ZAFER 1950: 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.
ZAFER 1950
Largest movements
- Receivables within one year +€45,910
up €45,910 (+110%), from €41,865 to €87,775
of which Other amounts receivable: +€39,251
- Cash +€2,294
up €2,294 (+142%), from €1,614 to €3,908
mainly Net result for the year (+€40,026) and Tax, wage and social debts (+€10,529)
- Reserves +€40,000
up €40,000 (+200%), from €20,000 to €60,000
- Tax, wage and social debts +€10,529
up €10,529 (+65.2%), from €16,154 to €26,683
of which Taxes: +€13,239
- Trade debts -€2,352
no longer reported in 2025 (was €2,352)
- Staff costs -€19,711
down €19,711 (-82.4%), from €23,911 to €4,200
- Taxes +€4,964
up €4,964 (+47.7%), from €10,413 to €15,377
- Other operating charges -€4,664
down €4,664 (-42.3%), from €11,026 to €6,361
- Gross operating margin -€2,684
down €2,684 (-3.9%), from €68,988 to €66,305
- Financial charges -€851
down €851 (-67.9%), from €1,252 to €401
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 | €43,479 | €91,682 | +€48,203 | +111% |
| Current assets | 29/58 | €43,479 | €91,682 | +€48,203 | +111% |
| Amounts receivable within one year | 40/41 | €41,865 | €87,775 | +€45,910 | +110% |
| Trade receivables | 40 | - | €6,658 | +€6,658 | |
| Other amounts receivable | 41 | €41,865 | €81,116 | +€39,251 | +93.8% |
| Cash at bank and in hand | 54/58 | €1,614 | €3,908 | +€2,294 | +142% |
| Total equity and liabilities | 10/49 | €43,479 | €91,682 | +€48,203 | +111% |
| Equity | 10/15 | €24,973 | €65,000 | +€40,026 | +160% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €20,000 | €60,000 | +€40,000 | +200% |
| Distributable reserves | 133 | €20,000 | €60,000 | +€40,000 | +200% |
| Profit (loss) carried forward | 14 | €3,473 | €3,500 | +€26 | +0.8% |
| Amounts payable | 17/49 | €18,506 | €26,683 | +€8,177 | +44.2% |
| Amounts payable within one year | 42/48 | €18,506 | €26,683 | +€8,177 | +44.2% |
| Trade debts | 44 | €2,352 | - | -€2,352 | |
| Suppliers | 440/4 | €2,352 | - | -€2,352 | |
| Taxes, remuneration and social security | 45 | €16,154 | €26,683 | +€10,529 | +65.2% |
| Taxes | 450/3 | €13,158 | €26,398 | +€13,239 | +101% |
| Remuneration and social security | 454/9 | €2,995 | €285 | -€2,710 | -90.5% |
| Remuneration, social security and pensions | 62 | €23,911 | €4,200 | -€19,711 | -82.4% |
| Other operating charges | 640/8 | €11,026 | €6,361 | -€4,664 | -42.3% |
| Gross operating margin | 9900 | €68,988 | €66,305 | -€2,684 | -3.9% |
| Operating profit (loss) | 9901 | €34,052 | €55,744 | +€21,692 | +63.7% |
| Financial income | 75/76B | - | €61 | +€61 | |
| Recurring financial income | 75 | - | €61 | +€61 | |
| Financial charges | 65/66B | €1,252 | €401 | -€851 | -67.9% |
| Recurring financial charges | 65 | €1,252 | €401 | -€851 | -67.9% |
| Profit (loss) for the period before taxes | 9903 | €32,799 | €55,403 | +€22,604 | +68.9% |
| Income taxes | 67/77 | €10,413 | €15,377 | +€4,964 | +47.7% |
| Profit (loss) for the period | 9904 | €22,386 | €40,026 | +€17,640 | +78.8% |
| Profit (loss) for the period to be appropriated | 9905 | €22,386 | €40,026 | +€17,640 | +78.8% |
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 23 October 2026 via checked.be.