ZAAM: 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.
ZAAM
Largest movements
- Receivables within one year +€29,938
up €29,938 (+432%), from €6,928 to €36,866
of which Trade receivables: +€28,573
- Cash +€17,577
up €17,577 (+84.8%), from €20,733 to €38,310
mainly Net result for the year (+€28,266) and Other debts (+€17,116)
- Tangible fixed assets -€5,211
down €5,211 (-17.5%), from €29,734 to €24,524
of which Land and buildings: -€2,917
- Stocks and contracts -€2,662
down €2,662 (-65.6%), from €4,059 to €1,397
- Deferred charges and accrued income +€1,972
up €1,972 (+209%), from €943 to €2,915
- Profit (loss) carried forward +€28,266
up €28,266 (+99.8%), from -€28,333 to -€68
- Other debts +€17,116
up €17,116 (+50.0%), from €34,221 to €51,337
- Advances received -€4,240
no longer reported in 2025 (was €4,240)
- Trade debts +€3,513
up €3,513 (+56.1%), from €6,257 to €9,769
- Tax, wage and social debts -€2,468
down €2,468 (-88.8%), from €2,778 to €310
- Gross operating margin +€30,819
up €30,819 (+999%), from €3,085 to €33,904
- Depreciation -€2,170
down €2,170 (-29.4%), from €7,381 to €5,211
- Taxes -€765
down €765 (-1,135%), from -€67 to -€833
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 | €63,512 | €105,127 | +€41,615 | +65.5% |
| Fixed assets | 21/28 | €30,850 | €25,639 | -€5,211 | -16.9% |
| Tangible fixed assets | 22/27 | €29,734 | €24,524 | -€5,211 | -17.5% |
| Land and buildings | 22 | €24,885 | €21,968 | -€2,917 | -11.7% |
| Plant, machinery and equipment | 23 | €1,415 | €142 | -€1,274 | -90.0% |
| Furniture and vehicles | 24 | €3,434 | €2,414 | -€1,020 | -29.7% |
| Financial fixed assets | 28 | €1,116 | €1,116 | = | 0.0% |
| Current assets | 29/58 | €32,662 | €79,488 | +€46,825 | +143% |
| Stocks and contracts in progress | 3 | €4,059 | €1,397 | -€2,662 | -65.6% |
| Stocks | 30/36 | €4,059 | €1,397 | -€2,662 | -65.6% |
| Amounts receivable within one year | 40/41 | €6,928 | €36,866 | +€29,938 | +432% |
| Trade receivables | 40 | €6,826 | €35,399 | +€28,573 | +419% |
| Other amounts receivable | 41 | €102 | €1,467 | +€1,365 | +1,335% |
| Cash at bank and in hand | 54/58 | €20,733 | €38,310 | +€17,577 | +84.8% |
| Deferred charges and accrued income | 490/1 | €943 | €2,915 | +€1,972 | +209% |
| Total equity and liabilities | 10/49 | €63,512 | €105,127 | +€41,615 | +65.5% |
| Equity | 10/15 | €15,444 | €43,710 | +€28,266 | +183% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €25,178 | €25,178 | = | 0.0% |
| Distributable reserves | 133 | €25,178 | €25,178 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€28,333 | -€68 | +€28,266 | +99.8% |
| Amounts payable | 17/49 | €48,068 | €61,417 | +€13,349 | +27.8% |
| Amounts payable within one year | 42/48 | €48,068 | €61,417 | +€13,349 | +27.8% |
| Current portion of amounts payable after more than one year | 42 | €572 | - | -€572 | |
| Trade debts | 44 | €6,257 | €9,769 | +€3,513 | +56.1% |
| Suppliers | 440/4 | €6,257 | €9,769 | +€3,513 | +56.1% |
| Advances received on contracts in progress | 46 | €4,240 | - | -€4,240 | |
| Taxes, remuneration and social security | 45 | €2,778 | €310 | -€2,468 | -88.8% |
| Taxes | 450/3 | €2,778 | €310 | -€2,468 | -88.8% |
| Other amounts payable | 47/48 | €34,221 | €51,337 | +€17,116 | +50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,381 | €5,211 | -€2,170 | -29.4% |
| Other operating charges | 640/8 | €1,071 | €1,149 | +€78 | +7.3% |
| Gross operating margin | 9900 | €3,085 | €33,904 | +€30,819 | +999% |
| Operating profit (loss) | 9901 | -€5,367 | €27,544 | +€32,911 | |
| Financial charges | 65/66B | €250 | €111 | -€139 | -55.7% |
| Recurring financial charges | 65 | €250 | €111 | -€139 | -55.7% |
| Profit (loss) for the period before taxes | 9903 | -€5,617 | €27,433 | +€33,050 | |
| Income taxes | 67/77 | -€67 | -€833 | -€765 | -1,135% |
| Profit (loss) for the period | 9904 | -€5,550 | €28,266 | +€33,815 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,550 | €28,266 | +€33,815 |
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 19 October 2026 via checked.be.