ZHU'S: 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.
ZHU'S
Largest movements
- Tangible fixed assets +€3.1m
up €3.1m (+198%), from €1.6m to €4.7m
- Receivables within one year -€150,000
no longer reported in 2026 (was €150,000)
- Debts after one year +€2.7m
up €2.7m (+257%), from €1.1m to €3.8m
of which Financial debts: +€2.7m
- Other debts +€195,196
up €195,196 (+39.0%), from €501,127 to €696,323
- Current portion of long-term debt +€101,774
up €101,774 (+118%), from €86,034 to €187,808
- Gross operating margin +€233,237
up €233,237 (+324%), from €71,896 to €305,133
- Depreciation +€186,921
up €186,921 (+553%), from €33,796 to €220,717
- Financial charges +€82,996
up €82,996 (+276%), from €30,054 to €113,050
- Other operating charges +€11,132
up €11,132 (+180%), from €6,200 to €17,332
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,772,238 | €4,752,732 | +€3.0m | +168% |
| Fixed assets | 21/28 | €1,584,802 | €4,724,085 | +€3.1m | +198% |
| Tangible fixed assets | 22/27 | €1,584,802 | €4,724,085 | +€3.1m | +198% |
| Land and buildings | 22 | €1,584,802 | €4,724,085 | +€3.1m | +198% |
| Current assets | 29/58 | €187,436 | €28,647 | -€158,789 | -84.7% |
| Amounts receivable within one year | 40/41 | €150,000 | - | -€150,000 | |
| Trade receivables | 40 | €150,000 | - | -€150,000 | |
| Cash at bank and in hand | 54/58 | €37,436 | €28,647 | -€8,789 | -23.5% |
| Total equity and liabilities | 10/49 | €1,772,238 | €4,752,732 | +€3.0m | +168% |
| Equity | 10/15 | €119,932 | €73,966 | -€45,966 | -38.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €57,932 | €11,966 | -€45,966 | -79.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €51,732 | €5,766 | -€45,966 | -88.9% |
| Amounts payable | 17/49 | €1,652,306 | €4,678,766 | +€3.0m | +183% |
| Amounts payable after more than one year | 17 | €1,061,249 | €3,792,453 | +€2.7m | +257% |
| Financial debts | 170/4 | €1,061,249 | €3,783,403 | +€2.7m | +257% |
| Other amounts payable | 178/9 | - | €9,050 | +€9,050 | |
| Amounts payable within one year | 42/48 | €591,057 | €886,313 | +€295,256 | +50.0% |
| Current portion of amounts payable after more than one year | 42 | €86,034 | €187,808 | +€101,774 | +118% |
| Trade debts | 44 | €3,228 | €2,017 | -€1,211 | -37.5% |
| Suppliers | 440/4 | €3,228 | €2,017 | -€1,211 | -37.5% |
| Taxes, remuneration and social security | 45 | €668 | €165 | -€503 | -75.3% |
| Taxes | 450/3 | €668 | €165 | -€503 | -75.3% |
| Other amounts payable | 47/48 | €501,127 | €696,323 | +€195,196 | +39.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,796 | €220,717 | +€186,921 | +553% |
| Other operating charges | 640/8 | €6,200 | €17,332 | +€11,132 | +180% |
| Gross operating margin | 9900 | €71,896 | €305,133 | +€233,237 | +324% |
| Operating profit (loss) | 9901 | €31,900 | €67,084 | +€35,184 | +110% |
| Financial charges | 65/66B | €30,054 | €113,050 | +€82,996 | +276% |
| Recurring financial charges | 65 | €30,054 | €113,050 | +€82,996 | +276% |
| Profit (loss) for the period before taxes | 9903 | €1,846 | -€45,966 | -€47,812 | |
| Income taxes | 67/77 | €503 | - | -€503 | |
| Profit (loss) for the period | 9904 | €1,343 | -€45,966 | -€47,309 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,343 | -€45,966 | -€47,309 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.