Zandermann: 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.
Zandermann
Largest movements
- Cash -€7,834
down €7,834 (-52.2%), from €14,997 to €7,163
mainly Net result for the year (-€13,549) and Tax, wage and social debts (-€5,213)
- Stocks and contracts -€6,739
down €6,739 (-45.7%), from €14,763 to €8,024
- Tangible fixed assets -€1,280
down €1,280 (-65.0%), from €1,969 to €689
of which Plant, machinery and equipment: -€728
- Receivables within one year -€673
down €673 (-100%), from €673 to €0
of which Other amounts receivable: -€673
- Profit (loss) carried forward -€13,549
down €13,549 (-47.5%), from -€28,547 to -€42,096
- Tax, wage and social debts -€5,213
down €5,213 (-51.8%), from €10,072 to €4,859
of which Taxes: -€4,242
- Accrued charges and deferred income +€1,753
new in 2025: €1,753
- Other debts +€1,686
up €1,686 (+10.2%), from €16,599 to €18,285
- Debts after one year -€1,015
down €1,015 (-40.6%), from €2,499 to €1,484
of which Financial debts: -€1,015
- Gross operating margin -€38,373
down €38,373 (-96.1%), from €39,911 to €1,538
- Staff costs -€18,634
down €18,634 (-67.3%), from €27,691 to €9,057
- Financial charges +€1,333
up €1,333 (+212%), from €629 to €1,962
- Other operating charges +€612
up €612 (+31.6%), from €1,937 to €2,549
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 | €35,202 | €18,676 | -€16,526 | -46.9% |
| Fixed assets | 21/28 | €4,769 | €3,489 | -€1,280 | -26.8% |
| Tangible fixed assets | 22/27 | €1,969 | €689 | -€1,280 | -65.0% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €815 | €87 | -€728 | -89.3% |
| Furniture and vehicles | 24 | €1,154 | €602 | -€553 | -47.9% |
| Financial fixed assets | 28 | €2,800 | €2,800 | = | 0.0% |
| Current assets | 29/58 | €30,433 | €15,187 | -€15,246 | -50.1% |
| Stocks and contracts in progress | 3 | €14,763 | €8,024 | -€6,739 | -45.7% |
| Stocks | 30/36 | €14,763 | €8,024 | -€6,739 | -45.7% |
| Amounts receivable within one year | 40/41 | €673 | €0 | -€673 | -100% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €673 | €0 | -€673 | -100% |
| Cash at bank and in hand | 54/58 | €14,997 | €7,163 | -€7,834 | -52.2% |
| Total equity and liabilities | 10/49 | €35,202 | €18,676 | -€16,526 | -46.9% |
| Equity | 10/15 | -€23,547 | -€37,096 | -€13,549 | -57.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€28,547 | -€42,096 | -€13,549 | -47.5% |
| Amounts payable | 17/49 | €58,749 | €55,772 | -€2,977 | -5.1% |
| Amounts payable after more than one year | 17 | €2,499 | €1,484 | -€1,015 | -40.6% |
| Financial debts | 170/4 | €2,499 | €1,484 | -€1,015 | -40.6% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €56,250 | €52,535 | -€3,716 | -6.6% |
| Current portion of amounts payable after more than one year | 42 | €988 | €1,015 | +€26 | +2.7% |
| Financial debts | 43 | €8,362 | €7,855 | -€507 | -6.1% |
| Credit institutions | 430/8 | €8,362 | €7,855 | -€507 | -6.1% |
| Trade debts | 44 | €20,230 | €20,522 | +€292 | +1.4% |
| Suppliers | 440/4 | €20,230 | €20,522 | +€292 | +1.4% |
| Taxes, remuneration and social security | 45 | €10,072 | €4,859 | -€5,213 | -51.8% |
| Taxes | 450/3 | €9,101 | €4,859 | -€4,242 | -46.6% |
| Remuneration and social security | 454/9 | €971 | €0 | -€971 | -100% |
| Other amounts payable | 47/48 | €16,599 | €18,285 | +€1,686 | +10.2% |
| Accrued charges and deferred income | 492/3 | - | €1,753 | +€1,753 | |
| Remuneration, social security and pensions | 62 | €27,691 | €9,057 | -€18,634 | -67.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,670 | €1,280 | -€390 | -23.3% |
| Other operating charges | 640/8 | €1,937 | €2,549 | +€612 | +31.6% |
| Non-recurring operating charges | 66A | €20,173 | €0 | -€20,173 | -100% |
| Gross operating margin | 9900 | €39,911 | €1,538 | -€38,373 | -96.1% |
| Operating profit (loss) | 9901 | -€11,560 | -€11,349 | +€211 | +1.8% |
| Financial income | 75/76B | €180 | €84 | -€95 | -53.1% |
| Recurring financial income | 75 | €180 | €84 | -€95 | -53.1% |
| Financial charges | 65/66B | €629 | €1,962 | +€1,333 | +212% |
| Recurring financial charges | 65 | €629 | €1,962 | +€1,333 | +212% |
| Profit (loss) for the period before taxes | 9903 | -€12,009 | -€13,227 | -€1,218 | -10.1% |
| Income taxes | 67/77 | €308 | €322 | +€14 | +4.5% |
| Profit (loss) for the period | 9904 | -€12,317 | -€13,549 | -€1,232 | -10.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,317 | -€13,549 | -€1,232 | -10.0% |
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 29 October 2026 via checked.be.