ZEDELTRAC: 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.
What changed
ZEDELTRAC
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€259,089
2024 · €1.3m-€1.1m
Equity
€7.0m
2024 · €6.8m+€259,089
Cash
€217,964
2024 · €203,919+€14,045
Balance sheet total
€14.4m
2024 · €13.5m+€950,816
Largest movements
Assets
- Tangible fixed assets +€1.2m
up €1.2m (+20.1%), from €6.2m to €7.4m
of which Land and buildings: +€1.2m
- Receivables within one year -€232,271
down €232,271 (-10.5%), from €2.2m to €2.0m
of which Trade receivables: -€483,908
Equity and liabilities
- Other debts +€1.0m
up €1.0m (+71.6%), from €1.5m to €2.5m
- Profit (loss) carried forward +€321,631
up €321,631 (+7.1%), from €4.5m to €4.9m
- Current portion of long-term debt -€146,512
down €146,512 (-33.5%), from €437,792 to €291,279
Income statement
- Financial income -€2.4m
down €2.4m (-97.8%), from €2.5m to €54,202
- Other operating income +€2.3m
new in 2025: €2.3m
- Gross operating margin -€2.0m
no longer reported in 2025 (was €2.0m)
- Financial charges -€1.4m
down €1.4m (-88.6%), from €1.5m to €173,386
of which Non-recurring financial charges: -€1.3m
- Services and other goods +€581,303
new in 2025: €581,303
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
€1.3m
Turnover
+€527,800
Other operating income
+€2.3m
Services and other goods
-€581,303
Staff costs
-€114,736
Depreciation
-€3,543
Provisions
+€982
Other operating charges
-€24,888
Other operating items
-€2.0m
Financial income
-€2.4m
Financial charges
+€1.4m
Taxes
-€31,100
Deferred taxes and other
+€1,923
Result 2025
€259,089
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.7m
Investment
-€1.5m
Financing
-€255,110
Cash 2024
€203,919
From operations (derived)
+€1.7m
Net result for the year
+€259,089
Depreciation
+€257,844
Receivables after one year
+€44,606
Receivables within one year
+€232,271
Deferred charges and accrued income
+€2,609
Provisions
-€17,293
Trade debts
-€60,036
Tax, wage and social debts
-€43,690
Other debts
+€1.0m
Accrued charges and deferred income
+€21,802
Investment (derived)
-€1.5m
Investment in fixed assets (net)
-€1.5m
Financing
-€255,110
Debts after one year
-€108,598
Current portion of long-term debt
-€146,512
Cash 2025
€217,964
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,458,814 | €14,409,630 | +€950,816 | +7.1% |
| Fixed assets | 21/28 | €9,000,076 | €10,216,334 | +€1.2m | +13.5% |
| Tangible fixed assets | 22/27 | €6,160,561 | €7,397,333 | +€1.2m | +20.1% |
| Land and buildings | 22 | €6,118,518 | €7,345,104 | +€1.2m | +20.0% |
| Furniture and vehicles | 24 | €42,043 | €24,582 | -€17,461 | -41.5% |
| Leasing and similar rights | 25 | - | €27,647 | +€27,647 | |
| Financial fixed assets | 28 | €2,839,516 | €2,819,001 | -€20,515 | -0.7% |
| Affiliated companies | 280/1 | - | €2,816,517 | +€2.8m | |
| Participating interests | 280 | - | €2,816,517 | +€2.8m | |
| Other financial fixed assets | 284/8 | - | €2,483 | +€2,483 | |
| Amounts receivable and cash guarantees | 285/8 | - | €2,483 | +€2,483 | |
| Current assets | 29/58 | €4,458,738 | €4,193,297 | -€265,441 | -6.0% |
| Amounts receivable after more than one year | 29 | €2,044,606 | €2,000,000 | -€44,606 | -2.2% |
| Other amounts receivable | 291 | €2,044,606 | €2,000,000 | -€44,606 | -2.2% |
| Amounts receivable within one year | 40/41 | €2,206,332 | €1,974,062 | -€232,271 | -10.5% |
| Trade receivables | 40 | €1,243,703 | €759,795 | -€483,908 | -38.9% |
| Other amounts receivable | 41 | €962,630 | €1,214,267 | +€251,637 | +26.1% |
| Cash at bank and in hand | 54/58 | €203,919 | €217,964 | +€14,045 | +6.9% |
| Deferred charges and accrued income | 490/1 | €3,881 | €1,271 | -€2,609 | -67.2% |
| Total equity and liabilities | 10/49 | €13,458,814 | €14,409,630 | +€950,816 | +7.1% |
| Equity | 10/15 | €6,778,834 | €7,037,923 | +€259,089 | +3.8% |
| Contributions | 10/11 | €872,000 | €872,000 | = | 0.0% |
| Capital | 10 | €872,000 | €872,000 | = | 0.0% |
