ZARMA: 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.
ZARMA
Largest movements
- Cash +€32,925
up €32,925 (+45.8%), from €71,903 to €104,827
mainly Net result for the year (+€68,191) and Depreciation (+€43,543)
- Tangible fixed assets -€23,412
down €23,412 (-3.0%), from €791,325 to €767,913
of which Land and buildings: -€21,179
- Reserves +€68,191
up €68,191 (+21.5%), from €317,350 to €385,541
of which Distributable reserves: +€68,191
- Debts after one year -€61,218
down €61,218 (-15.4%), from €396,571 to €335,353
of which Financial debts: -€61,218
- Gross operating margin +€32,288
up €32,288 (+26.5%), from €121,651 to €153,938
- Taxes +€8,536
up €8,536 (+50.1%), from €17,036 to €25,572
- Depreciation +€2,296
up €2,296 (+5.6%), from €41,247 to €43,543
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 | €864,301 | €876,200 | +€11,898 | +1.4% |
| Fixed assets | 21/28 | €791,325 | €767,913 | -€23,412 | -3.0% |
| Tangible fixed assets | 22/27 | €791,325 | €767,913 | -€23,412 | -3.0% |
| Land and buildings | 22 | €276,240 | €255,061 | -€21,179 | -7.7% |
| Plant, machinery and equipment | 23 | - | €14,417 | +€14,417 | |
| Other tangible fixed assets | 26 | €515,086 | €498,436 | -€16,650 | -3.2% |
| Current assets | 29/58 | €72,976 | €108,286 | +€35,310 | +48.4% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €71,903 | €104,827 | +€32,925 | +45.8% |
| Deferred charges and accrued income | 490/1 | €1,073 | €3,459 | +€2,386 | +222.3% |
| Total equity and liabilities | 10/49 | €864,301 | €876,200 | +€11,898 | +1.4% |
| Equity | 10/15 | €380,595 | €448,786 | +€68,191 | +17.9% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €317,350 | €385,541 | +€68,191 | +21.5% |
| Tax-exempt reserves | 132 | €50,920 | €50,920 | = | 0.0% |
| Distributable reserves | 133 | €266,430 | €334,621 | +€68,191 | +25.6% |
| Profit (loss) carried forward | 14 | €3,245 | €3,245 | = | 0.0% |
| Amounts payable | 17/49 | €483,706 | €427,413 | -€56,293 | -11.6% |
| Amounts payable after more than one year | 17 | €396,571 | €335,353 | -€61,218 | -15.4% |
| Financial debts | 170/4 | €216,571 | €155,353 | -€61,218 | -28.3% |
| Other amounts payable | 178/9 | €180,000 | €180,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €86,317 | €91,218 | +€4,901 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €60,984 | €61,218 | +€234 | +0.4% |
| Trade debts | 44 | €1,049 | €2,449 | +€1,401 | +133.5% |
| Suppliers | 440/4 | €1,049 | €2,449 | +€1,401 | +133.5% |
| Taxes, remuneration and social security | 45 | €3,580 | €10,256 | +€6,676 | +186.5% |
| Taxes | 450/3 | €3,580 | €10,256 | +€6,676 | +186.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €20,703 | €17,294 | -€3,409 | -16.5% |
| Accrued charges and deferred income | 492/3 | €819 | €843 | +€24 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,247 | €43,543 | +€2,296 | +5.6% |
| Other operating charges | 640/8 | €3,001 | €2,904 | -€97 | -3.2% |
| Gross operating margin | 9900 | €121,651 | €153,938 | +€32,288 | +26.5% |
| Operating profit (loss) | 9901 | €77,402 | €107,491 | +€30,088 | +38.9% |
| Financial income | 75/76B | €59 | €185 | +€126 | +212.2% |
| Recurring financial income | 75 | €59 | €185 | +€126 | +212.2% |
| Financial charges | 65/66B | €14,996 | €13,913 | -€1,082 | -7.2% |
| Recurring financial charges | 65 | €14,996 | €13,913 | -€1,082 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €62,466 | €93,763 | +€31,297 | +50.1% |
| Income taxes | 67/77 | €17,036 | €25,572 | +€8,536 | +50.1% |
| Profit (loss) for the period | 9904 | €45,430 | €68,191 | +€22,761 | +50.1% |
| Profit (loss) for the period to be appropriated | 9905 | €45,430 | €68,191 | +€22,761 | +50.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.