ZAM: 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.
ZAM
Largest movements
- Tangible fixed assets +€581,512
up €581,512 (+26.4%), from €2.2m to €2.8m
of which Land and buildings: +€572,585
- Cash -€409,650
down €409,650 (-93.1%), from €439,795 to €30,145
mainly Investment in fixed assets (net) (-€675,163) and Other debts (-€75,321)
- Short-term financial debts +€211,900
new in 2025: €211,900
- Debts after one year +€126,983
up €126,983 (+13.3%), from €957,791 to €1.1m
of which Financial debts: +€123,054
- Other debts -€75,321
down €75,321 (-23.3%), from €322,755 to €247,434
- Tax, wage and social debts -€48,069
down €48,069 (-45.0%), from €106,915 to €58,846
of which Taxes: -€71,352
- Gross operating margin -€464,270
down €464,270 (-84.2%), from €551,425 to €87,155
- Taxes -€105,973
down €105,973 (-99.1%), from €106,897 to €923
- Financial charges -€26,373
down €26,373 (-39.6%), from €66,536 to €40,163
- Depreciation +€11,516
up €11,516 (+14.0%), from €82,135 to €93,650
- Staff costs +€6,498
new in 2025: €6,498
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 | €2,790,181 | €2,979,941 | +€189,760 | +6.8% |
| Fixed assets | 21/28 | €2,202,808 | €2,784,321 | +€581,512 | +26.4% |
| Tangible fixed assets | 22/27 | €2,201,733 | €2,783,246 | +€581,512 | +26.4% |
| Land and buildings | 22 | €2,192,639 | €2,765,225 | +€572,585 | +26.1% |
| Plant, machinery and equipment | 23 | €9,094 | €8,814 | -€280 | -3.1% |
| Furniture and vehicles | 24 | - | €9,207 | +€9,207 | |
| Financial fixed assets | 28 | €1,075 | €1,075 | = | 0.0% |
| Current assets | 29/58 | €587,372 | €195,620 | -€391,752 | -66.7% |
| Stocks and contracts in progress | 3 | €50,000 | €50,000 | = | 0.0% |
| Stocks | 30/36 | €50,000 | €50,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €93,990 | €111,040 | +€17,050 | +18.1% |
| Trade receivables | 40 | €14,100 | €26,040 | +€11,940 | +84.7% |
| Other amounts receivable | 41 | €79,890 | €85,000 | +€5,110 | +6.4% |
| Cash at bank and in hand | 54/58 | €439,795 | €30,145 | -€409,650 | -93.1% |
| Deferred charges and accrued income | 490/1 | €3,587 | €4,435 | +€847 | +23.6% |
| Total equity and liabilities | 10/49 | €2,790,181 | €2,979,941 | +€189,760 | +6.8% |
| Equity | 10/15 | €933,810 | €885,753 | -€48,057 | -5.1% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €833,810 | €810,308 | -€23,501 | -2.8% |
| Tax-exempt reserves | 132 | €539,986 | €516,485 | -€23,501 | -4.4% |
| Distributable reserves | 133 | €293,824 | €293,824 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€24,556 | -€24,556 | |
| Provisions and deferred taxes | 16 | €155,369 | €149,494 | -€5,875 | -3.8% |
| Deferred taxes | 168 | €155,369 | €149,494 | -€5,875 | -3.8% |
| Amounts payable | 17/49 | €1,701,002 | €1,944,694 | +€243,692 | +14.3% |
| Amounts payable after more than one year | 17 | €957,791 | €1,084,774 | +€126,983 | +13.3% |
| Financial debts | 170/4 | €921,932 | €1,044,986 | +€123,054 | +13.3% |
| Other amounts payable | 178/9 | €35,859 | €39,788 | +€3,929 | +11.0% |
| Amounts payable within one year | 42/48 | €682,939 | €799,648 | +€116,709 | +17.1% |
| Current portion of amounts payable after more than one year | 42 | €201,320 | €211,946 | +€10,625 | +5.3% |
| Financial debts | 43 | - | €211,900 | +€211,900 | |
| Credit institutions | 430/8 | - | €211,900 | +€211,900 | |
| Trade debts | 44 | €51,949 | €69,523 | +€17,574 | +33.8% |
| Suppliers | 440/4 | €51,949 | €69,523 | +€17,574 | +33.8% |
| Taxes, remuneration and social security | 45 | €106,915 | €58,846 | -€48,069 | -45.0% |
| Taxes | 450/3 | €106,915 | €35,563 | -€71,352 | -66.7% |
| Remuneration and social security | 454/9 | - | €23,283 | +€23,283 | |
| Other amounts payable | 47/48 | €322,755 | €247,434 | -€75,321 | -23.3% |
| Accrued charges and deferred income | 492/3 | €60,272 | €60,272 | = | 0.0% |
| Non-recurring operating income | 76A | €243 | €3,316 | +€3,073 | +1265.7% |
| Remuneration, social security and pensions | 62 | - | €6,498 | +€6,498 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,135 | €93,650 | +€11,516 | +14.0% |
| Other operating charges | 640/8 | €477 | €385 | -€92 | -19.2% |
| Gross operating margin | 9900 | €551,425 | €87,155 | -€464,270 | -84.2% |
| Operating profit (loss) | 9901 | €468,814 | -€13,379 | -€482,193 | |
| Financial income | 75/76B | €1,768 | €533 | -€1,235 | -69.9% |
| Recurring financial income | 75 | €1,768 | €533 | -€1,235 | -69.9% |
| Financial charges | 65/66B | €66,536 | €40,163 | -€26,373 | -39.6% |
| Recurring financial charges | 65 | €66,536 | €40,163 | -€26,373 | -39.6% |
| Profit (loss) for the period before taxes | 9903 | €404,045 | -€53,009 | -€457,054 | |
| Transfer from deferred taxes | 780 | €5,952 | €5,875 | -€77 | -1.3% |
| Income taxes | 67/77 | €106,897 | €923 | -€105,973 | -99.1% |
| Profit (loss) for the period | 9904 | €303,101 | -€48,057 | -€351,157 | |
| Transfer from tax-exempt reserves | 789 | €23,808 | €23,501 | -€307 | -1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €326,909 | -€24,556 | -€351,464 |
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 3 October 2026 via checked.be.