ZANDBERGHOEVE: 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.
ZANDBERGHOEVE
Largest movements
- Cash +€50,551
up €50,551 (+18.6%), from €271,347 to €321,898
mainly Net result for the year (+€60,515) and Depreciation (+€23,106)
- Stocks and contracts -€11,315
down €11,315 (-36.9%), from €30,648 to €19,333
- Tangible fixed assets -€8,106
down €8,106 (-7.6%), from €106,033 to €97,926
of which Land and buildings: -€10,579
- Profit (loss) carried forward +€60,515
up €60,515 (+779%), from €7,765 to €68,280
- Other debts -€15,000
no longer reported in 2025 (was €15,000)
- Trade debts -€9,308
down €9,308 (-17.9%), from €51,923 to €42,615
- Gross operating margin -€43,772
down €43,772 (-18.3%), from €239,826 to €196,055
- Staff costs -€26,292
down €26,292 (-25.2%), from €104,177 to €77,885
- Financial income -€20,865
down €20,865 (-75.3%), from €27,695 to €6,831
of which Non-recurring financial income: -€26,665
- Taxes -€17,984
down €17,984 (-46.5%), from €38,697 to €20,713
- Financial charges +€3,411
up €3,411 (+416%), from €820 to €4,231
of which Non-recurring financial charges: +€2,856
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 | €623,403 | €654,208 | +€30,805 | +4.9% |
| Fixed assets | 21/28 | €106,033 | €97,926 | -€8,106 | -7.6% |
| Tangible fixed assets | 22/27 | €106,033 | €97,926 | -€8,106 | -7.6% |
| Land and buildings | 22 | €75,844 | €65,265 | -€10,579 | -13.9% |
| Plant, machinery and equipment | 23 | €15,687 | €11,716 | -€3,971 | -25.3% |
| Furniture and vehicles | 24 | €14,501 | €20,945 | +€6,444 | +44.4% |
| Current assets | 29/58 | €517,371 | €556,282 | +€38,911 | +7.5% |
| Stocks and contracts in progress | 3 | €30,648 | €19,333 | -€11,315 | -36.9% |
| Stocks | 30/36 | €30,648 | €19,333 | -€11,315 | -36.9% |
| Amounts receivable within one year | 40/41 | €17,540 | €20,071 | +€2,531 | +14.4% |
| Trade receivables | 40 | €17,540 | €17,292 | -€248 | -1.4% |
| Other amounts receivable | 41 | - | €2,779 | +€2,779 | |
| Current investments | 50/53 | €197,835 | €194,980 | -€2,856 | -1.4% |
| Cash at bank and in hand | 54/58 | €271,347 | €321,898 | +€50,551 | +18.6% |
| Total equity and liabilities | 10/49 | €623,403 | €654,208 | +€30,805 | +4.9% |
| Equity | 10/15 | €531,382 | €591,897 | +€60,515 | +11.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €505,017 | €505,017 | = | 0.0% |
| Distributable reserves | 133 | €505,017 | €505,017 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,765 | €68,280 | +€60,515 | +779% |
| Amounts payable | 17/49 | €92,022 | €62,311 | -€29,711 | -32.3% |
| Amounts payable within one year | 42/48 | €92,022 | €62,311 | -€29,711 | -32.3% |
| Trade debts | 44 | €51,923 | €42,615 | -€9,308 | -17.9% |
| Suppliers | 440/4 | €51,923 | €42,615 | -€9,308 | -17.9% |
| Taxes, remuneration and social security | 45 | €25,099 | €19,696 | -€5,403 | -21.5% |
| Taxes | 450/3 | €16,868 | €1,702 | -€15,165 | -89.9% |
| Remuneration and social security | 454/9 | €8,231 | €17,994 | +€9,763 | +119% |
| Other amounts payable | 47/48 | €15,000 | - | -€15,000 | |
| Remuneration, social security and pensions | 62 | €104,177 | €77,885 | -€26,292 | -25.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,469 | €23,106 | +€2,637 | +12.9% |
| Other operating charges | 640/8 | €13,111 | €16,435 | +€3,324 | +25.4% |
| Gross operating margin | 9900 | €239,826 | €196,055 | -€43,772 | -18.3% |
| Operating profit (loss) | 9901 | €102,069 | €78,629 | -€23,440 | -23.0% |
| Financial income | 75/76B | €27,695 | €6,831 | -€20,865 | -75.3% |
| Recurring financial income | 75 | €1,030 | €6,831 | +€5,801 | +563% |
| Non-recurring financial income | 76B | €26,665 | - | -€26,665 | |
| Financial charges | 65/66B | €820 | €4,231 | +€3,411 | +416% |
| Recurring financial charges | 65 | €820 | €1,375 | +€556 | +67.8% |
| Non-recurring financial charges | 66B | - | €2,856 | +€2,856 | |
| Profit (loss) for the period before taxes | 9903 | €128,944 | €81,228 | -€47,716 | -37.0% |
| Income taxes | 67/77 | €38,697 | €20,713 | -€17,984 | -46.5% |
| Profit (loss) for the period | 9904 | €90,248 | €60,515 | -€29,732 | -32.9% |
| Profit (loss) for the period to be appropriated | 9905 | €90,248 | €60,515 | -€29,732 | -32.9% |
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 1 November 2026 via checked.be.