ZAPATO: 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.
What changed
ZAPATO
NACE 47.721, Retail sale of footwear
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€74,488
2024 · €55,465+€19,024
Equity
€440,375
2024 · €365,886+€74,488
Cash
€57,358
2024 · €52,338+€5,020
Balance sheet total
€1.2m
2024 · €1.2m+€35,858
Largest movements
Assets
- Stocks and contracts +€35,050
up €35,050 (+15.0%), from €232,944 to €267,994
- Tangible fixed assets -€27,659
down €27,659 (-3.2%), from €858,183 to €830,524
- Receivables within one year +€21,403
up €21,403 (+190%), from €11,279 to €32,682
Equity and liabilities
- Debts after one year -€80,866
down €80,866 (-37.9%), from €213,375 to €132,509
- Reserves +€74,488
up €74,488 (+38.9%), from €191,286 to €265,775
- Short-term financial debts +€50,000
up €50,000 (+20.0%), from €250,000 to €300,000
- Tax, wage and social debts +€31,391
up €31,391 (+62.1%), from €50,509 to €81,900
of which Taxes: +€22,598
- Other debts -€27,143
down €27,143 (-33.4%), from €81,172 to €54,029
Income statement
- Staff costs +€50,542
up €50,542 (+45.7%), from €110,495 to €161,037
- Gross operating margin +€40,601
up €40,601 (+15.3%), from €264,825 to €305,427
- Write-downs -€35,258
down €35,258 (-178%), from -€19,804 to -€55,063
- Taxes +€9,967
up €9,967 (+34.9%), from €28,523 to €38,491
- Financial charges -€4,191
down €4,191 (-10.4%), from €40,239 to €36,048
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.
Result 2024
€55,465
Gross operating margin
+€40,601
Staff costs
-€50,542
Depreciation
-€1,770
Write-downs
+€35,258
Other operating charges
-€207
Financial income
+€1,459
Financial charges
+€4,191
Taxes
-€9,967
Result 2025
€74,488
raises the resultlowers the result
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.
From operations
+€87,177
Investment
-€36,296
Financing
-€45,860
Cash 2024
€52,338
From operations (derived)
+€87,177
Net result for the year
+€74,488
Depreciation
+€60,955
Stocks and contracts
-€35,050
Receivables within one year
-€21,403
Deferred charges and accrued income
+€958
Trade debts
-€803
Tax, wage and social debts
+€31,391
Other debts
-€27,143
Accrued charges and deferred income
+€3,784
Investment (derived)
-€36,296
Investment in fixed assets (net)
-€33,296
Current investments
-€3,000
Financing
-€45,860
Debts after one year
-€80,866
Current portion of long-term debt
-€14,994
Short-term financial debts
+€50,000
Cash 2025
€57,358
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,170,819 | €1,206,676 | +€35,858 | +3.1% |
| Fixed assets | 21/28 | €858,183 | €830,524 | -€27,659 | -3.2% |
| Tangible fixed assets | 22/27 | €858,183 | €830,524 | -€27,659 | -3.2% |
| Land and buildings | 22 | €800,467 | €788,019 | -€12,448 | -1.6% |
| Plant, machinery and equipment | 23 | €7,198 | €3,118 | -€4,080 | -56.7% |
| Furniture and vehicles | 24 | €10,367 | €8,555 | -€1,812 | -17.5% |
| Other tangible fixed assets | 26 | €40,151 | €30,833 | -€9,319 | -23.2% |
| Current assets | 29/58 | €312,636 | €376,152 | +€63,516 | +20.3% |
| Stocks and contracts in progress | 3 | €232,944 | €267,994 | +€35,050 | +15.0% |
| Stocks | 30/36 | €232,944 | €267,994 | +€35,050 | +15.0% |
