ZARO: 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.
What changed
ZARO
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€438,292
2024 · €309,621+€128,671
Equity
€3.6m
2024 · €3.2m+€438,292
Cash
€486,285
2024 · €109,569+€376,716
Balance sheet total
€13.0m
2024 · €9.9m+€3.2m
Largest movements
Assets
- Receivables after one year +€3.1m
new in 2025: €3.1m
- Cash +€376,716
up €376,716 (+344%), from €109,569 to €486,285
mainly Debts after one year (+€4.5m) and Depreciation (+€471,503)
- Receivables within one year -€238,092
down €238,092 (-83.3%), from €285,792 to €47,700
Equity and liabilities
- Debts after one year +€4.5m
up €4.5m (+122%), from €3.6m to €8.1m
- Current portion of long-term debt -€1.7m
down €1.7m (-58.9%), from €2.8m to €1.2m
- Profit (loss) carried forward +€438,292
up €438,292 (+18.6%), from €2.4m to €2.8m
Income statement
- Depreciation -€736,349
down €736,349 (-61.0%), from €1.2m to €471,503
- Turnover -€734,352
down €734,352 (-35.8%), from €2.1m to €1.3m
- Financial charges -€113,815
down €113,815 (-33.7%), from €337,243 to €223,429
- Provisions -€100,000
no longer reported in 2025 (was €100,000)
- Services and other goods -€87,287
down €87,287 (-91.7%), from €95,157 to €7,870
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.
Result 2024
€309,621
Turnover
-€734,352
Services and other goods
+€87,287
Depreciation
+€736,349
Provisions
+€100,000
Other operating charges
+€2,686
Other operating items
-€162,382
Financial income
+€15,331
Financial charges
+€113,815
Taxes
-€30,062
Result 2025
€438,292
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€2.0m
Investment
-€420,000
Financing
+€2.8m
Cash 2024
€109,569
From operations (derived)
-€2.0m
Net result for the year
+€438,292
Depreciation
+€471,503
Receivables after one year
-€3.1m
Receivables within one year
+€238,092
Provisions
-€100,000
Smaller working-capital items
+€1,080
Tax, wage and social debts
+€23,512
Investment (derived)
-€420,000
Investment in fixed assets (net)
-€420,000
Financing
+€2.8m
Debts after one year
+€4.5m
Current portion of long-term debt
-€1.7m
Short-term financial debts
+€12,538
Cash 2025
€486,285
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,862,962 | €13,028,083 | +€3.2m | +32.1% |
| Fixed assets | 21/28 | €9,467,601 | €9,416,098 | -€51,503 | -0.5% |
| Tangible fixed assets | 22/27 | €9,467,601 | €9,416,098 | -€51,503 | -0.5% |
| Land and buildings | 22 | €8,954,942 | €8,542,587 | -€412,355 | -4.6% |
| Plant, machinery and equipment | 23 | €512,659 | €873,510 | +€360,851 | +70.4% |
| Current assets | 29/58 | €395,361 | €3,611,985 | +€3.2m | +814% |
| Amounts receivable after more than one year | 29 | - | €3,078,000 | +€3.1m | |
| Other amounts receivable | 291 | - | €3,078,000 | +€3.1m | |
| Amounts receivable within one year | 40/41 | €285,792 | €47,700 | -€238,092 | -83.3% |
| Trade receivables | 40 | €285,792 | €47,700 | -€238,092 | -83.3% |
| Cash at bank and in hand | 54/58 | €109,569 | €486,285 | +€376,716 | +344% |
| Total equity and liabilities | 10/49 | €9,862,962 | €13,028,083 | +€3.2m | +32.1% |
| Equity | 10/15 | €3,197,693 | €3,635,985 | +€438,292 | +13.7% |
| Contributions | 10/11 | €762,106 | €762,106 | = | 0.0% |
