ZAY & MA: 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.
ZAY & MA
Largest movements
- Cash -€10,128
down €10,128 (-85.3%), from €11,871 to €1,743
mainly Net result for the year (-€77,151) and Receivables within one year (-€110)
- Tangible fixed assets -€8,500
down €8,500 (-4.8%), from €178,715 to €170,215
- Profit (loss) carried forward -€77,151
down €77,151, from €1,425 to -€75,726
- Other debts +€58,634
up €58,634 (+25.9%), from €226,650 to €285,284
- Other operating charges +€50,213
new in 2025: €50,213
- Gross operating margin -€16,546
down €16,546 (-1221.0%), from -€1,355 to -€17,901
- Financial charges +€360
up €360, from -€294 to €66
- Taxes -€245
down €245 (-34.2%), from €716 to €471
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 | €238,538 | €220,020 | -€18,518 | -7.8% |
| Fixed assets | 21/28 | €178,715 | €170,215 | -€8,500 | -4.8% |
| Tangible fixed assets | 22/27 | €178,715 | €170,215 | -€8,500 | -4.8% |
| Land and buildings | 22 | €178,715 | €170,215 | -€8,500 | -4.8% |
| Current assets | 29/58 | €59,823 | €49,805 | -€10,018 | -16.7% |
| Amounts receivable within one year | 40/41 | €47,952 | €48,062 | +€110 | +0.2% |
| Trade receivables | 40 | €47,952 | €47,952 | = | 0.0% |
| Other amounts receivable | 41 | - | €110 | +€110 | |
| Cash at bank and in hand | 54/58 | €11,871 | €1,743 | -€10,128 | -85.3% |
| Total equity and liabilities | 10/49 | €238,538 | €220,020 | -€18,518 | -7.8% |
| Equity | 10/15 | €11,425 | -€65,726 | -€77,151 | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Capital | 10 | €10,000 | €10,000 | = | 0.0% |
| Issued capital | 100 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,425 | -€75,726 | -€77,151 | |
| Amounts payable | 17/49 | €227,113 | €285,746 | +€58,634 | +25.8% |
| Amounts payable within one year | 42/48 | €227,113 | €285,746 | +€58,634 | +25.8% |
| Taxes, remuneration and social security | 45 | €463 | €463 | = | 0.0% |
| Taxes | 450/3 | €463 | €463 | = | 0.0% |
| Other amounts payable | 47/48 | €226,650 | €285,284 | +€58,634 | +25.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,500 | €8,500 | = | 0.0% |
| Other operating charges | 640/8 | - | €50,213 | +€50,213 | |
| Gross operating margin | 9900 | -€1,355 | -€17,901 | -€16,546 | -1221.0% |
| Operating profit (loss) | 9901 | -€9,855 | -€76,614 | -€66,759 | -677.4% |
| Financial charges | 65/66B | -€294 | €66 | +€360 | |
| Recurring financial charges | 65 | -€294 | €66 | +€360 | |
| Profit (loss) for the period before taxes | 9903 | -€9,561 | -€76,680 | -€67,119 | -702.0% |
| Income taxes | 67/77 | €716 | €471 | -€245 | -34.2% |
| Profit (loss) for the period | 9904 | -€10,277 | -€77,151 | -€66,874 | -650.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,277 | -€77,151 | -€66,874 | -650.7% |
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 12 October 2026 via checked.be.