ZAP: 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.
ZAP
Largest movements
- Current investments -€125,000
down €125,000 (-100.0%), from €125,000 to €0
- Cash +€118,384
up €118,384 (+190.4%), from €62,178 to €180,562
mainly Current investments (+€125,000) and Depreciation (+€11,775)
- Tangible fixed assets -€9,389
down €9,389 (-3.6%), from €260,671 to €251,282
of which Land and buildings: -€7,885
- Debts after one year -€33,857
down €33,857 (-16.2%), from €208,586 to €174,729
- Reserves +€9,650
up €9,650 (+2.4%), from €401,415 to €411,065
of which Distributable reserves: +€9,650
- Gross operating margin +€8,782
up €8,782 (+38.2%), from €23,016 to €31,798
- Taxes +€3,411
up €3,411 (+309.9%), from €1,101 to €4,512
- Financial income -€2,708
down €2,708 (-86.6%), from €3,127 to €419
- Other operating charges +€787
up €787 (+60.4%), from €1,304 to €2,091
- Financial charges -€561
down €561 (-11.8%), from €4,750 to €4,188
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 | €699,918 | €677,656 | -€22,262 | -3.2% |
| Fixed assets | 21/28 | €469,671 | €460,282 | -€9,389 | -2.0% |
| Tangible fixed assets | 22/27 | €260,671 | €251,282 | -€9,389 | -3.6% |
| Land and buildings | 22 | €249,652 | €241,767 | -€7,885 | -3.2% |
| Furniture and vehicles | 24 | €5,203 | €3,699 | -€1,504 | -28.9% |
| Other tangible fixed assets | 26 | €5,816 | €5,816 | = | 0.0% |
| Financial fixed assets | 28 | €209,000 | €209,000 | = | 0.0% |
| Current assets | 29/58 | €230,247 | €217,374 | -€12,872 | -5.6% |
| Amounts receivable within one year | 40/41 | €39,780 | €35,361 | -€4,419 | -11.1% |
| Trade receivables | 40 | €39,721 | €33,764 | -€5,958 | -15.0% |
| Other amounts receivable | 41 | €59 | €1,597 | +€1,538 | +2608.0% |
| Current investments | 50/53 | €125,000 | €0 | -€125,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €62,178 | €180,562 | +€118,384 | +190.4% |
| Deferred charges and accrued income | 490/1 | €3,288 | €1,451 | -€1,837 | -55.9% |
| Total equity and liabilities | 10/49 | €699,918 | €677,656 | -€22,262 | -3.2% |
| Equity | 10/15 | €407,674 | €417,324 | +€9,650 | +2.4% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €401,415 | €411,065 | +€9,650 | +2.4% |
| Tax-exempt reserves | 132 | €1,322 | €1,322 | = | 0.0% |
| Distributable reserves | 133 | €400,093 | €409,743 | +€9,650 | +2.4% |
| Profit (loss) carried forward | 14 | €53 | €53 | = | 0.0% |
| Amounts payable | 17/49 | €292,244 | €260,332 | -€31,912 | -10.9% |
| Amounts payable after more than one year | 17 | €208,586 | €174,729 | -€33,857 | -16.2% |
| Financial debts | 170/4 | €208,586 | €174,729 | -€33,857 | -16.2% |
| Amounts payable within one year | 42/48 | €83,555 | €85,603 | +€2,049 | +2.5% |
| Current portion of amounts payable after more than one year | 42 | €33,321 | €33,857 | +€536 | +1.6% |
| Financial debts | 43 | €273 | €4,009 | +€3,736 | +1368.5% |
| Credit institutions | 430/8 | €273 | €4,009 | +€3,736 | +1368.5% |
| Trade debts | 44 | €3,464 | €2,385 | -€1,080 | -31.2% |
| Suppliers | 440/4 | €3,464 | €2,385 | -€1,080 | -31.2% |
| Taxes, remuneration and social security | 45 | €9,479 | €8,160 | -€1,320 | -13.9% |
| Taxes | 450/3 | €9,479 | €8,160 | -€1,320 | -13.9% |
| Other amounts payable | 47/48 | €37,017 | €37,193 | +€176 | +0.5% |
| Accrued charges and deferred income | 492/3 | €104 | €0 | -€103 | -99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,742 | €11,775 | +€33 | +0.3% |
| Other operating charges | 640/8 | €1,304 | €2,091 | +€787 | +60.4% |
| Gross operating margin | 9900 | €23,016 | €31,798 | +€8,782 | +38.2% |
| Operating profit (loss) | 9901 | €9,971 | €17,932 | +€7,961 | +79.8% |
| Financial income | 75/76B | €3,127 | €419 | -€2,708 | -86.6% |
| Recurring financial income | 75 | €3,127 | €419 | -€2,708 | -86.6% |
| Financial charges | 65/66B | €4,750 | €4,188 | -€561 | -11.8% |
| Recurring financial charges | 65 | €4,750 | €4,188 | -€561 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €8,348 | €14,162 | +€5,814 | +69.6% |
| Income taxes | 67/77 | €1,101 | €4,512 | +€3,411 | +309.9% |
| Profit (loss) for the period | 9904 | €7,247 | €9,650 | +€2,403 | +33.2% |
| Profit (loss) for the period to be appropriated | 9905 | €7,247 | €9,650 | +€2,403 | +33.2% |
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 5 October 2026 via checked.be.