David Zimmermann: 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.
David Zimmermann
Largest movements
- Receivables within one year -€26,512
down €26,512 (-30.1%), from €88,123 to €61,611
of which Other amounts receivable: -€65,512
- Tangible fixed assets +€6,460
up €6,460 (+1.4%), from €457,590 to €464,050
of which Furniture and vehicles: +€7,088
- Advances received -€111,427
down €111,427 (-70.2%), from €158,617 to €47,190
- Profit (loss) carried forward +€88,302
up €88,302 (+31.8%), from €277,296 to €365,598
- Other debts -€40,000
down €40,000 (-100%), from €40,000 to €0
- Tax, wage and social debts +€20,541
up €20,541 (+63.1%), from €32,574 to €53,115
- Short-term financial debts +€14,817
up €14,817, from €0 to €14,817
- Gross operating margin +€85,446
up €85,446 (+160%), from €53,557 to €139,003
- Taxes +€24,562
up €24,562 (+121%), from €20,329 to €44,891
- Other operating charges +€1,453
up €1,453 (+128%), from €1,135 to €2,588
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 | €551,303 | €527,359 | -€23,944 | -4.3% |
| Fixed assets | 21/28 | €457,590 | €464,050 | +€6,460 | +1.4% |
| Tangible fixed assets | 22/27 | €457,590 | €464,050 | +€6,460 | +1.4% |
| Furniture and vehicles | 24 | €5,016 | €12,104 | +€7,088 | +141% |
| Other tangible fixed assets | 26 | €3,648 | €3,020 | -€628 | -17.2% |
| Assets under construction and advance payments | 27 | €448,926 | €448,926 | = | 0.0% |
| Current assets | 29/58 | €93,713 | €63,309 | -€30,404 | -32.4% |
| Amounts receivable within one year | 40/41 | €88,123 | €61,611 | -€26,512 | -30.1% |
| Trade receivables | 40 | €0 | €39,000 | +€39,000 | |
| Other amounts receivable | 41 | €88,123 | €22,611 | -€65,512 | -74.3% |
| Cash at bank and in hand | 54/58 | €4,704 | €172 | -€4,532 | -96.3% |
| Deferred charges and accrued income | 490/1 | €886 | €1,526 | +€640 | +72.3% |
| Total equity and liabilities | 10/49 | €551,303 | €527,359 | -€23,944 | -4.3% |
| Equity | 10/15 | €315,675 | €403,977 | +€88,302 | +28.0% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €32,182 | €32,182 | = | 0.0% |
| Distributable reserves | 133 | €32,182 | €32,182 | = | 0.0% |
| Profit (loss) carried forward | 14 | €277,296 | €365,598 | +€88,302 | +31.8% |
| Amounts payable | 17/49 | €235,629 | €123,382 | -€112,247 | -47.6% |
| Amounts payable within one year | 42/48 | €235,629 | €123,382 | -€112,247 | -47.6% |
| Current portion of amounts payable after more than one year | 42 | €3,333 | €3,333 | = | 0.0% |
| Financial debts | 43 | €0 | €14,817 | +€14,817 | |
| Credit institutions | 430/8 | €0 | €14,817 | +€14,817 | |
| Trade debts | 44 | €1,104 | €4,927 | +€3,823 | +346% |
| Suppliers | 440/4 | €1,104 | €4,927 | +€3,823 | +346% |
| Advances received on contracts in progress | 46 | €158,617 | €47,190 | -€111,427 | -70.2% |
| Taxes, remuneration and social security | 45 | €32,574 | €53,115 | +€20,541 | +63.1% |
| Taxes | 450/3 | €32,574 | €53,115 | +€20,541 | +63.1% |
| Other amounts payable | 47/48 | €40,000 | €0 | -€40,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,461 | €3,400 | +€938 | +38.1% |
| Other operating charges | 640/8 | €1,135 | €2,588 | +€1,453 | +128% |
| Gross operating margin | 9900 | €53,557 | €139,003 | +€85,446 | +160% |
| Operating profit (loss) | 9901 | €49,961 | €133,015 | +€83,055 | +166% |
| Financial income | 75/76B | €2,691 | €2,556 | -€134 | -5.0% |
| Recurring financial income | 75 | €2,691 | €2,556 | -€134 | -5.0% |
| Financial charges | 65/66B | €2,000 | €2,379 | +€379 | +19.0% |
| Recurring financial charges | 65 | €2,000 | €2,379 | +€379 | +19.0% |
| Profit (loss) for the period before taxes | 9903 | €50,652 | €133,193 | +€82,541 | +163% |
| Income taxes | 67/77 | €20,329 | €44,891 | +€24,562 | +121% |
| Profit (loss) for the period | 9904 | €30,323 | €88,302 | +€57,980 | +191% |
| Profit (loss) for the period to be appropriated | 9905 | €30,323 | €88,302 | +€57,980 | +191% |
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 18 October 2026 via checked.be.