ZANDERS: what changed
Two fiscal 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.
ZANDERS
Largest movements
- Receivables within one year +€3.2m
up €3.2m (+29.8%), from €10.7m to €13.8m
of which Other amounts receivable: +€8.0m
- Stocks and contracts -€815,998
down €815,998 (-99.9%), from €816,646 to €648
- Cash -€293,084
down €293,084 (-64.1%), from €456,881 to €163,797
mainly Receivables within one year (-€3.2m) and Accrued charges and deferred income (-€963,041)
- Other debts +€1.8m
new in 2025: €1.8m
- Advances received +€986,995
new in 2025: €986,995
- Accrued charges and deferred income -€963,041
down €963,041 (-95.8%), from €1.0m to €41,757
- Trade debts +€624,976
up €624,976 (+11.9%), from €5.2m to €5.9m
- Tax, wage and social debts -€422,871
down €422,871 (-52.9%), from €799,710 to €376,839
of which Taxes: -€416,485
- Goods and materials -€1.0m
down €1.0m (-8.1%), from €12.6m to €11.6m
- Services and other goods +€572,685
up €572,685 (+83.0%), from €690,216 to €1.3m
- Staff costs +€341,785
up €341,785 (+23.3%), from €1.5m to €1.8m
- Taxes -€286,375
down €286,375 (-53.5%), from €535,693 to €249,318
- Other operating income +€200,480
up €200,480 (+828.8%), from €24,189 to €224,669
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 | €12,072,249 | €14,129,595 | +€2.1m | +17.0% |
| Fixed assets | 21/28 | €120,598 | €111,966 | -€8,632 | -7.2% |
| Tangible fixed assets | 22/27 | €99,263 | €90,631 | -€8,632 | -8.7% |
| Plant, machinery and equipment | 23 | €31,987 | €26,364 | -€5,623 | -17.6% |
| Other tangible fixed assets | 26 | €67,276 | €64,267 | -€3,009 | -4.5% |
| Financial fixed assets | 28 | €21,335 | €21,335 | = | 0.0% |
| Other financial fixed assets | 284/8 | €21,335 | €21,335 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €21,335 | €21,335 | = | 0.0% |
| Current assets | 29/58 | €11,951,651 | €14,017,629 | +€2.1m | +17.3% |
| Stocks and contracts in progress | 3 | €816,646 | €648 | -€815,998 | -99.9% |
| Contracts in progress | 37 | €816,646 | €648 | -€815,998 | -99.9% |
| Amounts receivable within one year | 40/41 | €10,657,565 | €13,831,181 | +€3.2m | +29.8% |
| Trade receivables | 40 | €7,706,201 | €2,922,006 | -€4.8m | -62.1% |
| Other amounts receivable | 41 | €2,951,364 | €10,909,175 | +€8.0m | +269.6% |
| Cash at bank and in hand | 54/58 | €456,881 | €163,797 | -€293,084 | -64.1% |
| Deferred charges and accrued income | 490/1 | €20,559 | €22,003 | +€1,443 | +7.0% |
| Total equity and liabilities | 10/49 | €12,072,249 | €14,129,595 | +€2.1m | +17.0% |
| Equity | 10/15 | €5,022,551 | €5,044,825 | +€22,274 | +0.4% |
| Contributions | 10/11 | €262,400 | €262,400 | = | 0.0% |
| Reserves | 13 | €26,860 | €26,860 | = | 0.0% |
| Distributable reserves | 133 | €26,860 | €26,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,733,291 | €4,755,565 | +€22,274 | +0.5% |
| Amounts payable | 17/49 | €7,049,698 | €9,084,770 | +€2.0m | +28.9% |
| Amounts payable within one year | 42/48 | €6,044,900 | €9,043,013 | +€3.0m | +49.6% |
| Trade debts | 44 | €5,245,190 | €5,870,166 | +€624,976 | +11.9% |
| Suppliers | 440/4 | €5,245,190 | €5,870,166 | +€624,976 | +11.9% |
| Advances received on contracts in progress | 46 | - | €986,995 | +€986,995 | |
| Taxes, remuneration and social security | 45 | €799,710 | €376,839 | -€422,871 | -52.9% |
| Taxes | 450/3 | €533,650 | €117,165 | -€416,485 | -78.0% |
| Remuneration and social security | 454/9 | €266,060 | €259,674 | -€6,386 | -2.4% |
| Other amounts payable | 47/48 | - | €1,809,014 | +€1.8m | |
| Accrued charges and deferred income | 492/3 | €1,004,798 | €41,757 | -€963,041 | -95.8% |
| Operating income | 70/76A | €16,554,007 | €15,589,595 | -€964,412 | -5.8% |
| Turnover | 70 | €16,192,503 | €16,180,923 | -€11,580 | -0.1% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €337,314 | -€815,998 | -€1.2m | |
| Other operating income | 74 | €24,189 | €224,669 | +€200,480 | +828.8% |
| Operating charges | 60/66A | €14,771,188 | €14,663,672 | -€107,516 | -0.7% |
| Goods for resale, raw materials and consumables | 60 | €12,592,017 | €11,571,928 | -€1.0m | -8.1% |
| Purchases | 600/8 | €12,592,017 | €11,571,928 | -€1.0m | -8.1% |
| Services and other goods | 61 | €690,216 | €1,262,901 | +€572,685 | +83.0% |
| Remuneration, social security and pensions | 62 | €1,465,247 | €1,807,032 | +€341,785 | +23.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,708 | €21,812 | -€1,896 | -8.0% |
| Operating profit (loss) | 9901 | €1,782,819 | €925,923 | -€856,896 | -48.1% |
| Financial income | 75/76B | €156,202 | €166,689 | +€10,488 | +6.7% |
| Recurring financial income | 75 | €156,202 | €166,689 | +€10,488 | +6.7% |
| Income from current assets | 751 | €113,717 | €166,470 | +€52,752 | +46.4% |
| Other financial income | 752/9 | €42,485 | €220 | -€42,265 | -99.5% |
| Financial charges | 65/66B | €8,988 | €123,599 | +€114,612 | +1275.2% |
| Recurring financial charges | 65 | €8,988 | €123,599 | +€114,612 | +1275.2% |
| Debt charges | 650 | €2,505 | €29,129 | +€26,624 | +1063.0% |
| Other financial charges | 652/9 | €6,483 | €94,470 | +€87,987 | +1357.2% |
| Profit (loss) for the period before taxes | 9903 | €1,930,033 | €969,013 | -€961,020 | -49.8% |
| Income taxes | 67/77 | €535,693 | €249,318 | -€286,375 | -53.5% |
| Taxes | 670/3 | €535,693 | €249,318 | -€286,375 | -53.5% |
| Profit (loss) for the period | 9904 | €1,394,340 | €719,695 | -€674,645 | -48.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,394,340 | €719,695 | -€674,645 | -48.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.