ZAMBEZI: 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.
ZAMBEZI
Largest movements
- Cash +€23,775
up €23,775 (+14.1%), from €168,969 to €192,744
mainly Other debts (+€66,186) and Depreciation (+€15,904)
- Tangible fixed assets -€15,122
down €15,122 (-95.2%), from €15,891 to €769
of which Land and buildings: -€15,891
- Receivables within one year +€3,499
up €3,499 (+52.8%), from €6,621 to €10,120
of which Trade receivables: +€4,915
- Other debts +€66,186
up €66,186 (+20,267%), from €327 to €66,513
- Reserves -€51,182
down €51,182 (-30.7%), from €166,763 to €115,580
- Tax, wage and social debts +€3,543
up €3,543 (+249%), from €1,425 to €4,967
- Current portion of long-term debt -€3,323
down €3,323 (-74.3%), from €4,474 to €1,151
- Trade debts -€2,550
down €2,550 (-78.4%), from €3,253 to €703
- Gross operating margin +€22,840
up €22,840 (+144%), from €15,882 to €38,722
- Depreciation +€10,824
up €10,824 (+213%), from €5,080 to €15,904
- Taxes +€5,145
up €5,145 (+149%), from €3,464 to €8,609
- Financial charges +€1,701
up €1,701 (+306%), from €555 to €2,256
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 | €191,702 | €203,769 | +€12,067 | +6.3% |
| Fixed assets | 21/28 | €15,891 | €769 | -€15,122 | -95.2% |
| Tangible fixed assets | 22/27 | €15,891 | €769 | -€15,122 | -95.2% |
| Land and buildings | 22 | €15,891 | - | -€15,891 | |
| Furniture and vehicles | 24 | - | €769 | +€769 | |
| Current assets | 29/58 | €175,811 | €203,000 | +€27,189 | +15.5% |
| Amounts receivable within one year | 40/41 | €6,621 | €10,120 | +€3,499 | +52.8% |
| Trade receivables | 40 | €5,206 | €10,120 | +€4,915 | +94.4% |
| Other amounts receivable | 41 | €1,416 | - | -€1,416 | |
| Cash at bank and in hand | 54/58 | €168,969 | €192,744 | +€23,775 | +14.1% |
| Deferred charges and accrued income | 490/1 | €220 | €135 | -€85 | -38.8% |
| Total equity and liabilities | 10/49 | €191,702 | €203,769 | +€12,067 | +6.3% |
| Equity | 10/15 | €181,072 | €129,890 | -€51,182 | -28.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €166,763 | €115,580 | -€51,182 | -30.7% |
| Distributable reserves | 133 | €166,763 | €115,580 | -€51,182 | -30.7% |
| Profit (loss) carried forward | 14 | €1,910 | €1,910 | = | 0.0% |
| Amounts payable | 17/49 | €10,629 | €73,879 | +€63,249 | +595% |
| Amounts payable after more than one year | 17 | €1,151 | - | -€1,151 | |
| Financial debts | 170/4 | €1,151 | - | -€1,151 | |
| Amounts payable within one year | 42/48 | €9,478 | €73,334 | +€63,856 | +674% |
| Current portion of amounts payable after more than one year | 42 | €4,474 | €1,151 | -€3,323 | -74.3% |
| Trade debts | 44 | €3,253 | €703 | -€2,550 | -78.4% |
| Suppliers | 440/4 | €3,253 | €703 | -€2,550 | -78.4% |
| Taxes, remuneration and social security | 45 | €1,425 | €4,967 | +€3,543 | +249% |
| Taxes | 450/3 | €1,425 | €4,967 | +€3,543 | +249% |
| Other amounts payable | 47/48 | €327 | €66,513 | +€66,186 | +20,267% |
| Accrued charges and deferred income | 492/3 | - | €544 | +€544 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,080 | €15,904 | +€10,824 | +213% |
| Other operating charges | 640/8 | €800 | €1,008 | +€208 | +26.0% |
| Gross operating margin | 9900 | €15,882 | €38,722 | +€22,840 | +144% |
| Operating profit (loss) | 9901 | €10,002 | €21,810 | +€11,808 | +118% |
| Financial income | 75/76B | €221 | €335 | +€114 | +51.8% |
| Recurring financial income | 75 | €221 | €335 | +€114 | +51.8% |
| Financial charges | 65/66B | €555 | €2,256 | +€1,701 | +306% |
| Recurring financial charges | 65 | €555 | €2,256 | +€1,701 | +306% |
| Profit (loss) for the period before taxes | 9903 | €9,668 | €19,889 | +€10,222 | +106% |
| Income taxes | 67/77 | €3,464 | €8,609 | +€5,145 | +149% |
| Profit (loss) for the period | 9904 | €6,204 | €11,281 | +€5,077 | +81.8% |
| Profit (loss) for the period to be appropriated | 9905 | €6,204 | €11,281 | +€5,077 | +81.8% |
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 14 October 2026 via checked.be.