ZANDVLUGGE: 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.
ZANDVLUGGE
Largest movements
- Receivables within one year -€276,191
down €276,191 (-30.9%), from €892,981 to €616,790
- Cash +€124,627
up €124,627 (+102%), from €121,780 to €246,407
mainly Receivables within one year (+€276,191) and Depreciation (+€115,323)
- Tangible fixed assets -€115,323
down €115,323 (-5.7%), from €2.0m to €1.9m
of which Land and buildings: -€110,894
- Reserves -€329,971
down €329,971 (-10.0%), from €3.3m to €3.0m
of which Distributable reserves: -€325,000
- Profit (loss) carried forward +€62,602
up €62,602 (+5.0%), from -€1.3m to -€1.2m
- Taxes -€21,395
down €21,395, from €20,568 to -€827
- Gross operating margin +€7,667
up €7,667 (+4.8%), from €160,515 to €168,181
- Financial income -€6,119
down €6,119 (-24.3%), from €25,164 to €19,044
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 | €3,072,420 | €2,799,167 | -€273,253 | -8.9% |
| Fixed assets | 21/28 | €2,026,647 | €1,911,324 | -€115,323 | -5.7% |
| Tangible fixed assets | 22/27 | €2,026,647 | €1,911,324 | -€115,323 | -5.7% |
| Land and buildings | 22 | €2,021,767 | €1,910,874 | -€110,894 | -5.5% |
| Plant, machinery and equipment | 23 | €345 | €257 | -€88 | -25.4% |
| Furniture and vehicles | 24 | €4,535 | €193 | -€4,342 | -95.7% |
| Current assets | 29/58 | €1,045,773 | €887,844 | -€157,930 | -15.1% |
| Amounts receivable within one year | 40/41 | €892,981 | €616,790 | -€276,191 | -30.9% |
| Other amounts receivable | 41 | €892,981 | €616,790 | -€276,191 | -30.9% |
| Cash at bank and in hand | 54/58 | €121,780 | €246,407 | +€124,627 | +102% |
| Deferred charges and accrued income | 490/1 | €31,013 | €24,647 | -€6,366 | -20.5% |
| Total equity and liabilities | 10/49 | €3,072,420 | €2,799,167 | -€273,253 | -8.9% |
| Equity | 10/15 | €2,918,413 | €2,651,044 | -€267,369 | -9.2% |
| Contributions | 10/11 | €885,000 | €885,000 | = | 0.0% |
| Capital | 10 | €885,000 | €885,000 | = | 0.0% |
| Issued capital | 100 | €885,000 | €885,000 | = | 0.0% |
| Reserves | 13 | €3,286,936 | €2,956,966 | -€329,971 | -10.0% |
| Non-distributable reserves | 130/1 | €88,500 | €88,500 | = | 0.0% |
| Legal reserve | 130 | €88,500 | €88,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €289,970 | €284,999 | -€4,971 | -1.7% |
| Distributable reserves | 133 | €2,908,467 | €2,583,467 | -€325,000 | -11.2% |
| Profit (loss) carried forward | 14 | -€1,253,524 | -€1,190,922 | +€62,602 | +5.0% |
| Provisions and deferred taxes | 16 | €96,902 | €95,246 | -€1,657 | -1.7% |
| Deferred taxes | 168 | €96,902 | €95,246 | -€1,657 | -1.7% |
| Amounts payable | 17/49 | €57,105 | €52,878 | -€4,227 | -7.4% |
| Amounts payable within one year | 42/48 | €57,105 | €52,878 | -€4,227 | -7.4% |
| Financial debts | 43 | - | €8,585 | +€8,585 | |
| Other loans | 439 | - | €8,585 | +€8,585 | |
| Trade debts | 44 | €35,697 | €44,293 | +€8,595 | +24.1% |
| Suppliers | 440/4 | €35,697 | €44,293 | +€8,595 | +24.1% |
| Taxes, remuneration and social security | 45 | €21,407 | - | -€21,407 | |
| Taxes | 450/3 | €21,407 | - | -€21,407 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116,421 | €115,323 | -€1,098 | -0.9% |
| Other operating charges | 640/8 | €16,195 | €16,702 | +€507 | +3.1% |
| Gross operating margin | 9900 | €160,515 | €168,181 | +€7,667 | +4.8% |
| Operating profit (loss) | 9901 | €27,898 | €36,157 | +€8,258 | +29.6% |
| Financial income | 75/76B | €25,164 | €19,044 | -€6,119 | -24.3% |
| Recurring financial income | 75 | €25,164 | €19,044 | -€6,119 | -24.3% |
| Financial charges | 65/66B | €53 | €54 | +€2 | +2.9% |
| Recurring financial charges | 65 | €53 | €54 | +€2 | +2.9% |
| Profit (loss) for the period before taxes | 9903 | €53,009 | €55,147 | +€2,138 | +4.0% |
| Transfer from deferred taxes | 780 | €1,657 | €1,657 | = | 0.0% |
| Income taxes | 67/77 | €20,568 | -€827 | -€21,395 | |
| Profit (loss) for the period | 9904 | €34,098 | €57,631 | +€23,533 | +69.0% |
| Transfer from tax-exempt reserves | 789 | €4,971 | €4,971 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €39,069 | €62,602 | +€23,533 | +60.2% |
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 26 October 2026 via checked.be.