ZAHAV: 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.
ZAHAV
Largest movements
- Cash -€18,164
down €18,164 (-23.5%), from €77,202 to €59,038
mainly Net result for the year (-€25,352) and Tax, wage and social debts (-€420)
- Tangible fixed assets -€2,293
down €2,293 (-40.3%), from €5,692 to €3,399
of which Furniture and vehicles: -€1,721
- Receivables within one year -€1,924
down €1,924 (-23.0%), from €8,374 to €6,450
of which Other amounts receivable: -€3,116
- Profit (loss) carried forward -€25,352
down €25,352, from €11,742 to -€13,610
- Trade debts +€2,286
up €2,286 (+190.0%), from €1,203 to €3,489
- Accrued charges and deferred income +€1,500
new in 2025: €1,500
- Gross operating margin -€7,888
down €7,888 (-58.9%), from -€13,396 to -€21,283
- Financial charges -€3,773
down €3,773 (-90.4%), from €4,175 to €402
- Depreciation +€1,131
up €1,131 (+97.3%), from €1,162 to €2,293
- Other operating charges +€626
up €626 (+71.9%), from €870 to €1,496
- Financial income +€299
up €299 (+11643.2%), from €3 to €302
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 | €91,780 | €69,818 | -€21,962 | -23.9% |
| Fixed assets | 21/28 | €5,692 | €3,399 | -€2,293 | -40.3% |
| Tangible fixed assets | 22/27 | €5,692 | €3,399 | -€2,293 | -40.3% |
| Plant, machinery and equipment | 23 | €1,525 | €953 | -€572 | -37.5% |
| Furniture and vehicles | 24 | €4,167 | €2,446 | -€1,721 | -41.3% |
| Current assets | 29/58 | €86,088 | €66,419 | -€19,669 | -22.8% |
| Amounts receivable within one year | 40/41 | €8,374 | €6,450 | -€1,924 | -23.0% |
| Trade receivables | 40 | - | €1,192 | +€1,192 | |
| Other amounts receivable | 41 | €8,374 | €5,258 | -€3,116 | -37.2% |
| Cash at bank and in hand | 54/58 | €77,202 | €59,038 | -€18,164 | -23.5% |
| Deferred charges and accrued income | 490/1 | €512 | €930 | +€419 | +81.8% |
| Total equity and liabilities | 10/49 | €91,780 | €69,818 | -€21,962 | -23.9% |
| Equity | 10/15 | €86,512 | €61,159 | -€25,352 | -29.3% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Contributions outside capital | 11 | €30,000 | - | -€30,000 | |
| Other | 1109/19 | €30,000 | - | -€30,000 | |
| Reserves | 13 | €44,769 | €44,769 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €41,769 | €41,769 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,742 | -€13,610 | -€25,352 | |
| Amounts payable | 17/49 | €5,268 | €8,659 | +€3,391 | +64.4% |
| Amounts payable within one year | 42/48 | €5,268 | €7,159 | +€1,891 | +35.9% |
| Financial debts | 43 | €165 | €190 | +€25 | +15.2% |
| Credit institutions | 430/8 | €165 | €190 | +€25 | +15.2% |
| Trade debts | 44 | €1,203 | €3,489 | +€2,286 | +190.0% |
| Suppliers | 440/4 | €1,203 | €3,489 | +€2,286 | +190.0% |
| Taxes, remuneration and social security | 45 | €3,900 | €3,480 | -€420 | -10.8% |
| Taxes | 450/3 | €1,650 | €3,480 | +€1,830 | +110.9% |
| Remuneration and social security | 454/9 | €2,250 | €0 | -€2,250 | -100.0% |
| Accrued charges and deferred income | 492/3 | - | €1,500 | +€1,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,162 | €2,293 | +€1,131 | +97.3% |
| Other operating charges | 640/8 | €870 | €1,496 | +€626 | +71.9% |
| Gross operating margin | 9900 | -€13,396 | -€21,283 | -€7,888 | -58.9% |
| Operating profit (loss) | 9901 | -€15,429 | -€25,072 | -€9,644 | -62.5% |
| Financial income | 75/76B | €3 | €302 | +€299 | +11643.2% |
| Recurring financial income | 75 | €3 | €302 | +€299 | +11643.2% |
| Financial charges | 65/66B | €4,175 | €402 | -€3,773 | -90.4% |
| Recurring financial charges | 65 | €4,175 | €402 | -€3,773 | -90.4% |
| Profit (loss) for the period before taxes | 9903 | -€19,601 | -€25,173 | -€5,572 | -28.4% |
| Income taxes | 67/77 | - | €180 | +€180 | |
| Profit (loss) for the period | 9904 | -€19,601 | -€25,352 | -€5,751 | -29.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,601 | -€25,352 | -€5,751 | -29.3% |
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 11 October 2026 via checked.be.