ZAZTEC: 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.
ZAZTEC
Largest movements
- Cash -€86,571
down €86,571 (-34.2%), from €253,113 to €166,542
mainly Current investments (-€40,802) and Net result for the year (-€36,117)
- Current investments +€40,802
new in 2025: €40,802
- Tangible fixed assets -€5,938
down €5,938 (-51.8%), from €11,464 to €5,526
of which Furniture and vehicles: -€3,628
- Reserves -€46,717
down €46,717 (-19.6%), from €237,950 to €191,233
- Tax, wage and social debts -€3,760
down €3,760 (-100.0%), from €3,760 to €0
- Gross operating margin -€36,385
down €36,385, from €21,317 to -€15,068
- Financial charges +€14,080
up €14,080 (+6793.0%), from €207 to €14,287
- Taxes -€6,027
down €6,027 (-97.1%), from €6,205 to €179
- Depreciation +€1,341
up €1,341 (+25.4%), from €5,277 to €6,618
- Financial income -€529
down €529 (-34.8%), from €1,521 to €992
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 | €268,836 | €215,116 | -€53,720 | -20.0% |
| Fixed assets | 21/28 | €11,504 | €5,526 | -€5,978 | -52.0% |
| Tangible fixed assets | 22/27 | €11,464 | €5,526 | -€5,938 | -51.8% |
| Plant, machinery and equipment | 23 | €135 | €0 | -€135 | -100.0% |
| Furniture and vehicles | 24 | €9,154 | €5,526 | -€3,628 | -39.6% |
| Leasing and similar rights | 25 | €2,175 | €0 | -€2,175 | -100.0% |
| Financial fixed assets | 28 | €40 | €0 | -€40 | -100.0% |
| Current assets | 29/58 | €257,332 | €209,590 | -€47,742 | -18.6% |
| Amounts receivable within one year | 40/41 | €3,259 | €1,712 | -€1,548 | -47.5% |
| Other amounts receivable | 41 | €3,259 | €1,712 | -€1,548 | -47.5% |
| Current investments | 50/53 | - | €40,802 | +€40,802 | |
| Cash at bank and in hand | 54/58 | €253,113 | €166,542 | -€86,571 | -34.2% |
| Deferred charges and accrued income | 490/1 | €960 | €534 | -€426 | -44.4% |
| Total equity and liabilities | 10/49 | €268,836 | €215,116 | -€53,720 | -20.0% |
| Equity | 10/15 | €256,550 | €209,833 | -€46,717 | -18.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €237,950 | €191,233 | -€46,717 | -19.6% |
| Distributable reserves | 133 | €237,950 | €191,233 | -€46,717 | -19.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €12,286 | €5,283 | -€7,003 | -57.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €12,286 | €5,283 | -€7,003 | -57.0% |
| Current portion of amounts payable after more than one year | 42 | €1,963 | €0 | -€1,963 | -100.0% |
| Trade debts | 44 | €903 | €45 | -€858 | -95.0% |
| Suppliers | 440/4 | €903 | €45 | -€858 | -95.0% |
| Taxes, remuneration and social security | 45 | €3,760 | €0 | -€3,760 | -100.0% |
| Taxes | 450/3 | €3,760 | €0 | -€3,760 | -100.0% |
| Other amounts payable | 47/48 | €5,660 | €5,237 | -€423 | -7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,277 | €6,618 | +€1,341 | +25.4% |
| Other operating charges | 640/8 | €1,318 | €957 | -€362 | -27.4% |
| Non-recurring operating charges | 66A | €0 | €0 | = | |
| Gross operating margin | 9900 | €21,317 | -€15,068 | -€36,385 | |
| Operating profit (loss) | 9901 | €14,721 | -€22,643 | -€37,364 | |
| Financial income | 75/76B | €1,521 | €992 | -€529 | -34.8% |
| Recurring financial income | 75 | €1,521 | €992 | -€529 | -34.8% |
| Financial charges | 65/66B | €207 | €14,287 | +€14,080 | +6793.0% |
| Recurring financial charges | 65 | €207 | €14,287 | +€14,080 | +6793.0% |
| Profit (loss) for the period before taxes | 9903 | €16,035 | -€35,938 | -€51,973 | |
| Income taxes | 67/77 | €6,205 | €179 | -€6,027 | -97.1% |
| Profit (loss) for the period | 9904 | €9,830 | -€36,117 | -€45,947 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,830 | -€36,117 | -€45,947 |
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 2 October 2026 via checked.be.