Zaghbour-Grzeda: what changed
Zaghbour-Grzeda
Largest movements
- Receivables within one year +€295,647
up €295,647 (+58.8%), from €502,568 to €798,214
of which Other amounts receivable: +€215,824
- Cash -€51,553
down €51,553 (-35.0%), from €147,469 to €95,916
mainly Receivables within one year (-€295,647) and Debts after one year (-€59,095)
- Tangible fixed assets -€38,317
down €38,317 (-30.7%), from €124,778 to €86,460
of which Furniture and vehicles: -€32,515
- Current investments +€24,413
up €24,413 (+39.1%), from €62,402 to €86,815
- Reserves +€206,440
up €206,440 (+38.2%), from €540,616 to €747,056
- Debts after one year -€59,095
down €59,095 (-20.0%), from €294,755 to €235,660
- Other debts +€40,528
up €40,528 (+10.4%), from €389,739 to €430,267
- Current portion of long-term debt +€30,357
up €30,357 (+52.9%), from €57,386 to €87,743
- Gross operating margin +€18,423
up €18,423 (+5.2%), from €355,360 to €373,783
- Financial charges +€6,571
up €6,571 (+20.7%), from €31,687 to €38,259
- Taxes +€3,971
up €3,971 (+4.6%), from €87,211 to €91,182
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,329,835 | €1,562,062 | +€232,227 | +17.5% |
| Fixed assets | 21/28 | €612,421 | €574,103 | -€38,317 | -6.3% |
| Tangible fixed assets | 22/27 | €124,778 | €86,460 | -€38,317 | -30.7% |
| Plant, machinery and equipment | 23 | €28,739 | €22,937 | -€5,802 | -20.2% |
| Furniture and vehicles | 24 | €96,039 | €63,524 | -€32,515 | -33.9% |
| Financial fixed assets | 28 | €487,643 | €487,643 | = | 0.0% |
| Current assets | 29/58 | €717,415 | €987,959 | +€270,544 | +37.7% |
| Amounts receivable within one year | 40/41 | €502,568 | €798,214 | +€295,647 | +58.8% |
| Trade receivables | 40 | €29,397 | €109,220 | +€79,823 | +272% |
| Other amounts receivable | 41 | €473,170 | €688,994 | +€215,824 | +45.6% |
| Current investments | 50/53 | €62,402 | €86,815 | +€24,413 | +39.1% |
| Cash at bank and in hand | 54/58 | €147,469 | €95,916 | -€51,553 | -35.0% |
| Deferred charges and accrued income | 490/1 | €4,976 | €7,013 | +€2,037 | +40.9% |
| Total equity and liabilities | 10/49 | €1,329,835 | €1,562,062 | +€232,227 | +17.5% |
| Equity | 10/15 | €559,216 | €765,656 | +€206,440 | +36.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €540,616 | €747,056 | +€206,440 | +38.2% |
| Distributable reserves | 133 | €540,616 | €747,056 | +€206,440 | +38.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €770,619 | €796,407 | +€25,787 | +3.3% |
| Amounts payable after more than one year | 17 | €294,755 | €235,660 | -€59,095 | -20.0% |
| Financial debts | 170/4 | €294,755 | €235,660 | -€59,095 | -20.0% |
| Amounts payable within one year | 42/48 | €454,152 | €531,889 | +€77,737 | +17.1% |
| Current portion of amounts payable after more than one year | 42 | €57,386 | €87,743 | +€30,357 | +52.9% |
| Trade debts | 44 | €576 | €12 | -€564 | -97.9% |
| Suppliers | 440/4 | €576 | €12 | -€564 | -97.9% |
| Taxes, remuneration and social security | 45 | €6,451 | €13,867 | +€7,416 | +115% |
| Taxes | 450/3 | €6,451 | €13,867 | +€7,416 | +115% |
| Other amounts payable | 47/48 | €389,739 | €430,267 | +€40,528 | +10.4% |
| Accrued charges and deferred income | 492/3 | €21,712 | €28,858 | +€7,146 | +32.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,481 | €38,317 | -€164 | -0.4% |
| Other operating charges | 640/8 | €465 | €208 | -€257 | -55.3% |
| Gross operating margin | 9900 | €355,360 | €373,783 | +€18,423 | +5.2% |
| Operating profit (loss) | 9901 | €316,415 | €335,258 | +€18,844 | +6.0% |
| Financial income | 75/76B | €848 | €622 | -€226 | -26.6% |
| Recurring financial income | 75 | €848 | €622 | -€226 | -26.6% |
| Financial charges | 65/66B | €31,687 | €38,259 | +€6,571 | +20.7% |
| Recurring financial charges | 65 | €31,687 | €38,259 | +€6,571 | +20.7% |
| Profit (loss) for the period before taxes | 9903 | €285,575 | €297,622 | +€12,047 | +4.2% |
| Income taxes | 67/77 | €87,211 | €91,182 | +€3,971 | +4.6% |
| Profit (loss) for the period | 9904 | €198,364 | €206,440 | +€8,075 | +4.1% |
| Profit (loss) for the period to be appropriated | 9905 | €198,364 | €206,440 | +€8,075 | +4.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.