ZAO MANAGEMENT: 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.
ZAO MANAGEMENT
Largest movements
- Receivables after one year -€38,718
down €38,718 (-26.3%), from €147,100 to €108,382
- Receivables within one year +€13,733
up €13,733 (+7.0%), from €196,868 to €210,600
of which Trade receivables: +€28,012
- Profit (loss) carried forward -€24,011
down €24,011 (-45.3%), from €52,997 to €28,986
- Gross operating margin -€85,622
down €85,622, from €62,322 to -€23,300
- Taxes -€16,746
down €16,746 (-98.3%), from €17,030 to €284
- Financial charges -€8,007
down €8,007 (-98.5%), from €8,125 to €118
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 | €386,695 | €362,434 | -€24,261 | -6.3% |
| Fixed assets | 21/28 | €28,800 | €28,800 | = | 0.0% |
| Financial fixed assets | 28 | €28,800 | €28,800 | = | 0.0% |
| Current assets | 29/58 | €357,895 | €333,634 | -€24,261 | -6.8% |
| Amounts receivable after more than one year | 29 | €147,100 | €108,382 | -€38,718 | -26.3% |
| Other amounts receivable | 291 | €147,100 | €108,382 | -€38,718 | -26.3% |
| Amounts receivable within one year | 40/41 | €196,868 | €210,600 | +€13,733 | +7.0% |
| Trade receivables | 40 | €5,023 | €33,034 | +€28,012 | +557.7% |
| Other amounts receivable | 41 | €191,845 | €177,566 | -€14,279 | -7.4% |
| Cash at bank and in hand | 54/58 | €10,450 | €13,291 | +€2,841 | +27.2% |
| Deferred charges and accrued income | 490/1 | €3,478 | €1,362 | -€2,116 | -60.8% |
| Total equity and liabilities | 10/49 | €386,695 | €362,434 | -€24,261 | -6.3% |
| Equity | 10/15 | €364,337 | €340,326 | -€24,011 | -6.6% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €289,340 | €289,340 | = | 0.0% |
| Distributable reserves | 133 | €289,340 | €289,340 | = | 0.0% |
| Profit (loss) carried forward | 14 | €52,997 | €28,986 | -€24,011 | -45.3% |
| Amounts payable | 17/49 | €22,359 | €22,109 | -€250 | -1.1% |
| Amounts payable within one year | 42/48 | €21,971 | €22,109 | +€138 | +0.6% |
| Trade debts | 44 | €3,880 | €5,815 | +€1,935 | +49.9% |
| Suppliers | 440/4 | €3,880 | €5,815 | +€1,935 | +49.9% |
| Taxes, remuneration and social security | 45 | €4,083 | €2,285 | -€1,797 | -44.0% |
| Taxes | 450/3 | €4,083 | €2,285 | -€1,797 | -44.0% |
| Other amounts payable | 47/48 | €14,009 | €14,009 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €387 | - | -€387 | |
| Other operating charges | 640/8 | €674 | €425 | -€249 | -36.9% |
| Gross operating margin | 9900 | €62,322 | -€23,300 | -€85,622 | |
| Operating profit (loss) | 9901 | €61,648 | -€23,725 | -€85,373 | |
| Financial income | 75/76B | - | €116 | +€116 | |
| Recurring financial income | 75 | - | €116 | +€116 | |
| Financial charges | 65/66B | €8,125 | €118 | -€8,007 | -98.5% |
| Recurring financial charges | 65 | €8,125 | €118 | -€8,007 | -98.5% |
| Profit (loss) for the period before taxes | 9903 | €53,523 | -€23,727 | -€77,250 | |
| Income taxes | 67/77 | €17,030 | €284 | -€16,746 | -98.3% |
| Profit (loss) for the period | 9904 | €36,493 | -€24,011 | -€60,504 | |
| Profit (loss) for the period to be appropriated | 9905 | €36,493 | -€24,011 | -€60,504 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.