ZAGARA: 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.
ZAGARA
Largest movements
- Receivables within one year -€428,199
down €428,199 (-83.4%), from €513,345 to €85,146
of which Other amounts receivable: -€428,137
- Cash +€237,738
new in 2025: €237,738
mainly Receivables within one year (+€428,199) and Depreciation (+€1,425)
- Debts after one year -€115,788
no longer reported in 2025 (was €115,788)
- Profit (loss) carried forward -€66,863
down €66,863 (-10.4%), from -€640,253 to -€707,116
- Gross operating margin -€1.2m
down €1.2m, from €1.2m to -€61,016
- Financial income -€22,931
down €22,931 (-90.9%), from €25,238 to €2,307
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 | €1,132,819 | €944,553 | -€188,266 | -16.6% |
| Fixed assets | 21/28 | €619,474 | €621,669 | +€2,195 | +0.4% |
| Tangible fixed assets | 22/27 | €619,264 | €621,459 | +€2,195 | +0.4% |
| Land and buildings | 22 | €618,000 | €618,000 | = | 0.0% |
| Furniture and vehicles | 24 | €1,264 | €3,459 | +€2,195 | +173.7% |
| Financial fixed assets | 28 | €210 | €210 | = | 0.0% |
| Current assets | 29/58 | €513,345 | €322,883 | -€190,461 | -37.1% |
| Amounts receivable within one year | 40/41 | €513,345 | €85,146 | -€428,199 | -83.4% |
| Trade receivables | 40 | €62 | - | -€62 | |
| Other amounts receivable | 41 | €513,283 | €85,146 | -€428,137 | -83.4% |
| Cash at bank and in hand | 54/58 | - | €237,738 | +€237,738 | |
| Total equity and liabilities | 10/49 | €1,132,819 | €944,553 | -€188,266 | -16.6% |
| Equity | 10/15 | €715,955 | €649,092 | -€66,863 | -9.3% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Revaluation surpluses | 12 | €476,687 | €476,687 | = | 0.0% |
| Reserves | 13 | €873,324 | €873,324 | = | 0.0% |
| Tax-exempt reserves | 132 | €873,324 | €873,324 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€640,253 | -€707,116 | -€66,863 | -10.4% |
| Provisions and deferred taxes | 16 | €291,108 | €291,108 | = | 0.0% |
| Deferred taxes | 168 | €291,108 | €291,108 | = | 0.0% |
| Amounts payable | 17/49 | €125,756 | €4,353 | -€121,403 | -96.5% |
| Amounts payable after more than one year | 17 | €115,788 | - | -€115,788 | |
| Other amounts payable | 178/9 | €115,788 | - | -€115,788 | |
| Amounts payable within one year | 42/48 | €9,968 | €4,353 | -€5,616 | -56.3% |
| Trade debts | 44 | €9,968 | €4,353 | -€5,616 | -56.3% |
| Suppliers | 440/4 | €9,968 | €4,353 | -€5,616 | -56.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126 | €1,425 | +€1,299 | +1031.4% |
| Other operating charges | 640/8 | €10,088 | €4,409 | -€5,680 | -56.3% |
| Gross operating margin | 9900 | €1,163,161 | -€61,016 | -€1.2m | |
| Operating profit (loss) | 9901 | €1,152,946 | -€66,849 | -€1.2m | |
| Financial income | 75/76B | €25,238 | €2,307 | -€22,931 | -90.9% |
| Recurring financial income | 75 | €25,238 | €2,307 | -€22,931 | -90.9% |
| Financial charges | 65/66B | - | €219 | +€219 | |
| Recurring financial charges | 65 | - | €219 | +€219 | |
| Profit (loss) for the period before taxes | 9903 | €1,178,184 | -€64,761 | -€1.2m | |
| Transfer to deferred taxes | 680 | €291,108 | - | -€291,108 | |
| Income taxes | 67/77 | €2,109 | €2,102 | -€7 | -0.3% |
| Profit (loss) for the period | 9904 | €884,967 | -€66,863 | -€951,830 | |
| Transfer to tax-exempt reserves | 689 | €873,324 | - | -€873,324 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,643 | -€66,863 | -€78,506 |
Source: filed annual accounts (NBB), fiscal years ended 30 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.