ZAAT: 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.
ZAAT
Largest movements
- Receivables within one year +€80,462
up €80,462 (+288.2%), from €27,916 to €108,378
- Cash -€80,112
down €80,112 (-72.0%), from €111,220 to €31,108
mainly Receivables within one year (-€80,462) and Trade debts (-€6,109)
- Tangible fixed assets -€4,949
down €4,949 (-69.7%), from €7,101 to €2,152
of which Plant, machinery and equipment: -€2,733
- Stocks and contracts +€2,012
up €2,012 (+428.4%), from €470 to €2,482
- Reserves +€10,000
up €10,000 (+17.1%), from €58,413 to €68,413
- Trade debts -€6,109
down €6,109 (-71.3%), from €8,564 to €2,455
- Tax, wage and social debts -€3,788
down €3,788 (-23.4%), from €16,165 to €12,377
of which Taxes: -€2,152
- Profit (loss) carried forward -€1,876
down €1,876 (-4.1%), from €45,439 to €43,564
- Gross operating margin -€12,227
down €12,227 (-26.8%), from €45,647 to €33,420
- Staff costs -€6,865
down €6,865 (-36.8%), from €18,652 to €11,787
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 | €147,181 | €145,408 | -€1,773 | -1.2% |
| Fixed assets | 21/28 | €7,281 | €2,332 | -€4,949 | -68.0% |
| Tangible fixed assets | 22/27 | €7,101 | €2,152 | -€4,949 | -69.7% |
| Plant, machinery and equipment | 23 | €4,299 | €1,567 | -€2,733 | -63.6% |
| Furniture and vehicles | 24 | €2,802 | €585 | -€2,217 | -79.1% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €139,900 | €143,076 | +€3,176 | +2.3% |
| Stocks and contracts in progress | 3 | €470 | €2,482 | +€2,012 | +428.4% |
| Stocks | 30/36 | €470 | €2,482 | +€2,012 | +428.4% |
| Amounts receivable within one year | 40/41 | €27,916 | €108,378 | +€80,462 | +288.2% |
| Other amounts receivable | 41 | €27,916 | €108,378 | +€80,462 | +288.2% |
| Cash at bank and in hand | 54/58 | €111,220 | €31,108 | -€80,112 | -72.0% |
| Deferred charges and accrued income | 490/1 | €294 | €1,108 | +€814 | +276.6% |
| Total equity and liabilities | 10/49 | €147,181 | €145,408 | -€1,773 | -1.2% |
| Equity | 10/15 | €122,452 | €130,577 | +€8,124 | +6.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €58,413 | €68,413 | +€10,000 | +17.1% |
| Distributable reserves | 133 | €58,413 | €68,413 | +€10,000 | +17.1% |
| Profit (loss) carried forward | 14 | €45,439 | €43,564 | -€1,876 | -4.1% |
| Amounts payable | 17/49 | €24,729 | €14,832 | -€9,898 | -40.0% |
| Amounts payable within one year | 42/48 | €24,729 | €14,832 | -€9,898 | -40.0% |
| Trade debts | 44 | €8,564 | €2,455 | -€6,109 | -71.3% |
| Suppliers | 440/4 | €8,564 | €2,455 | -€6,109 | -71.3% |
| Taxes, remuneration and social security | 45 | €16,165 | €12,377 | -€3,788 | -23.4% |
| Taxes | 450/3 | €14,528 | €12,377 | -€2,152 | -14.8% |
| Remuneration and social security | 454/9 | €1,637 | - | -€1,637 | |
| Remuneration, social security and pensions | 62 | €18,652 | €11,787 | -€6,865 | -36.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,949 | €4,949 | = | 0.0% |
| Other operating charges | 640/8 | €4,559 | €4,675 | +€116 | +2.5% |
| Gross operating margin | 9900 | €45,647 | €33,420 | -€12,227 | -26.8% |
| Operating profit (loss) | 9901 | €17,487 | €12,009 | -€5,478 | -31.3% |
| Financial income | 75/76B | €0 | €6 | +€5 | +1761.3% |
| Recurring financial income | 75 | €0 | €6 | +€5 | +1761.3% |
| Financial charges | 65/66B | €303 | €348 | +€45 | +14.7% |
| Recurring financial charges | 65 | €303 | €348 | +€45 | +14.7% |
| Profit (loss) for the period before taxes | 9903 | €17,184 | €11,667 | -€5,517 | -32.1% |
| Income taxes | 67/77 | €3,795 | €3,542 | -€253 | -6.7% |
| Profit (loss) for the period | 9904 | €13,388 | €8,124 | -€5,264 | -39.3% |
| Profit (loss) for the period to be appropriated | 9905 | €13,388 | €8,124 | -€5,264 | -39.3% |
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 2 October 2026 via checked.be.