ZC: 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.
ZC
Largest movements
- Cash -€28,158
down €28,158 (-94.9%), from €29,673 to €1,515
mainly Investment in fixed assets (net) (-€16,000) and Receivables within one year (-€15,458)
- Receivables within one year +€15,458
up €15,458 (+7.0%), from €219,260 to €234,717
- Tangible fixed assets +€11,339
new in 2026: €11,339
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€11,497
up €11,497 (+66.8%), from -€17,200 to -€5,703
- Financial income +€4,938
up €4,938 (+62.9%), from €7,847 to €12,785
- Depreciation +€4,272
up €4,272 (+1097.0%), from €389 to €4,661
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €483,933 | €482,571 | -€1,362 | -0.3% |
| Fixed assets | 21/28 | €0 | €11,339 | +€11,339 | |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | - | €11,339 | +€11,339 | |
| Furniture and vehicles | 24 | - | €11,339 | +€11,339 | |
| Current assets | 29/58 | €483,933 | €471,232 | -€12,701 | -2.6% |
| Amounts receivable after more than one year | 29 | €235,000 | €235,000 | = | 0.0% |
| Other amounts receivable | 291 | €235,000 | €235,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €219,260 | €234,717 | +€15,458 | +7.0% |
| Other amounts receivable | 41 | €219,260 | €234,717 | +€15,458 | +7.0% |
| Cash at bank and in hand | 54/58 | €29,673 | €1,515 | -€28,158 | -94.9% |
| Total equity and liabilities | 10/49 | €483,933 | €482,571 | -€1,362 | -0.3% |
| Equity | 10/15 | €426,587 | €427,393 | +€806 | +0.2% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €167,359 | €167,359 | = | 0.0% |
| Tax-exempt reserves | 132 | €163,359 | €163,359 | = | 0.0% |
| Distributable reserves | 133 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €219,228 | €220,034 | +€806 | +0.4% |
| Provisions and deferred taxes | 16 | €54,453 | €54,453 | = | 0.0% |
| Deferred taxes | 168 | €54,453 | €54,453 | = | 0.0% |
| Amounts payable | 17/49 | €2,893 | €725 | -€2,168 | -74.9% |
| Amounts payable within one year | 42/48 | €2,893 | €725 | -€2,168 | -74.9% |
| Trade debts | 44 | €2,762 | €431 | -€2,331 | -84.4% |
| Suppliers | 440/4 | €2,762 | €431 | -€2,331 | -84.4% |
| Taxes, remuneration and social security | 45 | €131 | €294 | +€163 | +124.2% |
| Taxes | 450/3 | €131 | €294 | +€163 | +124.2% |
| Non-recurring operating income | 76A | €3,000 | €0 | -€3,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €389 | €4,661 | +€4,272 | +1097.0% |
| Other operating charges | 640/8 | €918 | €791 | -€127 | -13.8% |
| Gross operating margin | 9900 | -€17,200 | -€5,703 | +€11,497 | +66.8% |
| Operating profit (loss) | 9901 | -€18,507 | -€11,155 | +€7,352 | +39.7% |
| Financial income | 75/76B | €7,847 | €12,785 | +€4,938 | +62.9% |
| Recurring financial income | 75 | €7,847 | €12,785 | +€4,938 | +62.9% |
| Financial charges | 65/66B | €546 | €662 | +€116 | +21.3% |
| Recurring financial charges | 65 | €546 | €662 | +€116 | +21.3% |
| Profit (loss) for the period before taxes | 9903 | -€11,205 | €969 | +€12,174 | |
| Income taxes | 67/77 | €131 | €163 | +€32 | +24.2% |
| Profit (loss) for the period | 9904 | -€11,336 | €806 | +€12,142 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,336 | €806 | +€12,142 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.