ZAKO: 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.
ZAKO
Largest movements
- Receivables within one year -€67,578
down €67,578 (-84.1%), from €80,339 to €12,760
of which Trade receivables: -€69,857
- Stocks and contracts -€15,018
down €15,018 (-11.2%), from €133,702 to €118,683
- Tangible fixed assets -€6,550
down €6,550 (-4.9%), from €133,388 to €126,838
of which Land and buildings: -€5,929
- Trade debts -€60,603
down €60,603 (-75.4%), from €80,370 to €19,767
- Other debts +€35,162
up €35,162 (+421.4%), from €8,343 to €43,505
- Short-term financial debts -€32,969
down €32,969 (-76.3%), from €43,226 to €10,256
- Debts after one year -€25,126
down €25,126 (-23.2%), from €108,516 to €83,390
- Advances received -€16,559
down €16,559 (-66.2%), from €25,013 to €8,454
- Gross operating margin +€27,717
up €27,717 (+98.0%), from €28,281 to €55,998
- Write-downs +€17,725
new in 2025: €17,725
- Depreciation -€5,689
down €5,689 (-43.0%), from €13,246 to €7,556
- Taxes +€3,106
up €3,106 (+243.0%), from €1,278 to €4,383
- Financial charges +€2,699
up €2,699 (+33.2%), from €8,131 to €10,830
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 | €352,680 | €261,008 | -€91,672 | -26.0% |
| Fixed assets | 21/28 | €133,896 | €128,058 | -€5,838 | -4.4% |
| Tangible fixed assets | 22/27 | €133,388 | €126,838 | -€6,550 | -4.9% |
| Land and buildings | 22 | €130,019 | €124,090 | -€5,929 | -4.6% |
| Plant, machinery and equipment | 23 | €536 | €298 | -€238 | -44.4% |
| Furniture and vehicles | 24 | €2,833 | €2,450 | -€383 | -13.5% |
| Financial fixed assets | 28 | €508 | €1,220 | +€712 | +140.3% |
| Current assets | 29/58 | €218,784 | €132,950 | -€85,834 | -39.2% |
| Stocks and contracts in progress | 3 | €133,702 | €118,683 | -€15,018 | -11.2% |
| Stocks | 30/36 | €133,702 | €118,683 | -€15,018 | -11.2% |
| Amounts receivable within one year | 40/41 | €80,339 | €12,760 | -€67,578 | -84.1% |
| Trade receivables | 40 | €79,397 | €9,540 | -€69,857 | -88.0% |
| Other amounts receivable | 41 | €942 | €3,220 | +€2,278 | +241.9% |
| Cash at bank and in hand | 54/58 | €3,200 | - | -€3,200 | |
| Deferred charges and accrued income | 490/1 | €1,544 | €1,507 | -€37 | -2.4% |
| Total equity and liabilities | 10/49 | €352,680 | €261,008 | -€91,672 | -26.0% |
| Equity | 10/15 | €54,181 | €64,643 | +€10,461 | +19.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Other | 1319 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | €33,721 | €44,183 | +€10,461 | +31.0% |
| Amounts payable | 17/49 | €298,498 | €196,365 | -€102,133 | -34.2% |
| Amounts payable after more than one year | 17 | €108,516 | €83,390 | -€25,126 | -23.2% |
| Financial debts | 170/4 | €108,516 | €83,390 | -€25,126 | -23.2% |
| Amounts payable within one year | 42/48 | €189,982 | €112,975 | -€77,007 | -40.5% |
| Current portion of amounts payable after more than one year | 42 | €28,310 | €25,126 | -€3,184 | -11.2% |
| Financial debts | 43 | €43,226 | €10,256 | -€32,969 | -76.3% |
| Credit institutions | 430/8 | €43,226 | €10,256 | -€32,969 | -76.3% |
| Trade debts | 44 | €80,370 | €19,767 | -€60,603 | -75.4% |
| Suppliers | 440/4 | €80,370 | €19,767 | -€60,603 | -75.4% |
| Advances received on contracts in progress | 46 | €25,013 | €8,454 | -€16,559 | -66.2% |
| Taxes, remuneration and social security | 45 | €4,721 | €5,867 | +€1,146 | +24.3% |
| Taxes | 450/3 | €4,721 | €5,867 | +€1,146 | +24.3% |
| Other amounts payable | 47/48 | €8,343 | €43,505 | +€35,162 | +421.4% |
| Remuneration, social security and pensions | 62 | €135 | €288 | +€153 | +113.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,246 | €7,556 | -€5,689 | -43.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €17,725 | +€17,725 | |
| Other operating charges | 640/8 | €2,320 | €4,956 | +€2,636 | +113.6% |
| Gross operating margin | 9900 | €28,281 | €55,998 | +€27,717 | +98.0% |
| Operating profit (loss) | 9901 | €12,580 | €25,473 | +€12,893 | +102.5% |
| Financial income | 75/76B | €159 | €202 | +€43 | +26.8% |
| Recurring financial income | 75 | €159 | €202 | +€43 | +26.8% |
| Financial charges | 65/66B | €8,131 | €10,830 | +€2,699 | +33.2% |
| Recurring financial charges | 65 | €8,131 | €10,830 | +€2,699 | +33.2% |
| Profit (loss) for the period before taxes | 9903 | €4,608 | €14,845 | +€10,237 | +222.2% |
| Income taxes | 67/77 | €1,278 | €4,383 | +€3,106 | +243.0% |
| Profit (loss) for the period | 9904 | €3,330 | €10,461 | +€7,131 | +214.1% |
| Profit (loss) for the period to be appropriated | 9905 | €3,330 | €10,461 | +€7,131 | +214.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.