| Capital | 10 | €762,106 | €762,106 | = | 0.0% |
| Issued capital | 100 | €762,106 | €762,106 | = | 0.0% |
| Reserves | 13 | €76,529 | €76,529 | = | 0.0% |
| Non-distributable reserves | 130/1 | €76,211 | €76,211 | = | 0.0% |
| Legal reserve | 130 | €76,211 | €76,211 | = | 0.0% |
| Distributable reserves | 133 | €319 | €319 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,359,058 | €2,797,350 | +€438,292 | +18.6% |
| Provisions and deferred taxes | 16 | €100,000 | - | -€100,000 | |
| Provisions for liabilities and charges | 160/5 | €100,000 | - | -€100,000 | |
| Other liabilities and charges | 164/5 | €100,000 | - | -€100,000 | |
| Amounts payable | 17/49 | €6,565,269 | €9,392,098 | +€2.8m | +43.1% |
| Amounts payable after more than one year | 17 | €3,649,227 | €8,104,338 | +€4.5m | +122% |
| Financial debts | 170/4 | €3,649,227 | €8,104,338 | +€4.5m | +122% |
| Credit institutions | 173 | €3,649,227 | €8,104,338 | +€4.5m | +122% |
| Amounts payable within one year | 42/48 | €2,916,041 | €1,287,759 | -€1.6m | -55.8% |
| Current portion of amounts payable after more than one year | 42 | €2,829,456 | €1,164,044 | -€1.7m | -58.9% |
| Financial debts | 43 | €17,637 | €30,175 | +€12,538 | +71.1% |
| Other loans | 439 | €17,637 | €30,175 | +€12,538 | +71.1% |
| Trade debts | 44 | €197 | €1,277 | +€1,081 | +549% |
| Suppliers | 440/4 | €197 | €1,277 | +€1,081 | +549% |
| Taxes, remuneration and social security | 45 | €68,751 | €92,264 | +€23,512 | +34.2% |
| Taxes | 450/3 | €68,751 | €92,264 | +€23,512 | +34.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | -€0 | |
| Operating income | 70/76A | €2,214,051 | €1,317,317 | -€896,734 | -40.5% |
| Turnover | 70 | €2,051,670 | €1,317,317 | -€734,352 | -35.8% |
| Non-recurring operating income | 76A | €162,382 | - | -€162,382 | |
| Operating charges | 60/66A | €1,468,772 | €542,451 | -€926,322 | -63.1% |
| Services and other goods | 61 | €95,157 | €7,870 | -€87,287 | -91.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,207,852 | €471,503 | -€736,349 | -61.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €100,000 | - | -€100,000 | |
| Other operating charges | 640/8 | €65,764 | €63,078 | -€2,686 | -4.1% |
| Operating profit (loss) | 9901 | €745,279 | €774,867 | +€29,588 | +4.0% |
| Financial income | 75/76B | €11,430 | €26,761 | +€15,331 | +134% |
| Recurring financial income | 75 | €11,430 | €26,761 | +€15,331 | +134% |
| Other financial income | 752/9 | €11,430 | €26,761 | +€15,331 | +134% |
| Financial charges | 65/66B | €337,243 | €223,429 | -€113,815 | -33.7% |
| Recurring financial charges | 65 | €337,243 | €223,429 | -€113,815 | -33.7% |
| Debt charges | 650 | €337,243 | €223,429 | -€113,815 | -33.7% |
| Profit (loss) for the period before taxes | 9903 | €419,465 | €578,198 | +€158,733 | +37.8% |
| Income taxes | 67/77 | €109,845 | €139,907 | +€30,062 | +27.4% |
| Taxes | 670/3 | €109,845 | €139,907 | +€30,062 | +27.4% |
| Profit (loss) for the period | 9904 | €309,621 | €438,292 | +€128,671 | +41.6% |
| Profit (loss) for the period to be appropriated | 9905 | €309,621 | €438,292 | +€128,671 | +41.6% |
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 16 October 2026 via checked.be.