ZFR: 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.
ZFR
Largest movements
- Cash +€20,906
up €20,906 (+458%), from €4,567 to €25,473
mainly Net result for the year (+€71,432) and Tax, wage and social debts (+€9,149)
- Receivables within one year +€7,343
up €7,343 (+13.7%), from €53,532 to €60,875
of which Trade receivables: +€7,257
- Reserves +€70,599
new in 2025: €70,599
- Trade debts -€48,321
down €48,321 (-98.7%), from €48,975 to €654
- Tax, wage and social debts +€9,149
up €9,149 (+148%), from €6,175 to €15,324
of which Taxes: +€10,527
- Other debts -€3,501
down €3,501 (-69.2%), from €5,058 to €1,557
- Gross operating margin +€105,907
up €105,907, from -€16,041 to €89,865
- Taxes +€14,941
new in 2025: €14,941
- Depreciation +€1,142
up €1,142 (+57.6%), from €1,982 to €3,124
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 | €61,674 | €90,134 | +€28,460 | +46.1% |
| Fixed assets | 21/28 | €3,470 | €3,245 | -€225 | -6.5% |
| Tangible fixed assets | 22/27 | €3,470 | €3,245 | -€225 | -6.5% |
| Plant, machinery and equipment | 23 | €1,062 | €2,378 | +€1,316 | +124% |
| Furniture and vehicles | 24 | €2,408 | €866 | -€1,542 | -64.0% |
| Current assets | 29/58 | €58,204 | €86,889 | +€28,685 | +49.3% |
| Amounts receivable within one year | 40/41 | €53,532 | €60,875 | +€7,343 | +13.7% |
| Trade receivables | 40 | €50,778 | €58,035 | +€7,257 | +14.3% |
| Other amounts receivable | 41 | €2,754 | €2,840 | +€86 | +3.1% |
| Cash at bank and in hand | 54/58 | €4,567 | €25,473 | +€20,906 | +458% |
| Deferred charges and accrued income | 490/1 | €105 | €541 | +€436 | +417% |
| Total equity and liabilities | 10/49 | €61,674 | €90,134 | +€28,460 | +46.1% |
| Equity | 10/15 | €1,167 | €72,599 | +€71,432 | +6,122% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | - | €70,599 | +€70,599 | |
| Distributable reserves | 133 | - | €70,599 | +€70,599 | |
| Profit (loss) carried forward | 14 | -€833 | - | +€833 | |
| Amounts payable | 17/49 | €60,507 | €17,535 | -€42,972 | -71.0% |
| Amounts payable within one year | 42/48 | €60,207 | €17,535 | -€42,672 | -70.9% |
| Trade debts | 44 | €48,975 | €654 | -€48,321 | -98.7% |
| Suppliers | 440/4 | €48,975 | €654 | -€48,321 | -98.7% |
| Taxes, remuneration and social security | 45 | €6,175 | €15,324 | +€9,149 | +148% |
| Taxes | 450/3 | €4,452 | €14,979 | +€10,527 | +236% |
| Remuneration and social security | 454/9 | €1,723 | €345 | -€1,377 | -79.9% |
| Other amounts payable | 47/48 | €5,058 | €1,557 | -€3,501 | -69.2% |
| Accrued charges and deferred income | 492/3 | €300 | - | -€300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,982 | €3,124 | +€1,142 | +57.6% |
| Other operating charges | 640/8 | €325 | €318 | -€7 | -2.2% |
| Gross operating margin | 9900 | -€16,041 | €89,865 | +€105,907 | |
| Operating profit (loss) | 9901 | -€18,349 | €86,423 | +€104,771 | |
| Financial income | 75/76B | €0 | €10 | +€10 | +14,771% |
| Recurring financial income | 75 | €0 | €10 | +€10 | +14,771% |
| Financial charges | 65/66B | €110 | €60 | -€50 | -45.5% |
| Recurring financial charges | 65 | €110 | €60 | -€50 | -45.5% |
| Profit (loss) for the period before taxes | 9903 | -€18,459 | €86,373 | +€104,832 | |
| Income taxes | 67/77 | - | €14,941 | +€14,941 | |
| Profit (loss) for the period | 9904 | -€18,459 | €71,432 | +€89,891 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,459 | €71,432 | +€89,891 |
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 13 October 2026 via checked.be.