ZUSTO: 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.
ZUSTO
Largest movements
- Cash -€201,876
down €201,876 (-58.8%), from €343,463 to €141,587
mainly Net result for the year (-€137,641) and Stocks and contracts (-€102,292)
- Intangible fixed assets -€146,691
down €146,691 (-26.4%), from €556,588 to €409,897
- Stocks and contracts +€102,292
up €102,292 (+50.5%), from €202,401 to €304,693
- Receivables within one year +€75,595
up €75,595 (+42.3%), from €178,538 to €254,132
of which Trade receivables: +€80,117
- Profit (loss) carried forward -€137,641
down €137,641 (-3.9%), from -€3.5m to -€3.7m
- Other debts +€100,000
new in 2025: €100,000
- Debts after one year -€77,495
down €77,495 (-63.9%), from €121,271 to €43,776
- Current portion of long-term debt -€44,741
down €44,741 (-36.6%), from €122,237 to €77,495
- Trade debts -€20,231
down €20,231 (-18.5%), from €109,484 to €89,253
- Financial income -€53,669
down €53,669 (-82.8%), from €64,835 to €11,167
of which Non-recurring financial income: -€40,262
- Staff costs -€33,279
down €33,279 (-59.2%), from €56,180 to €22,901
- Gross operating margin -€30,973
down €30,973 (-30.8%), from €100,417 to €69,443
- Financial charges -€6,939
down €6,939 (-20.9%), from €33,241 to €26,302
of which Financial charges: -€6,939
- Depreciation -€6,019
down €6,019 (-3.8%), from €157,709 to €151,691
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 | €1,293,014 | €1,112,803 | -€180,211 | -13.9% |
| Fixed assets | 21/28 | €566,592 | €409,897 | -€156,694 | -27.7% |
| Intangible fixed assets | 21 | €556,588 | €409,897 | -€146,691 | -26.4% |
| Financial fixed assets | 28 | €10,004 | €0 | -€10,004 | -100.0% |
| Current assets | 29/58 | €726,422 | €702,906 | -€23,516 | -3.2% |
| Stocks and contracts in progress | 3 | €202,401 | €304,693 | +€102,292 | +50.5% |
| Stocks | 30/36 | €202,401 | €304,693 | +€102,292 | +50.5% |
| Amounts receivable within one year | 40/41 | €178,538 | €254,132 | +€75,595 | +42.3% |
| Trade receivables | 40 | €158,457 | €238,574 | +€80,117 | +50.6% |
| Other amounts receivable | 41 | €20,080 | €15,558 | -€4,522 | -22.5% |
| Cash at bank and in hand | 54/58 | €343,463 | €141,587 | -€201,876 | -58.8% |
| Deferred charges and accrued income | 490/1 | €2,021 | €2,493 | +€472 | +23.4% |
| Total equity and liabilities | 10/49 | €1,293,014 | €1,112,803 | -€180,211 | -13.9% |
| Equity | 10/15 | €934,806 | €797,166 | -€137,641 | -14.7% |
| Contributions | 10/11 | €4,457,427 | €4,457,427 | = | 0.0% |
| Capital | 10 | €4,457,427 | €4,457,427 | = | 0.0% |
| Issued capital | 100 | €4,457,427 | €4,457,427 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,522,621 | -€3,660,261 | -€137,641 | -3.9% |
| Amounts payable | 17/49 | €358,207 | €315,637 | -€42,570 | -11.9% |
| Amounts payable after more than one year | 17 | €121,271 | €43,776 | -€77,495 | -63.9% |
| Financial debts | 170/4 | €121,271 | €43,776 | -€77,495 | -63.9% |
| Amounts payable within one year | 42/48 | €236,936 | €271,862 | +€34,926 | +14.7% |
| Current portion of amounts payable after more than one year | 42 | €122,237 | €77,495 | -€44,741 | -36.6% |
| Trade debts | 44 | €109,484 | €89,253 | -€20,231 | -18.5% |
| Suppliers | 440/4 | €109,484 | €89,253 | -€20,231 | -18.5% |
| Advances received on contracts in progress | 46 | - | €4,624 | +€4,624 | |
| Taxes, remuneration and social security | 45 | €5,215 | €490 | -€4,725 | -90.6% |
| Taxes | 450/3 | €3,254 | €490 | -€2,764 | -85.0% |
| Remuneration and social security | 454/9 | €1,961 | €0 | -€1,961 | -100.0% |
| Other amounts payable | 47/48 | - | €100,000 | +€100,000 | |
| Remuneration, social security and pensions | 62 | €56,180 | €22,901 | -€33,279 | -59.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €157,709 | €151,691 | -€6,019 | -3.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €14,711 | €17,207 | +€2,496 | +17.0% |
| Non-recurring operating charges | 66A | €49,955 | €0 | -€49,955 | -100.0% |
| Gross operating margin | 9900 | €100,417 | €69,443 | -€30,973 | -30.8% |
| Operating profit (loss) | 9901 | -€178,139 | -€122,355 | +€55,784 | +31.3% |
| Financial income | 75/76B | €64,835 | €11,167 | -€53,669 | -82.8% |
| Recurring financial income | 75 | €14,880 | €1,473 | -€13,407 | -90.1% |
| Non-recurring financial income | 76B | €49,955 | €9,694 | -€40,262 | -80.6% |
| Financial charges | 65/66B | €33,241 | €26,302 | -€6,939 | -20.9% |
| Recurring financial charges | 65 | €33,241 | €26,302 | -€6,939 | -20.9% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | -€146,545 | -€137,490 | +€9,055 | +6.2% |
| Income taxes | 67/77 | €1,238 | €151 | -€1,087 | -87.8% |
| Profit (loss) for the period | 9904 | -€147,782 | -€137,641 | +€10,142 | +6.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€147,782 | -€137,641 | +€10,142 | +6.9% |
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 12 October 2026 via checked.be.