ZECCHINO: 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.
ZECCHINO
Largest movements
- Cash -€168,862
down €168,862 (-79.1%), from €213,503 to €44,641
mainly Contributions, distributions and other (-€166,988) and Investment in fixed assets (net) (-€75,569)
- Deferred charges and accrued income +€33,978
up €33,978 (+73.8%), from €46,027 to €80,005
- Other debts -€65,365
down €65,365 (-56.2%), from €116,268 to €50,903
- Debts after one year -€61,949
down €61,949 (-7.7%), from €804,282 to €742,332
- Current portion of long-term debt +€45,561
up €45,561 (+113%), from €40,489 to €86,050
- Contributions -€32,200
down €32,200 (-86.6%), from €37,200 to €5,000
- Reserves -€25,060
down €25,060 (-9.7%), from €258,714 to €233,654
- Gross operating margin +€60,872
up €60,872 (+29.8%), from €204,214 to €265,086
- Financial charges +€23,122
up €23,122 (+92.7%), from €24,947 to €48,069
- Taxes +€18,327
up €18,327 (+62.3%), from €29,440 to €47,767
- Depreciation -€17,652
down €17,652 (-22.7%), from €77,916 to €60,264
- Write-downs +€2,773
new in 2025: €2,773
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 | €1,811,902 | €1,710,169 | -€101,733 | -5.6% |
| Fixed assets | 21/28 | €1,437,117 | €1,452,421 | +€15,305 | +1.1% |
| Tangible fixed assets | 22/27 | €1,434,717 | €1,450,021 | +€15,305 | +1.1% |
| Land and buildings | 22 | €1,399,660 | €1,356,070 | -€43,590 | -3.1% |
| Plant, machinery and equipment | 23 | €10,373 | €8,760 | -€1,613 | -15.6% |
| Furniture and vehicles | 24 | €24,684 | €14,122 | -€10,562 | -42.8% |
| Leasing and similar rights | 25 | - | €71,070 | +€71,070 | |
| Financial fixed assets | 28 | €2,400 | €2,400 | = | 0.0% |
| Current assets | 29/58 | €374,785 | €257,748 | -€117,037 | -31.2% |
| Amounts receivable within one year | 40/41 | €115,256 | €133,102 | +€17,847 | +15.5% |
| Trade receivables | 40 | €48,668 | €50,251 | +€1,583 | +3.3% |
| Other amounts receivable | 41 | €66,587 | €82,851 | +€16,264 | +24.4% |
| Cash at bank and in hand | 54/58 | €213,503 | €44,641 | -€168,862 | -79.1% |
| Deferred charges and accrued income | 490/1 | €46,027 | €80,005 | +€33,978 | +73.8% |
| Total equity and liabilities | 10/49 | €1,811,902 | €1,710,169 | -€101,733 | -5.6% |
| Equity | 10/15 | €295,914 | €238,654 | -€57,260 | -19.4% |
| Contributions | 10/11 | €37,200 | €5,000 | -€32,200 | -86.6% |
| Reserves | 13 | €258,714 | €233,654 | -€25,060 | -9.7% |
| Distributable reserves | 133 | €258,714 | €233,654 | -€25,060 | -9.7% |
| Amounts payable | 17/49 | €1,515,988 | €1,471,515 | -€44,473 | -2.9% |
| Amounts payable after more than one year | 17 | €804,282 | €742,332 | -€61,949 | -7.7% |
| Financial debts | 170/4 | €804,282 | €742,332 | -€61,949 | -7.7% |
| Amounts payable within one year | 42/48 | €707,063 | €724,539 | +€17,477 | +2.5% |
| Current portion of amounts payable after more than one year | 42 | €40,489 | €86,050 | +€45,561 | +113% |
| Financial debts | 43 | €515,000 | €515,000 | = | 0.0% |
| Credit institutions | 430/8 | €515,000 | €515,000 | = | 0.0% |
| Trade debts | 44 | €17,193 | €37,749 | +€20,556 | +120% |
| Suppliers | 440/4 | €17,193 | €37,749 | +€20,556 | +120% |
| Taxes, remuneration and social security | 45 | €18,112 | €34,837 | +€16,725 | +92.3% |
| Taxes | 450/3 | €18,112 | €34,837 | +€16,725 | +92.3% |
| Other amounts payable | 47/48 | €116,268 | €50,903 | -€65,365 | -56.2% |
| Accrued charges and deferred income | 492/3 | €4,644 | €4,644 | = | 0.0% |
| Non-recurring operating income | 76A | €26,736 | - | -€26,736 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,916 | €60,264 | -€17,652 | -22.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,773 | +€2,773 | |
| Other operating charges | 640/8 | €3,068 | €1,374 | -€1,694 | -55.2% |
| Gross operating margin | 9900 | €204,214 | €265,086 | +€60,872 | +29.8% |
| Operating profit (loss) | 9901 | €123,230 | €200,675 | +€77,445 | +62.8% |
| Financial income | 75/76B | €2,465 | €4,888 | +€2,424 | +98.3% |
| Recurring financial income | 75 | €2,465 | €4,888 | +€2,424 | +98.3% |
| Financial charges | 65/66B | €24,947 | €48,069 | +€23,122 | +92.7% |
| Recurring financial charges | 65 | €24,947 | €48,069 | +€23,122 | +92.7% |
| Profit (loss) for the period before taxes | 9903 | €100,747 | €157,494 | +€56,747 | +56.3% |
| Income taxes | 67/77 | €29,440 | €47,767 | +€18,327 | +62.3% |
| Profit (loss) for the period | 9904 | €71,308 | €109,727 | +€38,420 | +53.9% |
| Profit (loss) for the period to be appropriated | 9905 | €71,308 | €109,727 | +€38,420 | +53.9% |
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 17 October 2026 via checked.be.