ZARAFA-MANAGEMENT: 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.
ZARAFA-MANAGEMENT
Largest movements
- Cash -€294,666
down €294,666 (-73.4%), from €401,607 to €106,941
mainly Contributions, distributions and other (-€387,041) and Investment in fixed assets (net) (-€104,886)
- Tangible fixed assets +€83,927
up €83,927 (+743.2%), from €11,292 to €95,220
of which Furniture and vehicles: +€85,588
- Receivables within one year -€28,110
down €28,110 (-56.4%), from €49,799 to €21,688
of which Trade receivables: -€22,107
- Current investments +€26,000
up €26,000, from €0 to €26,000
- Reserves -€317,041
down €317,041 (-88.6%), from €357,829 to €40,787
- Other debts +€114,389
up €114,389 (+266.5%), from €42,922 to €157,311
- Accrued charges and deferred income -€17,209
down €17,209 (-100.0%), from €17,209 to €0
- Tax, wage and social debts +€8,640
up €8,640 (+40.8%), from €21,163 to €29,803
- Gross operating margin -€67,047
down €67,047 (-37.9%), from €176,726 to €109,679
- Taxes -€17,771
down €17,771 (-46.6%), from €38,153 to €20,382
- Depreciation +€17,073
up €17,073 (+439.5%), from €3,885 to €20,958
- Financial income +€6,295
up €6,295, from €0 to €6,295
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 | €463,865 | €253,188 | -€210,677 | -45.4% |
| Fixed assets | 21/28 | €11,372 | €95,300 | +€83,927 | +738.0% |
| Tangible fixed assets | 22/27 | €11,292 | €95,220 | +€83,927 | +743.2% |
| Plant, machinery and equipment | 23 | €6,444 | €4,783 | -€1,661 | -25.8% |
| Furniture and vehicles | 24 | €4,849 | €90,437 | +€85,588 | +1765.1% |
| Financial fixed assets | 28 | €80 | €80 | = | 0.0% |
| Current assets | 29/58 | €452,493 | €157,888 | -€294,604 | -65.1% |
| Amounts receivable within one year | 40/41 | €49,799 | €21,688 | -€28,110 | -56.4% |
| Trade receivables | 40 | €27,704 | €5,597 | -€22,107 | -79.8% |
| Other amounts receivable | 41 | €22,095 | €16,091 | -€6,004 | -27.2% |
| Current investments | 50/53 | €0 | €26,000 | +€26,000 | |
| Cash at bank and in hand | 54/58 | €401,607 | €106,941 | -€294,666 | -73.4% |
| Deferred charges and accrued income | 490/1 | €1,087 | €3,259 | +€2,171 | +199.7% |
| Total equity and liabilities | 10/49 | €463,865 | €253,188 | -€210,677 | -45.4% |
| Equity | 10/15 | €376,429 | €58,979 | -€317,450 | -84.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €357,829 | €40,787 | -€317,041 | -88.6% |
| Distributable reserves | 133 | €357,829 | €40,787 | -€317,041 | -88.6% |
| Profit (loss) carried forward | 14 | €0 | -€409 | -€409 | |
| Amounts payable | 17/49 | €87,436 | €194,209 | +€106,773 | +122.1% |
| Amounts payable within one year | 42/48 | €70,227 | €194,209 | +€123,982 | +176.5% |
| Trade debts | 44 | €6,142 | €7,095 | +€953 | +15.5% |
| Suppliers | 440/4 | €6,142 | €7,095 | +€953 | +15.5% |
| Taxes, remuneration and social security | 45 | €21,163 | €29,803 | +€8,640 | +40.8% |
| Taxes | 450/3 | €21,163 | €29,803 | +€8,640 | +40.8% |
| Other amounts payable | 47/48 | €42,922 | €157,311 | +€114,389 | +266.5% |
| Accrued charges and deferred income | 492/3 | €17,209 | €0 | -€17,209 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,885 | €20,958 | +€17,073 | +439.5% |
| Other operating charges | 640/8 | €615 | €532 | -€83 | -13.5% |
| Gross operating margin | 9900 | €176,726 | €109,679 | -€67,047 | -37.9% |
| Operating profit (loss) | 9901 | €172,226 | €88,188 | -€84,038 | -48.8% |
| Financial income | 75/76B | €0 | €6,295 | +€6,295 | |
| Recurring financial income | 75 | €0 | €6,295 | +€6,295 | |
| Financial charges | 65/66B | €6,057 | €4,509 | -€1,549 | -25.6% |
| Recurring financial charges | 65 | €6,057 | €4,509 | -€1,549 | -25.6% |
| Profit (loss) for the period before taxes | 9903 | €166,168 | €89,974 | -€76,194 | -45.9% |
| Income taxes | 67/77 | €38,153 | €20,382 | -€17,771 | -46.6% |
| Profit (loss) for the period | 9904 | €128,015 | €69,591 | -€58,424 | -45.6% |
| Profit (loss) for the period to be appropriated | 9905 | €128,015 | €69,591 | -€58,424 | -45.6% |
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 12 October 2026 via checked.be.