ZARE: 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.
ZARE
Largest movements
- Receivables within one year +€91,408
up €91,408 (+7,463%), from €1,225 to €92,633
of which Trade receivables: +€53,359
- Cash -€17,112
down €17,112 (-17.3%), from €99,018 to €81,906
mainly Receivables within one year (-€91,408) and Other debts (-€41,980)
- Tangible fixed assets +€6,521
up €6,521 (+18.5%), from €35,318 to €41,840
- Profit (loss) carried forward +€91,951
up €91,951 (+141%), from €65,362 to €157,312
- Other debts -€41,980
no longer reported in 2025 (was €41,980)
- Trade debts +€22,209
up €22,209 (+2,736%), from €812 to €23,021
- Tax, wage and social debts +€9,536
up €9,536 (+39.0%), from €24,435 to €33,971
of which Taxes: +€10,971
- Gross operating margin +€47,663
up €47,663 (+56.2%), from €84,881 to €132,544
- Taxes +€9,899
up €9,899 (+62.3%), from €15,889 to €25,789
- Depreciation +€5,258
up €5,258 (+58.6%), from €8,970 to €14,229
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €137,588 | €219,304 | +€81,716 | +59.4% |
| Fixed assets | 21/28 | €35,318 | €41,840 | +€6,521 | +18.5% |
| Tangible fixed assets | 22/27 | €35,318 | €41,840 | +€6,521 | +18.5% |
| Furniture and vehicles | 24 | €35,318 | €41,840 | +€6,521 | +18.5% |
| Current assets | 29/58 | €102,270 | €177,464 | +€75,194 | +73.5% |
| Amounts receivable within one year | 40/41 | €1,225 | €92,633 | +€91,408 | +7,463% |
| Trade receivables | 40 | €1,225 | €54,584 | +€53,359 | +4,357% |
| Other amounts receivable | 41 | - | €38,049 | +€38,049 | |
| Cash at bank and in hand | 54/58 | €99,018 | €81,906 | -€17,112 | -17.3% |
| Deferred charges and accrued income | 490/1 | €2,027 | €2,926 | +€899 | +44.3% |
| Total equity and liabilities | 10/49 | €137,588 | €219,304 | +€81,716 | +59.4% |
| Equity | 10/15 | €70,362 | €162,312 | +€91,951 | +131% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €65,362 | €157,312 | +€91,951 | +141% |
| Amounts payable | 17/49 | €67,227 | €56,992 | -€10,235 | -15.2% |
| Amounts payable within one year | 42/48 | €67,227 | €56,992 | -€10,235 | -15.2% |
| Trade debts | 44 | €812 | €23,021 | +€22,209 | +2,736% |
| Suppliers | 440/4 | €812 | €23,021 | +€22,209 | +2,736% |
| Taxes, remuneration and social security | 45 | €24,435 | €33,971 | +€9,536 | +39.0% |
| Taxes | 450/3 | €23,000 | €33,971 | +€10,971 | +47.7% |
| Remuneration and social security | 454/9 | €1,436 | - | -€1,436 | |
| Other amounts payable | 47/48 | €41,980 | - | -€41,980 | |
| Remuneration, social security and pensions | 62 | €186 | €400 | +€215 | +115% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,970 | €14,229 | +€5,258 | +58.6% |
| Other operating charges | 640/8 | €752 | €532 | -€220 | -29.3% |
| Gross operating margin | 9900 | €84,881 | €132,544 | +€47,663 | +56.2% |
| Operating profit (loss) | 9901 | €74,973 | €117,383 | +€42,410 | +56.6% |
| Financial income | 75/76B | €0 | €565 | +€565 | +5,649,300% |
| Recurring financial income | 75 | €0 | €565 | +€565 | +5,649,300% |
| Financial charges | 65/66B | €135 | €208 | +€73 | +54.2% |
| Recurring financial charges | 65 | €135 | €208 | +€73 | +54.2% |
| Profit (loss) for the period before taxes | 9903 | €74,838 | €117,739 | +€42,902 | +57.3% |
| Income taxes | 67/77 | €15,889 | €25,789 | +€9,899 | +62.3% |
| Profit (loss) for the period | 9904 | €58,948 | €91,951 | +€33,002 | +56.0% |
| Profit (loss) for the period to be appropriated | 9905 | €58,948 | €91,951 | +€33,002 | +56.0% |
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 17 October 2026 via checked.be.