ZARAM: 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.
ZARAM
Largest movements
- Cash +€64,173
up €64,173 (+1626.5%), from €3,946 to €68,118
mainly Depreciation (+€39,596) and Receivables within one year (+€28,981)
- Receivables within one year -€28,981
down €28,981 (-25.5%), from €113,514 to €84,533
of which Trade receivables: -€34,685
- Tangible fixed assets -€20,484
down €20,484 (-12.0%), from €170,116 to €149,632
of which Plant, machinery and equipment: -€18,697
- Trade debts +€21,068
up €21,068 (+176.6%), from €11,931 to €32,999
- Debts after one year -€16,377
down €16,377 (-17.7%), from €92,649 to €76,272
- Advances received +€16,016
new in 2025: €16,016
- Profit (loss) carried forward +€10,536
up €10,536 (+8.8%), from €119,291 to €129,827
- Tax, wage and social debts -€8,363
down €8,363 (-28.7%), from €29,102 to €20,739
of which Remuneration and social security: -€9,408
- Purchases and services -€84,470
down €84,470 (-16.9%), from €500,255 to €415,785
- Gross operating margin -€22,111
down €22,111 (-17.3%), from €127,530 to €105,419
- Staff costs -€20,378
down €20,378 (-28.2%), from €72,367 to €51,989
- Taxes -€8,000
no longer reported in 2025 (was €8,000)
- Depreciation +€3,920
up €3,920 (+11.0%), from €35,676 to €39,596
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 | €296,070 | €312,690 | +€16,620 | +5.6% |
| Fixed assets | 21/28 | €174,466 | €153,982 | -€20,484 | -11.7% |
| Tangible fixed assets | 22/27 | €170,116 | €149,632 | -€20,484 | -12.0% |
| Land and buildings | 22 | €4,805 | €4,305 | -€500 | -10.4% |
| Plant, machinery and equipment | 23 | €127,047 | €108,349 | -€18,697 | -14.7% |
| Furniture and vehicles | 24 | €11,317 | €17,680 | +€6,363 | +56.2% |
| Other tangible fixed assets | 26 | €26,948 | €19,298 | -€7,650 | -28.4% |
| Financial fixed assets | 28 | €4,350 | €4,350 | = | 0.0% |
| Current assets | 29/58 | €121,604 | €158,708 | +€37,104 | +30.5% |
| Stocks and contracts in progress | 3 | €4,118 | €3,884 | -€234 | -5.7% |
| Stocks | 30/36 | €4,118 | €3,884 | -€234 | -5.7% |
| Amounts receivable within one year | 40/41 | €113,514 | €84,533 | -€28,981 | -25.5% |
| Trade receivables | 40 | €80,318 | €45,632 | -€34,685 | -43.2% |
| Other amounts receivable | 41 | €33,196 | €38,901 | +€5,705 | +17.2% |
| Cash at bank and in hand | 54/58 | €3,946 | €68,118 | +€64,173 | +1626.5% |
| Deferred charges and accrued income | 490/1 | €27 | €2,173 | +€2,146 | +7953.1% |
| Total equity and liabilities | 10/49 | €296,070 | €312,690 | +€16,620 | +5.6% |
| Equity | 10/15 | €139,751 | €150,287 | +€10,536 | +7.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €119,291 | €129,827 | +€10,536 | +8.8% |
| Amounts payable | 17/49 | €156,319 | €162,403 | +€6,084 | +3.9% |
| Amounts payable after more than one year | 17 | €92,649 | €76,272 | -€16,377 | -17.7% |
| Financial debts | 170/4 | €92,649 | €76,272 | -€16,377 | -17.7% |
| Amounts payable within one year | 42/48 | €63,670 | €86,131 | +€22,461 | +35.3% |
| Current portion of amounts payable after more than one year | 42 | €22,638 | €16,377 | -€6,261 | -27.7% |
| Trade debts | 44 | €11,931 | €32,999 | +€21,068 | +176.6% |
| Suppliers | 440/4 | €11,931 | €32,999 | +€21,068 | +176.6% |
| Advances received on contracts in progress | 46 | - | €16,016 | +€16,016 | |
| Taxes, remuneration and social security | 45 | €29,102 | €20,739 | -€8,363 | -28.7% |
| Taxes | 450/3 | €6,643 | €7,688 | +€1,046 | +15.7% |
| Remuneration and social security | 454/9 | €22,459 | €13,051 | -€9,408 | -41.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €500,255 | €415,785 | -€84,470 | -16.9% |
| Remuneration, social security and pensions | 62 | €72,367 | €51,989 | -€20,378 | -28.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,676 | €39,596 | +€3,920 | +11.0% |
| Other operating charges | 640/8 | €4,369 | €4,501 | +€132 | +3.0% |
| Gross operating margin | 9900 | €127,530 | €105,419 | -€22,111 | -17.3% |
| Operating profit (loss) | 9901 | €15,118 | €9,333 | -€5,786 | -38.3% |
| Financial income | 75/76B | €15 | - | -€15 | |
| Recurring financial income | 75 | €15 | - | -€15 | |
| Non-recurring financial income | 76B | €15 | - | -€15 | |
| Financial charges | 65/66B | €3,470 | €4,096 | +€626 | +18.0% |
| Recurring financial charges | 65 | €3,470 | €4,096 | +€626 | +18.0% |
| Profit (loss) for the period before taxes | 9903 | €11,663 | €5,236 | -€6,427 | -55.1% |
| Income taxes | 67/77 | €8,000 | - | -€8,000 | |
| Profit (loss) for the period | 9904 | €3,663 | €5,236 | +€1,573 | +43.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,663 | €5,236 | +€1,573 | +43.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.