ZUPRE: 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.
What changed
ZUPRE
NACE 74.201, Photography, excluding press photography
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€518
2024 · €406+€112
Equity
€1.0m
2024 · €1.0m+€518
Cash
€9,560
2024 · €209+€9,351
Balance sheet total
€3.4m
2024 · €3.6m-€164,727
Largest movements
Assets
- Tangible fixed assets -€178,377
down €178,377 (-5.2%), from €3.5m to €3.3m
of which Land and buildings: -€187,669
Equity and liabilities
- Debts after one year -€226,362
down €226,362 (-12.0%), from €1.9m to €1.7m
of which Financial debts: -€186,469
- Other debts +€121,809
up €121,809 (+40.0%), from €304,583 to €426,392
- Current portion of long-term debt -€39,795
down €39,795 (-17.6%), from €226,264 to €186,469
Income statement
- Financial charges -€29,034
down €29,034 (-30.1%), from €96,409 to €67,375
- Gross operating margin -€19,051
down €19,051 (-6.2%), from €304,830 to €285,779
- Depreciation +€4,915
up €4,915 (+2.5%), from €199,865 to €204,780
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.
Result 2024
€406
Gross operating margin
-€19,051
Depreciation
-€4,915
Other operating charges
-€2,751
Financial income
-€2,150
Financial charges
+€29,034
Taxes
-€55
Result 2025
€518
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.
From operations
+€304,839
Investment
-€29,104
Financing
-€266,385
Cash 2024
€209
From operations (derived)
+€304,839
Net result for the year
+€518
Depreciation
+€204,780
Receivables within one year
+€402
Deferred charges and accrued income
-€2,000
Trade debts
-€8,938
Tax, wage and social debts
-€1,156
Other debts
+€121,809
Accrued charges and deferred income
-€10,576
Investment (derived)
-€29,104
Investment in fixed assets (net)
-€29,104
Financing
-€266,385
Debts after one year
-€226,362
Current portion of long-term debt
-€39,795
Short-term financial debts
-€228
Cash 2025
€9,560
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,568,002 | €3,403,274 | -€164,727 | -4.6% |
| Fixed assets | 21/28 | €3,455,039 | €3,279,363 | -€175,677 | -5.1% |
| Tangible fixed assets | 22/27 | €3,455,039 | €3,276,663 | -€178,377 | -5.2% |
| Land and buildings | 22 | €3,387,476 | €3,199,807 | -€187,669 | -5.5% |
| Plant, machinery and equipment | 23 | €3,200 | €5,089 | +€1,889 | +59.0% |
| Furniture and vehicles | 24 | €12,000 | €12,000 | = | 0.0% |
| Other tangible fixed assets | 26 | €52,363 | €59,766 | +€7,403 | +14.1% |
| Financial fixed assets | 28 | - | €2,700 | +€2,700 | |
| Current assets | 29/58 | €112,962 | €123,912 | +€10,949 | +9.7% |
| Amounts receivable within one year | 40/41 | €112,753 | €112,351 | -€402 | -0.4% |
| Trade receivables | 40 | €23,705 | €33,427 | +€9,722 | +41.0% |
| Other amounts receivable | 41 | €89,048 | €78,924 | -€10,124 | -11.4% |
| Cash at bank and in hand | 54/58 | €209 | €9,560 | +€9,351 | +4464.3% |
| Deferred charges and accrued income | 490/1 | €0 | €2,000 | +€2,000 | |
| Total equity and liabilities | 10/49 | €3,568,002 | €3,403,274 | -€164,727 | -4.6% |
| Equity | 10/15 | €1,045,893 | €1,046,412 | +€518 | 0.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,025,893 | €1,026,412 | +€518 | +0.1% |
| Distributable reserves | 133 | €1,025,893 | €1,026,412 | +€518 | +0.1% |
| Amounts payable | 17/49 | €2,522,108 | €2,356,863 | -€165,246 | -6.6% |
| Amounts payable after more than one year | 17 | €1,892,134 | €1,665,772 | -€226,362 | -12.0% |
| Financial debts | 170/4 | €1,056,045 | €869,576 | -€186,469 | -17.7% |
| Other amounts payable | 178/9 | €836,089 | €796,196 | -€39,892 | -4.8% |
| Amounts payable within one year | 42/48 | €582,081 | €653,773 | +€71,692 | +12.3% |
| Current portion of amounts payable after more than one year | 42 | €226,264 | €186,469 | -€39,795 | -17.6% |
| Financial debts | 43 | €228 | €0 | -€228 | -100.0% |
| Credit institutions | 430/8 | €228 | €0 | -€228 | -100.0% |
| Trade debts | 44 | €26,562 | €17,625 | -€8,938 | -33.6% |
| Suppliers | 440/4 | €26,562 | €17,625 | -€8,938 | -33.6% |
| Taxes, remuneration and social security | 45 | €24,443 | €23,287 | -€1,156 | -4.7% |
| Taxes | 450/3 | €24,443 | €23,287 | -€1,156 | -4.7% |
| Other amounts payable | 47/48 | €304,583 | €426,392 | +€121,809 | +40.0% |
| Accrued charges and deferred income | 492/3 | €47,893 | €37,317 | -€10,576 | -22.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €199,865 | €204,780 | +€4,915 | +2.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €7,697 | €10,447 | +€2,751 | +35.7% |
| Gross operating margin | 9900 | €304,830 | €285,779 | -€19,051 | -6.2% |
| Operating profit (loss) | 9901 | €97,268 | €70,551 | -€26,717 | -27.5% |
| Financial income | 75/76B | €2,530 | €380 | -€2,150 | -85.0% |
| Recurring financial income | 75 | €2,530 | €380 | -€2,150 | -85.0% |
| Financial charges | 65/66B | €96,409 | €67,375 | -€29,034 | -30.1% |
| Recurring financial charges | 65 | €96,409 | €67,375 | -€29,034 | -30.1% |
| Profit (loss) for the period before taxes | 9903 | €3,389 | €3,557 | +€167 | +4.9% |
| Income taxes | 67/77 | €2,983 | €3,038 | +€55 | +1.8% |
| Profit (loss) for the period | 9904 | €406 | €518 | +€112 | +27.6% |
| Profit (loss) for the period to be appropriated | 9905 | €406 | €518 | +€112 | +27.6% |
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 5 October 2026 via checked.be.