ZF DESIGN: 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 DESIGN
Largest movements
- Intangible fixed assets +€1,687
new in 2025: €1,687
- Cash -€980
no longer reported in 2025 (was €980)
mainly Net result for the year (-€11,331) and Investment in fixed assets (net) (-€2,499)
- Receivables within one year +€924
up €924 (+300.2%), from €308 to €1,232
of which Trade receivables: +€568
- Tangible fixed assets -€744
down €744 (-17.2%), from €4,336 to €3,592
- Profit (loss) carried forward -€11,331
down €11,331 (-178.0%), from -€6,364 to -€17,695
- Debts after one year +€6,638
up €6,638 (+90.9%), from €7,304 to €13,941
- Trade debts +€3,043
up €3,043 (+267.2%), from €1,139 to €4,182
- Accrued charges and deferred income +€2,796
new in 2025: €2,796
- Tax, wage and social debts -€266
down €266 (-25.4%), from €1,045 to €779
- Gross operating margin -€6,271
down €6,271 (-192.5%), from -€3,258 to -€9,529
- Depreciation +€812
up €812 (+109.2%), from €744 to €1,556
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.
Cash bridge derived
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 | €5,623 | €6,510 | +€887 | +15.8% |
| Fixed assets | 21/28 | €4,336 | €5,278 | +€943 | +21.7% |
| Intangible fixed assets | 21 | - | €1,687 | +€1,687 | |
| Tangible fixed assets | 22/27 | €4,336 | €3,592 | -€744 | -17.2% |
| Plant, machinery and equipment | 23 | €4,336 | €3,592 | -€744 | -17.2% |
| Current assets | 29/58 | €1,288 | €1,232 | -€56 | -4.3% |
| Amounts receivable within one year | 40/41 | €308 | €1,232 | +€924 | +300.2% |
| Trade receivables | 40 | €308 | €876 | +€568 | +184.4% |
| Other amounts receivable | 41 | - | €356 | +€356 | |
| Cash at bank and in hand | 54/58 | €980 | - | -€980 | |
| Total equity and liabilities | 10/49 | €5,623 | €6,510 | +€887 | +15.8% |
| Equity | 10/15 | -€3,864 | -€15,195 | -€11,331 | -293.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,364 | -€17,695 | -€11,331 | -178.0% |
| Amounts payable | 17/49 | €9,487 | €21,705 | +€12,218 | +128.8% |
| Amounts payable after more than one year | 17 | €7,304 | €13,941 | +€6,638 | +90.9% |
| Other amounts payable | 178/9 | €7,304 | €13,941 | +€6,638 | +90.9% |
| Amounts payable within one year | 42/48 | €2,184 | €4,968 | +€2,784 | +127.5% |
| Financial debts | 43 | - | €7 | +€7 | |
| Credit institutions | 430/8 | - | €7 | +€7 | |
| Trade debts | 44 | €1,139 | €4,182 | +€3,043 | +267.2% |
| Suppliers | 440/4 | €1,139 | €4,182 | +€3,043 | +267.2% |
| Taxes, remuneration and social security | 45 | €1,045 | €779 | -€266 | -25.4% |
| Taxes | 450/3 | €1,045 | €779 | -€266 | -25.4% |
| Accrued charges and deferred income | 492/3 | - | €2,796 | +€2,796 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €744 | €1,556 | +€812 | +109.2% |
| Other operating charges | 640/8 | - | €52 | +€52 | |
| Gross operating margin | 9900 | -€3,258 | -€9,529 | -€6,271 | -192.5% |
| Operating profit (loss) | 9901 | -€4,001 | -€11,137 | -€7,136 | -178.3% |
| Financial income | 75/76B | €4 | €19 | +€15 | +357.7% |
| Recurring financial income | 75 | €4 | €19 | +€15 | +357.7% |
| Financial charges | 65/66B | €295 | €213 | -€82 | -27.7% |
| Recurring financial charges | 65 | €295 | €213 | -€82 | -27.7% |
| Profit (loss) for the period before taxes | 9903 | -€4,292 | -€11,331 | -€7,039 | -164.0% |
| Profit (loss) for the period | 9904 | -€4,292 | -€11,331 | -€7,039 | -164.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,292 | -€11,331 | -€7,039 | -164.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.