ZUPAH: 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.
ZUPAH
Largest movements
- Cash -€89,676
down €89,676 (-68.3%), from €131,208 to €41,532
mainly Other debts (-€129,265) and Tax, wage and social debts (-€607)
- Tangible fixed assets -€1,867
down €1,867 (-74.5%), from €2,507 to €640
of which Furniture and vehicles: -€1,656
- Other debts -€129,265
down €129,265 (-100%), from €129,265 to €0
- Reserves +€37,447
up €37,447, from €0 to €37,447
- Gross operating margin -€6,269
down €6,269 (-10.7%), from €58,484 to €52,215
- Taxes -€679
down €679 (-6.0%), from €11,303 to €10,624
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 | €149,597 | €56,962 | -€92,635 | -61.9% |
| Fixed assets | 21/28 | €2,507 | €640 | -€1,867 | -74.5% |
| Tangible fixed assets | 22/27 | €2,507 | €640 | -€1,867 | -74.5% |
| Plant, machinery and equipment | 23 | €471 | €260 | -€211 | -44.8% |
| Furniture and vehicles | 24 | €2,036 | €380 | -€1,656 | -81.3% |
| Current assets | 29/58 | €147,090 | €56,323 | -€90,768 | -61.7% |
| Amounts receivable within one year | 40/41 | €14,815 | €13,768 | -€1,047 | -7.1% |
| Trade receivables | 40 | €13,114 | €13,753 | +€638 | +4.9% |
| Other amounts receivable | 41 | €1,701 | €16 | -€1,685 | -99.1% |
| Cash at bank and in hand | 54/58 | €131,208 | €41,532 | -€89,676 | -68.3% |
| Deferred charges and accrued income | 490/1 | €1,066 | €1,022 | -€44 | -4.1% |
| Total equity and liabilities | 10/49 | €149,597 | €56,962 | -€92,635 | -61.9% |
| Equity | 10/15 | €4,000 | €41,447 | +€37,447 | +936% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €0 | €37,447 | +€37,447 | |
| Distributable reserves | 133 | €0 | €37,447 | +€37,447 | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €145,597 | €15,515 | -€130,082 | -89.3% |
| Amounts payable within one year | 42/48 | €145,597 | €15,515 | -€130,082 | -89.3% |
| Trade debts | 44 | €1,330 | €1,120 | -€210 | -15.8% |
| Suppliers | 440/4 | €1,330 | €1,120 | -€210 | -15.8% |
| Taxes, remuneration and social security | 45 | €15,002 | €14,395 | -€607 | -4.0% |
| Taxes | 450/3 | €12,194 | €11,615 | -€580 | -4.8% |
| Remuneration and social security | 454/9 | €2,808 | €2,781 | -€27 | -1.0% |
| Other amounts payable | 47/48 | €129,265 | €0 | -€129,265 | -100% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €286 | €0 | -€286 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,867 | €1,867 | = | 0.0% |
| Other operating charges | 640/8 | €513 | €527 | +€14 | +2.8% |
| Gross operating margin | 9900 | €58,484 | €52,215 | -€6,269 | -10.7% |
| Operating profit (loss) | 9901 | €55,817 | €49,820 | -€5,997 | -10.7% |
| Financial income | 75/76B | €11 | €7 | -€4 | -34.7% |
| Recurring financial income | 75 | €11 | €7 | -€4 | -34.7% |
| Financial charges | 65/66B | €1,869 | €1,756 | -€113 | -6.1% |
| Recurring financial charges | 65 | €1,869 | €1,756 | -€113 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | €53,959 | €48,071 | -€5,887 | -10.9% |
| Income taxes | 67/77 | €11,303 | €10,624 | -€679 | -6.0% |
| Profit (loss) for the period | 9904 | €42,656 | €37,447 | -€5,209 | -12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €42,656 | €37,447 | -€5,209 | -12.2% |
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 20 October 2026 via checked.be.