IMMO ZORRO: 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.
IMMO ZORRO
Largest movements
- Tangible fixed assets +€383,176
up €383,176 (+98.5%), from €388,866 to €772,042
of which Land and buildings: +€389,050
- Receivables after one year -€60,000
down €60,000 (-16.7%), from €360,000 to €300,000
- Cash -€46,004
down €46,004 (-64.2%), from €71,625 to €25,621
mainly Investment in fixed assets (net) (-€409,692) and Deferred charges and accrued income (-€9,293)
- Debts after one year +€187,582
up €187,582 (+134%), from €139,569 to €327,151
- Other debts +€34,169
up €34,169 (+311%), from €10,977 to €45,146
- Reserves +€30,377
up €30,377 (+4.9%), from €616,458 to €646,835
of which Distributable reserves: +€30,377
- Trade debts +€26,650
up €26,650 (+490%), from €5,441 to €32,092
- Gross operating margin -€12,272
down €12,272 (-12.4%), from €98,734 to €86,462
- Depreciation -€7,219
down €7,219 (-21.4%), from €33,734 to €26,516
- Financial charges +€5,833
up €5,833 (+99.2%), from €5,879 to €11,712
- Taxes -€2,652
down €2,652 (-12.5%), from €21,267 to €18,614
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 | €854,806 | €1,133,020 | +€278,213 | +32.5% |
| Fixed assets | 21/28 | €388,866 | €772,042 | +€383,176 | +98.5% |
| Tangible fixed assets | 22/27 | €388,866 | €772,042 | +€383,176 | +98.5% |
| Land and buildings | 22 | €334,889 | €723,939 | +€389,050 | +116% |
| Plant, machinery and equipment | 23 | €53,977 | €48,103 | -€5,874 | -10.9% |
| Current assets | 29/58 | €465,940 | €360,978 | -€104,962 | -22.5% |
| Amounts receivable after more than one year | 29 | €360,000 | €300,000 | -€60,000 | -16.7% |
| Other amounts receivable | 291 | €360,000 | €300,000 | -€60,000 | -16.7% |
| Amounts receivable within one year | 40/41 | €14,654 | €6,404 | -€8,251 | -56.3% |
| Trade receivables | 40 | €12,072 | €6,404 | -€5,668 | -47.0% |
| Other amounts receivable | 41 | €2,582 | - | -€2,582 | |
| Cash at bank and in hand | 54/58 | €71,625 | €25,621 | -€46,004 | -64.2% |
| Deferred charges and accrued income | 490/1 | €19,661 | €28,953 | +€9,293 | +47.3% |
| Total equity and liabilities | 10/49 | €854,806 | €1,133,020 | +€278,213 | +32.5% |
| Equity | 10/15 | €636,458 | €666,835 | +€30,377 | +4.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €616,458 | €646,835 | +€30,377 | +4.9% |
| Non-distributable reserves | 130/1 | €23,510 | €23,510 | = | 0.0% |
| Reserves not available under the articles | 1311 | €23,510 | €23,510 | = | 0.0% |
| Distributable reserves | 133 | €592,948 | €623,325 | +€30,377 | +5.1% |
| Amounts payable | 17/49 | €218,348 | €466,184 | +€247,837 | +114% |
| Amounts payable after more than one year | 17 | €139,569 | €327,151 | +€187,582 | +134% |
| Financial debts | 170/4 | €139,569 | €327,151 | +€187,582 | +134% |
| Amounts payable within one year | 42/48 | €72,418 | €130,834 | +€58,416 | +80.7% |
| Current portion of amounts payable after more than one year | 42 | €53,580 | €52,418 | -€1,161 | -2.2% |
| Trade debts | 44 | €5,441 | €32,092 | +€26,650 | +490% |
| Suppliers | 440/4 | €5,441 | €32,092 | +€26,650 | +490% |
| Taxes, remuneration and social security | 45 | €2,420 | €1,178 | -€1,242 | -51.3% |
| Taxes | 450/3 | €2,420 | €1,178 | -€1,242 | -51.3% |
| Other amounts payable | 47/48 | €10,977 | €45,146 | +€34,169 | +311% |
| Accrued charges and deferred income | 492/3 | €6,361 | €8,200 | +€1,839 | +28.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,734 | €26,516 | -€7,219 | -21.4% |
| Other operating charges | 640/8 | €9,120 | €8,448 | -€673 | -7.4% |
| Gross operating margin | 9900 | €98,734 | €86,462 | -€12,272 | -12.4% |
| Operating profit (loss) | 9901 | €55,879 | €51,498 | -€4,381 | -7.8% |
| Financial income | 75/76B | €9,732 | €9,205 | -€527 | -5.4% |
| Recurring financial income | 75 | €9,732 | €9,205 | -€527 | -5.4% |
| Financial charges | 65/66B | €5,879 | €11,712 | +€5,833 | +99.2% |
| Recurring financial charges | 65 | €5,879 | €11,712 | +€5,833 | +99.2% |
| Profit (loss) for the period before taxes | 9903 | €59,732 | €48,991 | -€10,741 | -18.0% |
| Income taxes | 67/77 | €21,267 | €18,614 | -€2,652 | -12.5% |
| Profit (loss) for the period | 9904 | €38,465 | €30,377 | -€8,089 | -21.0% |
| Profit (loss) for the period to be appropriated | 9905 | €38,465 | €30,377 | -€8,089 | -21.0% |
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 30 October 2026 via checked.be.