ZARPI: 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.
ZARPI
Largest movements
- Tangible fixed assets -€10,952
down €10,952 (-3.9%), from €281,187 to €270,235
of which Land and buildings: -€10,213
- Debts after one year -€15,906
down €15,906 (-32.5%), from €48,991 to €33,084
- Profit (loss) carried forward +€13,421
up €13,421 (+20.3%), from -€66,133 to -€52,712
- Other debts -€5,139
down €5,139 (-8.4%), from €61,426 to €56,287
- Reserves -€4,039
down €4,039 (-2.0%), from €204,572 to €200,532
of which Tax-exempt reserves: -€4,039
- Gross operating margin -€9,038
down €9,038 (-21.0%), from €43,009 to €33,971
- Staff costs -€3,770
no longer reported in 2025 (was €3,770)
- Taxes +€3,124
new in 2025: €3,124
- Depreciation -€2,954
down €2,954 (-21.2%), from €13,906 to €10,952
- Financial charges -€802
down €802 (-19.0%), from €4,214 to €3,412
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 | €302,561 | €291,877 | -€10,684 | -3.5% |
| Fixed assets | 21/28 | €281,187 | €270,235 | -€10,952 | -3.9% |
| Tangible fixed assets | 22/27 | €281,187 | €270,235 | -€10,952 | -3.9% |
| Land and buildings | 22 | €268,125 | €257,913 | -€10,213 | -3.8% |
| Other tangible fixed assets | 26 | €13,061 | €12,322 | -€739 | -5.7% |
| Current assets | 29/58 | €21,374 | €21,642 | +€267 | +1.3% |
| Cash at bank and in hand | 54/58 | €20,431 | €20,654 | +€223 | +1.1% |
| Deferred charges and accrued income | 490/1 | €944 | €988 | +€45 | +4.7% |
| Total equity and liabilities | 10/49 | €302,561 | €291,877 | -€10,684 | -3.5% |
| Equity | 10/15 | €159,039 | €168,420 | +€9,382 | +5.9% |
| Contributions | 10/11 | €20,600 | €20,600 | = | 0.0% |
| Outside capital | 11 | €20,600 | €20,600 | = | 0.0% |
| Share premium | 1100/10 | €20,600 | €20,600 | = | 0.0% |
| Reserves | 13 | €204,572 | €200,532 | -€4,039 | -2.0% |
| Non-distributable reserves | 130/1 | €2,060 | €2,060 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,060 | €2,060 | = | 0.0% |
| Tax-exempt reserves | 132 | €52,512 | €48,472 | -€4,039 | -7.7% |
| Distributable reserves | 133 | €150,000 | €150,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€66,133 | -€52,712 | +€13,421 | +20.3% |
| Provisions and deferred taxes | 16 | €13,458 | €12,423 | -€1,035 | -7.7% |
| Deferred taxes | 168 | €13,458 | €12,423 | -€1,035 | -7.7% |
| Amounts payable | 17/49 | €130,065 | €111,034 | -€19,031 | -14.6% |
| Amounts payable after more than one year | 17 | €48,991 | €33,084 | -€15,906 | -32.5% |
| Financial debts | 170/4 | €48,991 | €33,084 | -€15,906 | -32.5% |
| Amounts payable within one year | 42/48 | €79,793 | €76,642 | -€3,151 | -3.9% |
| Current portion of amounts payable after more than one year | 42 | €15,043 | €15,906 | +€864 | +5.7% |
| Trade debts | 44 | €924 | €824 | -€100 | -10.8% |
| Suppliers | 440/4 | €924 | €824 | -€100 | -10.8% |
| Taxes, remuneration and social security | 45 | €2,400 | €3,624 | +€1,224 | +51.0% |
| Taxes | 450/3 | - | €3,124 | +€3,124 | |
| Remuneration and social security | 454/9 | €2,400 | €500 | -€1,900 | -79.2% |
| Other amounts payable | 47/48 | €61,426 | €56,287 | -€5,139 | -8.4% |
| Accrued charges and deferred income | 492/3 | €1,281 | €1,308 | +€27 | +2.1% |
| Remuneration, social security and pensions | 62 | €3,770 | - | -€3,770 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,906 | €10,952 | -€2,954 | -21.2% |
| Other operating charges | 640/8 | €7,895 | €8,137 | +€242 | +3.1% |
| Gross operating margin | 9900 | €43,009 | €33,971 | -€9,038 | -21.0% |
| Operating profit (loss) | 9901 | €17,439 | €14,882 | -€2,556 | -14.7% |
| Financial charges | 65/66B | €4,214 | €3,412 | -€802 | -19.0% |
| Recurring financial charges | 65 | €4,214 | €3,412 | -€802 | -19.0% |
| Profit (loss) for the period before taxes | 9903 | €13,224 | €11,470 | -€1,754 | -13.3% |
| Transfer from deferred taxes | 780 | €1,035 | €1,035 | = | 0.0% |
| Income taxes | 67/77 | - | €3,124 | +€3,124 | |
| Profit (loss) for the period | 9904 | €14,259 | €9,382 | -€4,878 | -34.2% |
| Transfer from tax-exempt reserves | 789 | €4,039 | €4,039 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €18,299 | €13,421 | -€4,878 | -26.7% |
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 1 October 2026 via checked.be.