ZHAO: 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.
ZHAO
Largest movements
- Tangible fixed assets -€42,170
down €42,170 (-4.3%), from €987,634 to €945,464
of which Land and buildings: -€24,351
- Receivables after one year -€40,000
no longer reported in 2025 (was €40,000)
- Receivables within one year +€38,986
up €38,986 (+174.2%), from €22,379 to €61,365
of which Other amounts receivable: +€38,767
- Cash +€16,104
up €16,104 (+13.4%), from €120,524 to €136,628
mainly Net result for the year (+€61,329) and Depreciation (+€56,625)
- Debts after one year -€62,976
down €62,976 (-14.7%), from €429,134 to €366,158
- Reserves +€34,829
up €34,829 (+4.4%), from €797,997 to €832,826
of which Distributable reserves: +€34,829
- Current portion of long-term debt -€22,495
down €22,495 (-26.3%), from €85,471 to €62,976
- Gross operating margin -€14,164
down €14,164 (-7.1%), from €199,894 to €185,730
- Other operating charges +€4,426
up €4,426 (+79.1%), from €5,598 to €10,024
- Taxes -€3,796
down €3,796 (-12.8%), from €29,584 to €25,789
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 | €1,346,306 | €1,319,163 | -€27,143 | -2.0% |
| Fixed assets | 21/28 | €1,148,822 | €1,106,652 | -€42,170 | -3.7% |
| Tangible fixed assets | 22/27 | €987,634 | €945,464 | -€42,170 | -4.3% |
| Land and buildings | 22 | €924,058 | €899,707 | -€24,351 | -2.6% |
| Plant, machinery and equipment | 23 | €1,063 | €2,483 | +€1,420 | +133.7% |
| Furniture and vehicles | 24 | €60,429 | €43,274 | -€17,155 | -28.4% |
| Leasing and similar rights | 25 | €2,085 | - | -€2,085 | |
| Financial fixed assets | 28 | €161,188 | €161,188 | = | 0.0% |
| Current assets | 29/58 | €197,485 | €212,512 | +€15,027 | +7.6% |
| Amounts receivable after more than one year | 29 | €40,000 | - | -€40,000 | |
| Other amounts receivable | 291 | €40,000 | - | -€40,000 | |
| Stocks and contracts in progress | 3 | €8,689 | €8,442 | -€247 | -2.8% |
| Stocks | 30/36 | €8,689 | €8,442 | -€247 | -2.8% |
| Amounts receivable within one year | 40/41 | €22,379 | €61,365 | +€38,986 | +174.2% |
| Trade receivables | 40 | €4,019 | €4,237 | +€218 | +5.4% |
| Other amounts receivable | 41 | €18,361 | €57,128 | +€38,767 | +211.1% |
| Cash at bank and in hand | 54/58 | €120,524 | €136,628 | +€16,104 | +13.4% |
| Deferred charges and accrued income | 490/1 | €5,892 | €6,077 | +€185 | +3.1% |
| Total equity and liabilities | 10/49 | €1,346,306 | €1,319,163 | -€27,143 | -2.0% |
| Equity | 10/15 | €810,397 | €845,226 | +€34,829 | +4.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €797,997 | €832,826 | +€34,829 | +4.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €796,137 | €830,966 | +€34,829 | +4.4% |
| Amounts payable | 17/49 | €535,909 | €473,937 | -€61,972 | -11.6% |
| Amounts payable after more than one year | 17 | €429,134 | €366,158 | -€62,976 | -14.7% |
| Financial debts | 170/4 | €429,134 | €366,158 | -€62,976 | -14.7% |
| Amounts payable within one year | 42/48 | €100,525 | €101,532 | +€1,007 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €85,471 | €62,976 | -€22,495 | -26.3% |
| Trade debts | 44 | €4,449 | €16,806 | +€12,357 | +277.7% |
| Suppliers | 440/4 | €4,449 | €16,806 | +€12,357 | +277.7% |
| Taxes, remuneration and social security | 45 | €3,204 | €3,850 | +€646 | +20.2% |
| Taxes | 450/3 | €1,265 | €2,114 | +€849 | +67.1% |
| Remuneration and social security | 454/9 | €1,939 | €1,736 | -€203 | -10.5% |
| Other amounts payable | 47/48 | €7,401 | €17,901 | +€10,500 | +141.9% |
| Accrued charges and deferred income | 492/3 | €6,250 | €6,247 | -€3 | 0.0% |
| Remuneration, social security and pensions | 62 | €21,397 | €20,009 | -€1,388 | -6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,472 | €56,625 | -€847 | -1.5% |
| Other operating charges | 640/8 | €5,598 | €10,024 | +€4,426 | +79.1% |
| Gross operating margin | 9900 | €199,894 | €185,730 | -€14,164 | -7.1% |
| Operating profit (loss) | 9901 | €115,428 | €99,073 | -€16,355 | -14.2% |
| Financial income | 75/76B | - | €707 | +€707 | |
| Recurring financial income | 75 | - | €707 | +€707 | |
| Financial charges | 65/66B | €14,629 | €12,661 | -€1,967 | -13.4% |
| Recurring financial charges | 65 | €14,629 | €12,661 | -€1,967 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €100,799 | €87,118 | -€13,681 | -13.6% |
| Income taxes | 67/77 | €29,584 | €25,789 | -€3,796 | -12.8% |
| Profit (loss) for the period | 9904 | €71,214 | €61,329 | -€9,886 | -13.9% |
| Profit (loss) for the period to be appropriated | 9905 | €71,214 | €61,329 | -€9,886 | -13.9% |
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 12 October 2026 via checked.be.