BALCAEN & ZOON: 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.
BALCAEN & ZOON
Largest movements
- Stocks and contracts +€72,313
up €72,313 (+160%), from €45,187 to €117,500
- Cash -€44,437
down €44,437 (-56.0%), from €79,395 to €34,958
mainly Stocks and contracts (-€72,313) and Investment in fixed assets (net) (-€34,762)
- Receivables within one year -€36,295
down €36,295 (-81.5%), from €44,515 to €8,220
of which Trade receivables: -€39,481
- Tangible fixed assets +€30,840
up €30,840 (+1,138%), from €2,710 to €33,551
of which Plant, machinery and equipment: +€28,528
- Deferred charges and accrued income +€4,320
up €4,320 (+728%), from €593 to €4,913
- Trade debts -€34,442
down €34,442 (-77.0%), from €44,720 to €10,278
- Reserves +€32,258
up €32,258 (+35.7%), from €90,421 to €122,679
- Tax, wage and social debts +€13,805
up €13,805 (+52.8%), from €26,163 to €39,968
of which Taxes: +€8,705
- Advances received +€11,000
new in 2025: €11,000
- Other debts +€3,803
up €3,803 (+74.6%), from €5,096 to €8,899
- Gross operating margin -€70,743
down €70,743 (-57.5%), from €122,979 to €52,236
- Taxes -€15,484
down €15,484 (-61.5%), from €25,176 to €9,692
- Other operating charges +€4,562
up €4,562 (+331%), from €1,379 to €5,940
- Depreciation +€3,105
up €3,105 (+380%), from €817 to €3,922
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 | €172,401 | €199,142 | +€26,741 | +15.5% |
| Fixed assets | 21/28 | €2,710 | €33,551 | +€30,840 | +1,138% |
| Tangible fixed assets | 22/27 | €2,710 | €33,551 | +€30,840 | +1,138% |
| Plant, machinery and equipment | 23 | - | €28,528 | +€28,528 | |
| Furniture and vehicles | 24 | €2,710 | €5,023 | +€2,313 | +85.3% |
| Current assets | 29/58 | €169,690 | €165,591 | -€4,099 | -2.4% |
| Stocks and contracts in progress | 3 | €45,187 | €117,500 | +€72,313 | +160% |
| Stocks | 30/36 | €45,187 | €117,500 | +€72,313 | +160% |
| Amounts receivable within one year | 40/41 | €44,515 | €8,220 | -€36,295 | -81.5% |
| Trade receivables | 40 | €44,515 | €5,035 | -€39,481 | -88.7% |
| Other amounts receivable | 41 | - | €3,186 | +€3,186 | |
| Cash at bank and in hand | 54/58 | €79,395 | €34,958 | -€44,437 | -56.0% |
| Deferred charges and accrued income | 490/1 | €593 | €4,913 | +€4,320 | +728% |
| Total equity and liabilities | 10/49 | €172,401 | €199,142 | +€26,741 | +15.5% |
| Equity | 10/15 | €96,421 | €128,679 | +€32,258 | +33.5% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €90,421 | €122,679 | +€32,258 | +35.7% |
| Distributable reserves | 133 | €90,421 | €122,679 | +€32,258 | +35.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €75,979 | €70,463 | -€5,516 | -7.3% |
| Amounts payable within one year | 42/48 | €75,979 | €70,145 | -€5,834 | -7.7% |
| Trade debts | 44 | €44,720 | €10,278 | -€34,442 | -77.0% |
| Suppliers | 440/4 | €44,720 | €10,278 | -€34,442 | -77.0% |
| Advances received on contracts in progress | 46 | - | €11,000 | +€11,000 | |
| Taxes, remuneration and social security | 45 | €26,163 | €39,968 | +€13,805 | +52.8% |
| Taxes | 450/3 | €26,163 | €34,868 | +€8,705 | +33.3% |
| Remuneration and social security | 454/9 | - | €5,100 | +€5,100 | |
| Other amounts payable | 47/48 | €5,096 | €8,899 | +€3,803 | +74.6% |
| Accrued charges and deferred income | 492/3 | - | €318 | +€318 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €817 | €3,922 | +€3,105 | +380% |
| Other operating charges | 640/8 | €1,379 | €5,940 | +€4,562 | +331% |
| Gross operating margin | 9900 | €122,979 | €52,236 | -€70,743 | -57.5% |
| Operating profit (loss) | 9901 | €120,784 | €42,374 | -€78,409 | -64.9% |
| Financial income | 75/76B | €1 | €3 | +€3 | +448% |
| Recurring financial income | 75 | €1 | €3 | +€3 | +448% |
| Financial charges | 65/66B | €187 | €428 | +€241 | +129% |
| Recurring financial charges | 65 | €187 | €428 | +€241 | +129% |
| Profit (loss) for the period before taxes | 9903 | €120,597 | €41,949 | -€78,648 | -65.2% |
| Income taxes | 67/77 | €25,176 | €9,692 | -€15,484 | -61.5% |
| Profit (loss) for the period | 9904 | €95,421 | €32,258 | -€63,164 | -66.2% |
| Profit (loss) for the period to be appropriated | 9905 | €95,421 | €32,258 | -€63,164 | -66.2% |
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 20 October 2026 via checked.be.