ZAI: what changed
ZAI
Largest movements
- Stocks and contracts +€7,057
up €7,057 (+13.1%), from €53,956 to €61,013
- Cash +€4,414
up €4,414 (+34.1%), from €12,931 to €17,345
mainly Other debts (+€6,430) and Net result for the year (+€5,066)
- Tangible fixed assets +€3,796
up €3,796 (+113%), from €3,365 to €7,161
of which Plant, machinery and equipment: +€3,850
- Receivables within one year +€1,006
up €1,006 (+116%), from €864 to €1,870
- Other debts +€6,430
up €6,430 (+458%), from €1,404 to €7,834
- Profit (loss) carried forward +€5,066
up €5,066 (+25.1%), from €20,198 to €25,264
- Trade debts +€2,977
up €2,977 (+52.3%), from €5,687 to €8,664
- Tax, wage and social debts +€1,800
new in 2025: €1,800
- Gross operating margin -€2,868
down €2,868 (-18.4%), from €15,623 to €12,755
- Depreciation +€1,594
up €1,594 (+123%), from €1,298 to €2,892
- Taxes -€1,253
down €1,253 (-47.0%), from €2,664 to €1,411
- Other operating charges +€254
up €254 (+46.6%), from €545 to €799
- Financial charges +€197
up €197 (+8.2%), from €2,390 to €2,587
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 | €74,056 | €90,329 | +€16,273 | +22.0% |
| Fixed assets | 21/28 | €6,305 | €10,101 | +€3,796 | +60.2% |
| Tangible fixed assets | 22/27 | €3,365 | €7,161 | +€3,796 | +113% |
| Plant, machinery and equipment | 23 | €3,311 | €7,161 | +€3,850 | +116% |
| Other tangible fixed assets | 26 | €54 | - | -€54 | |
| Financial fixed assets | 28 | €2,940 | €2,940 | = | 0.0% |
| Current assets | 29/58 | €67,751 | €80,228 | +€12,477 | +18.4% |
| Stocks and contracts in progress | 3 | €53,956 | €61,013 | +€7,057 | +13.1% |
| Stocks | 30/36 | €53,956 | €61,013 | +€7,057 | +13.1% |
| Amounts receivable within one year | 40/41 | €864 | €1,870 | +€1,006 | +116% |
| Other amounts receivable | 41 | €864 | €1,870 | +€1,006 | +116% |
| Cash at bank and in hand | 54/58 | €12,931 | €17,345 | +€4,414 | +34.1% |
| Total equity and liabilities | 10/49 | €74,056 | €90,329 | +€16,273 | +22.0% |
| Equity | 10/15 | €66,965 | €72,031 | +€5,066 | +7.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €28,167 | €28,167 | = | 0.0% |
| Distributable reserves | 133 | €28,167 | €28,167 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,198 | €25,264 | +€5,066 | +25.1% |
| Amounts payable | 17/49 | €7,091 | €18,298 | +€11,207 | +158% |
| Amounts payable within one year | 42/48 | €7,091 | €18,298 | +€11,207 | +158% |
| Trade debts | 44 | €5,687 | €8,664 | +€2,977 | +52.3% |
| Suppliers | 440/4 | €5,687 | €8,664 | +€2,977 | +52.3% |
| Taxes, remuneration and social security | 45 | - | €1,800 | +€1,800 | |
| Taxes | 450/3 | - | €1,800 | +€1,800 | |
| Other amounts payable | 47/48 | €1,404 | €7,834 | +€6,430 | +458% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,298 | €2,892 | +€1,594 | +123% |
| Other operating charges | 640/8 | €545 | €799 | +€254 | +46.6% |
| Gross operating margin | 9900 | €15,623 | €12,755 | -€2,868 | -18.4% |
| Operating profit (loss) | 9901 | €13,780 | €9,064 | -€4,716 | -34.2% |
| Financial charges | 65/66B | €2,390 | €2,587 | +€197 | +8.2% |
| Recurring financial charges | 65 | €2,390 | €2,587 | +€197 | +8.2% |
| Profit (loss) for the period before taxes | 9903 | €11,390 | €6,477 | -€4,913 | -43.1% |
| Income taxes | 67/77 | €2,664 | €1,411 | -€1,253 | -47.0% |
| Profit (loss) for the period | 9904 | €8,726 | €5,066 | -€3,660 | -41.9% |
| Profit (loss) for the period to be appropriated | 9905 | €8,726 | €5,066 | -€3,660 | -41.9% |
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 3 November 2026 via checked.be.