Zacharias: 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.
Zacharias
Largest movements
- Cash +€3.5m
up €3.5m (+170%), from €2.1m to €5.5m
mainly Trade debts (+€1.8m) and Current investments (+€1.1m)
- Current investments -€1.1m
no longer reported in 2025 (was €1.1m)
- Trade debts +€1.8m
up €1.8m (+293%), from €609,229 to €2.4m
- Tax, wage and social debts +€656,781
up €656,781 (+95.7%), from €686,364 to €1.3m
of which Remuneration and social security: +€659,612
- Reserves -€86,185
down €86,185 (-2.9%), from €3.0m to €2.9m
of which Distributable reserves: -€86,185
- Gross operating margin -€100,575
down €100,575 (-11.9%), from €844,591 to €744,015
- Taxes -€51,812
down €51,812 (-19.3%), from €267,764 to €215,952
- Other operating charges +€35,254
up €35,254 (+96.3%), from €36,621 to €71,874
- Financial income +€13,055
up €13,055 (+22.5%), from €58,082 to €71,137
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 | €4,297,613 | €6,654,224 | +€2.4m | +54.8% |
| Fixed assets | 21/28 | €1,101,442 | €1,077,474 | -€23,967 | -2.2% |
| Tangible fixed assets | 22/27 | €1,101,442 | €1,077,474 | -€23,967 | -2.2% |
| Land and buildings | 22 | €1,033,298 | €1,003,192 | -€30,106 | -2.9% |
| Plant, machinery and equipment | 23 | €2,869 | €2,740 | -€129 | -4.5% |
| Furniture and vehicles | 24 | €65,275 | €71,542 | +€6,267 | +9.6% |
| Current assets | 29/58 | €3,196,171 | €5,576,750 | +€2.4m | +74.5% |
| Amounts receivable within one year | 40/41 | €78,187 | €26,534 | -€51,653 | -66.1% |
| Trade receivables | 40 | €6,214 | €15,871 | +€9,657 | +155% |
| Other amounts receivable | 41 | €71,973 | €10,663 | -€61,310 | -85.2% |
| Current investments | 50/53 | €1,050,000 | - | -€1.1m | |
| Cash at bank and in hand | 54/58 | €2,054,649 | €5,545,363 | +€3.5m | +170% |
| Deferred charges and accrued income | 490/1 | €13,335 | €4,853 | -€8,482 | -63.6% |
| Total equity and liabilities | 10/49 | €4,297,613 | €6,654,224 | +€2.4m | +54.8% |
| Equity | 10/15 | €3,002,020 | €2,915,835 | -€86,185 | -2.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,989,473 | €2,903,288 | -€86,185 | -2.9% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,987,473 | €2,901,288 | -€86,185 | -2.9% |
| Profit (loss) carried forward | 14 | €147 | €147 | = | 0.0% |
| Amounts payable | 17/49 | €1,295,593 | €3,738,389 | +€2.4m | +189% |
| Amounts payable within one year | 42/48 | €1,295,593 | €3,738,389 | +€2.4m | +189% |
| Trade debts | 44 | €609,229 | €2,395,244 | +€1.8m | +293% |
| Suppliers | 440/4 | €609,229 | €2,395,244 | +€1.8m | +293% |
| Taxes, remuneration and social security | 45 | €686,364 | €1,343,145 | +€656,781 | +95.7% |
| Taxes | 450/3 | €140,612 | €137,782 | -€2,831 | -2.0% |
| Remuneration and social security | 454/9 | €545,751 | €1,205,363 | +€659,612 | +121% |
| Remuneration, social security and pensions | 62 | €56,606 | €55,454 | -€1,152 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,734 | €41,397 | +€2,663 | +6.9% |
| Other operating charges | 640/8 | €36,621 | €71,874 | +€35,254 | +96.3% |
| Gross operating margin | 9900 | €844,591 | €744,015 | -€100,575 | -11.9% |
| Operating profit (loss) | 9901 | €712,630 | €575,290 | -€137,340 | -19.3% |
| Financial income | 75/76B | €58,082 | €71,137 | +€13,055 | +22.5% |
| Recurring financial income | 75 | €58,082 | €71,137 | +€13,055 | +22.5% |
| Financial charges | 65/66B | €813 | €417 | -€396 | -48.7% |
| Recurring financial charges | 65 | €813 | €417 | -€396 | -48.7% |
| Profit (loss) for the period before taxes | 9903 | €769,898 | €646,009 | -€123,889 | -16.1% |
| Income taxes | 67/77 | €267,764 | €215,952 | -€51,812 | -19.3% |
| Profit (loss) for the period | 9904 | €502,134 | €430,057 | -€72,077 | -14.4% |
| Transfer from tax-exempt reserves | 789 | €213,600 | - | -€213,600 | |
| Profit (loss) for the period to be appropriated | 9905 | €715,734 | €430,057 | -€285,677 | -39.9% |
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 15 October 2026 via checked.be.