Zandhotel: 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.
What changed
Zandhotel
NACE 55.100, Hotels and similar accommodation
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€10,800
2024 · €5,338+€5,462
Equity
€2.0m
2024 · €2.0m-€1,815
Cash
€214,575
2024 · €279,339-€64,765
Balance sheet total
€4.2m
2024 · €4.2m-€23,190
Largest movements
Assets
- Cash -€64,765
down €64,765 (-23.2%), from €279,339 to €214,575
mainly Investment in fixed assets (net) (-€365,258) and Debts after one year (-€161,931)
- Receivables within one year +€52,035
up €52,035 (+17.1%), from €303,900 to €355,935
of which Other amounts receivable: +€58,009
Equity and liabilities
- Trade debts +€162,382
up €162,382 (+533%), from €30,466 to €192,848
- Debts after one year -€161,931
down €161,931 (-9.4%), from €1.7m to €1.6m
of which Financial debts: -€161,931
Income statement
- Other operating charges -€72,315
down €72,315 (-42.4%), from €170,538 to €98,223
- Depreciation +€69,684
up €69,684 (+23.4%), from €297,532 to €367,216
- Staff costs +€51,139
up €51,139 (+15.2%), from €337,119 to €388,257
- Gross operating margin +€47,555
up €47,555 (+5.8%), from €822,752 to €870,307
- Financial income +€10,941
up €10,941 (+69.3%), from €15,789 to €26,731
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.
Result 2024
€5,338
Gross operating margin
+€47,555
Staff costs
-€51,139
Depreciation
-€69,684
Other operating charges
+€72,315
Financial income
+€10,941
Financial charges
-€6,913
Taxes
+€2,387
Result 2025
€10,800
raises the resultlowers the result
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.
From operations
+€475,282
Investment
-€365,258
Financing
-€174,789
Cash 2024
€279,339
From operations (derived)
+€475,282
Net result for the year
+€10,800
Depreciation
+€367,216
Receivables after one year
+€14,698
Stocks and contracts
+€4,579
Receivables within one year
-€52,035
Deferred charges and accrued income
-€10,775
Trade debts
+€162,382
Tax, wage and social debts
+€4,775
Advances received
+€172
Other debts
+€4,494
Accrued charges and deferred income
-€31,024
Investment (derived)
-€365,258
Investment in fixed assets (net)
-€365,258
Financing
-€174,789
Debts after one year
-€161,931
Current portion of long-term debt
+€1,618
Short-term financial debts
-€1,861
Contributions, distributions and other
-€12,615
Cash 2025
€214,575
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,238,867 | €4,215,677 | -€23,190 | -0.5% |
| Fixed assets | 21/28 | €3,572,926 | €3,570,967 | -€1,959 | -0.1% |
| Tangible fixed assets | 22/27 | €3,572,039 | €3,570,081 | -€1,959 | -0.1% |
| Land and buildings | 22 | €838,857 | €835,756 | -€3,101 | -0.4% |
| Plant, machinery and equipment | 23 | €2,732,354 | €2,696,642 | -€35,713 | -1.3% |
| Furniture and vehicles | 24 | €828 | €37,683 | +€36,855 | +4,449% |
| Financial fixed assets | 28 | €887 | €887 | = | 0.0% |
| Current assets | 29/58 | €665,941 | €644,709 | -€21,232 | -3.2% |
| Amounts receivable after more than one year | 29 | €57,099 | €42,401 | -€14,698 | -25.7% |
| Other amounts receivable | 291 | €57,099 | €42,401 | -€14,698 | -25.7% |
| Stocks and contracts in progress | 3 | €10,484 | €5,905 | -€4,579 | -43.7% |
| Stocks | 30/36 | €10,484 | €5,905 | -€4,579 | -43.7% |
| Amounts receivable within one year | 40/41 | €303,900 | €355,935 | +€52,035 | +17.1% |
