ZAFOH: 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.
ZAFOH
Largest movements
- Tangible fixed assets -€5,000
down €5,000 (-37.5%), from €13,333 to €8,333
- Cash +€4,849
up €4,849 (+396.0%), from €1,225 to €6,074
mainly Other debts (+€18,110) and Depreciation (+€5,000)
- Receivables within one year -€1,560
down €1,560 (-98.8%), from €1,579 to €19
- Trade debts -€18,354
down €18,354 (-94.0%), from €19,534 to €1,180
- Other debts +€18,110
up €18,110 (+570.5%), from €3,175 to €21,285
- Tax, wage and social debts -€872
down €872 (-82.1%), from €1,063 to €190
- Profit (loss) carried forward -€595
down €595 (-2.6%), from -€22,635 to -€23,229
- Gross operating margin +€5,209
up €5,209, from -€598 to €4,611
- Depreciation +€3,333
up €3,333 (+200.0%), from €1,667 to €5,000
- Financial charges +€60
up €60 (+40.1%), from €150 to €211
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 | €16,137 | €14,427 | -€1,710 | -10.6% |
| Fixed assets | 21/28 | €13,333 | €8,333 | -€5,000 | -37.5% |
| Tangible fixed assets | 22/27 | €13,333 | €8,333 | -€5,000 | -37.5% |
| Furniture and vehicles | 24 | €13,333 | €8,333 | -€5,000 | -37.5% |
| Current assets | 29/58 | €2,804 | €6,093 | +€3,290 | +117.3% |
| Amounts receivable within one year | 40/41 | €1,579 | €19 | -€1,560 | -98.8% |
| Trade receivables | 40 | €1,579 | €19 | -€1,560 | -98.8% |
| Cash at bank and in hand | 54/58 | €1,225 | €6,074 | +€4,849 | +396.0% |
| Total equity and liabilities | 10/49 | €16,137 | €14,427 | -€1,710 | -10.6% |
| Equity | 10/15 | -€7,635 | -€8,229 | -€595 | -7.8% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,635 | -€23,229 | -€595 | -2.6% |
| Amounts payable | 17/49 | €23,772 | €22,656 | -€1,116 | -4.7% |
| Amounts payable within one year | 42/48 | €23,772 | €22,656 | -€1,116 | -4.7% |
| Trade debts | 44 | €19,534 | €1,180 | -€18,354 | -94.0% |
| Suppliers | 440/4 | €19,534 | €1,180 | -€18,354 | -94.0% |
| Taxes, remuneration and social security | 45 | €1,063 | €190 | -€872 | -82.1% |
| Taxes | 450/3 | €1,063 | €190 | -€872 | -82.1% |
| Other amounts payable | 47/48 | €3,175 | €21,285 | +€18,110 | +570.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,667 | €5,000 | +€3,333 | +200.0% |
| Gross operating margin | 9900 | -€598 | €4,611 | +€5,209 | |
| Operating profit (loss) | 9901 | -€2,265 | -€389 | +€1,876 | +82.8% |
| Financial income | 75/76B | - | €5 | +€5 | |
| Recurring financial income | 75 | - | €5 | +€5 | |
| Financial charges | 65/66B | €150 | €211 | +€60 | +40.1% |
| Recurring financial charges | 65 | €150 | €211 | +€60 | +40.1% |
| Profit (loss) for the period before taxes | 9903 | -€2,415 | -€595 | +€1,821 | +75.4% |
| Profit (loss) for the period | 9904 | -€2,415 | -€595 | +€1,821 | +75.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,415 | -€595 | +€1,821 | +75.4% |
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 11 October 2026 via checked.be.