ZARINA: 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.
ZARINA
Largest movements
- Current investments +€147,846
up €147,846 (+15.8%), from €933,974 to €1.1m
- Cash -€51,239
down €51,239 (-12.5%), from €408,456 to €357,217
mainly Current investments (-€147,846) and Investment in fixed assets (net) (-€45,965)
- Tangible fixed assets +€41,669
up €41,669 (+37.5%), from €110,975 to €152,643
of which Land and buildings: +€24,041
- Profit (loss) carried forward +€104,806
up €104,806 (+84.7%), from €123,745 to €228,551
- Other debts +€30,780
up €30,780 (+158.1%), from €19,466 to €50,246
- Financial charges -€142,323
down €142,323, from €88,166 to -€54,157
- Financial income -€3,646
down €3,646 (-3.1%), from €115,974 to €112,328
- Taxes -€3,114
down €3,114 (-14.2%), from €21,946 to €18,832
- Gross operating margin +€1,226
up €1,226 (+21.4%), from -€5,731 to -€4,505
- Depreciation +€706
up €706 (+19.7%), from €3,590 to €4,296
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 | €1,604,864 | €1,742,496 | +€137,631 | +8.6% |
| Fixed assets | 21/28 | €260,725 | €302,393 | +€41,669 | +16.0% |
| Tangible fixed assets | 22/27 | €110,975 | €152,643 | +€41,669 | +37.5% |
| Land and buildings | 22 | €82,795 | €106,836 | +€24,041 | +29.0% |
| Plant, machinery and equipment | 23 | €2,212 | €1,926 | -€286 | -12.9% |
| Assets under construction and advance payments | 27 | €25,968 | €43,881 | +€17,914 | +69.0% |
| Financial fixed assets | 28 | €149,750 | €149,750 | = | 0.0% |
| Current assets | 29/58 | €1,344,140 | €1,440,103 | +€95,963 | +7.1% |
| Amounts receivable within one year | 40/41 | €665 | - | -€665 | |
| Other amounts receivable | 41 | €665 | - | -€665 | |
| Current investments | 50/53 | €933,974 | €1,081,820 | +€147,846 | +15.8% |
| Cash at bank and in hand | 54/58 | €408,456 | €357,217 | -€51,239 | -12.5% |
| Deferred charges and accrued income | 490/1 | €1,045 | €1,065 | +€21 | +2.0% |
| Total equity and liabilities | 10/49 | €1,604,864 | €1,742,496 | +€137,631 | +8.6% |
| Equity | 10/15 | €1,061,799 | €1,166,605 | +€104,806 | +9.9% |
| Contributions | 10/11 | €375,000 | €375,000 | = | 0.0% |
| Capital | 10 | €375,000 | €375,000 | = | 0.0% |
| Issued capital | 100 | €375,000 | €375,000 | = | 0.0% |
| Reserves | 13 | €563,054 | €563,054 | = | 0.0% |
| Non-distributable reserves | 130/1 | €37,500 | €37,500 | = | 0.0% |
| Legal reserve | 130 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €525,554 | €525,554 | = | 0.0% |
| Profit (loss) carried forward | 14 | €123,745 | €228,551 | +€104,806 | +84.7% |
| Amounts payable | 17/49 | €543,066 | €575,891 | +€32,825 | +6.0% |
| Amounts payable after more than one year | 17 | €500,000 | €500,000 | = | 0.0% |
| Financial debts | 170/4 | €500,000 | €500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €43,066 | €75,891 | +€32,825 | +76.2% |
| Financial debts | 43 | €20,000 | €20,000 | = | 0.0% |
| Other loans | 439 | €20,000 | €20,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €3,600 | €5,645 | +€2,045 | +56.8% |
| Taxes | 450/3 | €3,600 | €5,645 | +€2,045 | +56.8% |
| Other amounts payable | 47/48 | €19,466 | €50,246 | +€30,780 | +158.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,590 | €4,296 | +€706 | +19.7% |
| Other operating charges | 640/8 | €3,806 | €4,046 | +€240 | +6.3% |
| Gross operating margin | 9900 | -€5,731 | -€4,505 | +€1,226 | +21.4% |
| Operating profit (loss) | 9901 | -€13,127 | -€12,847 | +€280 | +2.1% |
| Financial income | 75/76B | €115,974 | €112,328 | -€3,646 | -3.1% |
| Recurring financial income | 75 | €115,974 | €112,328 | -€3,646 | -3.1% |
| Financial charges | 65/66B | €88,166 | -€54,157 | -€142,323 | |
| Recurring financial charges | 65 | €88,166 | -€54,157 | -€142,323 | |
| Profit (loss) for the period before taxes | 9903 | €14,681 | €153,638 | +€138,957 | +946.5% |
| Income taxes | 67/77 | €21,946 | €18,832 | -€3,114 | -14.2% |
| Profit (loss) for the period | 9904 | -€7,265 | €134,806 | +€142,071 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,265 | €134,806 | +€142,071 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.