ZAAF: 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.
ZAAF
Largest movements
- Cash -€637,423
down €637,423 (-58.1%), from €1.1m to €458,990
mainly Receivables within one year (-€531,562) and Investment in fixed assets (net) (-€359,707)
- Receivables within one year +€531,562
up €531,562 (+14.9%), from €3.6m to €4.1m
of which Other amounts receivable: +€652,657
- Current investments -€357,171
down €357,171 (-7.0%), from €5.1m to €4.8m
- Tangible fixed assets +€295,076
up €295,076 (+38.3%), from €769,614 to €1.1m
of which Assets under construction and advance payments: +€198,067
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€2.2m
down €2.2m, from €2.0m to -€191,795
- Taxes -€255,368
down €255,368 (-99.8%), from €255,864 to €496
- Financial income -€166,471
down €166,471 (-40.2%), from €414,451 to €247,979
- Financial charges +€37,954
up €37,954 (+46.9%), from €80,937 to €118,891
- Other operating charges +€20,631
up €20,631 (+755.9%), from €2,729 to €23,361
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 | €10,538,729 | €10,424,112 | -€114,617 | -1.1% |
| Fixed assets | 21/28 | €773,927 | €1,120,003 | +€346,076 | +44.7% |
| Tangible fixed assets | 22/27 | €769,614 | €1,064,690 | +€295,076 | +38.3% |
| Land and buildings | 22 | €167,641 | €165,041 | -€2,600 | -1.6% |
| Plant, machinery and equipment | 23 | €1,416 | €2,301 | +€885 | +62.5% |
| Furniture and vehicles | 24 | €13,676 | €27,073 | +€13,397 | +98.0% |
| Other tangible fixed assets | 26 | - | €85,328 | +€85,328 | |
| Assets under construction and advance payments | 27 | €586,880 | €784,947 | +€198,067 | +33.7% |
| Financial fixed assets | 28 | €4,313 | €55,313 | +€51,000 | +1182.5% |
| Current assets | 29/58 | €9,764,802 | €9,304,109 | -€460,693 | -4.7% |
| Amounts receivable within one year | 40/41 | €3,560,063 | €4,091,625 | +€531,562 | +14.9% |
| Trade receivables | 40 | €408,733 | €287,637 | -€121,095 | -29.6% |
| Other amounts receivable | 41 | €3,151,330 | €3,803,987 | +€652,657 | +20.7% |
| Current investments | 50/53 | €5,107,849 | €4,750,678 | -€357,171 | -7.0% |
| Cash at bank and in hand | 54/58 | €1,096,413 | €458,990 | -€637,423 | -58.1% |
| Deferred charges and accrued income | 490/1 | €477 | €2,817 | +€2,339 | +489.9% |
| Total equity and liabilities | 10/49 | €10,538,729 | €10,424,112 | -€114,617 | -1.1% |
| Equity | 10/15 | €9,370,700 | €9,277,188 | -€93,513 | -1.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €5,957,285 | €5,963,967 | +€6,682 | +0.1% |
| Non-distributable reserves | 130/1 | €109,630 | €109,630 | = | 0.0% |
| Reserves not available under the articles | 1311 | €109,630 | €109,630 | = | 0.0% |
| Tax-exempt reserves | 132 | €20,068 | €26,750 | +€6,682 | +33.3% |
| Distributable reserves | 133 | €5,827,587 | €5,827,587 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,407,215 | €3,307,020 | -€100,195 | -2.9% |
| Provisions and deferred taxes | 16 | €6,682 | €0 | -€6,682 | -100.0% |
| Deferred taxes | 168 | €6,682 | €0 | -€6,682 | -100.0% |
| Amounts payable | 17/49 | €1,161,347 | €1,146,924 | -€14,423 | -1.2% |
| Amounts payable after more than one year | 17 | €589,921 | €564,096 | -€25,825 | -4.4% |
| Financial debts | 170/4 | €589,921 | €564,096 | -€25,825 | -4.4% |
| Amounts payable within one year | 42/48 | €570,296 | €581,699 | +€11,403 | +2.0% |
| Current portion of amounts payable after more than one year | 42 | €38,396 | €79,763 | +€41,368 | +107.7% |
| Financial debts | 43 | €9 | €0 | -€9 | -100.0% |
| Credit institutions | 430/8 | €9 | €0 | -€9 | -100.0% |
| Trade debts | 44 | €283,629 | €274,534 | -€9,095 | -3.2% |
| Suppliers | 440/4 | €283,629 | €274,534 | -€9,095 | -3.2% |
| Taxes, remuneration and social security | 45 | €226,860 | €215,658 | -€11,202 | -4.9% |
| Taxes | 450/3 | €226,860 | €215,658 | -€11,202 | -4.9% |
| Other amounts payable | 47/48 | €21,402 | €11,744 | -€9,659 | -45.1% |
| Accrued charges and deferred income | 492/3 | €1,130 | €1,130 | = | 0.0% |
| Non-recurring operating income | 76A | €2,108,352 | €0 | -€2.1m | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,344 | €13,631 | +€8,287 | +155.1% |
| Other operating charges | 640/8 | €2,729 | €23,361 | +€20,631 | +755.9% |
| Gross operating margin | 9900 | €1,980,225 | -€191,795 | -€2.2m | |
| Operating profit (loss) | 9901 | €1,972,152 | -€228,787 | -€2.2m | |
| Financial income | 75/76B | €414,451 | €247,979 | -€166,471 | -40.2% |
| Recurring financial income | 75 | €414,451 | €247,979 | -€166,471 | -40.2% |
| Financial charges | 65/66B | €80,937 | €118,891 | +€37,954 | +46.9% |
| Recurring financial charges | 65 | €80,937 | €118,891 | +€37,954 | +46.9% |
| Profit (loss) for the period before taxes | 9903 | €2,305,666 | -€99,698 | -€2.4m | |
| Income taxes | 67/77 | €255,864 | €496 | -€255,368 | -99.8% |
| Profit (loss) for the period | 9904 | €2,049,802 | -€100,195 | -€2.1m | |
| Profit (loss) for the period to be appropriated | 9905 | €2,049,802 | -€100,195 | -€2.1m |
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 29 September 2026 via checked.be.