J. ZINNER: 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.
J. ZINNER
Largest movements
- Tangible fixed assets +€8.6m
up €8.6m (+874%), from €985,556 to €9.6m
- Current investments +€350,000
up €350,000, from €0 to €350,000
- Cash -€277,862
down €277,862 (-79.7%), from €348,781 to €70,919
mainly Investment in fixed assets (net) (-€8.7m) and Current investments (-€350,000)
- Receivables within one year -€251,112
down €251,112 (-98.8%), from €254,038 to €2,926
of which Other amounts receivable: -€251,112
- Revaluation surpluses +€8.6m
new in 2025: €8.6m
- Profit (loss) carried forward -€178,874
down €178,874 (-15.9%), from €1.1m to €949,339
- Gross operating margin +€37,634
up €37,634 (+21.0%), from €179,099 to €216,732
- Financial income -€8,038
down €8,038 (-74.5%), from €10,793 to €2,755
- Other operating charges +€5,461
up €5,461 (+6.6%), from €83,222 to €88,684
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 | €1,592,884 | €10,025,545 | +€8.4m | +529% |
| Fixed assets | 21/28 | €986,795 | €9,596,286 | +€8.6m | +872% |
| Tangible fixed assets | 22/27 | €985,556 | €9,595,046 | +€8.6m | +874% |
| Land and buildings | 22 | €985,556 | €9,595,046 | +€8.6m | +874% |
| Financial fixed assets | 28 | €1,239 | €1,239 | = | 0.0% |
| Current assets | 29/58 | €606,088 | €429,259 | -€176,829 | -29.2% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €254,038 | €2,926 | -€251,112 | -98.8% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €254,038 | €2,926 | -€251,112 | -98.8% |
| Current investments | 50/53 | €0 | €350,000 | +€350,000 | |
| Cash at bank and in hand | 54/58 | €348,781 | €70,919 | -€277,862 | -79.7% |
| Deferred charges and accrued income | 490/1 | €3,269 | €5,415 | +€2,145 | +65.6% |
| Total equity and liabilities | 10/49 | €1,592,884 | €10,025,545 | +€8.4m | +529% |
| Equity | 10/15 | €1,360,149 | €9,788,136 | +€8.4m | +620% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Revaluation surpluses | 12 | - | €8,606,861 | +€8.6m | |
| Reserves | 13 | €170,436 | €170,436 | = | 0.0% |
| Non-distributable reserves | 130/1 | €170,436 | €170,436 | = | 0.0% |
| Legal reserve | 130 | €170,436 | €170,436 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,128,213 | €949,339 | -€178,874 | -15.9% |
| Amounts payable | 17/49 | €232,735 | €237,409 | +€4,675 | +2.0% |
| Amounts payable within one year | 42/48 | €215,762 | €219,845 | +€4,083 | +1.9% |
| Trade debts | 44 | €5,762 | €9,845 | +€4,083 | +70.9% |
| Suppliers | 440/4 | €5,762 | €9,845 | +€4,083 | +70.9% |
| Other amounts payable | 47/48 | €210,000 | €210,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €16,973 | €17,564 | +€591 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,822 | €98,750 | +€1,929 | +2.0% |
| Other operating charges | 640/8 | €83,222 | €88,684 | +€5,461 | +6.6% |
| Gross operating margin | 9900 | €179,099 | €216,732 | +€37,634 | +21.0% |
| Operating profit (loss) | 9901 | -€945 | €29,298 | +€30,244 | |
| Financial income | 75/76B | €10,793 | €2,755 | -€8,038 | -74.5% |
| Recurring financial income | 75 | €10,793 | €2,755 | -€8,038 | -74.5% |
| Financial charges | 65/66B | €891 | €928 | +€37 | +4.2% |
| Recurring financial charges | 65 | €891 | €928 | +€37 | +4.2% |
| Profit (loss) for the period before taxes | 9903 | €8,957 | €31,126 | +€22,169 | +248% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €8,957 | €31,126 | +€22,169 | +248% |
| Profit (loss) for the period to be appropriated | 9905 | €8,957 | €31,126 | +€22,169 | +248% |
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.