ZEMY: 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.
ZEMY
Largest movements
- Receivables within one year +€16,463
up €16,463 (+56.5%), from €29,149 to €45,612
of which Trade receivables: +€24,026
- Cash +€4,903
up €4,903 (+280.2%), from €1,750 to €6,652
mainly Other debts (+€28,000) and Trade debts (+€10,176)
- Deferred charges and accrued income -€1,532
no longer reported in 2026 (was €1,532)
- Tangible fixed assets -€877
down €877 (-41.1%), from €2,134 to €1,257
of which Plant, machinery and equipment: -€1,329
- Other debts +€28,000
up €28,000 (+5.7%), from €489,836 to €517,836
- Profit (loss) carried forward -€24,312
down €24,312 (-5.0%), from -€484,921 to -€509,234
- Trade debts +€10,176
up €10,176 (+200.1%), from €5,086 to €15,261
- Tax, wage and social debts +€5,093
up €5,093 (+122.3%), from €4,164 to €9,257
of which Remuneration and social security: +€5,055
- Depreciation -€2,197
down €2,197 (-51.5%), from €4,264 to €2,066
- Financial charges -€1,702
down €1,702 (-87.3%), from €1,950 to €248
- Gross operating margin -€663
down €663 (-9.7%), from €6,835 to €6,173
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 | €34,616 | €53,571 | +€18,956 | +54.8% |
| Fixed assets | 21/28 | €2,184 | €1,307 | -€877 | -40.2% |
| Tangible fixed assets | 22/27 | €2,134 | €1,257 | -€877 | -41.1% |
| Plant, machinery and equipment | 23 | €1,329 | - | -€1,329 | |
| Furniture and vehicles | 24 | €283 | €822 | +€539 | +190.3% |
| Other tangible fixed assets | 26 | €522 | €435 | -€87 | -16.7% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €32,431 | €52,264 | +€19,833 | +61.2% |
| Amounts receivable within one year | 40/41 | €29,149 | €45,612 | +€16,463 | +56.5% |
| Trade receivables | 40 | €19,075 | €43,101 | +€24,026 | +126.0% |
| Other amounts receivable | 41 | €10,074 | €2,511 | -€7,563 | -75.1% |
| Cash at bank and in hand | 54/58 | €1,750 | €6,652 | +€4,903 | +280.2% |
| Deferred charges and accrued income | 490/1 | €1,532 | - | -€1,532 | |
| Total equity and liabilities | 10/49 | €34,616 | €53,571 | +€18,956 | +54.8% |
| Equity | 10/15 | -€464,470 | -€488,782 | -€24,312 | -5.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€484,921 | -€509,234 | -€24,312 | -5.0% |
| Amounts payable | 17/49 | €499,085 | €542,354 | +€43,268 | +8.7% |
| Amounts payable within one year | 42/48 | €499,085 | €542,354 | +€43,268 | +8.7% |
| Trade debts | 44 | €5,086 | €15,261 | +€10,176 | +200.1% |
| Suppliers | 440/4 | €5,086 | €15,261 | +€10,176 | +200.1% |
| Taxes, remuneration and social security | 45 | €4,164 | €9,257 | +€5,093 | +122.3% |
| Taxes | 450/3 | €372 | €410 | +€38 | +10.1% |
| Remuneration and social security | 454/9 | €3,792 | €8,847 | +€5,055 | +133.3% |
| Other amounts payable | 47/48 | €489,836 | €517,836 | +€28,000 | +5.7% |
| Remuneration, social security and pensions | 62 | €26,474 | €26,504 | +€31 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,264 | €2,066 | -€2,197 | -51.5% |
| Other operating charges | 640/8 | €1,184 | €1,223 | +€39 | +3.3% |
| Gross operating margin | 9900 | €6,835 | €6,173 | -€663 | -9.7% |
| Operating profit (loss) | 9901 | -€25,086 | -€23,621 | +€1,465 | +5.8% |
| Financial charges | 65/66B | €1,950 | €248 | -€1,702 | -87.3% |
| Recurring financial charges | 65 | €1,950 | €248 | -€1,702 | -87.3% |
| Profit (loss) for the period before taxes | 9903 | -€27,037 | -€23,869 | +€3,167 | +11.7% |
| Income taxes | 67/77 | €397 | €443 | +€46 | +11.7% |
| Profit (loss) for the period | 9904 | -€27,433 | -€24,312 | +€3,121 | +11.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,433 | -€24,312 | +€3,121 | +11.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.