ZANDER INDENCLEEF: 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 INDENCLEEF
Largest movements
- Receivables within one year -€46,957
down €46,957 (-86.5%), from €54,311 to €7,354
of which Other amounts receivable: -€27,909
- Stocks and contracts +€18,302
up €18,302 (+6.5%), from €283,135 to €301,438
- Cash -€4,314
down €4,314 (-10.6%), from €40,685 to €36,371
mainly Stocks and contracts (-€18,302) and Investment in fixed assets (net) (-€15,171)
- Trade debts -€13,077
down €13,077 (-30.9%), from €42,296 to €29,218
- Other debts +€11,525
up €11,525 (+8.9%), from €129,474 to €140,999
- Debts after one year -€11,110
down €11,110 (-8.0%), from €139,451 to €128,341
of which Financial debts: -€11,110
- Tax, wage and social debts -€8,617
down €8,617 (-81.4%), from €10,588 to €1,971
of which Taxes: -€8,617
- Accrued charges and deferred income -€5,347
down €5,347 (-98.1%), from €5,452 to €105
- Gross operating margin -€7,214
down €7,214 (-25.8%), from €27,977 to €20,763
- Depreciation -€5,117
down €5,117 (-22.6%), from €22,658 to €17,540
- Other operating charges +€1,352
up €1,352 (+60.2%), from €2,247 to €3,599
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 | €431,004 | €397,136 | -€33,867 | -7.9% |
| Fixed assets | 21/28 | €50,578 | €48,208 | -€2,370 | -4.7% |
| Tangible fixed assets | 22/27 | €50,443 | €48,073 | -€2,370 | -4.7% |
| Land and buildings | 22 | €23,805 | €22,088 | -€1,717 | -7.2% |
| Plant, machinery and equipment | 23 | €5,754 | €12,764 | +€7,010 | +121.8% |
| Furniture and vehicles | 24 | €20,883 | €13,221 | -€7,662 | -36.7% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €380,426 | €348,929 | -€31,497 | -8.3% |
| Stocks and contracts in progress | 3 | €283,135 | €301,438 | +€18,302 | +6.5% |
| Stocks | 30/36 | €283,135 | €301,438 | +€18,302 | +6.5% |
| Amounts receivable within one year | 40/41 | €54,311 | €7,354 | -€46,957 | -86.5% |
| Trade receivables | 40 | €22,214 | €3,166 | -€19,048 | -85.7% |
| Other amounts receivable | 41 | €32,097 | €4,189 | -€27,909 | -87.0% |
| Cash at bank and in hand | 54/58 | €40,685 | €36,371 | -€4,314 | -10.6% |
| Deferred charges and accrued income | 490/1 | €2,295 | €3,765 | +€1,470 | +64.1% |
| Total equity and liabilities | 10/49 | €431,004 | €397,136 | -€33,867 | -7.9% |
| Equity | 10/15 | €87,949 | €85,392 | -€2,557 | -2.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €67,949 | €65,842 | -€2,107 | -3.1% |
| Distributable reserves | 133 | €67,949 | €65,842 | -€2,107 | -3.1% |
| Profit (loss) carried forward | 14 | - | -€450 | -€450 | |
| Amounts payable | 17/49 | €343,054 | €311,744 | -€31,310 | -9.1% |
| Amounts payable after more than one year | 17 | €139,451 | €128,341 | -€11,110 | -8.0% |
| Financial debts | 170/4 | €24,451 | €13,341 | -€11,110 | -45.4% |
| Other amounts payable | 178/9 | €115,000 | €115,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €198,151 | €183,299 | -€14,853 | -7.5% |
| Current portion of amounts payable after more than one year | 42 | €15,793 | €11,110 | -€4,683 | -29.7% |
| Trade debts | 44 | €42,296 | €29,218 | -€13,077 | -30.9% |
| Suppliers | 440/4 | €42,296 | €29,218 | -€13,077 | -30.9% |
| Taxes, remuneration and social security | 45 | €10,588 | €1,971 | -€8,617 | -81.4% |
| Taxes | 450/3 | €8,838 | €221 | -€8,617 | -97.5% |
| Remuneration and social security | 454/9 | €1,750 | €1,750 | = | 0.0% |
| Other amounts payable | 47/48 | €129,474 | €140,999 | +€11,525 | +8.9% |
| Accrued charges and deferred income | 492/3 | €5,452 | €105 | -€5,347 | -98.1% |
| Non-recurring operating income | 76A | - | €1,000 | +€1,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,658 | €17,540 | -€5,117 | -22.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €2,247 | €3,599 | +€1,352 | +60.2% |
| Gross operating margin | 9900 | €27,977 | €20,763 | -€7,214 | -25.8% |
| Operating profit (loss) | 9901 | €3,072 | -€376 | -€3,448 | |
| Financial income | 75/76B | €2 | €16 | +€14 | +627.9% |
| Recurring financial income | 75 | €2 | €16 | +€14 | +627.9% |
| Financial charges | 65/66B | €2,467 | €2,198 | -€269 | -10.9% |
| Recurring financial charges | 65 | €2,467 | €2,198 | -€269 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | €608 | -€2,557 | -€3,165 | |
| Income taxes | 67/77 | €97 | €0 | -€97 | -100.0% |
| Profit (loss) for the period | 9904 | €511 | -€2,557 | -€3,068 | |
| Profit (loss) for the period to be appropriated | 9905 | €511 | -€2,557 | -€3,068 |
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 11 October 2026 via checked.be.