DE ZANDWEG: 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 ZANDWEG
Largest movements
- Cash +€403,834
up €403,834 (+390%), from €103,468 to €507,301
mainly Trade debts (+€186,136) and Stocks and contracts (+€100,467)
- Stocks and contracts -€100,467
down €100,467 (-41.9%), from €239,884 to €139,417
- Receivables within one year -€57,512
down €57,512 (-70.1%), from €81,989 to €24,477
of which Trade receivables: -€54,269
- Tangible fixed assets -€49,189
down €49,189 (-19.7%), from €249,708 to €200,520
of which Land and buildings: -€30,415
- Trade debts +€186,136
up €186,136 (+34.1%), from €546,017 to €732,153
- Depreciation +€11,216
up €11,216 (+22.1%), from €50,691 to €61,907
- Gross operating margin -€8,488
down €8,488 (-10.5%), from €80,857 to €72,369
- Financial charges -€916
down €916 (-20.0%), from €4,586 to €3,671
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 | €678,149 | €874,815 | +€196,666 | +29.0% |
| Fixed assets | 21/28 | €252,808 | €203,620 | -€49,189 | -19.5% |
| Tangible fixed assets | 22/27 | €249,708 | €200,520 | -€49,189 | -19.7% |
| Land and buildings | 22 | €108,549 | €78,134 | -€30,415 | -28.0% |
| Plant, machinery and equipment | 23 | €64,530 | €63,440 | -€1,090 | -1.7% |
| Furniture and vehicles | 24 | €76,629 | €58,946 | -€17,683 | -23.1% |
| Financial fixed assets | 28 | €3,100 | €3,100 | = | 0.0% |
| Current assets | 29/58 | €425,341 | €671,195 | +€245,855 | +57.8% |
| Stocks and contracts in progress | 3 | €239,884 | €139,417 | -€100,467 | -41.9% |
| Stocks | 30/36 | €239,884 | €139,417 | -€100,467 | -41.9% |
| Amounts receivable within one year | 40/41 | €81,989 | €24,477 | -€57,512 | -70.1% |
| Trade receivables | 40 | €78,432 | €24,163 | -€54,269 | -69.2% |
| Other amounts receivable | 41 | €3,557 | €314 | -€3,243 | -91.2% |
| Cash at bank and in hand | 54/58 | €103,468 | €507,301 | +€403,834 | +390% |
| Total equity and liabilities | 10/49 | €678,149 | €874,815 | +€196,666 | +29.0% |
| Equity | 10/15 | €79,718 | €84,494 | +€4,776 | +6.0% |
| Contributions | 10/11 | €68,600 | €68,600 | = | 0.0% |
| Reserves | 13 | €11,118 | €15,894 | +€4,776 | +43.0% |
| Distributable reserves | 133 | €11,118 | €15,894 | +€4,776 | +43.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €598,431 | €790,321 | +€191,890 | +32.1% |
| Amounts payable within one year | 42/48 | €596,412 | €790,321 | +€193,909 | +32.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €546,017 | €732,153 | +€186,136 | +34.1% |
| Suppliers | 440/4 | €546,017 | €732,153 | +€186,136 | +34.1% |
| Taxes, remuneration and social security | 45 | - | €4,165 | +€4,165 | |
| Taxes | 450/3 | - | €4,165 | +€4,165 | |
| Other amounts payable | 47/48 | €50,395 | €54,003 | +€3,608 | +7.2% |
| Accrued charges and deferred income | 492/3 | €2,019 | €0 | -€2,019 | -100% |
| Remuneration, social security and pensions | 62 | €711 | €0 | -€711 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,691 | €61,907 | +€11,216 | +22.1% |
| Other operating charges | 640/8 | €2,380 | €2,887 | +€507 | +21.3% |
| Gross operating margin | 9900 | €80,857 | €72,369 | -€8,488 | -10.5% |
| Operating profit (loss) | 9901 | €27,075 | €7,575 | -€19,500 | -72.0% |
| Financial income | 75/76B | €354 | €975 | +€621 | +175% |
| Recurring financial income | 75 | €354 | €975 | +€621 | +175% |
| Financial charges | 65/66B | €4,586 | €3,671 | -€916 | -20.0% |
| Recurring financial charges | 65 | €4,586 | €3,671 | -€916 | -20.0% |
| Profit (loss) for the period before taxes | 9903 | €22,843 | €4,879 | -€17,964 | -78.6% |
| Income taxes | 67/77 | - | €103 | +€103 | |
| Profit (loss) for the period | 9904 | €22,843 | €4,776 | -€18,067 | -79.1% |
| Profit (loss) for the period to be appropriated | 9905 | €22,843 | €4,776 | -€18,067 | -79.1% |
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 27 October 2026 via checked.be.