ZUS & GUS: 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.
ZUS & GUS
Largest movements
- Tangible fixed assets +€148,714
up €148,714 (+75.6%), from €196,606 to €345,319
of which Land and buildings: +€146,814
- Cash +€64,944
up €64,944 (+111%), from €58,485 to €123,429
mainly Debts after one year (+€131,049) and Advances received (+€35,783)
- Receivables within one year +€12,165
up €12,165 (+98.6%), from €12,332 to €24,496
of which Other amounts receivable: +€8,509
- Stocks and contracts +€8,968
up €8,968 (+8.7%), from €102,907 to €111,876
- Debts after one year +€131,049
up €131,049 (+88.0%), from €148,881 to €279,930
- Advances received +€35,783
new in 2025: €35,783
- Current portion of long-term debt +€19,365
up €19,365 (+60.8%), from €31,850 to €51,215
- Other debts +€17,610
up €17,610 (+47.4%), from €37,127 to €54,737
- Reserves +€16,360
up €16,360 (+13.3%), from €123,160 to €139,520
of which Distributable reserves: +€16,360
- Staff costs +€27,140
up €27,140 (+125%), from €21,792 to €48,932
- Gross operating margin +€14,921
up €14,921 (+18.4%), from €80,916 to €95,837
- Taxes -€12,731
down €12,731 (-81.0%), from €15,718 to €2,987
- Financial charges +€3,215
up €3,215 (+27.2%), from €11,811 to €15,027
- Depreciation +€2,442
up €2,442 (+42.0%), from €5,811 to €8,253
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 | €375,881 | €613,710 | +€237,828 | +63.3% |
| Fixed assets | 21/28 | €200,506 | €349,219 | +€148,714 | +74.2% |
| Tangible fixed assets | 22/27 | €196,606 | €345,319 | +€148,714 | +75.6% |
| Land and buildings | 22 | €191,303 | €338,117 | +€146,814 | +76.7% |
| Plant, machinery and equipment | 23 | €1,466 | €3,771 | +€2,305 | +157% |
| Furniture and vehicles | 24 | €3,837 | €3,432 | -€405 | -10.6% |
| Financial fixed assets | 28 | €3,900 | €3,900 | = | 0.0% |
| Current assets | 29/58 | €175,376 | €264,490 | +€89,114 | +50.8% |
| Stocks and contracts in progress | 3 | €102,907 | €111,876 | +€8,968 | +8.7% |
| Stocks | 30/36 | €102,907 | €111,876 | +€8,968 | +8.7% |
| Amounts receivable within one year | 40/41 | €12,332 | €24,496 | +€12,165 | +98.6% |
| Trade receivables | 40 | €792 | €4,448 | +€3,655 | +461% |
| Other amounts receivable | 41 | €11,539 | €20,049 | +€8,509 | +73.7% |
| Cash at bank and in hand | 54/58 | €58,485 | €123,429 | +€64,944 | +111% |
| Deferred charges and accrued income | 490/1 | €1,652 | €4,689 | +€3,038 | +184% |
| Total equity and liabilities | 10/49 | €375,881 | €613,710 | +€237,828 | +63.3% |
| Equity | 10/15 | €135,560 | €151,920 | +€16,360 | +12.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €123,160 | €139,520 | +€16,360 | +13.3% |
| Non-distributable reserves | 130/1 | €1,240 | €1,240 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,240 | €1,240 | = | 0.0% |
| Distributable reserves | 133 | €121,920 | €138,280 | +€16,360 | +13.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €240,321 | €461,789 | +€221,468 | +92.2% |
| Amounts payable after more than one year | 17 | €148,881 | €279,930 | +€131,049 | +88.0% |
| Financial debts | 170/4 | €148,881 | €279,930 | +€131,049 | +88.0% |
| Amounts payable within one year | 42/48 | €86,956 | €173,974 | +€87,017 | +100% |
| Current portion of amounts payable after more than one year | 42 | €31,850 | €51,215 | +€19,365 | +60.8% |
| Trade debts | 44 | €2,597 | €8,086 | +€5,489 | +211% |
| Suppliers | 440/4 | €2,597 | €8,086 | +€5,489 | +211% |
| Advances received on contracts in progress | 46 | - | €35,783 | +€35,783 | |
| Taxes, remuneration and social security | 45 | €15,383 | €24,153 | +€8,770 | +57.0% |
| Taxes | 450/3 | €11,336 | €19,335 | +€7,999 | +70.6% |
| Remuneration and social security | 454/9 | €4,047 | €4,818 | +€771 | +19.1% |
| Other amounts payable | 47/48 | €37,127 | €54,737 | +€17,610 | +47.4% |
| Accrued charges and deferred income | 492/3 | €4,484 | €7,886 | +€3,401 | +75.9% |
| Remuneration, social security and pensions | 62 | €21,792 | €48,932 | +€27,140 | +125% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,811 | €8,253 | +€2,442 | +42.0% |
| Other operating charges | 640/8 | €1,983 | €4,278 | +€2,295 | +116% |
| Gross operating margin | 9900 | €80,916 | €95,837 | +€14,921 | +18.4% |
| Operating profit (loss) | 9901 | €51,331 | €34,374 | -€16,956 | -33.0% |
| Financial income | 75/76B | €466 | €0 | -€466 | -100.0% |
| Recurring financial income | 75 | €466 | €0 | -€466 | -100.0% |
| Financial charges | 65/66B | €11,811 | €15,027 | +€3,215 | +27.2% |
| Recurring financial charges | 65 | €11,811 | €15,027 | +€3,215 | +27.2% |
| Profit (loss) for the period before taxes | 9903 | €39,985 | €19,347 | -€20,638 | -51.6% |
| Income taxes | 67/77 | €15,718 | €2,987 | -€12,731 | -81.0% |
| Profit (loss) for the period | 9904 | €24,267 | €16,360 | -€7,907 | -32.6% |
| Profit (loss) for the period to be appropriated | 9905 | €24,267 | €16,360 | -€7,907 | -32.6% |
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 1 November 2026 via checked.be.