ZARGAL: 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.
ZARGAL
Largest movements
- Receivables within one year +€927,266
up €927,266 (+31.5%), from €2.9m to €3.9m
of which Other amounts receivable: +€1.2m
- Stocks and contracts -€109,325
down €109,325 (-6.5%), from €1.7m to €1.6m
- Deferred charges and accrued income +€89,969
up €89,969 (+99.3%), from €90,647 to €180,616
- Debts after one year +€1.1m
up €1.1m (+67.4%), from €1.6m to €2.7m
- Profit (loss) carried forward +€451,362
up €451,362 (+13.5%), from -€3.3m to -€2.9m
- Accrued charges and deferred income -€306,346
down €306,346 (-79.5%), from €385,578 to €79,232
- Short-term financial debts -€300,000
down €300,000 (-100%), from €300,000 to €0
- Trade debts -€113,100
down €113,100 (-24.0%), from €470,845 to €357,745
- Gross operating margin -€254,565
down €254,565 (-26.7%), from €953,375 to €698,809
- Financial income +€52,438
up €52,438 (+156%), from €33,689 to €86,127
- Depreciation -€17,800
down €17,800 (-28.3%), from €63,000 to €45,200
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,069,034 | €5,923,198 | +€854,164 | +16.9% |
| Fixed assets | 21/28 | €305,028 | €259,828 | -€45,200 | -14.8% |
| Tangible fixed assets | 22/27 | €305,028 | €259,828 | -€45,200 | -14.8% |
| Plant, machinery and equipment | 23 | €275,453 | €234,602 | -€40,851 | -14.8% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €29,575 | €25,226 | -€4,348 | -14.7% |
| Current assets | 29/58 | €4,764,006 | €5,663,370 | +€899,364 | +18.9% |
| Stocks and contracts in progress | 3 | €1,670,319 | €1,560,993 | -€109,325 | -6.5% |
| Stocks | 30/36 | €1,670,319 | €1,560,993 | -€109,325 | -6.5% |
| Amounts receivable within one year | 40/41 | €2,948,152 | €3,875,418 | +€927,266 | +31.5% |
| Trade receivables | 40 | €1,287,560 | €990,418 | -€297,142 | -23.1% |
| Other amounts receivable | 41 | €1,660,592 | €2,885,000 | +€1.2m | +73.7% |
| Cash at bank and in hand | 54/58 | €54,889 | €46,343 | -€8,546 | -15.6% |
| Deferred charges and accrued income | 490/1 | €90,647 | €180,616 | +€89,969 | +99.3% |
| Total equity and liabilities | 10/49 | €5,069,034 | €5,923,198 | +€854,164 | +16.9% |
| Equity | 10/15 | €2,273,506 | €2,724,868 | +€451,362 | +19.9% |
| Contributions | 10/11 | €5,500,000 | €5,500,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,344,094 | -€2,892,732 | +€451,362 | +13.5% |
| Investment grants | 15 | €117,600 | €117,600 | = | 0.0% |
| Amounts payable | 17/49 | €2,795,528 | €3,198,330 | +€402,802 | +14.4% |
| Amounts payable after more than one year | 17 | €1,625,000 | €2,720,000 | +€1.1m | +67.4% |
| Financial debts | 170/4 | €1,625,000 | €2,720,000 | +€1.1m | +67.4% |
| Amounts payable within one year | 42/48 | €784,950 | €399,098 | -€385,852 | -49.2% |
| Financial debts | 43 | €300,000 | €0 | -€300,000 | -100% |
| Credit institutions | 430/8 | €300,000 | €0 | -€300,000 | -100% |
| Trade debts | 44 | €470,845 | €357,745 | -€113,100 | -24.0% |
| Suppliers | 440/4 | €470,845 | €357,745 | -€113,100 | -24.0% |
| Taxes, remuneration and social security | 45 | €12,623 | €40,027 | +€27,404 | +217% |
| Taxes | 450/3 | €0 | €30,470 | +€30,470 | |
| Remuneration and social security | 454/9 | €12,623 | €9,557 | -€3,066 | -24.3% |
| Other amounts payable | 47/48 | €1,482 | €1,326 | -€157 | -10.6% |
| Accrued charges and deferred income | 492/3 | €385,578 | €79,232 | -€306,346 | -79.5% |
| Remuneration, social security and pensions | 62 | €81,104 | €88,371 | +€7,267 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,000 | €45,200 | -€17,800 | -28.3% |
| Other operating charges | 640/8 | €109,879 | €112,708 | +€2,829 | +2.6% |
| Gross operating margin | 9900 | €953,375 | €698,809 | -€254,565 | -26.7% |
| Operating profit (loss) | 9901 | €699,393 | €452,531 | -€246,861 | -35.3% |
| Financial income | 75/76B | €33,689 | €86,127 | +€52,438 | +156% |
| Recurring financial income | 75 | €33,689 | €86,127 | +€52,438 | +156% |
| Financial charges | 65/66B | €91,087 | €87,296 | -€3,792 | -4.2% |
| Recurring financial charges | 65 | €91,087 | €87,296 | -€3,792 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | €641,994 | €451,362 | -€190,632 | -29.7% |
| Profit (loss) for the period | 9904 | €641,994 | €451,362 | -€190,632 | -29.7% |
| Profit (loss) for the period to be appropriated | 9905 | €641,994 | €451,362 | -€190,632 | -29.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.