ZAK: 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.
ZAK
Largest movements
- Cash +€19,032
up €19,032 (+13.1%), from €145,268 to €164,300
mainly Net result for the year (+€20,534) and Depreciation (+€4,537)
- Receivables within one year +€7,130
up €7,130 (+53.4%), from €13,343 to €20,472
of which Other amounts receivable: +€6,980
- Tangible fixed assets -€4,537
down €4,537 (-22.2%), from €20,455 to €15,919
of which Land and buildings: -€3,855
- Reserves +€20,534
up €20,534 (+13.5%), from €151,935 to €172,468
- Gross operating margin +€9,614
up €9,614 (+40.2%), from €23,941 to €33,555
- Taxes +€3,185
up €3,185 (+63.3%), from €5,029 to €8,213
- Depreciation -€2,612
down €2,612 (-36.5%), from €7,148 to €4,537
- Financial income +€352
up €352 (+41.7%), from €844 to €1,196
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 | €179,278 | €200,903 | +€21,626 | +12.1% |
| Fixed assets | 21/28 | €20,667 | €16,130 | -€4,537 | -22.0% |
| Tangible fixed assets | 22/27 | €20,455 | €15,919 | -€4,537 | -22.2% |
| Land and buildings | 22 | €18,925 | €15,070 | -€3,855 | -20.4% |
| Furniture and vehicles | 24 | €1,531 | €849 | -€682 | -44.6% |
| Financial fixed assets | 28 | €212 | €212 | = | 0.0% |
| Current assets | 29/58 | €158,611 | €184,773 | +€26,162 | +16.5% |
| Amounts receivable within one year | 40/41 | €13,343 | €20,472 | +€7,130 | +53.4% |
| Trade receivables | 40 | €4,573 | €4,722 | +€150 | +3.3% |
| Other amounts receivable | 41 | €8,770 | €15,750 | +€6,980 | +79.6% |
| Cash at bank and in hand | 54/58 | €145,268 | €164,300 | +€19,032 | +13.1% |
| Total equity and liabilities | 10/49 | €179,278 | €200,903 | +€21,626 | +12.1% |
| Equity | 10/15 | €170,535 | €191,068 | +€20,534 | +12.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €151,935 | €172,468 | +€20,534 | +13.5% |
| Distributable reserves | 133 | €151,935 | €172,468 | +€20,534 | +13.5% |
| Amounts payable | 17/49 | €8,743 | €9,835 | +€1,092 | +12.5% |
| Amounts payable within one year | 42/48 | €8,743 | €9,835 | +€1,092 | +12.5% |
| Trade debts | 44 | €6,200 | €6,021 | -€179 | -2.9% |
| Suppliers | 440/4 | €6,200 | €6,021 | -€179 | -2.9% |
| Taxes, remuneration and social security | 45 | €2,543 | €3,814 | +€1,271 | +50.0% |
| Taxes | 450/3 | €2,543 | €3,814 | +€1,271 | +50.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,148 | €4,537 | -€2,612 | -36.5% |
| Other operating charges | 640/8 | €1,261 | €1,371 | +€110 | +8.8% |
| Gross operating margin | 9900 | €23,941 | €33,555 | +€9,614 | +40.2% |
| Operating profit (loss) | 9901 | €15,532 | €27,646 | +€12,115 | +78.0% |
| Financial income | 75/76B | €844 | €1,196 | +€352 | +41.7% |
| Recurring financial income | 75 | €844 | €1,196 | +€352 | +41.7% |
| Financial charges | 65/66B | €98 | €95 | -€3 | -3.1% |
| Recurring financial charges | 65 | €98 | €95 | -€3 | -3.1% |
| Profit (loss) for the period before taxes | 9903 | €16,278 | €28,747 | +€12,469 | +76.6% |
| Income taxes | 67/77 | €5,029 | €8,213 | +€3,185 | +63.3% |
| Profit (loss) for the period | 9904 | €11,249 | €20,534 | +€9,285 | +82.5% |
| Profit (loss) for the period to be appropriated | 9905 | €11,249 | €20,534 | +€9,285 | +82.5% |
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 9 October 2026 via checked.be.