ZAFFERANA: 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.
ZAFFERANA
Largest movements
- Tangible fixed assets +€46,355
up €46,355 (+10.2%), from €454,812 to €501,167
of which Land and buildings: +€422,512
- Receivables within one year -€22,704
down €22,704 (-47.6%), from €47,705 to €25,001
of which Trade receivables: -€22,671
- Cash -€20,283
down €20,283 (-67.9%), from €29,878 to €9,594
mainly Contributions, distributions and other (-€80,000) and Investment in fixed assets (net) (-€65,269)
- Trade debts -€29,203
down €29,203 (-96.6%), from €30,237 to €1,035
- Debts after one year +€21,788
up €21,788 (+6.8%), from €318,945 to €340,733
- Tax, wage and social debts -€14,935
down €14,935 (-26.5%), from €56,282 to €41,347
- Profit (loss) carried forward +€13,438
up €13,438 (+12.0%), from €112,143 to €125,581
- Current portion of long-term debt +€12,028
new in 2025: €12,028
- Gross operating margin +€49,318
up €49,318 (+44.5%), from €110,720 to €160,037
- Depreciation +€15,552
up €15,552 (+462.6%), from €3,362 to €18,914
- Taxes +€7,571
up €7,571 (+39.3%), from €19,249 to €26,821
- Financial charges +€4,359
up €4,359 (+31.2%), from €13,983 to €18,342
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 | €532,394 | €535,762 | +€3,368 | +0.6% |
| Fixed assets | 21/28 | €454,812 | €501,167 | +€46,355 | +10.2% |
| Tangible fixed assets | 22/27 | €454,812 | €501,167 | +€46,355 | +10.2% |
| Land and buildings | 22 | €71,700 | €494,212 | +€422,512 | +589.3% |
| Plant, machinery and equipment | 23 | €352 | €3,119 | +€2,768 | +787.1% |
| Furniture and vehicles | 24 | €4,272 | €3,836 | -€436 | -10.2% |
| Assets under construction and advance payments | 27 | €378,488 | - | -€378,488 | |
| Current assets | 29/58 | €77,583 | €34,595 | -€42,987 | -55.4% |
| Amounts receivable within one year | 40/41 | €47,705 | €25,001 | -€22,704 | -47.6% |
| Trade receivables | 40 | €22,671 | - | -€22,671 | |
| Other amounts receivable | 41 | €25,034 | €25,001 | -€33 | -0.1% |
| Cash at bank and in hand | 54/58 | €29,878 | €9,594 | -€20,283 | -67.9% |
| Total equity and liabilities | 10/49 | €532,394 | €535,762 | +€3,368 | +0.6% |
| Equity | 10/15 | €124,543 | €137,981 | +€13,438 | +10.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €112,143 | €125,581 | +€13,438 | +12.0% |
| Amounts payable | 17/49 | €407,851 | €397,781 | -€10,070 | -2.5% |
| Amounts payable after more than one year | 17 | €318,945 | €340,733 | +€21,788 | +6.8% |
| Financial debts | 170/4 | €318,945 | €340,733 | +€21,788 | +6.8% |
| Amounts payable within one year | 42/48 | €88,907 | €57,049 | -€31,858 | -35.8% |
| Current portion of amounts payable after more than one year | 42 | - | €12,028 | +€12,028 | |
| Trade debts | 44 | €30,237 | €1,035 | -€29,203 | -96.6% |
| Suppliers | 440/4 | €30,237 | €1,035 | -€29,203 | -96.6% |
| Taxes, remuneration and social security | 45 | €56,282 | €41,347 | -€14,935 | -26.5% |
| Taxes | 450/3 | €56,282 | €41,347 | -€14,935 | -26.5% |
| Other amounts payable | 47/48 | €2,387 | €2,639 | +€253 | +10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,362 | €18,914 | +€15,552 | +462.6% |
| Other operating charges | 640/8 | €1,962 | €2,525 | +€564 | +28.7% |
| Gross operating margin | 9900 | €110,720 | €160,037 | +€49,318 | +44.5% |
| Operating profit (loss) | 9901 | €105,396 | €138,598 | +€33,202 | +31.5% |
| Financial income | 75/76B | €113 | €2 | -€111 | -98.2% |
| Recurring financial income | 75 | €113 | €2 | -€111 | -98.2% |
| Financial charges | 65/66B | €13,983 | €18,342 | +€4,359 | +31.2% |
| Recurring financial charges | 65 | €13,983 | €18,342 | +€4,359 | +31.2% |
| Profit (loss) for the period before taxes | 9903 | €91,526 | €120,258 | +€28,732 | +31.4% |
| Income taxes | 67/77 | €19,249 | €26,821 | +€7,571 | +39.3% |
| Profit (loss) for the period | 9904 | €72,277 | €93,438 | +€21,161 | +29.3% |
| Profit (loss) for the period to be appropriated | 9905 | €72,277 | €93,438 | +€21,161 | +29.3% |
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 8 October 2026 via checked.be.