ZERPA: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
ZERPA
Largest movements
- Cash +€28,759
up €28,759 (+14.6%), from €196,411 to €225,170
mainly Net result for the year (+€68,250) and Trade debts (+€20,449)
- Receivables within one year +€21,766
up €21,766 (+18.4%), from €118,451 to €140,217
of which Trade receivables: +€12,520
- Tangible fixed assets -€10,815
down €10,815 (-3.8%), from €285,013 to €274,198
of which Land and buildings: -€6,150
- Reserves +€23,000
up €23,000 (+5.5%), from €421,750 to €444,750
of which Distributable reserves: +€23,000
- Trade debts +€20,449
up €20,449 (+31.2%), from €65,542 to €85,992
- Gross operating margin -€59,271
down €59,271 (-25.0%), from €237,271 to €178,000
- Taxes -€28,303
down €28,303 (-51.9%), from €54,488 to €26,186
- Financial charges +€2,438
up €2,438 (+204%), from €1,195 to €3,633
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €615,249 | €654,946 | +€39,698 | +6.5% |
| Fixed assets | 21/28 | €285,013 | €274,198 | -€10,815 | -3.8% |
| Tangible fixed assets | 22/27 | €285,013 | €274,198 | -€10,815 | -3.8% |
| Land and buildings | 22 | €272,013 | €265,863 | -€6,150 | -2.3% |
| Plant, machinery and equipment | 23 | €1,614 | €2,000 | +€386 | +23.9% |
| Furniture and vehicles | 24 | €11,385 | €6,334 | -€5,051 | -44.4% |
| Current assets | 29/58 | €330,236 | €380,749 | +€50,513 | +15.3% |
| Amounts receivable within one year | 40/41 | €118,451 | €140,217 | +€21,766 | +18.4% |
| Trade receivables | 40 | €103,806 | €116,326 | +€12,520 | +12.1% |
| Other amounts receivable | 41 | €14,645 | €23,891 | +€9,246 | +63.1% |
| Current investments | 50/53 | €10,780 | €10,780 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €196,411 | €225,170 | +€28,759 | +14.6% |
| Deferred charges and accrued income | 490/1 | €4,594 | €4,581 | -€13 | -0.3% |
| Total equity and liabilities | 10/49 | €615,249 | €654,946 | +€39,698 | +6.5% |
| Equity | 10/15 | €476,076 | €499,326 | +€23,250 | +4.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €421,750 | €444,750 | +€23,000 | +5.5% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €403,000 | €426,000 | +€23,000 | +5.7% |
| Profit (loss) carried forward | 14 | €34,326 | €34,576 | +€250 | +0.7% |
| Amounts payable | 17/49 | €139,173 | €155,621 | +€16,448 | +11.8% |
| Amounts payable after more than one year | 17 | €51,833 | €50,000 | -€1,833 | -3.5% |
| Financial debts | 170/4 | €51,833 | €50,000 | -€1,833 | -3.5% |
| Amounts payable within one year | 42/48 | €87,339 | €105,621 | +€18,281 | +20.9% |
| Current portion of amounts payable after more than one year | 42 | €3,111 | €1,833 | -€1,278 | -41.1% |
| Trade debts | 44 | €65,542 | €85,992 | +€20,449 | +31.2% |
| Suppliers | 440/4 | €65,542 | €85,992 | +€20,449 | +31.2% |
| Taxes, remuneration and social security | 45 | €17,747 | €14,881 | -€2,867 | -16.2% |
| Taxes | 450/3 | €9,900 | €6,800 | -€3,100 | -31.3% |
| Remuneration and social security | 454/9 | €7,847 | €8,081 | +€233 | +3.0% |
| Other amounts payable | 47/48 | €939 | €2,916 | +€1,976 | +210% |
| Remuneration, social security and pensions | 62 | €66,764 | €66,409 | -€355 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,048 | €11,722 | -€326 | -2.7% |
| Other operating charges | 640/8 | €2,132 | €1,962 | -€170 | -8.0% |
| Non-recurring operating charges | 66A | €121 | €182 | +€61 | +50.5% |
| Gross operating margin | 9900 | €237,271 | €178,000 | -€59,271 | -25.0% |
| Operating profit (loss) | 9901 | €156,206 | €97,726 | -€58,481 | -37.4% |
| Financial income | 75/76B | €123 | €342 | +€219 | +177% |
| Recurring financial income | 75 | €123 | €342 | +€219 | +177% |
| Financial charges | 65/66B | €1,195 | €3,633 | +€2,438 | +204% |
| Recurring financial charges | 65 | €1,195 | €3,633 | +€2,438 | +204% |
| Profit (loss) for the period before taxes | 9903 | €155,135 | €94,435 | -€60,700 | -39.1% |
| Income taxes | 67/77 | €54,488 | €26,186 | -€28,303 | -51.9% |
| Profit (loss) for the period | 9904 | €100,647 | €68,250 | -€32,397 | -32.2% |
| Profit (loss) for the period to be appropriated | 9905 | €100,647 | €68,250 | -€32,397 | -32.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.