ZILWA: 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.
ZILWA
Largest movements
- Receivables within one year -€29,822
down €29,822 (-19.4%), from €153,561 to €123,739
of which Other amounts receivable: -€29,822
- Cash +€14,386
up €14,386 (+142%), from €10,106 to €24,492
mainly Net result for the year (+€47,416) and Receivables within one year (+€29,822)
- Other debts -€59,500
down €59,500 (-100%), from €59,500 to €0
- Reserves +€47,000
up €47,000 (+42.3%), from €111,000 to €158,000
- Tax, wage and social debts -€3,024
down €3,024 (-28.8%), from €10,500 to €7,476
- Gross operating margin +€18,792
up €18,792 (+48.2%), from €39,026 to €57,817
- Taxes +€7,620
up €7,620 (+77.3%), from €9,856 to €17,476
- Other operating charges +€1,967
up €1,967 (+265%), from €742 to €2,709
- Financial income +€1,860
up €1,860 (+21.4%), from €8,686 to €10,546
- Depreciation -€649
down €649 (-80.8%), from €803 to €154
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 | €188,924 | €174,216 | -€14,709 | -7.8% |
| Fixed assets | 21/28 | €111 | €985 | +€874 | +789% |
| Tangible fixed assets | 22/27 | €111 | €985 | +€874 | +789% |
| Furniture and vehicles | 24 | €111 | €985 | +€874 | +789% |
| Current assets | 29/58 | €188,813 | €173,231 | -€15,583 | -8.3% |
| Amounts receivable after more than one year | 29 | €25,000 | €25,000 | = | 0.0% |
| Other amounts receivable | 291 | €25,000 | €25,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €153,561 | €123,739 | -€29,822 | -19.4% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €153,561 | €123,739 | -€29,822 | -19.4% |
| Cash at bank and in hand | 54/58 | €10,106 | €24,492 | +€14,386 | +142% |
| Deferred charges and accrued income | 490/1 | €146 | €0 | -€146 | -100% |
| Total equity and liabilities | 10/49 | €188,924 | €174,216 | -€14,709 | -7.8% |
| Equity | 10/15 | €118,924 | €166,340 | +€47,416 | +39.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €111,000 | €158,000 | +€47,000 | +42.3% |
| Distributable reserves | 133 | €111,000 | €158,000 | +€47,000 | +42.3% |
| Profit (loss) carried forward | 14 | €4,924 | €5,340 | +€416 | +8.4% |
| Amounts payable | 17/49 | €70,000 | €7,876 | -€62,125 | -88.7% |
| Amounts payable within one year | 42/48 | €70,000 | €7,876 | -€62,125 | -88.7% |
| Trade debts | 44 | €0 | €400 | +€400 | |
| Suppliers | 440/4 | €0 | €400 | +€400 | |
| Taxes, remuneration and social security | 45 | €10,500 | €7,476 | -€3,024 | -28.8% |
| Taxes | 450/3 | €10,500 | €7,476 | -€3,024 | -28.8% |
| Other amounts payable | 47/48 | €59,500 | €0 | -€59,500 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €803 | €154 | -€649 | -80.8% |
| Other operating charges | 640/8 | €742 | €2,709 | +€1,967 | +265% |
| Gross operating margin | 9900 | €39,026 | €57,817 | +€18,792 | +48.2% |
| Operating profit (loss) | 9901 | €37,481 | €54,954 | +€17,473 | +46.6% |
| Financial income | 75/76B | €8,686 | €10,546 | +€1,860 | +21.4% |
| Recurring financial income | 75 | €8,686 | €10,546 | +€1,860 | +21.4% |
| Financial charges | 65/66B | €107 | €608 | +€501 | +471% |
| Recurring financial charges | 65 | €107 | €608 | +€501 | +471% |
| Profit (loss) for the period before taxes | 9903 | €46,060 | €64,892 | +€18,832 | +40.9% |
| Income taxes | 67/77 | €9,856 | €17,476 | +€7,620 | +77.3% |
| Profit (loss) for the period | 9904 | €36,204 | €47,416 | +€11,212 | +31.0% |
| Profit (loss) for the period to be appropriated | 9905 | €36,204 | €47,416 | +€11,212 | +31.0% |
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 14 October 2026 via checked.be.