EL ZAHER: 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.
EL ZAHER
Largest movements
- Cash +€30,757
up €30,757 (+39.3%), from €78,340 to €109,097
mainly Net result for the year (+€38,331) and Depreciation (+€4,505)
- Receivables within one year +€9,671
up €9,671 (+41.6%), from €23,257 to €32,928
- Tangible fixed assets -€3,856
down €3,856 (-56.4%), from €6,834 to €2,978
- Profit (loss) carried forward +€38,331
up €38,331 (+47.2%), from €81,264 to €119,595
- Other debts -€1,785
down €1,785 (-47.4%), from €3,768 to €1,982
- Trade debts +€1,723
new in 2025: €1,723
- Gross operating margin -€10,412
down €10,412 (-16.0%), from €65,097 to €54,685
- Taxes -€2,173
down €2,173 (-16.0%), from €13,546 to €11,373
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 | €108,958 | €146,166 | +€37,207 | +34.1% |
| Fixed assets | 21/28 | €6,886 | €3,030 | -€3,856 | -56.0% |
| Tangible fixed assets | 22/27 | €6,834 | €2,978 | -€3,856 | -56.4% |
| Furniture and vehicles | 24 | €6,834 | €2,978 | -€3,856 | -56.4% |
| Financial fixed assets | 28 | €52 | €52 | = | 0.0% |
| Current assets | 29/58 | €102,073 | €143,136 | +€41,063 | +40.2% |
| Amounts receivable within one year | 40/41 | €23,257 | €32,928 | +€9,671 | +41.6% |
| Trade receivables | 40 | €23,257 | €32,928 | +€9,671 | +41.6% |
| Cash at bank and in hand | 54/58 | €78,340 | €109,097 | +€30,757 | +39.3% |
| Deferred charges and accrued income | 490/1 | €476 | €1,110 | +€635 | +133% |
| Total equity and liabilities | 10/49 | €108,958 | €146,166 | +€37,207 | +34.1% |
| Equity | 10/15 | €84,264 | €122,595 | +€38,331 | +45.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €81,264 | €119,595 | +€38,331 | +47.2% |
| Amounts payable | 17/49 | €24,694 | €23,570 | -€1,124 | -4.6% |
| Amounts payable within one year | 42/48 | €24,694 | €23,570 | -€1,124 | -4.6% |
| Trade debts | 44 | - | €1,723 | +€1,723 | |
| Suppliers | 440/4 | - | €1,723 | +€1,723 | |
| Taxes, remuneration and social security | 45 | €20,927 | €19,865 | -€1,062 | -5.1% |
| Taxes | 450/3 | €20,927 | €19,865 | -€1,062 | -5.1% |
| Other amounts payable | 47/48 | €3,768 | €1,982 | -€1,785 | -47.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,294 | €4,505 | +€211 | +4.9% |
| Other operating charges | 640/8 | €231 | €298 | +€67 | +28.9% |
| Gross operating margin | 9900 | €65,097 | €54,685 | -€10,412 | -16.0% |
| Operating profit (loss) | 9901 | €60,572 | €49,883 | -€10,689 | -17.6% |
| Financial charges | 65/66B | €140 | €178 | +€38 | +27.0% |
| Recurring financial charges | 65 | €140 | €178 | +€38 | +27.0% |
| Profit (loss) for the period before taxes | 9903 | €60,432 | €49,705 | -€10,727 | -17.8% |
| Income taxes | 67/77 | €13,546 | €11,373 | -€2,173 | -16.0% |
| Profit (loss) for the period | 9904 | €46,886 | €38,331 | -€8,554 | -18.2% |
| Profit (loss) for the period to be appropriated | 9905 | €46,886 | €38,331 | -€8,554 | -18.2% |
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 21 October 2026 via checked.be.