ZANOTELLI STABLES: 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.
ZANOTELLI STABLES
Largest movements
- Tangible fixed assets -€363,363
down €363,363 (-33.4%), from €1.1m to €723,810
of which Furniture and vehicles: -€344,271
- Cash -€228,257
down €228,257 (-93.6%), from €243,822 to €15,565
mainly Debts after one year (-€604,275) and Other debts (-€99,874)
- Deferred charges and accrued income -€26,821
down €26,821 (-93.1%), from €28,817 to €1,995
- Stocks and contracts +€19,500
up €19,500 (+11.7%), from €166,050 to €185,550
- Debts after one year -€604,275
down €604,275 (-60.3%), from €1.0m to €397,874
- Profit (loss) carried forward +€145,306
up €145,306 (+14,360%), from €1,012 to €146,318
- Other debts -€99,874
down €99,874 (-85.8%), from €116,452 to €16,578
- Current portion of long-term debt -€63,438
down €63,438 (-25.4%), from €249,730 to €186,292
- Tax, wage and social debts +€55,093
up €55,093 (+1,254%), from €4,393 to €59,486
- Gross operating margin +€249,172
up €249,172 (+345%), from €72,140 to €321,312
- Taxes +€44,511
up €44,511 (+3,419%), from €1,302 to €45,813
- Depreciation -€21,084
down €21,084 (-57.0%), from €36,974 to €15,890
- Financial charges +€12,192
up €12,192 (+40.0%), from €30,509 to €42,701
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 | €1,596,880 | €1,003,409 | -€593,472 | -37.2% |
| Fixed assets | 21/28 | €1,092,852 | €727,901 | -€364,951 | -33.4% |
| Intangible fixed assets | 21 | €3,839 | €2,251 | -€1,588 | -41.4% |
| Tangible fixed assets | 22/27 | €1,087,173 | €723,810 | -€363,363 | -33.4% |
| Land and buildings | 22 | €733,046 | €722,017 | -€11,028 | -1.5% |
| Plant, machinery and equipment | 23 | €9,213 | €1,149 | -€8,064 | -87.5% |
| Furniture and vehicles | 24 | €344,914 | €643 | -€344,271 | -99.8% |
| Financial fixed assets | 28 | €1,840 | €1,840 | = | 0.0% |
| Current assets | 29/58 | €504,028 | €275,507 | -€228,521 | -45.3% |
| Stocks and contracts in progress | 3 | €166,050 | €185,550 | +€19,500 | +11.7% |
| Stocks | 30/36 | €166,050 | €185,550 | +€19,500 | +11.7% |
| Amounts receivable within one year | 40/41 | €65,339 | €72,397 | +€7,058 | +10.8% |
| Trade receivables | 40 | €37,243 | €63,210 | +€25,968 | +69.7% |
| Other amounts receivable | 41 | €28,096 | €9,187 | -€18,909 | -67.3% |
| Cash at bank and in hand | 54/58 | €243,822 | €15,565 | -€228,257 | -93.6% |
| Deferred charges and accrued income | 490/1 | €28,817 | €1,995 | -€26,821 | -93.1% |
| Total equity and liabilities | 10/49 | €1,596,880 | €1,003,409 | -€593,472 | -37.2% |
| Equity | 10/15 | €182,066 | €328,383 | +€146,318 | +80.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €162,454 | €163,466 | +€1,012 | +0.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €162,454 | €163,466 | +€1,012 | +0.6% |
| Profit (loss) carried forward | 14 | €1,012 | €146,318 | +€145,306 | +14,360% |
| Amounts payable | 17/49 | €1,414,814 | €675,025 | -€739,789 | -52.3% |
| Amounts payable after more than one year | 17 | €1,002,150 | €397,874 | -€604,275 | -60.3% |
| Financial debts | 170/4 | €1,002,150 | €397,874 | -€604,275 | -60.3% |
| Amounts payable within one year | 42/48 | €398,548 | €269,250 | -€129,298 | -32.4% |
| Current portion of amounts payable after more than one year | 42 | €249,730 | €186,292 | -€63,438 | -25.4% |
| Trade debts | 44 | €27,972 | €6,893 | -€21,079 | -75.4% |
| Suppliers | 440/4 | €27,972 | €6,893 | -€21,079 | -75.4% |
| Taxes, remuneration and social security | 45 | €4,393 | €59,486 | +€55,093 | +1,254% |
| Taxes | 450/3 | €4,393 | €59,486 | +€55,093 | +1,254% |
| Other amounts payable | 47/48 | €116,452 | €16,578 | -€99,874 | -85.8% |
| Accrued charges and deferred income | 492/3 | €14,117 | €7,901 | -€6,216 | -44.0% |
| Non-recurring operating income | 76A | - | €302,888 | +€302,888 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,974 | €15,890 | -€21,084 | -57.0% |
| Other operating charges | 640/8 | €3,466 | €3,205 | -€260 | -7.5% |
| Non-recurring operating charges | 66A | - | €69,061 | +€69,061 | |
| Gross operating margin | 9900 | €72,140 | €321,312 | +€249,172 | +345% |
| Operating profit (loss) | 9901 | €31,701 | €233,156 | +€201,455 | +635% |
| Financial income | 75/76B | €1,122 | €1,675 | +€554 | +49.4% |
| Recurring financial income | 75 | €1,122 | €1,675 | +€554 | +49.4% |
| Financial charges | 65/66B | €30,509 | €42,701 | +€12,192 | +40.0% |
| Recurring financial charges | 65 | €30,509 | €42,701 | +€12,192 | +40.0% |
| Profit (loss) for the period before taxes | 9903 | €2,314 | €192,131 | +€189,817 | +8,203% |
| Income taxes | 67/77 | €1,302 | €45,813 | +€44,511 | +3,419% |
| Profit (loss) for the period | 9904 | €1,012 | €146,318 | +€145,306 | +14,360% |
| Profit (loss) for the period to be appropriated | 9905 | €1,012 | €146,318 | +€145,306 | +14,360% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.