DE ZANDMAN: 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.
DE ZANDMAN
Largest movements
- Current investments -€100,000
down €100,000 (-20.0%), from €500,000 to €400,000
- Deferred charges and accrued income +€47,332
up €47,332 (+868%), from €5,453 to €52,785
- Receivables within one year -€21,469
down €21,469 (-47.7%), from €45,000 to €23,531
- Cash +€10,694
up €10,694 (+212%), from €5,034 to €15,728
mainly Current investments (+€100,000) and Receivables within one year (+€21,469)
- Other debts -€59,583
down €59,583 (-99.0%), from €60,202 to €619
- Gross operating margin -€11,438
down €11,438 (-513%), from -€2,231 to -€13,669
- Financial income -€7,341
down €7,341 (-42.2%), from €17,403 to €10,061
of which Financial income: -€7,515
- Taxes -€4,306
no longer reported in 2025 (was €4,306)
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 | €555,486 | €492,044 | -€63,443 | -11.4% |
| Current assets | 29/58 | €555,486 | €492,044 | -€63,443 | -11.4% |
| Amounts receivable within one year | 40/41 | €45,000 | €23,531 | -€21,469 | -47.7% |
| Other amounts receivable | 41 | €45,000 | €23,531 | -€21,469 | -47.7% |
| Current investments | 50/53 | €500,000 | €400,000 | -€100,000 | -20.0% |
| Cash at bank and in hand | 54/58 | €5,034 | €15,728 | +€10,694 | +212% |
| Deferred charges and accrued income | 490/1 | €5,453 | €52,785 | +€47,332 | +868% |
| Total equity and liabilities | 10/49 | €555,486 | €492,044 | -€63,443 | -11.4% |
| Equity | 10/15 | €359,342 | €355,483 | -€3,860 | -1.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €411,625 | €411,625 | -€0 | 0.0% |
| Non-distributable reserves | 130/1 | €2,479 | €2,479 | +€0 | 0.0% |
| Reserves not available under the articles | 1311 | €2,479 | €2,479 | +€0 | 0.0% |
| Tax-exempt reserves | 132 | €407,825 | €407,825 | = | 0.0% |
| Distributable reserves | 133 | €1,321 | €1,321 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | -€77,283 | -€81,143 | -€3,860 | -5.0% |
| Provisions and deferred taxes | 16 | €135,942 | €135,942 | +€0 | 0.0% |
| Deferred taxes | 168 | €135,942 | €135,942 | +€0 | 0.0% |
| Amounts payable | 17/49 | €60,202 | €619 | -€59,583 | -99.0% |
| Amounts payable within one year | 42/48 | €60,202 | €619 | -€59,583 | -99.0% |
| Other amounts payable | 47/48 | €60,202 | €619 | -€59,583 | -99.0% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | -€2,231 | -€13,669 | -€11,438 | -513% |
| Operating profit (loss) | 9901 | -€2,349 | -€13,789 | -€11,440 | -487% |
| Financial income | 75/76B | €17,403 | €10,061 | -€7,341 | -42.2% |
| Recurring financial income | 75 | €17,403 | €9,887 | -€7,515 | -43.2% |
| Non-recurring financial income | 76B | - | €174 | +€174 | |
| Financial charges | 65/66B | - | €132 | +€132 | |
| Recurring financial charges | 65 | - | €132 | +€132 | |
| Profit (loss) for the period before taxes | 9903 | €15,054 | -€3,860 | -€18,913 | |
| Income taxes | 67/77 | €4,306 | - | -€4,306 | |
| Profit (loss) for the period | 9904 | €10,748 | -€3,860 | -€14,607 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,748 | -€3,860 | -€14,607 |
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 24 October 2026 via checked.be.