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
- Receivables within one year -€21,727
down €21,727 (-60.3%), from €36,016 to €14,289
of which Other amounts receivable: -€14,132
- Tangible fixed assets -€11,870
down €11,870 (-12.1%), from €97,825 to €85,956
of which Land and buildings: -€9,900
- Debts after one year -€33,856
no longer reported in 2025 (was €33,856)
- Other debts +€24,110
up €24,110 (+9.7%), from €247,359 to €271,469
- Profit (loss) carried forward -€8,433
down €8,433 (-495%), from -€1,703 to -€10,136
- Financial income -€14,732
no longer reported in 2025 (was €14,732)
of which Financial income: -€13,832
- Gross operating margin -€6,862
down €6,862 (-57.5%), from €11,935 to €5,073
- Depreciation -€1,662
down €1,662 (-12.3%), from €13,532 to €11,870
- Other operating charges -€548
down €548 (-32.8%), from €1,672 to €1,124
- Financial charges -€360
down €360 (-41.2%), from €872 to €512
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 | €828,102 | €802,286 | -€25,817 | -3.1% |
| Fixed assets | 21/28 | €97,825 | €85,956 | -€11,870 | -12.1% |
| Tangible fixed assets | 22/27 | €97,825 | €85,956 | -€11,870 | -12.1% |
| Land and buildings | 22 | €74,250 | €64,350 | -€9,900 | -13.3% |
| Other tangible fixed assets | 26 | €23,575 | €21,606 | -€1,970 | -8.4% |
| Current assets | 29/58 | €730,277 | €716,330 | -€13,947 | -1.9% |
| Amounts receivable within one year | 40/41 | €36,016 | €14,289 | -€21,727 | -60.3% |
| Trade receivables | 40 | €11,512 | €3,917 | -€7,595 | -66.0% |
| Other amounts receivable | 41 | €24,504 | €10,372 | -€14,132 | -57.7% |
| Current investments | 50/53 | €692,000 | €692,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,689 | €9,441 | +€7,752 | +459% |
| Deferred charges and accrued income | 490/1 | €572 | €600 | +€28 | +4.9% |
| Total equity and liabilities | 10/49 | €828,102 | €802,286 | -€25,817 | -3.1% |
| Equity | 10/15 | €503,186 | €494,753 | -€8,433 | -1.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €484,889 | €484,889 | = | 0.0% |
| Distributable reserves | 133 | €484,889 | €484,889 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,703 | -€10,136 | -€8,433 | -495% |
| Amounts payable | 17/49 | €324,916 | €307,533 | -€17,384 | -5.4% |
| Amounts payable after more than one year | 17 | €33,856 | - | -€33,856 | |
| Financial debts | 170/4 | €33,856 | - | -€33,856 | |
| Amounts payable within one year | 42/48 | €291,060 | €307,533 | +€16,472 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €40,349 | €33,856 | -€6,493 | -16.1% |
| Trade debts | 44 | €538 | €1,120 | +€581 | +108% |
| Suppliers | 440/4 | €538 | €1,120 | +€581 | +108% |
| Taxes, remuneration and social security | 45 | €2,814 | €1,088 | -€1,726 | -61.3% |
| Taxes | 450/3 | €2,814 | €1,088 | -€1,726 | -61.3% |
| Other amounts payable | 47/48 | €247,359 | €271,469 | +€24,110 | +9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,532 | €11,870 | -€1,662 | -12.3% |
| Other operating charges | 640/8 | €1,672 | €1,124 | -€548 | -32.8% |
| Gross operating margin | 9900 | €11,935 | €5,073 | -€6,862 | -57.5% |
| Operating profit (loss) | 9901 | -€3,269 | -€7,921 | -€4,652 | -142% |
| Financial income | 75/76B | €14,732 | - | -€14,732 | |
| Recurring financial income | 75 | €13,832 | - | -€13,832 | |
| Non-recurring financial income | 76B | €900 | - | -€900 | |
| Financial charges | 65/66B | €872 | €512 | -€360 | -41.2% |
| Recurring financial charges | 65 | €872 | €512 | -€360 | -41.2% |
| Profit (loss) for the period before taxes | 9903 | €10,592 | -€8,433 | -€19,025 | |
| Profit (loss) for the period | 9904 | €10,592 | -€8,433 | -€19,025 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,592 | -€8,433 | -€19,025 |
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 31 October 2026 via checked.be.