Zah!: 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.
Zah!
Largest movements
- Receivables within one year -€112,806
down €112,806 (-78.4%), from €143,959 to €31,153
of which Other amounts receivable: -€82,938
- Deferred charges and accrued income +€40,287
up €40,287 (+3084.0%), from €1,306 to €41,593
- Cash +€35,672
up €35,672 (+73.1%), from €48,789 to €84,461
mainly Receivables within one year (+€112,806) and Depreciation (+€35,000)
- Intangible fixed assets -€25,000
down €25,000 (-13.5%), from €185,417 to €160,417
- Tangible fixed assets -€10,000
down €10,000 (-41.4%), from €24,167 to €14,167
- Trade debts -€99,305
down €99,305 (-84.0%), from €118,214 to €18,908
- Profit (loss) carried forward -€66,997
down €66,997 (-171.0%), from -€39,171 to -€106,168
- Advances received +€33,161
up €33,161 (+144.8%), from €22,895 to €56,056
- Accrued charges and deferred income +€32,500
new in 2025: €32,500
- Other debts +€30,637
new in 2025: €30,637
- Purchases and services +€331,319
up €331,319 (+32.4%), from €1.0m to €1.4m
- Turnover +€298,598
up €298,598 (+29.1%), from €1.0m to €1.3m
- Gross operating margin -€32,721
down €32,721, from €5,555 to -€27,166
- Financial income +€23,103
new in 2025: €23,103
- Depreciation +€14,583
up €14,583 (+71.4%), from €20,417 to €35,000
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 | €403,638 | €333,790 | -€69,847 | -17.3% |
| Fixed assets | 21/28 | €209,583 | €176,583 | -€33,000 | -15.7% |
| Intangible fixed assets | 21 | €185,417 | €160,417 | -€25,000 | -13.5% |
| Tangible fixed assets | 22/27 | €24,167 | €14,167 | -€10,000 | -41.4% |
| Plant, machinery and equipment | 23 | €24,167 | €14,167 | -€10,000 | -41.4% |
| Financial fixed assets | 28 | - | €2,000 | +€2,000 | |
| Current assets | 29/58 | €194,054 | €157,207 | -€36,847 | -19.0% |
| Amounts receivable within one year | 40/41 | €143,959 | €31,153 | -€112,806 | -78.4% |
| Trade receivables | 40 | €36,469 | €6,601 | -€29,868 | -81.9% |
| Other amounts receivable | 41 | €107,490 | €24,552 | -€82,938 | -77.2% |
| Cash at bank and in hand | 54/58 | €48,789 | €84,461 | +€35,672 | +73.1% |
| Deferred charges and accrued income | 490/1 | €1,306 | €41,593 | +€40,287 | +3084.0% |
| Total equity and liabilities | 10/49 | €403,638 | €333,790 | -€69,847 | -17.3% |
| Equity | 10/15 | €162,529 | €95,532 | -€66,997 | -41.2% |
| Contributions | 10/11 | €201,700 | €201,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€39,171 | -€106,168 | -€66,997 | -171.0% |
| Amounts payable | 17/49 | €241,109 | €238,258 | -€2,850 | -1.2% |
| Amounts payable after more than one year | 17 | €100,000 | €100,000 | = | 0.0% |
| Financial debts | 170/4 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €141,109 | €105,758 | -€35,350 | -25.1% |
| Trade debts | 44 | €118,214 | €18,908 | -€99,305 | -84.0% |
| Suppliers | 440/4 | €118,214 | €18,908 | -€99,305 | -84.0% |
| Advances received on contracts in progress | 46 | €22,895 | €56,056 | +€33,161 | +144.8% |
| Taxes, remuneration and social security | 45 | - | €156 | +€156 | |
| Taxes | 450/3 | - | €156 | +€156 | |
| Other amounts payable | 47/48 | - | €30,637 | +€30,637 | |
| Accrued charges and deferred income | 492/3 | - | €32,500 | +€32,500 | |
| Turnover | 70 | €1,026,742 | €1,325,341 | +€298,598 | +29.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,021,187 | €1,352,507 | +€331,319 | +32.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,417 | €35,000 | +€14,583 | +71.4% |
| Other operating charges | 640/8 | €803 | €600 | -€203 | -25.3% |
| Gross operating margin | 9900 | €5,555 | -€27,166 | -€32,721 | |
| Operating profit (loss) | 9901 | -€15,664 | -€62,766 | -€47,102 | -300.7% |
| Financial income | 75/76B | - | €23,103 | +€23,103 | |
| Recurring financial income | 75 | - | €23,103 | +€23,103 | |
| Financial charges | 65/66B | €23,507 | €27,335 | +€3,828 | +16.3% |
| Recurring financial charges | 65 | €23,507 | €22,791 | -€715 | -3.0% |
| Non-recurring financial charges | 66B | - | €4,543 | +€4,543 | |
| Profit (loss) for the period before taxes | 9903 | -€39,171 | -€66,997 | -€27,826 | -71.0% |
| Profit (loss) for the period | 9904 | -€39,171 | -€66,997 | -€27,826 | -71.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€39,171 | -€66,997 | -€27,826 | -71.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.