ZALUCO: 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.
ZALUCO
Largest movements
- Cash +€108,460
up €108,460 (+509%), from €21,309 to €129,769
mainly Debts after one year (+€215,332) and Depreciation (+€76,000)
- Tangible fixed assets -€76,000
down €76,000 (-7.0%), from €1.1m to €1.0m
- Debts after one year +€215,332
up €215,332 (+29.8%), from €723,571 to €938,903
- Other debts -€171,908
down €171,908 (-55.6%), from €309,236 to €137,327
- Revaluation surpluses -€76,000
down €76,000 (-7.1%), from €1.1m to €988,000
- Reserves +€76,000
up €76,000 (+15.4%), from €491,945 to €567,945
of which Distributable reserves: +€76,000
- Financial charges -€47,805
down €47,805 (-60.5%), from €79,064 to €31,259
of which Non-recurring financial charges: -€29,740
- Gross operating margin -€8,546
down €8,546 (-6.5%), from €130,747 to €122,200
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 | €1,916,738 | €1,947,757 | +€31,019 | +1.6% |
| Fixed assets | 21/28 | €1,174,577 | €1,097,937 | -€76,640 | -6.5% |
| Tangible fixed assets | 22/27 | €1,080,577 | €1,004,577 | -€76,000 | -7.0% |
| Land and buildings | 22 | €1,080,577 | €1,004,577 | -€76,000 | -7.0% |
| Financial fixed assets | 28 | €94,000 | €93,360 | -€640 | -0.7% |
| Current assets | 29/58 | €742,160 | €849,820 | +€107,659 | +14.5% |
| Amounts receivable after more than one year | 29 | €609,864 | €609,864 | = | 0.0% |
| Trade receivables | 290 | €609,864 | €609,864 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €107,841 | €107,013 | -€828 | -0.8% |
| Trade receivables | 40 | €104,610 | €103,604 | -€1,006 | -1.0% |
| Other amounts receivable | 41 | €3,231 | €3,409 | +€177 | +5.5% |
| Current investments | 50/53 | €5 | - | -€5 | |
| Cash at bank and in hand | 54/58 | €21,309 | €129,769 | +€108,460 | +509% |
| Deferred charges and accrued income | 490/1 | €3,142 | €3,174 | +€32 | +1.0% |
| Total equity and liabilities | 10/49 | €1,916,738 | €1,947,757 | +€31,019 | +1.6% |
| Equity | 10/15 | €802,817 | €797,817 | -€5,000 | -0.6% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Capital | 10 | €400,000 | €400,000 | = | 0.0% |
| Issued capital | 100 | €400,000 | €400,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,064,000 | €988,000 | -€76,000 | -7.1% |
| Reserves | 13 | €491,945 | €567,945 | +€76,000 | +15.4% |
| Non-distributable reserves | 130/1 | €35,945 | €35,945 | = | 0.0% |
| Legal reserve | 130 | €35,945 | €35,945 | = | 0.0% |
| Distributable reserves | 133 | €456,000 | €532,000 | +€76,000 | +16.7% |
| Profit (loss) carried forward | 14 | -€1,153,128 | -€1,158,127 | -€5,000 | -0.4% |
| Amounts payable | 17/49 | €1,113,921 | €1,149,940 | +€36,019 | +3.2% |
| Amounts payable after more than one year | 17 | €723,571 | €938,903 | +€215,332 | +29.8% |
| Financial debts | 170/4 | €723,571 | €938,903 | +€215,332 | +29.8% |
| Amounts payable within one year | 42/48 | €388,823 | €211,037 | -€177,786 | -45.7% |
| Current portion of amounts payable after more than one year | 42 | €76,832 | €71,429 | -€5,404 | -7.0% |
| Financial debts | 43 | €467 | - | -€467 | |
| Credit institutions | 430/8 | €467 | - | -€467 | |
| Trade debts | 44 | €2,288 | €2,281 | -€7 | -0.3% |
| Suppliers | 440/4 | €2,288 | €2,281 | -€7 | -0.3% |
| Other amounts payable | 47/48 | €309,236 | €137,327 | -€171,908 | -55.6% |
| Accrued charges and deferred income | 492/3 | €1,527 | - | -€1,527 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,000 | €76,000 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€1,112 | -€1,112 | |
| Other operating charges | 640/8 | €22,289 | €21,847 | -€442 | -2.0% |
| Gross operating margin | 9900 | €130,747 | €122,200 | -€8,546 | -6.5% |
| Operating profit (loss) | 9901 | €32,458 | €25,465 | -€6,992 | -21.5% |
| Financial income | 75/76B | €0 | €794 | +€794 | +661,800% |
| Recurring financial income | 75 | €0 | €794 | +€794 | +661,800% |
| Financial charges | 65/66B | €79,064 | €31,259 | -€47,805 | -60.5% |
| Recurring financial charges | 65 | €49,324 | €31,259 | -€18,065 | -36.6% |
| Non-recurring financial charges | 66B | €29,740 | - | -€29,740 | |
| Profit (loss) for the period before taxes | 9903 | -€46,606 | -€5,000 | +€41,607 | +89.3% |
| Income taxes | 67/77 | €0 | - | -€0 | |
| Profit (loss) for the period | 9904 | -€46,606 | -€5,000 | +€41,607 | +89.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€46,606 | -€5,000 | +€41,607 | +89.3% |
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 28 October 2026 via checked.be.