ZANETTI: what changed
Two fiscal 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.
ZANETTI
Largest movements
- Receivables within one year +€985,288
up €985,288 (+277.4%), from €355,187 to €1.3m
of which Other amounts receivable: +€815,562
- Cash -€311,072
down €311,072 (-50.6%), from €615,178 to €304,107
mainly Receivables within one year (-€985,288) and Provisions (-€4,122)
- Tangible fixed assets -€139,126
down €139,126 (-61.0%), from €228,175 to €89,050
of which Land and buildings: -€155,662
- Profit (loss) carried forward +€458,564
up €458,564 (+71.9%), from €638,132 to €1.1m
- Debts after one year +€28,505
up €28,505 (+93.7%), from €30,428 to €58,933
- Tax, wage and social debts +€20,093
up €20,093 (+15.8%), from €126,928 to €147,021
of which Taxes: +€21,919
- Trade debts +€17,848
up €17,848 (+238.3%), from €7,491 to €25,338
- Turnover +€979,776
new in 2025: €979,776
- Purchases and services +€567,385
new in 2025: €567,385
- Depreciation -€31,671
down €31,671 (-59.2%), from €53,457 to €21,786
- Gross operating margin -€15,917
down €15,917 (-1.7%), from €951,352 to €935,435
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.
Cash bridge derived
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 | €1,243,277 | €1,767,179 | +€523,902 | +42.1% |
| Fixed assets | 21/28 | €240,781 | €101,655 | -€139,126 | -57.8% |
| Tangible fixed assets | 22/27 | €228,175 | €89,050 | -€139,126 | -61.0% |
| Land and buildings | 22 | €155,662 | €0 | -€155,662 | -100.0% |
| Plant, machinery and equipment | 23 | €3,253 | €1,227 | -€2,026 | -62.3% |
| Furniture and vehicles | 24 | €69,261 | €87,823 | +€18,563 | +26.8% |
| Financial fixed assets | 28 | €12,605 | €12,605 | = | 0.0% |
| Current assets | 29/58 | €1,002,496 | €1,665,524 | +€663,028 | +66.1% |
| Stocks and contracts in progress | 3 | €20,665 | €20,942 | +€278 | +1.3% |
| Stocks | 30/36 | €20,665 | €20,942 | +€278 | +1.3% |
| Amounts receivable within one year | 40/41 | €355,187 | €1,340,475 | +€985,288 | +277.4% |
| Trade receivables | 40 | €54,759 | €224,485 | +€169,726 | +309.9% |
| Other amounts receivable | 41 | €300,428 | €1,115,989 | +€815,562 | +271.5% |
| Cash at bank and in hand | 54/58 | €615,178 | €304,107 | -€311,072 | -50.6% |
| Deferred charges and accrued income | 490/1 | €11,466 | €0 | -€11,466 | -100.0% |
| Total equity and liabilities | 10/49 | €1,243,277 | €1,767,179 | +€523,902 | +42.1% |
| Equity | 10/15 | €1,056,118 | €1,506,313 | +€450,195 | +42.6% |
| Contributions | 10/11 | €223,104 | €223,104 | = | 0.0% |
| Capital | 10 | €223,104 | €223,104 | = | 0.0% |
| Issued capital | 100 | €223,104 | €223,104 | = | 0.0% |
| Reserves | 13 | €194,882 | €186,513 | -€8,369 | -4.3% |
| Non-distributable reserves | 130/1 | €38,856 | €38,856 | = | 0.0% |
| Legal reserve | 130 | €38,856 | €38,856 | = | 0.0% |
| Tax-exempt reserves | 132 | €47,027 | €38,658 | -€8,369 | -17.8% |
| Distributable reserves | 133 | €109,000 | €109,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €638,132 | €1,096,696 | +€458,564 | +71.9% |
| Provisions and deferred taxes | 16 | €4,122 | €0 | -€4,122 | -100.0% |
| Deferred taxes | 168 | €4,122 | €0 | -€4,122 | -100.0% |
| Amounts payable | 17/49 | €183,037 | €260,866 | +€77,829 | +42.5% |
| Amounts payable after more than one year | 17 | €30,428 | €58,933 | +€28,505 | +93.7% |
| Financial debts | 170/4 | €30,428 | €58,933 | +€28,505 | +93.7% |
| Amounts payable within one year | 42/48 | €152,608 | €201,933 | +€49,325 | +32.3% |
| Current portion of amounts payable after more than one year | 42 | €16,000 | €28,240 | +€12,239 | +76.5% |
| Trade debts | 44 | €7,491 | €25,338 | +€17,848 | +238.3% |
| Suppliers | 440/4 | €7,491 | €25,338 | +€17,848 | +238.3% |
| Taxes, remuneration and social security | 45 | €126,928 | €147,021 | +€20,093 | +15.8% |
| Taxes | 450/3 | €117,131 | €139,050 | +€21,919 | +18.7% |
| Remuneration and social security | 454/9 | €9,797 | €7,971 | -€1,826 | -18.6% |
| Other amounts payable | 47/48 | €2,190 | €1,334 | -€856 | -39.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Turnover | 70 | - | €979,776 | +€979,776 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €567,385 | +€567,385 | |
| Remuneration, social security and pensions | 62 | €291,918 | €292,912 | +€994 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,457 | €21,786 | -€31,671 | -59.2% |
| Other operating charges | 640/8 | €8,744 | €17,421 | +€8,677 | +99.2% |
| Gross operating margin | 9900 | €951,352 | €935,435 | -€15,917 | -1.7% |
| Operating profit (loss) | 9901 | €597,233 | €603,316 | +€6,083 | +1.0% |
| Financial income | 75/76B | €5,141 | €3,425 | -€1,716 | -33.4% |
| Recurring financial income | 75 | €5,141 | €3,425 | -€1,716 | -33.4% |
| Financial charges | 65/66B | €4,062 | €3,748 | -€314 | -7.7% |
| Recurring financial charges | 65 | €4,062 | €3,748 | -€314 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | €598,312 | €602,992 | +€4,680 | +0.8% |
| Transfer from deferred taxes | 780 | €2,145 | €4,122 | +€1,977 | +92.2% |
| Income taxes | 67/77 | €162,131 | €156,919 | -€5,212 | -3.2% |
| Profit (loss) for the period | 9904 | €438,326 | €450,195 | +€11,869 | +2.7% |
| Transfer from tax-exempt reserves | 789 | €4,355 | €8,369 | +€4,014 | +92.2% |
| Profit (loss) for the period to be appropriated | 9905 | €442,681 | €458,564 | +€15,883 | +3.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.