ZA'ZA: what changed
Two fiscal 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.
ZA'ZA
Largest movements
- Receivables within one year -€20,033
down €20,033 (-64.3%), from €31,168 to €11,135
- Tangible fixed assets -€12,629
down €12,629 (-8.8%), from €142,766 to €130,137
- Cash +€9,530
new in 2025: €9,530
mainly Net result for the year (+€29,808) and Receivables within one year (+€20,033)
- Debts after one year -€7,306
down €7,306 (-31.6%), from €23,155 to €15,849
- Reserves -€6,759
down €6,759 (-7.1%), from €95,399 to €88,640
of which Distributable reserves: -€6,759
- Tax, wage and social debts -€4,835
down €4,835 (-34.3%), from €14,098 to €9,263
- Accrued charges and deferred income -€4,000
no longer reported in 2025 (was €4,000)
- Gross operating margin +€8,400
up €8,400 (+17.4%), from €48,221 to €56,620
- Taxes +€2,058
up €2,058 (+24.6%), from €8,352 to €10,411
- Financial income +€1,348
up €1,348 (+253.6%), from €531 to €1,879
- Financial charges -€1,100
down €1,100 (-46.4%), from €2,370 to €1,269
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.
Cash bridge derived
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 | €173,934 | €150,803 | -€23,131 | -13.3% |
| Fixed assets | 21/28 | €142,766 | €130,137 | -€12,629 | -8.8% |
| Tangible fixed assets | 22/27 | €142,766 | €130,137 | -€12,629 | -8.8% |
| Land and buildings | 22 | €142,766 | €130,137 | -€12,629 | -8.8% |
| Current assets | 29/58 | €31,168 | €20,666 | -€10,502 | -33.7% |
| Amounts receivable within one year | 40/41 | €31,168 | €11,135 | -€20,033 | -64.3% |
| Other amounts receivable | 41 | €31,168 | €11,135 | -€20,033 | -64.3% |
| Cash at bank and in hand | 54/58 | - | €9,530 | +€9,530 | |
| Total equity and liabilities | 10/49 | €173,934 | €150,803 | -€23,131 | -13.3% |
| Equity | 10/15 | €120,399 | €113,640 | -€6,759 | -5.6% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €95,399 | €88,640 | -€6,759 | -7.1% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €92,899 | €86,140 | -€6,759 | -7.3% |
| Amounts payable | 17/49 | €53,536 | €37,163 | -€16,373 | -30.6% |
| Amounts payable after more than one year | 17 | €23,155 | €15,849 | -€7,306 | -31.6% |
| Financial debts | 170/4 | €23,155 | €15,849 | -€7,306 | -31.6% |
| Amounts payable within one year | 42/48 | €26,381 | €21,314 | -€5,066 | -19.2% |
| Current portion of amounts payable after more than one year | 42 | €7,118 | €7,306 | +€189 | +2.7% |
| Financial debts | 43 | €640 | - | -€640 | |
| Credit institutions | 430/8 | €640 | - | -€640 | |
| Trade debts | 44 | €160 | - | -€160 | |
| Suppliers | 440/4 | €160 | - | -€160 | |
| Taxes, remuneration and social security | 45 | €14,098 | €9,263 | -€4,835 | -34.3% |
| Taxes | 450/3 | €14,098 | €9,263 | -€4,835 | -34.3% |
| Other amounts payable | 47/48 | €4,365 | €4,745 | +€380 | +8.7% |
| Accrued charges and deferred income | 492/3 | €4,000 | - | -€4,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,629 | €12,629 | = | 0.0% |
| Other operating charges | 640/8 | €4,630 | €4,382 | -€247 | -5.3% |
| Non-recurring operating charges | 66A | €504 | - | -€504 | |
| Gross operating margin | 9900 | €48,221 | €56,620 | +€8,400 | +17.4% |
| Operating profit (loss) | 9901 | €30,458 | €39,609 | +€9,151 | +30.0% |
| Financial income | 75/76B | €531 | €1,879 | +€1,348 | +253.6% |
| Recurring financial income | 75 | €531 | €1,879 | +€1,348 | +253.6% |
| Financial charges | 65/66B | €2,370 | €1,269 | -€1,100 | -46.4% |
| Recurring financial charges | 65 | €2,370 | €1,269 | -€1,100 | -46.4% |
| Profit (loss) for the period before taxes | 9903 | €28,620 | €40,219 | +€11,599 | +40.5% |
| Income taxes | 67/77 | €8,352 | €10,411 | +€2,058 | +24.6% |
| Profit (loss) for the period | 9904 | €20,268 | €29,808 | +€9,541 | +47.1% |
| Profit (loss) for the period to be appropriated | 9905 | €20,268 | €29,808 | +€9,541 | +47.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.