| Trade receivables | 40 | €23,212 | €17,238 | -€5,974 | -25.7% |
| Other amounts receivable | 41 | €280,687 | €338,697 | +€58,009 | +20.7% |
| Cash at bank and in hand | 54/58 | €279,339 | €214,575 | -€64,765 | -23.2% |
| Deferred charges and accrued income | 490/1 | €15,119 | €25,894 | +€10,775 | +71.3% |
| Total equity and liabilities | 10/49 | €4,238,867 | €4,215,677 | -€23,190 | -0.5% |
| Equity | 10/15 | €1,989,932 | €1,988,116 | -€1,815 | -0.1% |
| Contributions | 10/11 | €1,455,700 | €1,455,700 | = | 0.0% |
| Capital | 10 | €1,455,700 | €1,455,700 | = | 0.0% |
| Issued capital | 100 | €1,455,700 | €1,455,700 | = | 0.0% |
| Reserves | 13 | €573,266 | €573,266 | = | 0.0% |
| Non-distributable reserves | 130/1 | €135,570 | €135,570 | = | 0.0% |
| Legal reserve | 130 | €135,570 | €135,570 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €418,946 | €418,946 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€87,834 | -€77,034 | +€10,800 | +12.3% |
| Investment grants | 15 | €48,800 | €36,185 | -€12,615 | -25.9% |
| Amounts payable | 17/49 | €2,248,935 | €2,227,560 | -€21,375 | -1.0% |
| Amounts payable after more than one year | 17 | €1,722,390 | €1,560,459 | -€161,931 | -9.4% |
| Financial debts | 170/4 | €951,097 | €789,166 | -€161,931 | -17.0% |
| Other amounts payable | 178/9 | €771,293 | €771,293 | = | 0.0% |
| Amounts payable within one year | 42/48 | €490,518 | €662,098 | +€171,580 | +35.0% |
| Current portion of amounts payable after more than one year | 42 | €160,313 | €161,931 | +€1,618 | +1.0% |
| Financial debts | 43 | €1,861 | €0 | -€1,861 | -100% |
| Credit institutions | 430/8 | €1,861 | €0 | -€1,861 | -100% |
| Trade debts | 44 | €30,466 | €192,848 | +€162,382 | +533% |
| Suppliers | 440/4 | €30,466 | €192,848 | +€162,382 | +533% |
| Advances received on contracts in progress | 46 | - | €172 | +€172 | |
| Taxes, remuneration and social security | 45 | €62,708 | €67,483 | +€4,775 | +7.6% |
| Taxes | 450/3 | €17,789 | €14,612 | -€3,177 | -17.9% |
| Remuneration and social security | 454/9 | €44,919 | €52,871 | +€7,952 | +17.7% |
| Other amounts payable | 47/48 | €235,170 | €239,664 | +€4,494 | +1.9% |
| Accrued charges and deferred income | 492/3 | €36,028 | €5,003 | -€31,024 | -86.1% |
| Remuneration, social security and pensions | 62 | €337,119 | €388,257 | +€51,139 | +15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €297,532 | €367,216 | +€69,684 | +23.4% |
| Other operating charges | 640/8 | €170,538 | €98,223 | -€72,315 | -42.4% |
| Gross operating margin | 9900 | €822,752 | €870,307 | +€47,555 | +5.8% |
| Operating profit (loss) | 9901 | €17,563 | €16,610 | -€953 | -5.4% |
| Financial income | 75/76B | €15,789 | €26,731 | +€10,941 | +69.3% |
| Recurring financial income | 75 | €15,789 | €26,731 | +€10,941 | +69.3% |
| Financial charges | 65/66B | €24,362 | €31,276 | +€6,913 | +28.4% |
| Recurring financial charges | 65 | €24,362 | €31,276 | +€6,913 | +28.4% |
| Profit (loss) for the period before taxes | 9903 | €8,990 | €12,065 | +€3,075 | +34.2% |
| Income taxes | 67/77 | €3,652 | €1,265 | -€2,387 | -65.4% |
| Profit (loss) for the period | 9904 | €5,338 | €10,800 | +€5,462 | +102% |
| Profit (loss) for the period to be appropriated | 9905 | €5,338 | €10,800 | +€5,462 | +102% |
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 31 October 2026 via checked.be.