ZF Construct: 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.
ZF Construct
Largest movements
- Tangible fixed assets +€31,928
up €31,928 (+109.1%), from €29,261 to €61,189
of which Furniture and vehicles: +€30,956
- Cash +€31,388
up €31,388 (+25.1%), from €125,033 to €156,421
mainly Net result for the year (+€31,332) and Depreciation (+€20,674)
- Receivables within one year -€14,502
down €14,502 (-93.3%), from €15,539 to €1,037
of which Trade receivables: -€14,700
- Profit (loss) carried forward +€31,332
up €31,332 (+28.7%), from €109,070 to €140,402
- Trade debts -€19,766
down €19,766 (-69.4%), from €28,498 to €8,731
- Debts after one year +€19,715
up €19,715 (+201.0%), from €9,810 to €29,526
- Current portion of long-term debt +€11,950
up €11,950 (+126.9%), from €9,415 to €21,366
- Tax, wage and social debts +€4,338
up €4,338 (+29.6%), from €14,676 to €19,014
of which Remuneration and social security: +€3,868
- Depreciation +€5,392
up €5,392 (+35.3%), from €15,282 to €20,674
- Gross operating margin +€4,846
up €4,846 (+4.8%), from €101,530 to €106,376
- Taxes +€2,255
up €2,255 (+22.3%), from €10,124 to €12,379
- Staff costs +€1,180
up €1,180 (+3.1%), from €37,833 to €39,013
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 | €174,469 | €222,165 | +€47,696 | +27.3% |
| Fixed assets | 21/28 | €29,261 | €61,189 | +€31,928 | +109.1% |
| Tangible fixed assets | 22/27 | €29,261 | €61,189 | +€31,928 | +109.1% |
| Plant, machinery and equipment | 23 | €1,946 | €2,919 | +€972 | +50.0% |
| Furniture and vehicles | 24 | €27,315 | €58,270 | +€30,956 | +113.3% |
| Current assets | 29/58 | €145,208 | €160,975 | +€15,768 | +10.9% |
| Amounts receivable within one year | 40/41 | €15,539 | €1,037 | -€14,502 | -93.3% |
| Trade receivables | 40 | €15,000 | €300 | -€14,700 | -98.0% |
| Other amounts receivable | 41 | €539 | €737 | +€199 | +36.9% |
| Cash at bank and in hand | 54/58 | €125,033 | €156,421 | +€31,388 | +25.1% |
| Deferred charges and accrued income | 490/1 | €4,636 | €3,517 | -€1,119 | -24.1% |
| Total equity and liabilities | 10/49 | €174,469 | €222,165 | +€47,696 | +27.3% |
| Equity | 10/15 | €112,070 | €143,402 | +€31,332 | +28.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €109,070 | €140,402 | +€31,332 | +28.7% |
| Amounts payable | 17/49 | €62,399 | €78,763 | +€16,364 | +26.2% |
| Amounts payable after more than one year | 17 | €9,810 | €29,526 | +€19,715 | +201.0% |
| Financial debts | 170/4 | €9,810 | €29,526 | +€19,715 | +201.0% |
| Amounts payable within one year | 42/48 | €52,589 | €49,237 | -€3,351 | -6.4% |
| Current portion of amounts payable after more than one year | 42 | €9,415 | €21,366 | +€11,950 | +126.9% |
| Trade debts | 44 | €28,498 | €8,731 | -€19,766 | -69.4% |
| Suppliers | 440/4 | €28,498 | €8,731 | -€19,766 | -69.4% |
| Taxes, remuneration and social security | 45 | €14,676 | €19,014 | +€4,338 | +29.6% |
| Taxes | 450/3 | €11,909 | €12,379 | +€470 | +3.9% |
| Remuneration and social security | 454/9 | €2,767 | €6,635 | +€3,868 | +139.8% |
| Other amounts payable | 47/48 | - | €126 | +€126 | |
| Remuneration, social security and pensions | 62 | €37,833 | €39,013 | +€1,180 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,282 | €20,674 | +€5,392 | +35.3% |
| Other operating charges | 640/8 | €1,178 | €1,555 | +€377 | +32.0% |
| Gross operating margin | 9900 | €101,530 | €106,376 | +€4,846 | +4.8% |
| Operating profit (loss) | 9901 | €47,238 | €45,134 | -€2,103 | -4.5% |
| Financial income | 75/76B | €23 | €2 | -€21 | -91.3% |
| Recurring financial income | 75 | €23 | €2 | -€21 | -91.3% |
| Financial charges | 65/66B | €1,276 | €1,425 | +€150 | +11.7% |
| Recurring financial charges | 65 | €1,276 | €1,425 | +€150 | +11.7% |
| Profit (loss) for the period before taxes | 9903 | €45,985 | €43,711 | -€2,274 | -4.9% |
| Income taxes | 67/77 | €10,124 | €12,379 | +€2,255 | +22.3% |
| Profit (loss) for the period | 9904 | €35,861 | €31,332 | -€4,529 | -12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €35,861 | €31,332 | -€4,529 | -12.6% |
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 5 October 2026 via checked.be.