ZW'EET: 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.
ZW'EET
Largest movements
- Tangible fixed assets +€360,642
up €360,642 (+608.5%), from €59,269 to €419,910
of which Other tangible fixed assets: +€193,544
- Cash -€52,286
down €52,286 (-87.2%), from €59,990 to €7,704
mainly Investment in fixed assets (net) (-€412,186) and Receivables within one year (-€50,623)
- Receivables within one year +€50,623
up €50,623 (+170.4%), from €29,712 to €80,334
of which Trade receivables: +€30,990
- Debts after one year +€242,661
up €242,661 (+417.9%), from €58,067 to €300,729
- Reserves +€66,667
up €66,667 (+883.9%), from €7,542 to €74,209
- Current portion of long-term debt +€46,156
up €46,156, from €0 to €46,156
- Tax, wage and social debts +€12,999
up €12,999 (+553.4%), from €2,349 to €15,348
of which Taxes: +€10,207
- Gross operating margin +€128,980
up €128,980 (+411.0%), from €31,382 to €160,363
- Depreciation +€47,933
up €47,933 (+1327.2%), from €3,612 to €51,545
- Staff costs +€12,076
new in 2025: €12,076
- Financial charges +€11,992
up €11,992 (+2381.2%), from €504 to €12,496
- Taxes +€8,168
up €8,168 (+362.4%), from €2,254 to €10,422
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 | €149,226 | €513,750 | +€364,524 | +244.3% |
| Fixed assets | 21/28 | €59,269 | €419,910 | +€360,642 | +608.5% |
| Tangible fixed assets | 22/27 | €59,269 | €419,910 | +€360,642 | +608.5% |
| Plant, machinery and equipment | 23 | €2,445 | €54,442 | +€51,997 | +2126.4% |
| Furniture and vehicles | 24 | €6,946 | €5,050 | -€1,895 | -27.3% |
| Leasing and similar rights | 25 | - | €116,996 | +€116,996 | |
| Other tangible fixed assets | 26 | €49,878 | €243,422 | +€193,544 | +388.0% |
| Current assets | 29/58 | €89,958 | €93,840 | +€3,882 | +4.3% |
| Stocks and contracts in progress | 3 | - | €500 | +€500 | |
| Stocks | 30/36 | - | €500 | +€500 | |
| Amounts receivable within one year | 40/41 | €29,712 | €80,334 | +€50,623 | +170.4% |
| Trade receivables | 40 | €21,557 | €52,547 | +€30,990 | +143.8% |
| Other amounts receivable | 41 | €8,155 | €27,787 | +€19,633 | +240.7% |
| Cash at bank and in hand | 54/58 | €59,990 | €7,704 | -€52,286 | -87.2% |
| Deferred charges and accrued income | 490/1 | €256 | €5,301 | +€5,046 | +1973.8% |
| Total equity and liabilities | 10/49 | €149,226 | €513,750 | +€364,524 | +244.3% |
| Equity | 10/15 | €17,542 | €84,209 | +€66,667 | +380.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €7,542 | €74,209 | +€66,667 | +883.9% |
| Distributable reserves | 133 | €7,542 | €74,209 | +€66,667 | +883.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €131,684 | €429,541 | +€297,857 | +226.2% |
| Amounts payable after more than one year | 17 | €58,067 | €300,729 | +€242,661 | +417.9% |
| Financial debts | 170/4 | €58,067 | €300,729 | +€242,661 | +417.9% |
| Amounts payable within one year | 42/48 | €23,744 | €83,083 | +€59,340 | +249.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | €46,156 | +€46,156 | |
| Trade debts | 44 | €18,790 | €21,579 | +€2,789 | +14.8% |
| Suppliers | 440/4 | €18,790 | €21,579 | +€2,789 | +14.8% |
| Taxes, remuneration and social security | 45 | €2,349 | €15,348 | +€12,999 | +553.4% |
| Taxes | 450/3 | €2,349 | €12,555 | +€10,207 | +434.5% |
| Remuneration and social security | 454/9 | - | €2,793 | +€2,793 | |
| Other amounts payable | 47/48 | €2,604 | €0 | -€2,604 | -100.0% |
| Accrued charges and deferred income | 492/3 | €49,873 | €45,729 | -€4,144 | -8.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | - | €12,076 | +€12,076 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,612 | €51,545 | +€47,933 | +1327.2% |
| Other operating charges | 640/8 | €1,554 | €7,726 | +€6,172 | +397.2% |
| Gross operating margin | 9900 | €31,382 | €160,363 | +€128,980 | +411.0% |
| Operating profit (loss) | 9901 | €26,217 | €89,016 | +€62,799 | +239.5% |
| Financial income | 75/76B | €11 | €570 | +€559 | +5068.1% |
| Recurring financial income | 75 | €11 | €570 | +€559 | +5068.1% |
| Financial charges | 65/66B | €504 | €12,496 | +€11,992 | +2381.2% |
| Recurring financial charges | 65 | €504 | €12,496 | +€11,992 | +2381.2% |
| Profit (loss) for the period before taxes | 9903 | €25,724 | €77,090 | +€51,365 | +199.7% |
| Income taxes | 67/77 | €2,254 | €10,422 | +€8,168 | +362.4% |
| Profit (loss) for the period | 9904 | €23,470 | €66,667 | +€43,197 | +184.1% |
| Profit (loss) for the period to be appropriated | 9905 | €23,470 | €66,667 | +€43,197 | +184.1% |
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 10 October 2026 via checked.be.