ZHOU: 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.
ZHOU
Largest movements
- Cash +€48,079
up €48,079 (+33.0%), from €145,893 to €193,972
mainly Net result for the year (+€58,447) and Depreciation (+€10,838)
- Tangible fixed assets -€8,838
down €8,838 (-15.6%), from €56,527 to €47,689
- Receivables within one year -€6,842
down €6,842 (-99.4%), from €6,882 to €40
- Reserves +€58,447
new in 2025: €58,447
- Tax, wage and social debts -€10,719
down €10,719 (-28.2%), from €37,951 to €27,232
of which Remuneration and social security: -€5,651
- Debts after one year -€4,297
no longer reported in 2025 (was €4,297)
- Trade debts -€3,536
down €3,536 (-70.0%), from €5,055 to €1,519
- Other debts -€3,416
down €3,416 (-6.3%), from €53,907 to €50,491
- Gross operating margin +€9,829
up €9,829 (+9.9%), from €99,661 to €109,490
- Depreciation -€6,877
down €6,877 (-38.8%), from €17,715 to €10,838
- Taxes +€4,826
up €4,826 (+26.7%), from €18,055 to €22,881
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 | €211,971 | €245,515 | +€33,544 | +15.8% |
| Formation expenses | 20 | €300 | - | -€300 | |
| Fixed assets | 21/28 | €56,527 | €47,689 | -€8,838 | -15.6% |
| Tangible fixed assets | 22/27 | €56,527 | €47,689 | -€8,838 | -15.6% |
| Plant, machinery and equipment | 23 | €56,527 | €47,689 | -€8,838 | -15.6% |
| Current assets | 29/58 | €155,144 | €197,826 | +€42,682 | +27.5% |
| Stocks and contracts in progress | 3 | €2,369 | €3,814 | +€1,445 | +61.0% |
| Stocks | 30/36 | €2,369 | €3,814 | +€1,445 | +61.0% |
| Amounts receivable within one year | 40/41 | €6,882 | €40 | -€6,842 | -99.4% |
| Trade receivables | 40 | €6,882 | €40 | -€6,842 | -99.4% |
| Cash at bank and in hand | 54/58 | €145,893 | €193,972 | +€48,079 | +33.0% |
| Total equity and liabilities | 10/49 | €211,971 | €245,515 | +€33,544 | +15.8% |
| Equity | 10/15 | €101,029 | €159,476 | +€58,447 | +57.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | - | €58,447 | +€58,447 | |
| Distributable reserves | 133 | - | €58,447 | +€58,447 | |
| Profit (loss) carried forward | 14 | €82,429 | €82,429 | = | 0.0% |
| Amounts payable | 17/49 | €110,942 | €86,039 | -€24,903 | -22.4% |
| Amounts payable after more than one year | 17 | €4,297 | - | -€4,297 | |
| Financial debts | 170/4 | €4,297 | - | -€4,297 | |
| Amounts payable within one year | 42/48 | €104,145 | €83,539 | -€20,606 | -19.8% |
| Current portion of amounts payable after more than one year | 42 | €7,232 | €4,297 | -€2,935 | -40.6% |
| Trade debts | 44 | €5,055 | €1,519 | -€3,536 | -70.0% |
| Suppliers | 440/4 | €5,055 | €1,519 | -€3,536 | -70.0% |
| Taxes, remuneration and social security | 45 | €37,951 | €27,232 | -€10,719 | -28.2% |
| Taxes | 450/3 | €19,031 | €13,963 | -€5,068 | -26.6% |
| Remuneration and social security | 454/9 | €18,920 | €13,269 | -€5,651 | -29.9% |
| Other amounts payable | 47/48 | €53,907 | €50,491 | -€3,416 | -6.3% |
| Accrued charges and deferred income | 492/3 | €2,500 | €2,500 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €16,060 | €15,823 | -€237 | -1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,715 | €10,838 | -€6,877 | -38.8% |
| Other operating charges | 640/8 | €1,038 | €1,044 | +€6 | +0.6% |
| Gross operating margin | 9900 | €99,661 | €109,490 | +€9,829 | +9.9% |
| Operating profit (loss) | 9901 | €64,848 | €81,785 | +€16,937 | +26.1% |
| Financial income | 75/76B | €35 | €24 | -€11 | -31.4% |
| Recurring financial income | 75 | €35 | €24 | -€11 | -31.4% |
| Financial charges | 65/66B | €646 | €481 | -€165 | -25.5% |
| Recurring financial charges | 65 | €646 | €481 | -€165 | -25.5% |
| Profit (loss) for the period before taxes | 9903 | €64,237 | €81,328 | +€17,091 | +26.6% |
| Income taxes | 67/77 | €18,055 | €22,881 | +€4,826 | +26.7% |
| Profit (loss) for the period | 9904 | €46,182 | €58,447 | +€12,265 | +26.6% |
| Profit (loss) for the period to be appropriated | 9905 | €46,182 | €58,447 | +€12,265 | +26.6% |
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.