| Amounts receivable within one year | 40/41 | €11,279 | €32,682 | +€21,403 | +190% |
| Trade receivables | 40 | €11,279 | €32,682 | +€21,403 | +190% |
| Current investments | 50/53 | €14,720 | €17,720 | +€3,000 | +20.4% |
| Cash at bank and in hand | 54/58 | €52,338 | €57,358 | +€5,020 | +9.6% |
| Deferred charges and accrued income | 490/1 | €1,355 | €398 | -€958 | -70.7% |
| Total equity and liabilities | 10/49 | €1,170,819 | €1,206,676 | +€35,858 | +3.1% |
| Equity | 10/15 | €365,886 | €440,375 | +€74,488 | +20.4% |
| Contributions | 10/11 | €174,600 | €174,600 | = | 0.0% |
| Reserves | 13 | €191,286 | €265,775 | +€74,488 | +38.9% |
| Distributable reserves | 133 | €191,286 | €265,775 | +€74,488 | +38.9% |
| Provisions and deferred taxes | 16 | €49,213 | €49,213 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €49,213 | €49,213 | = | 0.0% |
| Pensions and similar obligations | 160 | €49,213 | €49,213 | = | 0.0% |
| Amounts payable | 17/49 | €755,720 | €717,089 | -€38,631 | -5.1% |
| Amounts payable after more than one year | 17 | €213,375 | €132,509 | -€80,866 | -37.9% |
| Financial debts | 170/4 | €213,375 | €132,509 | -€80,866 | -37.9% |
| Amounts payable within one year | 42/48 | €529,073 | €567,524 | +€38,451 | +7.3% |
| Current portion of amounts payable after more than one year | 42 | €114,860 | €99,866 | -€14,994 | -13.1% |
| Financial debts | 43 | €250,000 | €300,000 | +€50,000 | +20.0% |
| Credit institutions | 430/8 | €250,000 | €300,000 | +€50,000 | +20.0% |
| Trade debts | 44 | €32,531 | €31,729 | -€803 | -2.5% |
| Suppliers | 440/4 | €32,531 | €31,729 | -€803 | -2.5% |
| Taxes, remuneration and social security | 45 | €50,509 | €81,900 | +€31,391 | +62.1% |
| Taxes | 450/3 | €22,476 | €45,074 | +€22,598 | +101% |
| Remuneration and social security | 454/9 | €28,033 | €36,826 | +€8,793 | +31.4% |
| Other amounts payable | 47/48 | €81,172 | €54,029 | -€27,143 | -33.4% |
| Accrued charges and deferred income | 492/3 | €13,271 | €17,055 | +€3,784 | +28.5% |
| Non-recurring operating income | 76A | - | €16 | +€16 | |
| Remuneration, social security and pensions | 62 | €110,495 | €161,037 | +€50,542 | +45.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,185 | €60,955 | +€1,770 | +3.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€19,804 | -€55,063 | -€35,258 | -178% |
| Other operating charges | 640/8 | €2,762 | €2,969 | +€207 | +7.5% |
| Gross operating margin | 9900 | €264,825 | €305,427 | +€40,601 | +15.3% |
| Operating profit (loss) | 9901 | €112,187 | €135,528 | +€23,342 | +20.8% |
| Financial income | 75/76B | €12,040 | €13,499 | +€1,459 | +12.1% |
| Recurring financial income | 75 | €12,040 | €13,499 | +€1,459 | +12.1% |
| Financial charges | 65/66B | €40,239 | €36,048 | -€4,191 | -10.4% |
| Recurring financial charges | 65 | €40,239 | €36,048 | -€4,191 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | €83,988 | €112,979 | +€28,991 | +34.5% |
| Income taxes | 67/77 | €28,523 | €38,491 | +€9,967 | +34.9% |
| Profit (loss) for the period | 9904 | €55,465 | €74,488 | +€19,024 | +34.3% |
| Profit (loss) for the period to be appropriated | 9905 | €55,465 | €74,488 | +€19,024 | +34.3% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.