ATELIER ZAAF: 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.
ATELIER ZAAF
Largest movements
- Stocks and contracts -€657,830
down €657,830 (-17.7%), from €3.7m to €3.1m
- Receivables within one year +€230,765
up €230,765 (+37.6%), from €613,974 to €844,739
of which Trade receivables: +€520,896
- Tangible fixed assets -€113,728
down €113,728 (-17.6%), from €647,235 to €533,507
of which Other tangible fixed assets: -€72,142
- Intangible fixed assets -€98,962
down €98,962 (-25.5%), from €388,651 to €289,689
- Cash +€89,345
up €89,345 (+79.0%), from €113,154 to €202,499
mainly Stocks and contracts (+€657,830) and Depreciation (+€320,492)
- Profit (loss) carried forward -€1.0m
down €1.0m (-40.3%), from -€2.5m to -€3.5m
- Trade debts +€275,343
up €275,343 (+205%), from €134,030 to €409,374
- Other debts +€237,618
up €237,618 (+5.6%), from €4.2m to €4.4m
- Debts after one year -€151,284
down €151,284 (-20.3%), from €743,713 to €592,428
- Tax, wage and social debts +€87,088
up €87,088 (+33.7%), from €258,523 to €345,611
of which Taxes: +€90,484
- Write-downs -€1.3m
down €1.3m, from €1.0m to -€219,277
- Gross operating margin -€854,232
down €854,232 (-58.4%), from €1.5m to €608,620
- Other operating charges +€147,023
up €147,023 (+377%), from €38,975 to €185,998
- Staff costs +€42,578
up €42,578 (+3.7%), from €1.2m to €1.2m
- Depreciation +€20,556
up €20,556 (+6.9%), from €299,936 to €320,492
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,518,984 | €4,956,836 | -€562,148 | -10.2% |
| Fixed assets | 21/28 | €1,062,556 | €825,866 | -€236,690 | -22.3% |
| Intangible fixed assets | 21 | €388,651 | €289,689 | -€98,962 | -25.5% |
| Tangible fixed assets | 22/27 | €647,235 | €533,507 | -€113,728 | -17.6% |
| Plant, machinery and equipment | 23 | €96,709 | €64,373 | -€32,336 | -33.4% |
| Furniture and vehicles | 24 | €16,229 | €6,979 | -€9,250 | -57.0% |
| Other tangible fixed assets | 26 | €534,297 | €462,155 | -€72,142 | -13.5% |
| Financial fixed assets | 28 | €26,670 | €2,670 | -€24,000 | -90.0% |
| Current assets | 29/58 | €4,456,428 | €4,130,970 | -€325,458 | -7.3% |
| Stocks and contracts in progress | 3 | €3,725,968 | €3,068,138 | -€657,830 | -17.7% |
| Stocks | 30/36 | €3,725,968 | €3,068,138 | -€657,830 | -17.7% |
| Amounts receivable within one year | 40/41 | €613,974 | €844,739 | +€230,765 | +37.6% |
| Trade receivables | 40 | €321,790 | €842,685 | +€520,896 | +162% |
| Other amounts receivable | 41 | €292,185 | €2,054 | -€290,131 | -99.3% |
| Cash at bank and in hand | 54/58 | €113,154 | €202,499 | +€89,345 | +79.0% |
| Deferred charges and accrued income | 490/1 | €3,332 | €15,594 | +€12,262 | +368% |
| Total equity and liabilities | 10/49 | €5,518,984 | €4,956,836 | -€562,148 | -10.2% |
| Equity | 10/15 | -€1,502,633 | -€2,511,985 | -€1.0m | -67.2% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,502,633 | -€3,511,985 | -€1.0m | -40.3% |
| Amounts payable | 17/49 | €7,021,617 | €7,468,820 | +€447,203 | +6.4% |
| Amounts payable after more than one year | 17 | €743,713 | €592,428 | -€151,284 | -20.3% |
| Financial debts | 170/4 | €743,713 | €592,428 | -€151,284 | -20.3% |
| Amounts payable within one year | 42/48 | €6,277,904 | €6,876,392 | +€598,488 | +9.5% |
| Current portion of amounts payable after more than one year | 42 | €152,846 | €151,284 | -€1,562 | -1.0% |
| Financial debts | 43 | €1,525,000 | €1,525,000 | = | 0.0% |
| Credit institutions | 430/8 | €1,525,000 | €1,525,000 | = | 0.0% |
| Trade debts | 44 | €134,030 | €409,374 | +€275,343 | +205% |
| Suppliers | 440/4 | €134,030 | €409,374 | +€275,343 | +205% |
| Taxes, remuneration and social security | 45 | €258,523 | €345,611 | +€87,088 | +33.7% |
| Taxes | 450/3 | €62,514 | €152,998 | +€90,484 | +145% |
| Remuneration and social security | 454/9 | €196,009 | €192,613 | -€3,396 | -1.7% |
| Other amounts payable | 47/48 | €4,207,505 | €4,445,123 | +€237,618 | +5.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,152,975 | €1,195,553 | +€42,578 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €299,936 | €320,492 | +€20,556 | +6.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,034,552 | -€219,277 | -€1.3m | |
| Other operating charges | 640/8 | €38,975 | €185,998 | +€147,023 | +377% |
| Gross operating margin | 9900 | €1,462,852 | €608,620 | -€854,232 | -58.4% |
| Operating profit (loss) | 9901 | -€1,063,586 | -€874,146 | +€189,439 | +17.8% |
| Financial income | 75/76B | €11,221 | €2,791 | -€8,430 | -75.1% |
| Recurring financial income | 75 | €11,221 | €2,791 | -€8,430 | -75.1% |
| Financial charges | 65/66B | €141,536 | €137,877 | -€3,659 | -2.6% |
| Recurring financial charges | 65 | €141,536 | €137,877 | -€3,659 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | -€1,193,901 | -€1,009,232 | +€184,669 | +15.5% |
| Income taxes | 67/77 | - | €120 | +€120 | |
| Profit (loss) for the period | 9904 | -€1,193,901 | -€1,009,352 | +€184,549 | +15.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,193,901 | -€1,009,352 | +€184,549 | +15.5% |
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 26 October 2026 via checked.be.