ZAKI & ACTIVATION: 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.
ZAKI & ACTIVATION
Largest movements
- Receivables within one year -€22,382
no longer reported in 2025 (was €22,382)
- Stocks and contracts -€12,527
down €12,527 (-56.3%), from €22,249 to €9,721
- Tangible fixed assets +€12,249
up €12,249 (+345%), from €3,555 to €15,803
- Cash -€1,527
down €1,527 (-27.5%), from €5,558 to €4,031
mainly Trade debts (-€33,093) and Investment in fixed assets (net) (-€20,328)
- Trade debts -€33,093
down €33,093 (-80.8%), from €40,956 to €7,864
- Other debts +€8,312
up €8,312 (+16.0%), from €51,995 to €60,306
- Tax, wage and social debts +€1,239
up €1,239 (+122%), from €1,015 to €2,253
- Profit (loss) carried forward -€645
down €645 (-1.5%), from -€42,323 to -€42,968
- Depreciation +€5,632
up €5,632 (+230%), from €2,447 to €8,079
- Other operating charges -€457
down €457 (-31.7%), from €1,439 to €983
- Gross operating margin -€216
down €216 (-2.4%), from €8,983 to €8,768
- Taxes +€167
new in 2025: €167
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.
Derived cash bridge
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 | €54,143 | €29,956 | -€24,187 | -44.7% |
| Fixed assets | 21/28 | €3,955 | €16,203 | +€12,249 | +310% |
| Tangible fixed assets | 22/27 | €3,555 | €15,803 | +€12,249 | +345% |
| Furniture and vehicles | 24 | €3,555 | €15,803 | +€12,249 | +345% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €50,188 | €13,752 | -€36,436 | -72.6% |
| Stocks and contracts in progress | 3 | €22,249 | €9,721 | -€12,527 | -56.3% |
| Stocks | 30/36 | €22,249 | €9,721 | -€12,527 | -56.3% |
| Amounts receivable within one year | 40/41 | €22,382 | - | -€22,382 | |
| Trade receivables | 40 | €22,382 | - | -€22,382 | |
| Cash at bank and in hand | 54/58 | €5,558 | €4,031 | -€1,527 | -27.5% |
| Total equity and liabilities | 10/49 | €54,143 | €29,956 | -€24,187 | -44.7% |
| Equity | 10/15 | -€39,823 | -€40,468 | -€645 | -1.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Contributions outside capital | 11 | €2,500 | €2,500 | = | 0.0% |
| Other | 1109/19 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€42,323 | -€42,968 | -€645 | -1.5% |
| Amounts payable | 17/49 | €93,966 | €70,423 | -€23,542 | -25.1% |
| Amounts payable within one year | 42/48 | €93,966 | €70,423 | -€23,542 | -25.1% |
| Trade debts | 44 | €40,956 | €7,864 | -€33,093 | -80.8% |
| Suppliers | 440/4 | €40,956 | €7,864 | -€33,093 | -80.8% |
| Taxes, remuneration and social security | 45 | €1,015 | €2,253 | +€1,239 | +122% |
| Taxes | 450/3 | €1,015 | €2,253 | +€1,239 | +122% |
| Other amounts payable | 47/48 | €51,995 | €60,306 | +€8,312 | +16.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,447 | €8,079 | +€5,632 | +230% |
| Other operating charges | 640/8 | €1,439 | €983 | -€457 | -31.7% |
| Gross operating margin | 9900 | €8,983 | €8,768 | -€216 | -2.4% |
| Operating profit (loss) | 9901 | €5,097 | -€294 | -€5,391 | |
| Financial charges | 65/66B | €153 | €183 | +€30 | +19.9% |
| Recurring financial charges | 65 | €153 | €183 | +€30 | +19.9% |
| Profit (loss) for the period before taxes | 9903 | €4,944 | -€478 | -€5,422 | |
| Income taxes | 67/77 | - | €167 | +€167 | |
| Profit (loss) for the period | 9904 | €4,944 | -€645 | -€5,589 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,944 | -€645 | -€5,589 |
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 22 October 2026 via checked.be.