Zandven: 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.
Zandven
Largest movements
- Receivables after one year +€400,000
new in 2025: €400,000
- Cash -€316,690
down €316,690 (-73.3%), from €431,958 to €115,269
mainly Receivables after one year (-€400,000) and Debts after one year (-€62,329)
- Receivables within one year -€81,743
down €81,743 (-92.1%), from €88,735 to €6,991
of which Other amounts receivable: -€81,655
- Tangible fixed assets -€62,397
down €62,397 (-3.9%), from €1.6m to €1.5m
of which Land and buildings: -€56,261
- Debts after one year -€62,329
down €62,329 (-13.6%), from €456,716 to €394,387
of which Financial debts: -€61,244
- Gross operating margin -€15,802
down €15,802 (-14.4%), from €109,834 to €94,032
- Taxes -€3,715
down €3,715 (-41.5%), from €8,945 to €5,230
- Depreciation -€2,882
down €2,882 (-4.3%), from €66,621 to €63,739
- Financial income -€2,623
down €2,623 (-51.3%), from €5,112 to €2,489
of which Financial income: -€2,623
- Other operating charges -€1,752
down €1,752 (-9.6%), from €18,270 to €16,517
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 | €2,136,893 | €2,075,493 | -€61,400 | -2.9% |
| Fixed assets | 21/28 | €1,612,840 | €1,549,788 | -€63,052 | -3.9% |
| Tangible fixed assets | 22/27 | €1,612,185 | €1,549,788 | -€62,397 | -3.9% |
| Land and buildings | 22 | €1,591,209 | €1,534,948 | -€56,261 | -3.5% |
| Plant, machinery and equipment | 23 | €9,418 | €6,413 | -€3,005 | -31.9% |
| Furniture and vehicles | 24 | €11,558 | €8,427 | -€3,131 | -27.1% |
| Financial fixed assets | 28 | €655 | €0 | -€655 | -100% |
| Current assets | 29/58 | €524,053 | €525,705 | +€1,652 | +0.3% |
| Amounts receivable after more than one year | 29 | - | €400,000 | +€400,000 | |
| Other amounts receivable | 291 | - | €400,000 | +€400,000 | |
| Amounts receivable within one year | 40/41 | €88,735 | €6,991 | -€81,743 | -92.1% |
| Trade receivables | 40 | €88 | €0 | -€88 | -100% |
| Other amounts receivable | 41 | €88,647 | €6,991 | -€81,655 | -92.1% |
| Cash at bank and in hand | 54/58 | €431,958 | €115,269 | -€316,690 | -73.3% |
| Deferred charges and accrued income | 490/1 | €3,360 | €3,444 | +€85 | +2.5% |
| Total equity and liabilities | 10/49 | €2,136,893 | €2,075,493 | -€61,400 | -2.9% |
| Equity | 10/15 | €1,526,196 | €1,530,630 | +€4,434 | +0.3% |
| Contributions | 10/11 | €635,236 | €635,236 | = | 0.0% |
| Capital | 10 | €635,236 | €635,236 | = | 0.0% |
| Issued capital | 100 | €635,236 | €635,236 | = | 0.0% |
| Reserves | 13 | €890,960 | €895,394 | +€4,434 | +0.5% |
| Non-distributable reserves | 130/1 | €63,523 | €63,523 | = | 0.0% |
| Legal reserve | 130 | €63,523 | €63,523 | = | 0.0% |
| Tax-exempt reserves | 132 | €289,866 | €280,284 | -€9,582 | -3.3% |
| Distributable reserves | 133 | €537,571 | €551,587 | +€14,017 | +2.6% |
| Provisions and deferred taxes | 16 | €91,158 | €87,964 | -€3,194 | -3.5% |
| Deferred taxes | 168 | €91,158 | €87,964 | -€3,194 | -3.5% |
| Amounts payable | 17/49 | €519,539 | €456,899 | -€62,640 | -12.1% |
| Amounts payable after more than one year | 17 | €456,716 | €394,387 | -€62,329 | -13.6% |
| Financial debts | 170/4 | €449,904 | €388,660 | -€61,244 | -13.6% |
| Other amounts payable | 178/9 | €6,812 | €5,727 | -€1,085 | -15.9% |
| Amounts payable within one year | 42/48 | €62,823 | €61,662 | -€1,161 | -1.8% |
| Current portion of amounts payable after more than one year | 42 | €60,204 | €61,244 | +€1,040 | +1.7% |
| Trade debts | 44 | €1,079 | €418 | -€661 | -61.3% |
| Suppliers | 440/4 | €1,079 | €418 | -€661 | -61.3% |
| Taxes, remuneration and social security | 45 | €1,540 | €0 | -€1,540 | -100% |
| Taxes | 450/3 | €1,540 | €0 | -€1,540 | -100% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | - | €850 | +€850 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,621 | €63,739 | -€2,882 | -4.3% |
| Other operating charges | 640/8 | €18,270 | €16,517 | -€1,752 | -9.6% |
| Non-recurring operating charges | 66A | - | €655 | +€655 | |
| Gross operating margin | 9900 | €109,834 | €94,032 | -€15,802 | -14.4% |
| Operating profit (loss) | 9901 | €24,944 | €13,122 | -€11,822 | -47.4% |
| Financial income | 75/76B | €5,112 | €2,489 | -€2,623 | -51.3% |
| Recurring financial income | 75 | €5,112 | €2,489 | -€2,623 | -51.3% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €9,153 | €9,140 | -€13 | -0.1% |
| Recurring financial charges | 65 | €9,153 | €9,140 | -€13 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | €20,903 | €6,471 | -€14,432 | -69.0% |
| Transfer from deferred taxes | 780 | €3,194 | €3,194 | = | 0.0% |
| Income taxes | 67/77 | €8,945 | €5,230 | -€3,715 | -41.5% |
| Profit (loss) for the period | 9904 | €15,152 | €4,434 | -€10,718 | -70.7% |
| Transfer from tax-exempt reserves | 789 | €9,582 | €9,582 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €24,734 | €14,017 | -€10,718 | -43.3% |
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 16 October 2026 via checked.be.