ZZED: what changed
What changed
ZZED
NACE 43.240, Other construction installation
filed annual accounts (NBB)
Net result for the year
€624,483
2024 · €996,031-€371,548
Equity
€6.0m
2024 · €5.6m+€424,483
Cash
€2.1m
2024 · €3.1m-€999,494
Balance sheet total
€6.5m
2024 · €6.6m-€98,367
Largest movements
Assets
- Cash -€999,494
down €999,494 (-32.6%), from €3.1m to €2.1m
mainly Current investments (-€758,432) and Other debts (-€499,367)
- Current investments +€758,432
up €758,432 (+39.1%), from €1.9m to €2.7m
- Receivables within one year +€139,322
up €139,322 (+13.2%), from €1.1m to €1.2m
of which Other amounts receivable: +€108,572
- Tangible fixed assets +€79,820
up €79,820 (+43.9%), from €181,647 to €261,467
of which Plant, machinery and equipment: +€136,307
Equity and liabilities
- Other debts -€499,367
down €499,367 (-92.8%), from €538,127 to €38,760
- Reserves +€424,483
up €424,483 (+7.7%), from €5.5m to €5.9m
of which Distributable reserves: +€339,132
Income statement
- Gross operating margin -€203,421
down €203,421 (-11.9%), from €1.7m to €1.5m
- Financial income +€155,226
up €155,226 (+414%), from €37,473 to €192,698
- Staff costs +€95,727
up €95,727 (+29.1%), from €329,284 to €425,011
- Financial charges +€53,330
up €53,330 (+827%), from €6,447 to €59,777
- Taxes -€23,712
down €23,712 (-7.0%), from €340,255 to €316,543
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€996,031
Gross operating margin
-€203,421
Staff costs
-€95,727
Depreciation
-€18,451
Other operating charges
-€10,794
Other operating items
-€168,762
Financial income
+€155,226
Financial charges
-€53,330
Taxes
+€23,712
Result 2025
€624,483
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€135,353
Investment
-€911,514
Financing
-€223,333
Cash 2024
€3.1m
From operations (derived)
+€135,353
Net result for the year
+€624,483
Depreciation
+€80,190
Stocks and contracts
+€66,091
Receivables within one year
-€139,322
Deferred charges and accrued income
+€3,429
Trade debts
+€8,121
Tax, wage and social debts
-€8,270
Other debts
-€499,367
Investment (derived)
-€911,514
Investment in fixed assets (net)
-€153,083
Current investments
-€758,432
Financing
-€223,333
Current portion of long-term debt
-€23,333
Contributions, distributions and other
-€200,000
Cash 2025
€2.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,632,496 | €6,534,129 | -€98,367 | -1.5% |
| Fixed assets | 21/28 | €200,955 | €273,848 | +€72,893 | +36.3% |
| Tangible fixed assets | 22/27 | €181,647 | €261,467 | +€79,820 | +43.9% |
| Land and buildings | 22 | €1,834 | €3,386 | +€1,552 | +84.6% |
| Plant, machinery and equipment | 23 | €9,363 | €145,670 | +€136,307 | +1,456% |
| Furniture and vehicles | 24 | €170,450 | €112,411 | -€58,039 | -34.1% |
| Financial fixed assets | 28 | €19,308 | €12,381 | -€6,927 | -35.9% |
| Current assets | 29/58 | €6,431,541 | €6,260,281 | -€171,260 | -2.7% |
| Stocks and contracts in progress | 3 | €278,441 | €212,350 | -€66,091 | -23.7% |
| Stocks | 30/36 | €278,441 | €212,350 | -€66,091 | -23.7% |
| Amounts receivable within one year | 40/41 | €1,055,110 | €1,194,432 | +€139,322 | +13.2% |
| Trade receivables | 40 | €1,052,270 | €1,083,020 | +€30,750 | +2.9% |
| Other amounts receivable | 41 | €2,840 | €111,412 | +€108,572 | +3,823% |
| Current investments | 50/53 | €1,937,312 | €2,695,744 | +€758,432 | +39.1% |
| Cash at bank and in hand | 54/58 | €3,066,616 | €2,067,122 | -€999,494 | -32.6% |
| Deferred charges and accrued income | 490/1 | €94,062 | €90,633 | -€3,429 | -3.6% |
| Total equity and liabilities | 10/49 | €6,632,496 | €6,534,129 | -€98,367 | -1.5% |
| Equity | 10/15 | €5,572,359 | €5,996,842 | +€424,483 | +7.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €5,510,359 | €5,934,842 | +€424,483 | +7.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €938,679 | €1,024,030 | +€85,351 | +9.1% |
| Distributable reserves | 133 | €4,565,481 | €4,904,612 | +€339,132 | +7.4% |
| Amounts payable | 17/49 | €1,060,137 | €537,287 | -€522,850 | -49.3% |
| Amounts payable within one year | 42/48 | €1,060,137 | €537,287 | -€522,850 | -49.3% |
| Current portion of amounts payable after more than one year | 42 | €60,000 | €36,667 | -€23,333 | -38.9% |
| Trade debts | 44 | €260,383 | €268,505 | +€8,121 | +3.1% |
| Suppliers | 440/4 | €260,383 | €268,505 | +€8,121 | +3.1% |
| Taxes, remuneration and social security | 45 | €201,626 | €193,356 | -€8,270 | -4.1% |
| Taxes | 450/3 | €175,486 | €159,368 | -€16,118 | -9.2% |
| Remuneration and social security | 454/9 | €26,140 | €33,988 | +€7,848 | +30.0% |
| Other amounts payable | 47/48 | €538,127 | €38,760 | -€499,367 | -92.8% |
| Remuneration, social security and pensions | 62 | €329,284 | €425,011 | +€95,727 | +29.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,738 | €80,190 | +€18,451 | +29.9% |
| Other operating charges | 640/8 | €11,085 | €21,879 | +€10,794 | +97.4% |
| Non-recurring operating charges | 66A | €2,832 | €171,594 | +€168,762 | +5,960% |
| Gross operating margin | 9900 | €1,710,199 | €1,506,778 | -€203,421 | -11.9% |
| Operating profit (loss) | 9901 | €1,305,260 | €808,104 | -€497,156 | -38.1% |
| Financial income | 75/76B | €37,473 | €192,698 | +€155,226 | +414% |
| Recurring financial income | 75 | €37,473 | €192,698 | +€155,226 | +414% |
| Financial charges | 65/66B | €6,447 | €59,777 | +€53,330 | +827% |
| Recurring financial charges | 65 | €6,447 | €59,777 | +€53,330 | +827% |
| Profit (loss) for the period before taxes | 9903 | €1,336,286 | €941,026 | -€395,260 | -29.6% |
| Income taxes | 67/77 | €340,255 | €316,543 | -€23,712 | -7.0% |
| Profit (loss) for the period | 9904 | €996,031 | €624,483 | -€371,548 | -37.3% |
| Transfer to tax-exempt reserves | 689 | - | €294,735 | +€294,735 | |
| Profit (loss) for the period to be appropriated | 9905 | €996,031 | €329,748 | -€666,283 | -66.9% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.