Zappa: 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.
Zappa
Largest movements
- Stocks and contracts -€162,731
down €162,731 (-96.3%), from €168,902 to €6,170
- Cash +€50,896
up €50,896 (+30.7%), from €165,758 to €216,654
mainly Stocks and contracts (+€162,731) and Net result for the year (+€29,482)
- Tangible fixed assets -€21,060
down €21,060 (-98.6%), from €21,361 to €301
of which Leasing and similar rights: -€12,235
- Other debts -€69,731
down €69,731 (-82.9%), from €84,110 to €14,379
- Tax, wage and social debts -€60,683
down €60,683 (-85.7%), from €70,846 to €10,163
of which Taxes: -€45,240
- Reserves +€14,102
up €14,102 (+10.2%), from €138,145 to €152,247
- Debts after one year -€13,255
no longer reported in 2025 (was €13,255)
- Current portion of long-term debt -€3,703
down €3,703 (-21.8%), from €16,958 to €13,255
- Gross operating margin -€128,436
down €128,436 (-81.0%), from €158,566 to €30,130
- Staff costs -€47,962
down €47,962 (-78.2%), from €61,315 to €13,353
- Write-downs -€38,142
down €38,142, from €5,581 to -€32,561
- Depreciation -€18,805
down €18,805 (-97.1%), from €19,362 to €557
- Taxes -€7,587
down €7,587 (-36.3%), from €20,881 to €13,294
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 | €362,680 | €230,190 | -€132,490 | -36.5% |
| Fixed assets | 21/28 | €21,361 | €301 | -€21,060 | -98.6% |
| Tangible fixed assets | 22/27 | €21,361 | €301 | -€21,060 | -98.6% |
| Plant, machinery and equipment | 23 | €858 | €301 | -€557 | -64.9% |
| Furniture and vehicles | 24 | €384 | - | -€384 | |
| Leasing and similar rights | 25 | €12,235 | - | -€12,235 | |
| Other tangible fixed assets | 26 | €7,884 | - | -€7,884 | |
| Current assets | 29/58 | €341,319 | €229,890 | -€111,430 | -32.6% |
| Stocks and contracts in progress | 3 | €168,902 | €6,170 | -€162,731 | -96.3% |
| Stocks | 30/36 | €168,902 | €6,170 | -€162,731 | -96.3% |
| Amounts receivable within one year | 40/41 | €4,588 | €5,694 | +€1,106 | +24.1% |
| Trade receivables | 40 | €4,588 | €2,582 | -€2,006 | -43.7% |
| Other amounts receivable | 41 | - | €3,112 | +€3,112 | |
| Current investments | 50/53 | €250 | €250 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €165,758 | €216,654 | +€50,896 | +30.7% |
| Deferred charges and accrued income | 490/1 | €1,822 | €1,122 | -€700 | -38.4% |
| Total equity and liabilities | 10/49 | €362,680 | €230,190 | -€132,490 | -36.5% |
| Equity | 10/15 | €175,484 | €189,587 | +€14,103 | +8.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €138,145 | €152,247 | +€14,102 | +10.2% |
| Distributable reserves | 133 | €138,145 | €152,247 | +€14,102 | +10.2% |
| Profit (loss) carried forward | 14 | €18,740 | €18,740 | +€1 | 0.0% |
| Amounts payable | 17/49 | €187,196 | €40,603 | -€146,592 | -78.3% |
| Amounts payable after more than one year | 17 | €13,255 | - | -€13,255 | |
| Financial debts | 170/4 | €13,255 | - | -€13,255 | |
| Amounts payable within one year | 42/48 | €173,941 | €40,603 | -€133,338 | -76.7% |
| Current portion of amounts payable after more than one year | 42 | €16,958 | €13,255 | -€3,703 | -21.8% |
| Trade debts | 44 | €2,027 | €2,806 | +€780 | +38.5% |
| Suppliers | 440/4 | €2,027 | €2,806 | +€780 | +38.5% |
| Taxes, remuneration and social security | 45 | €70,846 | €10,163 | -€60,683 | -85.7% |
| Taxes | 450/3 | €55,403 | €10,163 | -€45,240 | -81.7% |
| Remuneration and social security | 454/9 | €15,443 | - | -€15,443 | |
| Other amounts payable | 47/48 | €84,110 | €14,379 | -€69,731 | -82.9% |
| Remuneration, social security and pensions | 62 | €61,315 | €13,353 | -€47,962 | -78.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,362 | €557 | -€18,805 | -97.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,581 | -€32,561 | -€38,142 | |
| Other operating charges | 640/8 | €4,326 | €4,581 | +€255 | +5.9% |
| Gross operating margin | 9900 | €158,566 | €30,130 | -€128,436 | -81.0% |
| Operating profit (loss) | 9901 | €67,982 | €44,200 | -€23,782 | -35.0% |
| Financial income | 75/76B | €4,275 | €72 | -€4,202 | -98.3% |
| Recurring financial income | 75 | €4,275 | €72 | -€4,202 | -98.3% |
| Financial charges | 65/66B | €5,056 | €1,496 | -€3,559 | -70.4% |
| Recurring financial charges | 65 | €5,056 | €1,496 | -€3,559 | -70.4% |
| Profit (loss) for the period before taxes | 9903 | €67,201 | €42,776 | -€24,425 | -36.3% |
| Income taxes | 67/77 | €20,881 | €13,294 | -€7,587 | -36.3% |
| Profit (loss) for the period | 9904 | €46,320 | €29,482 | -€16,838 | -36.4% |
| Profit (loss) for the period to be appropriated | 9905 | €46,320 | €29,482 | -€16,838 | -36.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.