Zandraket: 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.
Zandraket
Largest movements
- Receivables within one year -€33,612
down €33,612 (-23.9%), from €140,710 to €107,097
of which Trade receivables: -€40,000
- Trade debts -€37,409
down €37,409 (-97.7%), from €38,288 to €878
- Reserves +€27,609
up €27,609 (+7.7%), from €360,858 to €388,467
- Debts after one year -€8,370
down €8,370 (-23.9%), from €34,963 to €26,593
- Other debts -€8,175
down €8,175 (-12.3%), from €66,569 to €58,394
- Tax, wage and social debts -€6,595
down €6,595 (-93.7%), from €7,040 to €444
- Gross operating margin -€124,403
down €124,403 (-88.2%), from €141,041 to €16,638
- Financial income +€40,930
up €40,930 (+17,764%), from €230 to €41,160
of which Non-recurring financial income: +€39,120
- Taxes -€14,104
down €14,104 (-60.4%), from €23,334 to €9,230
- Other operating charges -€6,716
down €6,716 (-78.8%), from €8,519 to €1,803
- Depreciation -€5,744
down €5,744 (-24.4%), from €23,582 to €17,838
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 | €566,246 | €536,815 | -€29,430 | -5.2% |
| Fixed assets | 21/28 | €246,574 | €250,794 | +€4,220 | +1.7% |
| Tangible fixed assets | 22/27 | €246,452 | €250,672 | +€4,220 | +1.7% |
| Land and buildings | 22 | €239,073 | €227,383 | -€11,690 | -4.9% |
| Plant, machinery and equipment | 23 | €2,128 | €1,372 | -€756 | -35.5% |
| Furniture and vehicles | 24 | €5,250 | €21,916 | +€16,666 | +317% |
| Financial fixed assets | 28 | €122 | €122 | = | 0.0% |
| Current assets | 29/58 | €319,672 | €286,022 | -€33,650 | -10.5% |
| Amounts receivable within one year | 40/41 | €140,710 | €107,097 | -€33,612 | -23.9% |
| Trade receivables | 40 | €40,000 | - | -€40,000 | |
| Other amounts receivable | 41 | €100,710 | €107,097 | +€6,388 | +6.3% |
| Cash at bank and in hand | 54/58 | €177,611 | €177,435 | -€175 | -0.1% |
| Deferred charges and accrued income | 490/1 | €1,351 | €1,489 | +€138 | +10.2% |
| Total equity and liabilities | 10/49 | €566,246 | €536,815 | -€29,430 | -5.2% |
| Equity | 10/15 | €410,858 | €438,467 | +€27,609 | +6.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €360,858 | €388,467 | +€27,609 | +7.7% |
| Distributable reserves | 133 | €360,858 | €388,467 | +€27,609 | +7.7% |
| Amounts payable | 17/49 | €155,387 | €98,348 | -€57,039 | -36.7% |
| Amounts payable after more than one year | 17 | €34,963 | €26,593 | -€8,370 | -23.9% |
| Financial debts | 170/4 | €34,963 | €26,593 | -€8,370 | -23.9% |
| Amounts payable within one year | 42/48 | €120,424 | €71,755 | -€48,669 | -40.4% |
| Current portion of amounts payable after more than one year | 42 | €8,528 | €12,039 | +€3,511 | +41.2% |
| Trade debts | 44 | €38,288 | €878 | -€37,409 | -97.7% |
| Suppliers | 440/4 | €38,288 | €878 | -€37,409 | -97.7% |
| Taxes, remuneration and social security | 45 | €7,040 | €444 | -€6,595 | -93.7% |
| Taxes | 450/3 | €7,040 | €444 | -€6,595 | -93.7% |
| Other amounts payable | 47/48 | €66,569 | €58,394 | -€8,175 | -12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,582 | €17,838 | -€5,744 | -24.4% |
| Other operating charges | 640/8 | €8,519 | €1,803 | -€6,716 | -78.8% |
| Gross operating margin | 9900 | €141,041 | €16,638 | -€124,403 | -88.2% |
| Operating profit (loss) | 9901 | €108,940 | -€3,002 | -€111,943 | |
| Financial income | 75/76B | €230 | €41,160 | +€40,930 | +17,764% |
| Recurring financial income | 75 | €230 | €2,041 | +€1,810 | +786% |
| Non-recurring financial income | 76B | - | €39,120 | +€39,120 | |
| Financial charges | 65/66B | €1,216 | €1,319 | +€102 | +8.4% |
| Recurring financial charges | 65 | €1,216 | €1,319 | +€102 | +8.4% |
| Profit (loss) for the period before taxes | 9903 | €107,954 | €36,839 | -€71,115 | -65.9% |
| Income taxes | 67/77 | €23,334 | €9,230 | -€14,104 | -60.4% |
| Profit (loss) for the period | 9904 | €84,620 | €27,609 | -€57,011 | -67.4% |
| Profit (loss) for the period to be appropriated | 9905 | €84,620 | €27,609 | -€57,011 | -67.4% |
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 17 October 2026 via checked.be.