HET ZANT: 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.
HET ZANT
Largest movements
- Receivables within one year -€94,805
down €94,805 (-77.6%), from €122,102 to €27,297
of which Trade receivables: -€68,519
- Cash -€75,045
down €75,045 (-31.4%), from €238,988 to €163,943
mainly Contributions, distributions and other (-€598,032) and Other debts (-€180,536)
- Tangible fixed assets -€39,200
down €39,200 (-7.6%), from €512,867 to €473,667
- Receivables after one year -€27,297
down €27,297 (-10.0%), from €273,408 to €246,111
- Other debts -€180,536
down €180,536 (-34.0%), from €531,010 to €350,474
- Debts after one year -€58,011
down €58,011 (-12.0%), from €481,417 to €423,406
- Gross operating margin +€82,601
up €82,601 (+11.0%), from €753,030 to €835,631
- Taxes +€22,592
up €22,592 (+13.2%), from €171,057 to €193,649
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 | €1,147,364 | €911,018 | -€236,347 | -20.6% |
| Fixed assets | 21/28 | €512,867 | €473,667 | -€39,200 | -7.6% |
| Tangible fixed assets | 22/27 | €512,867 | €473,667 | -€39,200 | -7.6% |
| Land and buildings | 22 | €512,867 | €473,667 | -€39,200 | -7.6% |
| Current assets | 29/58 | €634,498 | €437,351 | -€197,147 | -31.1% |
| Amounts receivable after more than one year | 29 | €273,408 | €246,111 | -€27,297 | -10.0% |
| Other amounts receivable | 291 | €273,408 | €246,111 | -€27,297 | -10.0% |
| Amounts receivable within one year | 40/41 | €122,102 | €27,297 | -€94,805 | -77.6% |
| Trade receivables | 40 | €68,519 | €0 | -€68,519 | -100% |
| Other amounts receivable | 41 | €53,583 | €27,297 | -€26,286 | -49.1% |
| Cash at bank and in hand | 54/58 | €238,988 | €163,943 | -€75,045 | -31.4% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,147,364 | €911,018 | -€236,347 | -20.6% |
| Equity | 10/15 | €30,457 | €30,457 | = | 0.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €11,907 | €11,907 | = | 0.0% |
| Distributable reserves | 133 | €11,907 | €11,907 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,116,908 | €880,561 | -€236,347 | -21.2% |
| Amounts payable after more than one year | 17 | €481,417 | €423,406 | -€58,011 | -12.0% |
| Financial debts | 170/4 | €481,417 | €423,406 | -€58,011 | -12.0% |
| Amounts payable within one year | 42/48 | €629,998 | €451,665 | -€178,333 | -28.3% |
| Current portion of amounts payable after more than one year | 42 | €57,051 | €58,011 | +€960 | +1.7% |
| Trade debts | 44 | €1,250 | €2,806 | +€1,556 | +124% |
| Suppliers | 440/4 | €1,250 | €2,806 | +€1,556 | +124% |
| Taxes, remuneration and social security | 45 | €40,688 | €40,374 | -€314 | -0.8% |
| Taxes | 450/3 | €40,688 | €40,374 | -€314 | -0.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €531,010 | €350,474 | -€180,536 | -34.0% |
| Accrued charges and deferred income | 492/3 | €5,493 | €5,490 | -€3 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,200 | €39,200 | = | 0.0% |
| Other operating charges | 640/8 | €3,598 | €4,066 | +€468 | +13.0% |
| Gross operating margin | 9900 | €753,030 | €835,631 | +€82,601 | +11.0% |
| Operating profit (loss) | 9901 | €710,232 | €792,365 | +€82,133 | +11.6% |
| Financial income | 75/76B | €1,638 | €4,951 | +€3,313 | +202% |
| Recurring financial income | 75 | €1,638 | €4,951 | +€3,313 | +202% |
| Financial charges | 65/66B | €9,804 | €5,636 | -€4,168 | -42.5% |
| Recurring financial charges | 65 | €9,804 | €5,636 | -€4,168 | -42.5% |
| Profit (loss) for the period before taxes | 9903 | €702,067 | €791,680 | +€89,613 | +12.8% |
| Income taxes | 67/77 | €171,057 | €193,649 | +€22,592 | +13.2% |
| Profit (loss) for the period | 9904 | €531,010 | €598,032 | +€67,022 | +12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €531,010 | €598,032 | +€67,022 | +12.6% |
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.