ZANDER: 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.
ZANDER
Largest movements
- Stocks and contracts +€13,980
up €13,980 (+19.6%), from €71,338 to €85,318
of which Contracts in progress: +€15,030
- Tangible fixed assets +€4,486
up €4,486 (+10.7%), from €41,838 to €46,324
of which Plant, machinery and equipment: +€10,969
- Cash +€2,812
up €2,812 (+38.3%), from €7,342 to €10,154
mainly Other debts (+€21,064) and Depreciation (+€8,414)
- Receivables within one year +€1,594
new in 2025: €1,594
- Other debts +€21,064
up €21,064 (+51.4%), from €40,956 to €62,019
- Tax, wage and social debts +€7,601
up €7,601 (+419%), from €1,816 to €9,417
of which Remuneration and social security: +€8,800
- Debts after one year -€5,915
down €5,915 (-28.0%), from €21,116 to €15,201
- Gross operating margin -€8,543
down €8,543 (-38.9%), from €21,972 to €13,428
- Other operating charges -€6,298
down €6,298 (-84.6%), from €7,443 to €1,145
- Depreciation -€3,047
down €3,047 (-26.6%), from €11,461 to €8,414
- Taxes +€1,465
up €1,465 (+119%), from €1,233 to €2,698
- Financial charges +€514
up €514 (+79.6%), from €646 to €1,160
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 | €123,368 | €146,318 | +€22,950 | +18.6% |
| Fixed assets | 21/28 | €44,688 | €49,174 | +€4,486 | +10.0% |
| Tangible fixed assets | 22/27 | €41,838 | €46,324 | +€4,486 | +10.7% |
| Plant, machinery and equipment | 23 | €1,038 | €12,007 | +€10,969 | +1,057% |
| Furniture and vehicles | 24 | €40,800 | €34,317 | -€6,483 | -15.9% |
| Financial fixed assets | 28 | €2,850 | €2,850 | = | 0.0% |
| Current assets | 29/58 | €78,680 | €97,145 | +€18,464 | +23.5% |
| Stocks and contracts in progress | 3 | €71,338 | €85,318 | +€13,980 | +19.6% |
| Stocks | 30/36 | €55,033 | €53,983 | -€1,050 | -1.9% |
| Contracts in progress | 37 | €16,305 | €31,335 | +€15,030 | +92.2% |
| Amounts receivable within one year | 40/41 | - | €1,594 | +€1,594 | |
| Other amounts receivable | 41 | - | €1,594 | +€1,594 | |
| Cash at bank and in hand | 54/58 | €7,342 | €10,154 | +€2,812 | +38.3% |
| Deferred charges and accrued income | 490/1 | - | €78 | +€78 | |
| Total equity and liabilities | 10/49 | €123,368 | €146,318 | +€22,950 | +18.6% |
| Equity | 10/15 | €47,497 | €47,508 | +€11 | 0.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €9,971 | €9,971 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €8,111 | €8,111 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,326 | €31,337 | +€11 | 0.0% |
| Amounts payable | 17/49 | €75,871 | €98,810 | +€22,939 | +30.2% |
| Amounts payable after more than one year | 17 | €21,116 | €15,201 | -€5,915 | -28.0% |
| Financial debts | 170/4 | €21,116 | €15,201 | -€5,915 | -28.0% |
| Amounts payable within one year | 42/48 | €54,755 | €83,609 | +€28,854 | +52.7% |
| Current portion of amounts payable after more than one year | 42 | €5,674 | €5,915 | +€241 | +4.3% |
| Trade debts | 44 | €6,310 | €6,258 | -€52 | -0.8% |
| Suppliers | 440/4 | €6,310 | €6,258 | -€52 | -0.8% |
| Taxes, remuneration and social security | 45 | €1,816 | €9,417 | +€7,601 | +419% |
| Taxes | 450/3 | €1,816 | €617 | -€1,199 | -66.0% |
| Remuneration and social security | 454/9 | - | €8,800 | +€8,800 | |
| Other amounts payable | 47/48 | €40,956 | €62,019 | +€21,064 | +51.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,461 | €8,414 | -€3,047 | -26.6% |
| Other operating charges | 640/8 | €7,443 | €1,145 | -€6,298 | -84.6% |
| Gross operating margin | 9900 | €21,972 | €13,428 | -€8,543 | -38.9% |
| Operating profit (loss) | 9901 | €3,067 | €3,869 | +€802 | +26.1% |
| Financial income | 75/76B | €1 | €0 | -€1 | -98.1% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -98.1% |
| Financial charges | 65/66B | €646 | €1,160 | +€514 | +79.6% |
| Recurring financial charges | 65 | €646 | €1,160 | +€514 | +79.6% |
| Profit (loss) for the period before taxes | 9903 | €2,422 | €2,709 | +€287 | +11.8% |
| Income taxes | 67/77 | €1,233 | €2,698 | +€1,465 | +119% |
| Profit (loss) for the period | 9904 | €1,190 | €11 | -€1,178 | -99.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,190 | €11 | -€1,178 | -99.0% |
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 15 October 2026 via checked.be.