ZAROUAL: 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.
ZAROUAL
Largest movements
- Cash +€49,586
up €49,586 (+430%), from €11,535 to €61,121
mainly Depreciation (+€33,937) and Tax, wage and social debts (+€27,785)
- Tangible fixed assets -€23,457
down €23,457 (-55.1%), from €42,607 to €19,150
of which Leasing and similar rights: -€17,025
- Stocks and contracts +€13,688
up €13,688 (+40.4%), from €33,905 to €47,593
- Receivables within one year +€8,146
up €8,146 (+1,578%), from €516 to €8,662
of which Trade receivables: +€6,535
- Tax, wage and social debts +€27,785
up €27,785 (+400%), from €6,952 to €34,737
of which Remuneration and social security: +€23,481
- Trade debts +€19,598
up €19,598 (+101%), from €19,322 to €38,920
- Debts after one year -€18,616
no longer reported in 2025 (was €18,616)
- Other debts +€15,000
up €15,000 (+34,690%), from €43 to €15,043
- Current portion of long-term debt +€3,710
up €3,710 (+25.1%), from €14,788 to €18,498
- Staff costs +€112,524
up €112,524 (+80.3%), from €140,079 to €252,603
- Gross operating margin +€101,598
up €101,598 (+49.3%), from €206,278 to €307,876
- Turnover +€101,158
up €101,158 (+11.1%), from €915,290 to €1.0m
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 | €88,563 | €136,526 | +€47,963 | +54.2% |
| Fixed assets | 21/28 | €42,607 | €19,150 | -€23,457 | -55.1% |
| Tangible fixed assets | 22/27 | €42,607 | €19,150 | -€23,457 | -55.1% |
| Plant, machinery and equipment | 23 | €5,094 | - | -€5,094 | |
| Furniture and vehicles | 24 | €1,807 | €5,098 | +€3,291 | +182% |
| Leasing and similar rights | 25 | €22,700 | €5,675 | -€17,025 | -75.0% |
| Other tangible fixed assets | 26 | €13,006 | €8,376 | -€4,630 | -35.6% |
| Current assets | 29/58 | €45,956 | €117,376 | +€71,420 | +155% |
| Stocks and contracts in progress | 3 | €33,905 | €47,593 | +€13,688 | +40.4% |
| Stocks | 30/36 | €33,905 | €47,593 | +€13,688 | +40.4% |
| Amounts receivable within one year | 40/41 | €516 | €8,662 | +€8,146 | +1,578% |
| Trade receivables | 40 | - | €6,535 | +€6,535 | |
| Other amounts receivable | 41 | €516 | €2,127 | +€1,611 | +312% |
| Cash at bank and in hand | 54/58 | €11,535 | €61,121 | +€49,586 | +430% |
| Total equity and liabilities | 10/49 | €88,563 | €136,526 | +€47,963 | +54.2% |
| Equity | 10/15 | €28,841 | €29,327 | +€486 | +1.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Share premium | 1100/10 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,241 | €10,727 | +€486 | +4.7% |
| Amounts payable | 17/49 | €59,722 | €107,199 | +€47,477 | +79.5% |
| Amounts payable after more than one year | 17 | €18,616 | - | -€18,616 | |
| Financial debts | 170/4 | €18,616 | - | -€18,616 | |
| Amounts payable within one year | 42/48 | €41,106 | €107,199 | +€66,093 | +161% |
| Current portion of amounts payable after more than one year | 42 | €14,788 | €18,498 | +€3,710 | +25.1% |
| Trade debts | 44 | €19,322 | €38,920 | +€19,598 | +101% |
| Suppliers | 440/4 | €19,322 | €38,920 | +€19,598 | +101% |
| Taxes, remuneration and social security | 45 | €6,952 | €34,737 | +€27,785 | +400% |
| Taxes | 450/3 | €888 | €5,192 | +€4,304 | +484% |
| Remuneration and social security | 454/9 | €6,064 | €29,545 | +€23,481 | +387% |
| Other amounts payable | 47/48 | €43 | €15,043 | +€15,000 | +34,690% |
| Turnover | 70 | €915,290 | €1,016,448 | +€101,158 | +11.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €709,012 | €708,573 | -€439 | -0.1% |
| Remuneration, social security and pensions | 62 | €140,079 | €252,603 | +€112,524 | +80.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,084 | €33,937 | +€2,853 | +9.2% |
| Other operating charges | 640/8 | €12,711 | €7,732 | -€4,979 | -39.2% |
| Non-recurring operating charges | 66A | - | €505 | +€505 | |
| Gross operating margin | 9900 | €206,278 | €307,876 | +€101,598 | +49.3% |
| Operating profit (loss) | 9901 | €22,405 | €13,100 | -€9,305 | -41.5% |
| Financial income | 75/76B | €3 | €22 | +€19 | +544% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -98.2% |
| Non-recurring financial income | 76B | - | €22 | +€22 | |
| Financial charges | 65/66B | €7,693 | €7,213 | -€480 | -6.2% |
| Recurring financial charges | 65 | €7,228 | €7,213 | -€16 | -0.2% |
| Non-recurring financial charges | 66B | €464 | - | -€464 | |
| Profit (loss) for the period before taxes | 9903 | €14,715 | €5,909 | -€8,806 | -59.8% |
| Income taxes | 67/77 | €4,942 | €5,423 | +€481 | +9.7% |
| Profit (loss) for the period | 9904 | €9,774 | €486 | -€9,287 | -95.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,774 | €486 | -€9,287 | -95.0% |
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 18 October 2026 via checked.be.