ZAGREB: 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.
ZAGREB
Largest movements
- Cash -€77,587
down €77,587 (-34.6%), from €224,198 to €146,610
mainly Net result for the year (-€68,756) and Investment in fixed assets (net) (-€35,000)
- Receivables within one year -€37,524
no longer reported in 2025 (was €37,524)
of which Other amounts receivable: -€27,697
- Financial fixed assets +€35,000
up €35,000 (+1166.7%), from €3,000 to €38,000
- Tangible fixed assets -€3,943
down €3,943 (-47.2%), from €8,351 to €4,408
of which Plant, machinery and equipment: -€3,225
- Profit (loss) carried forward -€68,756
down €68,756 (-49.5%), from €138,978 to €70,222
- Trade debts -€13,869
down €13,869 (-39.7%), from €34,891 to €21,023
- Tax, wage and social debts -€13,253
down €13,253 (-42.4%), from €31,266 to €18,013
of which Taxes: -€13,626
- Other debts +€10,122
new in 2025: €10,122
- Current portion of long-term debt +€3,156
new in 2025: €3,156
- Gross operating margin -€98,800
down €98,800 (-40.6%), from €243,605 to €144,805
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 | €274,574 | €190,519 | -€84,054 | -30.6% |
| Fixed assets | 21/28 | €11,351 | €42,408 | +€31,057 | +273.6% |
| Tangible fixed assets | 22/27 | €8,351 | €4,408 | -€3,943 | -47.2% |
| Plant, machinery and equipment | 23 | €6,406 | €3,181 | -€3,225 | -50.3% |
| Furniture and vehicles | 24 | €1,946 | €1,228 | -€718 | -36.9% |
| Financial fixed assets | 28 | €3,000 | €38,000 | +€35,000 | +1166.7% |
| Current assets | 29/58 | €263,222 | €148,111 | -€115,112 | -43.7% |
| Stocks and contracts in progress | 3 | €1,501 | €1,501 | = | 0.0% |
| Stocks | 30/36 | €1,501 | €1,501 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €37,524 | - | -€37,524 | |
| Trade receivables | 40 | €9,828 | - | -€9,828 | |
| Other amounts receivable | 41 | €27,697 | - | -€27,697 | |
| Cash at bank and in hand | 54/58 | €224,198 | €146,610 | -€77,587 | -34.6% |
| Total equity and liabilities | 10/49 | €274,574 | €190,519 | -€84,054 | -30.6% |
| Equity | 10/15 | €204,658 | €135,902 | -€68,756 | -33.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €47,087 | €47,087 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,555 | €3,555 | = | 0.0% |
| Distributable reserves | 133 | €41,673 | €41,673 | = | 0.0% |
| Profit (loss) carried forward | 14 | €138,978 | €70,222 | -€68,756 | -49.5% |
| Amounts payable | 17/49 | €69,916 | €54,617 | -€15,299 | -21.9% |
| Amounts payable after more than one year | 17 | €3,759 | €2,304 | -€1,455 | -38.7% |
| Financial debts | 170/4 | €3,759 | €2,304 | -€1,455 | -38.7% |
| Amounts payable within one year | 42/48 | €66,157 | €52,314 | -€13,843 | -20.9% |
| Current portion of amounts payable after more than one year | 42 | - | €3,156 | +€3,156 | |
| Trade debts | 44 | €34,891 | €21,023 | -€13,869 | -39.7% |
| Suppliers | 440/4 | €34,891 | €21,023 | -€13,869 | -39.7% |
| Taxes, remuneration and social security | 45 | €31,266 | €18,013 | -€13,253 | -42.4% |
| Taxes | 450/3 | €19,336 | €5,710 | -€13,626 | -70.5% |
| Remuneration and social security | 454/9 | €11,930 | €12,303 | +€373 | +3.1% |
| Other amounts payable | 47/48 | - | €10,122 | +€10,122 | |
| Remuneration, social security and pensions | 62 | €194,292 | €193,940 | -€352 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,715 | €3,943 | -€772 | -16.4% |
| Other operating charges | 640/8 | €3,799 | €3,277 | -€522 | -13.7% |
| Gross operating margin | 9900 | €243,605 | €144,805 | -€98,800 | -40.6% |
| Operating profit (loss) | 9901 | €40,800 | -€56,354 | -€97,154 | |
| Financial income | 75/76B | €72 | €148 | +€76 | +104.7% |
| Recurring financial income | 75 | €72 | €148 | +€76 | +104.7% |
| Financial charges | 65/66B | €1,799 | €2,826 | +€1,027 | +57.1% |
| Recurring financial charges | 65 | €1,799 | €2,826 | +€1,027 | +57.1% |
| Profit (loss) for the period before taxes | 9903 | €39,072 | -€59,033 | -€98,105 | |
| Income taxes | 67/77 | €10,364 | €9,723 | -€641 | -6.2% |
| Profit (loss) for the period | 9904 | €28,709 | -€68,756 | -€97,464 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,709 | -€68,756 | -€97,464 |
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 10 October 2026 via checked.be.