ZBouw: 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.
ZBouw
Largest movements
- Stocks and contracts +€150,443
up €150,443 (+43.7%), from €344,172 to €494,615
- Cash +€131,105
up €131,105 (+169%), from €77,740 to €208,845
mainly Net result for the year (+€184,289) and Tax, wage and social debts (+€71,457)
- Receivables within one year -€22,599
down €22,599 (-32.3%), from €69,928 to €47,330
of which Trade receivables: -€14,589
- Tangible fixed assets +€12,318
up €12,318 (+29.4%), from €41,892 to €54,210
of which Plant, machinery and equipment: +€12,307
- Reserves +€184,289
up €184,289 (+279%), from €65,982 to €250,270
- Tax, wage and social debts +€71,457
up €71,457 (+353%), from €20,216 to €91,673
of which Taxes: +€64,024
- Other debts +€43,328
up €43,328 (+12.1%), from €358,457 to €401,785
- Trade debts -€24,517
down €24,517 (-27.6%), from €88,853 to €64,336
- Gross operating margin +€215,567
up €215,567 (+140%), from €154,023 to €369,590
- Taxes +€40,054
up €40,054 (+291%), from €13,755 to €53,809
- Staff costs +€36,690
up €36,690 (+57.8%), from €63,505 to €100,196
- Financial charges +€14,158
up €14,158 (+878%), from €1,613 to €15,771
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 | €535,509 | €810,065 | +€274,556 | +51.3% |
| Fixed assets | 21/28 | €41,892 | €57,810 | +€15,918 | +38.0% |
| Tangible fixed assets | 22/27 | €41,892 | €54,210 | +€12,318 | +29.4% |
| Land and buildings | 22 | €2,218 | €1,938 | -€280 | -12.6% |
| Plant, machinery and equipment | 23 | €18,459 | €30,766 | +€12,307 | +66.7% |
| Furniture and vehicles | 24 | €21,215 | €21,506 | +€291 | +1.4% |
| Financial fixed assets | 28 | - | €3,600 | +€3,600 | |
| Current assets | 29/58 | €493,617 | €752,255 | +€258,638 | +52.4% |
| Stocks and contracts in progress | 3 | €344,172 | €494,615 | +€150,443 | +43.7% |
| Stocks | 30/36 | €344,172 | €494,615 | +€150,443 | +43.7% |
| Amounts receivable within one year | 40/41 | €69,928 | €47,330 | -€22,599 | -32.3% |
| Trade receivables | 40 | €61,919 | €47,330 | -€14,589 | -23.6% |
| Other amounts receivable | 41 | €8,010 | - | -€8,010 | |
| Cash at bank and in hand | 54/58 | €77,740 | €208,845 | +€131,105 | +169% |
| Deferred charges and accrued income | 490/1 | €1,777 | €1,466 | -€311 | -17.5% |
| Total equity and liabilities | 10/49 | €535,509 | €810,065 | +€274,556 | +51.3% |
| Equity | 10/15 | €67,982 | €252,270 | +€184,289 | +271% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €65,982 | €250,270 | +€184,289 | +279% |
| Distributable reserves | 133 | €65,982 | €250,270 | +€184,289 | +279% |
| Amounts payable | 17/49 | €467,527 | €557,795 | +€90,268 | +19.3% |
| Amounts payable within one year | 42/48 | €467,527 | €557,795 | +€90,268 | +19.3% |
| Trade debts | 44 | €88,853 | €64,336 | -€24,517 | -27.6% |
| Suppliers | 440/4 | €88,853 | €64,336 | -€24,517 | -27.6% |
| Taxes, remuneration and social security | 45 | €20,216 | €91,673 | +€71,457 | +353% |
| Taxes | 450/3 | €13,755 | €77,778 | +€64,024 | +465% |
| Remuneration and social security | 454/9 | €6,462 | €13,895 | +€7,433 | +115% |
| Other amounts payable | 47/48 | €358,457 | €401,785 | +€43,328 | +12.1% |
| Remuneration, social security and pensions | 62 | €63,505 | €100,196 | +€36,690 | +57.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,541 | €16,995 | +€3,454 | +25.5% |
| Other operating charges | 640/8 | €3,017 | €2,767 | -€250 | -8.3% |
| Gross operating margin | 9900 | €154,023 | €369,590 | +€215,567 | +140% |
| Operating profit (loss) | 9901 | €73,960 | €249,632 | +€175,672 | +238% |
| Financial income | 75/76B | €1,249 | €4,236 | +€2,987 | +239% |
| Recurring financial income | 75 | €1,249 | €4,236 | +€2,987 | +239% |
| Financial charges | 65/66B | €1,613 | €15,771 | +€14,158 | +878% |
| Recurring financial charges | 65 | €1,613 | €15,771 | +€14,158 | +878% |
| Profit (loss) for the period before taxes | 9903 | €73,597 | €238,098 | +€164,501 | +224% |
| Income taxes | 67/77 | €13,755 | €53,809 | +€40,054 | +291% |
| Profit (loss) for the period | 9904 | €59,842 | €184,289 | +€124,446 | +208% |
| Profit (loss) for the period to be appropriated | 9905 | €59,842 | €184,289 | +€124,446 | +208% |
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.