ZAGO: 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.
ZAGO
Largest movements
- Receivables within one year +€38,347
up €38,347 (+38.8%), from €98,738 to €137,085
of which Other amounts receivable: +€27,274
- Cash -€12,315
down €12,315 (-96.0%), from €12,828 to €513
mainly Receivables within one year (-€38,347) and Trade debts (-€3,831)
- Deferred charges and accrued income -€2,064
no longer reported in 2025 (was €2,064)
- Tangible fixed assets -€1,424
down €1,424 (-86.4%), from €1,648 to €224
- Reserves +€21,703
up €21,703 (+23.0%), from €94,448 to €116,151
- Tax, wage and social debts +€4,671
up €4,671 (+42.2%), from €11,058 to €15,730
- Trade debts -€3,831
down €3,831 (-46.3%), from €8,271 to €4,441
- Gross operating margin -€6,977
down €6,977 (-21.0%), from €33,212 to €26,235
- Financial income +€2,524
up €2,524 (+88.8%), from €2,843 to €5,367
- Depreciation -€552
down €552 (-27.9%), from €1,976 to €1,424
- Other operating charges -€510
down €510 (-72.5%), from €704 to €194
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 | €115,278 | €137,822 | +€22,544 | +19.6% |
| Fixed assets | 21/28 | €1,648 | €224 | -€1,424 | -86.4% |
| Tangible fixed assets | 22/27 | €1,648 | €224 | -€1,424 | -86.4% |
| Furniture and vehicles | 24 | €1,648 | €224 | -€1,424 | -86.4% |
| Current assets | 29/58 | €113,630 | €137,598 | +€23,968 | +21.1% |
| Amounts receivable within one year | 40/41 | €98,738 | €137,085 | +€38,347 | +38.8% |
| Trade receivables | 40 | €15,081 | €26,154 | +€11,073 | +73.4% |
| Other amounts receivable | 41 | €83,657 | €110,931 | +€27,274 | +32.6% |
| Cash at bank and in hand | 54/58 | €12,828 | €513 | -€12,315 | -96.0% |
| Deferred charges and accrued income | 490/1 | €2,064 | - | -€2,064 | |
| Total equity and liabilities | 10/49 | €115,278 | €137,822 | +€22,544 | +19.6% |
| Equity | 10/15 | €95,948 | €117,651 | +€21,703 | +22.6% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €94,448 | €116,151 | +€21,703 | +23.0% |
| Distributable reserves | 133 | €94,448 | €116,151 | +€21,703 | +23.0% |
| Amounts payable | 17/49 | €19,330 | €20,170 | +€841 | +4.3% |
| Amounts payable within one year | 42/48 | €19,330 | €20,170 | +€841 | +4.3% |
| Trade debts | 44 | €8,271 | €4,441 | -€3,831 | -46.3% |
| Suppliers | 440/4 | €8,271 | €4,441 | -€3,831 | -46.3% |
| Taxes, remuneration and social security | 45 | €11,058 | €15,730 | +€4,671 | +42.2% |
| Taxes | 450/3 | €11,058 | €15,730 | +€4,671 | +42.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,976 | €1,424 | -€552 | -27.9% |
| Other operating charges | 640/8 | €704 | €194 | -€510 | -72.5% |
| Gross operating margin | 9900 | €33,212 | €26,235 | -€6,977 | -21.0% |
| Operating profit (loss) | 9901 | €30,532 | €24,617 | -€5,915 | -19.4% |
| Financial income | 75/76B | €2,843 | €5,367 | +€2,524 | +88.8% |
| Recurring financial income | 75 | €2,843 | €5,367 | +€2,524 | +88.8% |
| Financial charges | 65/66B | €176 | €259 | +€84 | +47.5% |
| Recurring financial charges | 65 | €176 | €259 | +€84 | +47.5% |
| Profit (loss) for the period before taxes | 9903 | €33,199 | €29,724 | -€3,475 | -10.5% |
| Income taxes | 67/77 | €8,301 | €8,021 | -€280 | -3.4% |
| Profit (loss) for the period | 9904 | €24,899 | €21,703 | -€3,195 | -12.8% |
| Profit (loss) for the period to be appropriated | 9905 | €24,899 | €21,703 | -€3,195 | -12.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.