ZAPALI: 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.
ZAPALI
Largest movements
- Tangible fixed assets +€157,015
up €157,015 (+8.2%), from €1.9m to €2.1m
of which Assets under construction and advance payments: +€199,536
- Cash -€146,473
down €146,473 (-61.9%), from €236,533 to €90,060
mainly Investment in fixed assets (net) (-€199,536) and Other debts (-€29,641)
- Deferred charges and accrued income -€28,453
down €28,453 (-96.2%), from €29,568 to €1,115
- Other debts -€29,641
down €29,641 (-1.4%), from €2.1m to €2.1m
- Gross operating margin -€7,305
down €7,305 (-9.9%), from €73,420 to €66,115
- Taxes -€2,428
down €2,428 (-40.5%), from €6,003 to €3,575
- Other operating charges +€833
up €833 (+11.1%), from €7,526 to €8,359
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 | €2,175,942 | €2,157,646 | -€18,296 | -0.8% |
| Formation expenses | 20 | €384 | €0 | -€384 | -100.0% |
| Fixed assets | 21/28 | €1,909,457 | €2,066,472 | +€157,015 | +8.2% |
| Tangible fixed assets | 22/27 | €1,909,457 | €2,066,472 | +€157,015 | +8.2% |
| Land and buildings | 22 | €1,557,221 | €1,526,539 | -€30,682 | -2.0% |
| Plant, machinery and equipment | 23 | €12,935 | €11,479 | -€1,456 | -11.3% |
| Furniture and vehicles | 24 | €36,847 | €26,464 | -€10,384 | -28.2% |
| Assets under construction and advance payments | 27 | €302,454 | €501,990 | +€199,536 | +66.0% |
| Current assets | 29/58 | €266,101 | €91,174 | -€174,927 | -65.7% |
| Cash at bank and in hand | 54/58 | €236,533 | €90,060 | -€146,473 | -61.9% |
| Deferred charges and accrued income | 490/1 | €29,568 | €1,115 | -€28,453 | -96.2% |
| Total equity and liabilities | 10/49 | €2,175,942 | €2,157,646 | -€18,296 | -0.8% |
| Equity | 10/15 | €23,181 | €34,216 | +€11,035 | +47.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,181 | €33,216 | +€11,035 | +49.7% |
| Amounts payable | 17/49 | €2,152,761 | €2,123,430 | -€29,331 | -1.4% |
| Amounts payable within one year | 42/48 | €2,152,761 | €2,120,810 | -€31,951 | -1.5% |
| Trade debts | 44 | €3,951 | €4,069 | +€119 | +3.0% |
| Suppliers | 440/4 | €3,951 | €4,069 | +€119 | +3.0% |
| Taxes, remuneration and social security | 45 | €6,003 | €3,575 | -€2,428 | -40.5% |
| Taxes | 450/3 | €6,003 | €3,575 | -€2,428 | -40.5% |
| Other amounts payable | 47/48 | €2,142,807 | €2,113,166 | -€29,641 | -1.4% |
| Accrued charges and deferred income | 492/3 | - | €2,620 | +€2,620 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,934 | €42,905 | -€29 | -0.1% |
| Other operating charges | 640/8 | €7,526 | €8,359 | +€833 | +11.1% |
| Gross operating margin | 9900 | €73,420 | €66,115 | -€7,305 | -9.9% |
| Operating profit (loss) | 9901 | €22,959 | €14,850 | -€8,109 | -35.3% |
| Financial charges | 65/66B | €203 | €241 | +€38 | +18.7% |
| Recurring financial charges | 65 | €203 | €241 | +€38 | +18.7% |
| Profit (loss) for the period before taxes | 9903 | €22,756 | €14,610 | -€8,147 | -35.8% |
| Income taxes | 67/77 | €6,003 | €3,575 | -€2,428 | -40.5% |
| Profit (loss) for the period | 9904 | €16,753 | €11,035 | -€5,718 | -34.1% |
| Profit (loss) for the period to be appropriated | 9905 | €16,753 | €11,035 | -€5,718 | -34.1% |
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 8 October 2026 via checked.be.