| Issued capital | 100 | €872,000 | €872,000 | = | 0.0% |
| Reserves | 13 | €1,360,293 | €1,297,751 | -€62,542 | -4.6% |
| Non-distributable reserves | 130/1 | €87,200 | €87,200 | = | 0.0% |
| Legal reserve | 130 | €87,200 | €87,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,273,093 | €1,210,551 | -€62,542 | -4.9% |
| Profit (loss) carried forward | 14 | €4,546,540 | €4,868,171 | +€321,631 | +7.1% |
| Provisions and deferred taxes | 16 | €529,316 | €512,023 | -€17,293 | -3.3% |
| Provisions for liabilities and charges | 160/5 | €104,951 | €108,506 | +€3,555 | +3.4% |
| Pensions and similar obligations | 160 | €104,951 | €108,506 | +€3,555 | +3.4% |
| Deferred taxes | 168 | €424,364 | €403,517 | -€20,847 | -4.9% |
| Amounts payable | 17/49 | €6,150,665 | €6,859,685 | +€709,020 | +11.5% |
| Amounts payable after more than one year | 17 | €3,687,500 | €3,578,902 | -€108,598 | -2.9% |
| Financial debts | 170/4 | €3,687,500 | €3,578,902 | -€108,598 | -2.9% |
| Leasing and similar obligations | 172 | - | €19,569 | +€19,569 | |
| Credit institutions | 173 | - | €3,559,333 | +€3.6m | |
| Amounts payable within one year | 42/48 | €2,463,165 | €3,258,981 | +€795,816 | +32.3% |
| Current portion of amounts payable after more than one year | 42 | €437,792 | €291,279 | -€146,512 | -33.5% |
| Trade debts | 44 | €196,016 | €135,980 | -€60,036 | -30.6% |
| Suppliers | 440/4 | €196,016 | €135,980 | -€60,036 | -30.6% |
| Taxes, remuneration and social security | 45 | €368,125 | €324,436 | -€43,690 | -11.9% |
| Taxes | 450/3 | €191,076 | €130,712 | -€60,364 | -31.6% |
| Remuneration and social security | 454/9 | €177,049 | €193,723 | +€16,674 | +9.4% |
| Other amounts payable | 47/48 | €1,461,232 | €2,507,286 | +€1.0m | +71.6% |
| Accrued charges and deferred income | 492/3 | - | €21,802 | +€21,802 | |
| Operating income | 70/76A | - | €2,781,461 | +€2.8m | |
| Turnover | 70 | - | €527,800 | +€527,800 | |
| Other operating income | 74 | - | €2,253,661 | +€2.3m | |
| Non-recurring operating income | 76A | €18,410 | - | -€18,410 | |
| Operating charges | 60/66A | - | €2,268,311 | +€2.3m | |
| Services and other goods | 61 | - | €581,303 | +€581,303 | |
| Remuneration, social security and pensions | 62 | €1,223,625 | €1,338,360 | +€114,736 | +9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €254,301 | €257,844 | +€3,543 | +1.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €4,536 | €3,555 | -€982 | -21.6% |
| Other operating charges | 640/8 | €62,360 | €87,248 | +€24,888 | +39.9% |
| Gross operating margin | 9900 | €2,032,859 | - | -€2.0m | |
| Operating profit (loss) | 9901 | €488,036 | €513,150 | +€25,114 | +5.1% |
| Financial income | 75/76B | €2,450,865 | €54,202 | -€2.4m | -97.8% |
| Recurring financial income | 75 | €2,450,865 | €54,202 | -€2.4m | -97.8% |
| Income from current assets | 751 | - | €54,202 | +€54,202 | |
| Other financial income | 752/9 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,524,048 | €173,386 | -€1.4m | -88.6% |
| Recurring financial charges | 65 | €166,376 | €152,871 | -€13,505 | -8.1% |
| Debt charges | 650 | - | €152,024 | +€152,024 | |
| Other financial charges | 652/9 | - | €847 | +€847 | |
| Non-recurring financial charges | 66B | €1,357,672 | €20,515 | -€1.3m | -98.5% |
| Profit (loss) for the period before taxes | 9903 | €1,414,853 | €393,966 | -€1.0m | -72.2% |
| Transfer from deferred taxes | 780 | €18,924 | €20,847 | +€1,923 | +10.2% |
| Income taxes | 67/77 | €124,624 | €155,724 | +€31,100 | +25.0% |
| Taxes | 670/3 | - | €155,724 | +€155,724 | |
| Profit (loss) for the period | 9904 | €1,309,153 | €259,089 | -€1.1m | -80.2% |
| Transfer from tax-exempt reserves | 789 | €56,772 | €62,542 | +€5,770 | +10.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,365,925 | €321,631 | -€1.0m | -76.5% |
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 15 October 2026 via checked.be.