ZAT: 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.
ZAT
Largest movements
- Intangible fixed assets -€15,000
down €15,000 (-13.5%), from €111,247 to €96,247
- Receivables within one year +€8,925
up €8,925 (+441.2%), from €2,023 to €10,948
- Tangible fixed assets -€6,492
down €6,492 (-20.9%), from €31,083 to €24,590
- Cash -€2,921
down €2,921 (-34.1%), from €8,577 to €5,657
mainly Debts after one year (-€49,737) and Net result for the year (-€15,811)
- Debts after one year -€49,737
down €49,737 (-43.1%), from €115,314 to €65,577
- Trade debts +€25,541
up €25,541 (+97.0%), from €26,320 to €51,861
- Other debts +€22,683
up €22,683 (+22.1%), from €102,445 to €125,128
- Profit (loss) carried forward -€15,811
down €15,811 (-10.1%), from -€156,153 to -€171,964
- Gross operating margin +€15,337
up €15,337 (+21.7%), from €70,683 to €86,020
- Other operating charges +€2,166
up €2,166 (+102.8%), from €2,107 to €4,273
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 | €159,870 | €143,370 | -€16,500 | -10.3% |
| Fixed assets | 21/28 | €142,329 | €120,837 | -€21,492 | -15.1% |
| Intangible fixed assets | 21 | €111,247 | €96,247 | -€15,000 | -13.5% |
| Tangible fixed assets | 22/27 | €31,083 | €24,590 | -€6,492 | -20.9% |
| Plant, machinery and equipment | 23 | €3,530 | €2,269 | -€1,260 | -35.7% |
| Furniture and vehicles | 24 | €8,861 | €5,883 | -€2,978 | -33.6% |
| Other tangible fixed assets | 26 | €18,692 | €16,438 | -€2,254 | -12.1% |
| Current assets | 29/58 | €17,540 | €22,533 | +€4,993 | +28.5% |
| Stocks and contracts in progress | 3 | €6,940 | €5,928 | -€1,012 | -14.6% |
| Stocks | 30/36 | €6,940 | €5,928 | -€1,012 | -14.6% |
| Amounts receivable within one year | 40/41 | €2,023 | €10,948 | +€8,925 | +441.2% |
| Trade receivables | 40 | €2,023 | €10,948 | +€8,925 | +441.2% |
| Cash at bank and in hand | 54/58 | €8,577 | €5,657 | -€2,921 | -34.1% |
| Total equity and liabilities | 10/49 | €159,870 | €143,370 | -€16,500 | -10.3% |
| Equity | 10/15 | -€106,153 | -€121,964 | -€15,811 | -14.9% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€156,153 | -€171,964 | -€15,811 | -10.1% |
| Amounts payable | 17/49 | €266,023 | €265,334 | -€689 | -0.3% |
| Amounts payable after more than one year | 17 | €115,314 | €65,577 | -€49,737 | -43.1% |
| Financial debts | 170/4 | €115,314 | €65,577 | -€49,737 | -43.1% |
| Amounts payable within one year | 42/48 | €150,709 | €199,757 | +€49,048 | +32.5% |
| Trade debts | 44 | €26,320 | €51,861 | +€25,541 | +97.0% |
| Suppliers | 440/4 | €26,320 | €51,861 | +€25,541 | +97.0% |
| Taxes, remuneration and social security | 45 | €21,944 | €22,768 | +€825 | +3.8% |
| Taxes | 450/3 | €8,815 | €9,346 | +€531 | +6.0% |
| Remuneration and social security | 454/9 | €13,129 | €13,422 | +€293 | +2.2% |
| Other amounts payable | 47/48 | €102,445 | €125,128 | +€22,683 | +22.1% |
| Remuneration, social security and pensions | 62 | €72,620 | €73,103 | +€483 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,261 | €21,492 | +€232 | +1.1% |
| Other operating charges | 640/8 | €2,107 | €4,273 | +€2,166 | +102.8% |
| Gross operating margin | 9900 | €70,683 | €86,020 | +€15,337 | +21.7% |
| Operating profit (loss) | 9901 | -€25,305 | -€12,848 | +€12,457 | +49.2% |
| Financial charges | 65/66B | €2,616 | €2,963 | +€347 | +13.3% |
| Recurring financial charges | 65 | €2,616 | €2,963 | +€347 | +13.3% |
| Profit (loss) for the period before taxes | 9903 | -€27,921 | -€15,811 | +€12,110 | +43.4% |
| Profit (loss) for the period | 9904 | -€27,921 | -€15,811 | +€12,110 | +43.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,921 | -€15,811 | +€12,110 | +43.4% |
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 5 October 2026 via checked.be.