ZUPP: 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.
ZUPP
Largest movements
- Stocks and contracts -€8,206
down €8,206 (-89.1%), from €9,206 to €1,000
- Cash +€7,499
up €7,499 (+344.2%), from €2,178 to €9,678
mainly Stocks and contracts (+€8,206) and Depreciation (+€6,180)
- Tangible fixed assets -€6,180
down €6,180 (-46.7%), from €13,242 to €7,062
- Receivables within one year +€329
up €329 (+13.7%), from €2,399 to €2,728
of which Trade receivables: +€1,632
- Debts after one year -€3,092
no longer reported in 2025 (was €3,092)
- Other debts -€2,526
down €2,526 (-25.5%), from €9,920 to €7,394
- Trade debts -€904
down €904 (-51.7%), from €1,748 to €844
- Reserves +€784
up €784 (+16.9%), from €4,649 to €5,433
- Short-term financial debts -€341
down €341 (-33.6%), from €1,014 to €673
- Gross operating margin +€1,683
up €1,683 (+18.9%), from €8,925 to €10,608
- Depreciation -€1,306
down €1,306 (-17.5%), from €7,486 to €6,180
- Taxes +€634
up €634 (+47.2%), from €1,345 to €1,979
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 | €28,179 | €21,735 | -€6,444 | -22.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €13,242 | €7,062 | -€6,180 | -46.7% |
| Tangible fixed assets | 22/27 | €13,242 | €7,062 | -€6,180 | -46.7% |
| Furniture and vehicles | 24 | €6,400 | €3,347 | -€3,053 | -47.7% |
| Leasing and similar rights | 25 | €6,032 | €3,024 | -€3,008 | -49.9% |
| Other tangible fixed assets | 26 | €810 | €691 | -€120 | -14.7% |
| Current assets | 29/58 | €14,937 | €14,673 | -€264 | -1.8% |
| Stocks and contracts in progress | 3 | €9,206 | €1,000 | -€8,206 | -89.1% |
| Contracts in progress | 37 | €9,206 | €1,000 | -€8,206 | -89.1% |
| Amounts receivable within one year | 40/41 | €2,399 | €2,728 | +€329 | +13.7% |
| Trade receivables | 40 | €206 | €1,838 | +€1,632 | +792.1% |
| Other amounts receivable | 41 | €2,193 | €890 | -€1,302 | -59.4% |
| Cash at bank and in hand | 54/58 | €2,178 | €9,678 | +€7,499 | +344.2% |
| Deferred charges and accrued income | 490/1 | €1,154 | €1,268 | +€114 | +9.9% |
| Total equity and liabilities | 10/49 | €28,179 | €21,735 | -€6,444 | -22.9% |
| Equity | 10/15 | €9,204 | €9,988 | +€784 | +8.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €4,649 | €5,433 | +€784 | +16.9% |
| Distributable reserves | 133 | €4,649 | €5,433 | +€784 | +16.9% |
| Profit (loss) carried forward | 14 | -€1,645 | -€1,645 | = | 0.0% |
| Amounts payable | 17/49 | €18,975 | €11,747 | -€7,228 | -38.1% |
| Amounts payable after more than one year | 17 | €3,092 | - | -€3,092 | |
| Financial debts | 170/4 | €3,092 | - | -€3,092 | |
| Amounts payable within one year | 42/48 | €15,731 | €11,747 | -€3,984 | -25.3% |
| Current portion of amounts payable after more than one year | 42 | €3,049 | €2,836 | -€213 | -7.0% |
| Financial debts | 43 | €1,014 | €673 | -€341 | -33.6% |
| Credit institutions | 430/8 | €1,014 | €673 | -€341 | -33.6% |
| Trade debts | 44 | €1,748 | €844 | -€904 | -51.7% |
| Suppliers | 440/4 | €1,748 | €844 | -€904 | -51.7% |
| Other amounts payable | 47/48 | €9,920 | €7,394 | -€2,526 | -25.5% |
| Accrued charges and deferred income | 492/3 | €152 | - | -€152 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,486 | €6,180 | -€1,306 | -17.5% |
| Other operating charges | 640/8 | €1,391 | €1,374 | -€17 | -1.2% |
| Gross operating margin | 9900 | €8,925 | €10,608 | +€1,683 | +18.9% |
| Operating profit (loss) | 9901 | €47 | €3,054 | +€3,007 | +6363.5% |
| Financial income | 75/76B | €4 | - | -€4 | |
| Recurring financial income | 75 | €4 | - | -€4 | |
| Financial charges | 65/66B | €351 | €290 | -€60 | -17.2% |
| Recurring financial charges | 65 | €351 | €290 | -€60 | -17.2% |
| Profit (loss) for the period before taxes | 9903 | -€299 | €2,764 | +€3,063 | |
| Income taxes | 67/77 | €1,345 | €1,979 | +€634 | +47.2% |
| Profit (loss) for the period | 9904 | -€1,645 | €784 | +€2,429 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,645 | €784 | +€2,429 |
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 30 September 2026 via checked.be.