ZANDOLI: 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.
ZANDOLI
Largest movements
- Stocks and contracts +€600,907
new in 2025: €600,907
- Receivables after one year +€510,271
up €510,271 (+46.5%), from €1.1m to €1.6m
- Tangible fixed assets +€306,202
up €306,202 (+9.2%), from €3.3m to €3.6m
of which Land and buildings: +€340,188
- Cash -€121,239
down €121,239 (-68.0%), from €178,360 to €57,121
mainly Stocks and contracts (-€600,907) and Receivables after one year (-€510,271)
- Receivables within one year -€83,533
down €83,533 (-38.3%), from €218,179 to €134,646
of which Other amounts receivable: -€49,866
- Debts after one year +€906,158
up €906,158 (+24.8%), from €3.7m to €4.6m
- Other debts +€159,896
up €159,896 (+154%), from €103,564 to €263,460
- Reserves +€77,316
up €77,316 (+20.3%), from €381,056 to €458,372
of which Tax-exempt reserves: +€75,238
- Gross operating margin +€45,929
up €45,929 (+10.0%), from €457,828 to €503,757
- Financial charges +€37,358
up €37,358 (+35.5%), from €105,375 to €142,733
- Other operating charges -€21,203
down €21,203 (-68.5%), from €30,952 to €9,749
- Taxes -€19,032
down €19,032 (-37.9%), from €50,241 to €31,209
- Depreciation +€14,411
up €14,411 (+7.9%), from €181,487 to €195,898
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 | €4,838,757 | €6,043,114 | +€1.2m | +24.9% |
| Fixed assets | 21/28 | €3,325,557 | €3,631,759 | +€306,202 | +9.2% |
| Tangible fixed assets | 22/27 | €3,323,590 | €3,629,792 | +€306,202 | +9.2% |
| Land and buildings | 22 | €3,241,822 | €3,582,010 | +€340,188 | +10.5% |
| Plant, machinery and equipment | 23 | €21,434 | €13,756 | -€7,678 | -35.8% |
| Furniture and vehicles | 24 | €32,350 | €14,116 | -€18,234 | -56.4% |
| Leasing and similar rights | 25 | €27,984 | €19,910 | -€8,074 | -28.9% |
| Financial fixed assets | 28 | €1,967 | €1,967 | = | 0.0% |
| Current assets | 29/58 | €1,513,200 | €2,411,355 | +€898,155 | +59.4% |
| Amounts receivable after more than one year | 29 | €1,096,982 | €1,607,253 | +€510,271 | +46.5% |
| Other amounts receivable | 291 | €1,096,982 | €1,607,253 | +€510,271 | +46.5% |
| Stocks and contracts in progress | 3 | - | €600,907 | +€600,907 | |
| Stocks | 30/36 | - | €600,907 | +€600,907 | |
| Amounts receivable within one year | 40/41 | €218,179 | €134,646 | -€83,533 | -38.3% |
| Trade receivables | 40 | €157,744 | €124,077 | -€33,667 | -21.3% |
| Other amounts receivable | 41 | €60,435 | €10,569 | -€49,866 | -82.5% |
| Current investments | 50/53 | €10,000 | €10,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €178,360 | €57,121 | -€121,239 | -68.0% |
| Deferred charges and accrued income | 490/1 | €9,679 | €1,428 | -€8,251 | -85.2% |
| Total equity and liabilities | 10/49 | €4,838,757 | €6,043,114 | +€1.2m | +24.9% |
| Equity | 10/15 | €636,788 | €714,104 | +€77,316 | +12.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €381,056 | €458,372 | +€77,316 | +20.3% |
| Tax-exempt reserves | 132 | €3,148 | €78,386 | +€75,238 | +2,390% |
| Distributable reserves | 133 | €377,908 | €379,986 | +€2,078 | +0.5% |
| Profit (loss) carried forward | 14 | €237,132 | €237,132 | = | 0.0% |
| Provisions and deferred taxes | 16 | - | €25,079 | +€25,079 | |
| Deferred taxes | 168 | - | €25,079 | +€25,079 | |
| Amounts payable | 17/49 | €4,201,969 | €5,303,931 | +€1.1m | +26.2% |
| Amounts payable after more than one year | 17 | €3,656,008 | €4,562,166 | +€906,158 | +24.8% |
| Financial debts | 170/4 | €3,656,008 | €4,562,166 | +€906,158 | +24.8% |
| Amounts payable within one year | 42/48 | €522,885 | €716,013 | +€193,128 | +36.9% |
| Current portion of amounts payable after more than one year | 42 | €330,093 | €340,250 | +€10,157 | +3.1% |
| Financial debts | 43 | €3,339 | €2,691 | -€648 | -19.4% |
| Credit institutions | 430/8 | €3,339 | €2,691 | -€648 | -19.4% |
| Trade debts | 44 | €54,211 | €100,290 | +€46,079 | +85.0% |
| Suppliers | 440/4 | €54,211 | €100,290 | +€46,079 | +85.0% |
| Taxes, remuneration and social security | 45 | €31,678 | €9,322 | -€22,356 | -70.6% |
| Taxes | 450/3 | €31,678 | €9,322 | -€22,356 | -70.6% |
| Other amounts payable | 47/48 | €103,564 | €263,460 | +€159,896 | +154% |
| Accrued charges and deferred income | 492/3 | €23,076 | €25,752 | +€2,676 | +11.6% |
| Non-recurring operating income | 76A | €100,712 | €100,318 | -€394 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €181,487 | €195,898 | +€14,411 | +7.9% |
| Other operating charges | 640/8 | €30,952 | €9,749 | -€21,203 | -68.5% |
| Non-recurring operating charges | 66A | €4,032 | - | -€4,032 | |
| Gross operating margin | 9900 | €457,828 | €503,757 | +€45,929 | +10.0% |
| Operating profit (loss) | 9901 | €241,357 | €298,110 | +€56,753 | +23.5% |
| Financial income | 75/76B | €17,985 | €28,227 | +€10,242 | +56.9% |
| Recurring financial income | 75 | €17,985 | €28,227 | +€10,242 | +56.9% |
| Financial charges | 65/66B | €105,375 | €142,733 | +€37,358 | +35.5% |
| Recurring financial charges | 65 | €105,375 | €142,733 | +€37,358 | +35.5% |
| Profit (loss) for the period before taxes | 9903 | €153,967 | €183,604 | +€29,637 | +19.2% |
| Transfer to deferred taxes | 680 | - | €25,079 | +€25,079 | |
| Income taxes | 67/77 | €50,241 | €31,209 | -€19,032 | -37.9% |
| Profit (loss) for the period | 9904 | €103,726 | €127,316 | +€23,590 | +22.7% |
| Transfer to tax-exempt reserves | 689 | - | €75,238 | +€75,238 | |
| Profit (loss) for the period to be appropriated | 9905 | €103,726 | €52,078 | -€51,648 | -49.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.