
| Current portion of amounts payable after more than one year | 42 | €29,236 | €29,794 | +€558 | +1.9% |
| Trade debts | 44 | €7,382 | €1,567 | -€5,815 | -78.8% |
| Suppliers | 440/4 | €7,382 | €1,567 | -€5,815 | -78.8% |
| Taxes, remuneration and social security | 45 | €17,288 | €16,895 | -€393 | -2.3% |
| Taxes | 450/3 | €17,288 | €16,895 | -€393 | -2.3% |
| Other amounts payable | 47/48 | €684,003 | €1,200,863 | +€516,860 | +75.6% |
| Accrued charges and deferred income | 492/3 | - | €501 | +€501 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,130 | €64,836 | +€5,706 | +9.7% |
| Other operating charges | 640/8 | €3,902 | €3,778 | -€124 | -3.2% |
| Gross operating margin | 9900 | €51,983 | €63,677 | +€11,694 | +22.5% |
| Operating profit (loss) | 9901 | -€11,049 | -€4,938 | +€6,112 | +55.3% |
| Financial income | 75/76B | €4,568 | €3,812 | -€756 | -16.6% |
| Recurring financial income | 75 | €4,568 | €3,812 | -€756 | -16.6% |
| Financial charges | 65/66B | €13,120 | €12,472 | -€648 | -4.9% |
| Recurring financial charges | 65 | €13,120 | €12,472 | -€648 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | -€19,601 | -€13,598 | +€6,003 | +30.6% |
| Income taxes | 67/77 | €508 | €539 | +€31 | +6.1% |
| Profit (loss) for the period | 9904 | -€20,109 | -€14,137 | +€5,972 | +29.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,109 | -€14,137 | +€5,972 | +29.7% |
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.