ZARLIN: 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.
ZARLIN
Largest movements
- Stocks and contracts -€18,331
down €18,331 (-34.0%), from €53,909 to €35,579
- Tangible fixed assets -€11,362
down €11,362 (-22.9%), from €49,665 to €38,302
of which Furniture and vehicles: -€8,950
- Cash -€4,147
down €4,147 (-15.3%), from €27,157 to €23,010
mainly Trade debts (-€15,269) and Debts after one year (-€10,322)
- Trade debts -€15,269
down €15,269 (-41.6%), from €36,744 to €21,475
- Debts after one year -€10,322
down €10,322 (-46.7%), from €22,098 to €11,776
- Advances received -€9,666
down €9,666 (-100%), from €9,666 to €0
- Profit (loss) carried forward +€5,338
up €5,338 (+14.0%), from €38,239 to €43,577
- Accrued charges and deferred income -€4,147
down €4,147 (-98.8%), from €4,200 to €52
- Gross operating margin +€2,565
up €2,565 (+13.6%), from €18,824 to €21,389
- Other operating charges -€953
down €953 (-37.1%), from €2,567 to €1,615
- Depreciation +€573
up €573 (+5.3%), from €10,789 to €11,362
- Financial charges -€342
down €342 (-9.5%), from €3,596 to €3,254
- Financial income +€319
up €319 (+4,332%), from €7 to €327
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 | €150,252 | €115,721 | -€34,532 | -23.0% |
| Fixed assets | 21/28 | €49,665 | €38,302 | -€11,362 | -22.9% |
| Tangible fixed assets | 22/27 | €49,665 | €38,302 | -€11,362 | -22.9% |
| Plant, machinery and equipment | 23 | €1,558 | €1,074 | -€485 | -31.1% |
| Furniture and vehicles | 24 | €36,191 | €27,241 | -€8,950 | -24.7% |
| Other tangible fixed assets | 26 | €11,916 | €9,987 | -€1,928 | -16.2% |
| Current assets | 29/58 | €100,588 | €77,418 | -€23,169 | -23.0% |
| Stocks and contracts in progress | 3 | €53,909 | €35,579 | -€18,331 | -34.0% |
| Stocks | 30/36 | €53,909 | €35,579 | -€18,331 | -34.0% |
| Amounts receivable within one year | 40/41 | €14,210 | €14,698 | +€488 | +3.4% |
| Trade receivables | 40 | €10,566 | €0 | -€10,566 | -100% |
| Other amounts receivable | 41 | €3,644 | €14,698 | +€11,054 | +303% |
| Cash at bank and in hand | 54/58 | €27,157 | €23,010 | -€4,147 | -15.3% |
| Deferred charges and accrued income | 490/1 | €5,311 | €4,131 | -€1,179 | -22.2% |
| Total equity and liabilities | 10/49 | €150,252 | €115,721 | -€34,532 | -23.0% |
| Equity | 10/15 | €65,321 | €70,660 | +€5,338 | +8.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €8,490 | €8,490 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €6,631 | €6,631 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,239 | €43,577 | +€5,338 | +14.0% |
| Amounts payable | 17/49 | €84,931 | €45,061 | -€39,870 | -46.9% |
| Amounts payable after more than one year | 17 | €22,098 | €11,776 | -€10,322 | -46.7% |
| Financial debts | 170/4 | €22,098 | €11,776 | -€10,322 | -46.7% |
| Amounts payable within one year | 42/48 | €58,633 | €33,232 | -€25,401 | -43.3% |
| Current portion of amounts payable after more than one year | 42 | €9,821 | €10,322 | +€500 | +5.1% |
| Trade debts | 44 | €36,744 | €21,475 | -€15,269 | -41.6% |
| Suppliers | 440/4 | €36,744 | €21,475 | -€15,269 | -41.6% |
| Advances received on contracts in progress | 46 | €9,666 | €0 | -€9,666 | -100% |
| Taxes, remuneration and social security | 45 | €1,692 | €1,436 | -€257 | -15.2% |
| Taxes | 450/3 | €1,692 | €1,436 | -€257 | -15.2% |
| Other amounts payable | 47/48 | €710 | €0 | -€710 | -100% |
| Accrued charges and deferred income | 492/3 | €4,200 | €52 | -€4,147 | -98.8% |
| Non-recurring operating income | 76A | €452 | €0 | -€452 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,789 | €11,362 | +€573 | +5.3% |
| Other operating charges | 640/8 | €2,567 | €1,615 | -€953 | -37.1% |
| Gross operating margin | 9900 | €18,824 | €21,389 | +€2,565 | +13.6% |
| Operating profit (loss) | 9901 | €5,468 | €8,412 | +€2,944 | +53.8% |
| Financial income | 75/76B | €7 | €327 | +€319 | +4,332% |
| Recurring financial income | 75 | €7 | €327 | +€319 | +4,332% |
| Financial charges | 65/66B | €3,596 | €3,254 | -€342 | -9.5% |
| Recurring financial charges | 65 | €3,596 | €3,254 | -€342 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €1,879 | €5,484 | +€3,605 | +192% |
| Income taxes | 67/77 | €152 | €146 | -€6 | -3.7% |
| Profit (loss) for the period | 9904 | €1,727 | €5,338 | +€3,611 | +209% |
| Profit (loss) for the period to be appropriated | 9905 | €1,727 | €5,338 | +€3,611 | +209% |
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.