ZALM: 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.
ZALM
Largest movements
- Cash +€58,661
up €58,661 (+2,577%), from €2,277 to €60,938
mainly Receivables within one year (+€36,235) and Depreciation (+€32,629)
- Receivables within one year -€36,235
down €36,235 (-51.7%), from €70,106 to €33,871
of which Trade receivables: -€37,507
- Tangible fixed assets -€22,274
down €22,274 (-6.1%), from €362,584 to €340,311
of which Leasing and similar rights: -€14,656
- Trade debts +€17,903
up €17,903 (+45.5%), from €39,314 to €57,218
- Debts after one year -€14,733
down €14,733 (-56.1%), from €26,264 to €11,531
- Reserves -€5,000
down €5,000 (-2.8%), from €180,860 to €175,860
of which Distributable reserves: -€5,000
- Other debts +€4,976
up €4,976 (+12.4%), from €39,972 to €44,948
- Gross operating margin +€8,027
up €8,027 (+9.7%), from €82,721 to €90,748
- Taxes +€1,778
up €1,778 (+14.9%), from €11,950 to €13,728
- Depreciation +€988
up €988 (+3.1%), from €31,641 to €32,629
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 | €434,967 | €435,119 | +€152 | 0.0% |
| Fixed assets | 21/28 | €362,584 | €340,311 | -€22,274 | -6.1% |
| Tangible fixed assets | 22/27 | €362,584 | €340,311 | -€22,274 | -6.1% |
| Plant, machinery and equipment | 23 | €234,616 | €227,327 | -€7,289 | -3.1% |
| Furniture and vehicles | 24 | €655 | €327 | -€328 | -50.1% |
| Leasing and similar rights | 25 | €127,313 | €112,657 | -€14,656 | -11.5% |
| Current assets | 29/58 | €72,383 | €94,808 | +€22,426 | +31.0% |
| Amounts receivable within one year | 40/41 | €70,106 | €33,871 | -€36,235 | -51.7% |
| Trade receivables | 40 | €70,106 | €32,599 | -€37,507 | -53.5% |
| Other amounts receivable | 41 | - | €1,272 | +€1,272 | |
| Cash at bank and in hand | 54/58 | €2,277 | €60,938 | +€58,661 | +2,577% |
| Total equity and liabilities | 10/49 | €434,967 | €435,119 | +€152 | 0.0% |
| Equity | 10/15 | €305,121 | €300,412 | -€4,709 | -1.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €180,860 | €175,860 | -€5,000 | -2.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €179,000 | €174,000 | -€5,000 | -2.8% |
| Profit (loss) carried forward | 14 | €118,061 | €118,352 | +€291 | +0.2% |
| Amounts payable | 17/49 | €129,846 | €134,707 | +€4,861 | +3.7% |
| Amounts payable after more than one year | 17 | €26,264 | €11,531 | -€14,733 | -56.1% |
| Financial debts | 170/4 | €26,264 | €11,531 | -€14,733 | -56.1% |
| Amounts payable within one year | 42/48 | €102,274 | €123,176 | +€20,902 | +20.4% |
| Current portion of amounts payable after more than one year | 42 | €14,032 | €14,733 | +€701 | +5.0% |
| Trade debts | 44 | €39,314 | €57,218 | +€17,903 | +45.5% |
| Suppliers | 440/4 | €39,314 | €57,218 | +€17,903 | +45.5% |
| Taxes, remuneration and social security | 45 | €8,956 | €6,278 | -€2,679 | -29.9% |
| Taxes | 450/3 | €8,956 | €6,278 | -€2,679 | -29.9% |
| Other amounts payable | 47/48 | €39,972 | €44,948 | +€4,976 | +12.4% |
| Accrued charges and deferred income | 492/3 | €1,307 | - | -€1,307 | |
| Non-recurring operating income | 76A | €5,000 | - | -€5,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,641 | €32,629 | +€988 | +3.1% |
| Other operating charges | 640/8 | €1,461 | €1,810 | +€349 | +23.9% |
| Gross operating margin | 9900 | €82,721 | €90,748 | +€8,027 | +9.7% |
| Operating profit (loss) | 9901 | €49,619 | €56,309 | +€6,690 | +13.5% |
| Financial income | 75/76B | €51 | €0 | -€51 | -99.7% |
| Recurring financial income | 75 | €51 | €0 | -€51 | -99.7% |
| Financial charges | 65/66B | €10,618 | €11,290 | +€672 | +6.3% |
| Recurring financial charges | 65 | €10,618 | €11,290 | +€672 | +6.3% |
| Profit (loss) for the period before taxes | 9903 | €39,052 | €45,019 | +€5,966 | +15.3% |
| Income taxes | 67/77 | €11,950 | €13,728 | +€1,778 | +14.9% |
| Profit (loss) for the period | 9904 | €27,103 | €31,291 | +€4,188 | +15.5% |
| Profit (loss) for the period to be appropriated | 9905 | €27,103 | €31,291 | +€4,188 | +15.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.