ZINACOR: 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.
What changed
ZINACOR
NACE 24.430, Manufacture of basic metals
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.2m
2024 · €942,417+€1.3m
Equity
€5.1m
2024 · €4.4m+€721,576
Cash
€487,590
2024 · €1.9m-€1.4m
Balance sheet total
€13.6m
2024 · €14.3m-€690,955
Largest movements
Assets
- Stocks and contracts +€1.4m
up €1.4m (+43.9%), from €3.2m to €4.7m
- Cash -€1.4m
down €1.4m (-74.1%), from €1.9m to €487,590
mainly Trade debts (-€1.5m) and Contributions, distributions and other (-€1.5m)
- Receivables within one year -€428,992
down €428,992 (-14.4%), from €3.0m to €2.6m
of which Trade receivables: -€318,404
- Tangible fixed assets -€248,435
down €248,435 (-4.0%), from €6.2m to €5.9m
of which Plant, machinery and equipment: -€183,853
Equity and liabilities
- Trade debts -€1.5m
down €1.5m (-60.3%), from €2.6m to €1.0m
- Profit (loss) carried forward +€721,576
up €721,576 (+44.2%), from €1.6m to €2.4m
- Provisions +€177,950
up €177,950 (+52.8%), from €337,050 to €515,000
- Debts after one year -€162,894
down €162,894 (-6.3%), from €2.6m to €2.4m
Income statement
- Turnover +€1.7m
up €1.7m (+5.7%), from €29.9m to €31.6m
- Goods and materials +€1.6m
up €1.6m (+8.2%), from €19.7m to €21.3m
of which Purchases: +€3.1m
- Taxes -€986,108
down €986,108 (-54.2%), from €1.8m to €832,795
of which Taxes: -€890,661
- Services and other goods +€510,697
up €510,697 (+17.9%), from €2.8m to €3.4m
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.
Result 2024
€942,417
Turnover
+€1.7m
Other operating income
+€21,905
Goods and materials
-€1.6m
Services and other goods
-€510,697
Staff costs
-€63,968
Depreciation
-€19,111
Write-downs
+€65,356
Provisions
+€157,050
Other operating charges
-€66,618
Other operating items
+€618,594
Financial income
+€2,501
Financial charges
-€1,437
Taxes
+€986,108
Deferred taxes and other
-€1,472
Result 2025
€2.2m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€590,884
Investment
-€359,286
Financing
-€1.6m
Cash 2024
€1.9m
From operations (derived)
+€590,884
Net result for the year
+€2.2m
Depreciation
+€615,808
Stocks and contracts
-€1.4m
Receivables within one year
+€428,992
Deferred charges and accrued income
+€28,902
Provisions
+€177,950
Trade debts
-€1.5m
Tax, wage and social debts
+€76,594
Smaller working-capital items
+€3,363
Investment (derived)
-€359,286
Investment in fixed assets (net)
-€359,286
Financing
-€1.6m
Debts after one year
-€162,894
Current portion of long-term debt
+€34,137
Contributions, distributions and other
-€1.5m
Cash 2025
€487,590
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,330,372 | €13,639,417 | -€690,955 | -4.8% |
| Fixed assets | 21/28 | €6,168,537 | €5,912,015 | -€256,523 | -4.2% |
| Intangible fixed assets | 21 | €13,971 | €5,883 | -€8,088 | -57.9% |
| Tangible fixed assets | 22/27 | €6,150,591 | €5,902,157 | -€248,435 | -4.0% |
| Land and buildings | 22 | €3,359,390 | €3,244,550 | -€114,840 | -3.4% |
| Plant, machinery and equipment | 23 | €2,637,461 | €2,453,608 | -€183,853 | -7.0% |
| Furniture and vehicles | 24 | €66,126 | €76,293 | +€10,167 | +15.4% |
| Assets under construction and advance payments | 27 | €87,615 | €127,706 | +€40,091 | +45.8% |
| Financial fixed assets | 28 | €3,975 | €3,975 | = | 0.0% |
| Other financial fixed assets | 284/8 | €3,975 | €3,975 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €3,975 | €3,975 | = | 0.0% |
| Current assets | 29/58 | €8,161,834 | €7,727,402 | -€434,432 | -5.3% |
| Stocks and contracts in progress | 3 | €3,234,661 | €4,655,281 | +€1.4m | +43.9% |
| Stocks | 30/36 | €3,234,661 | €4,655,281 | +€1.4m | +43.9% |
| Raw materials and consumables | 30/31 | €899,142 | €1,891,920 | +€992,778 | +110% |
| Work in progress | 32 | €274,963 | €480,972 | +€206,009 | +74.9% |
| Finished goods | 33 | €1,869,559 | €1,999,381 | +€129,822 | +6.9% |
| Goods purchased for resale | 34 | €190,997 | €283,008 | +€92,011 | +48.2% |
| Amounts receivable within one year | 40/41 | €2,987,431 | €2,558,439 | -€428,992 | -14.4% |
| Trade receivables | 40 | €2,518,607 | €2,200,203 | -€318,404 | -12.6% |
| Other amounts receivable | 41 | €468,824 | €358,236 | -€110,588 | -23.6% |
| Cash at bank and in hand | 54/58 | €1,884,748 | €487,590 | -€1.4m | -74.1% |
| Deferred charges and accrued income | 490/1 | €54,995 | €26,092 | -€28,902 | -52.6% |
| Total equity and liabilities | 10/49 | €14,330,372 | €13,639,417 | -€690,955 | -4.8% |
| Equity | 10/15 | €4,389,717 | €5,111,294 | +€721,576 | +16.4% |
| Contributions | 10/11 | €2,500,000 | €2,500,000 | = | 0.0% |
| Capital | 10 | €2,500,000 | €2,500,000 | = | 0.0% |
| Issued capital | 100 | €2,500,000 | €2,500,000 | = | 0.0% |
| Reserves | 13 | €250,000 | €250,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €250,000 | €250,000 | = | 0.0% |
| Legal reserve | 130 | €250,000 | €250,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,632,812 | €2,354,389 | +€721,576 | +44.2% |
| Investment grants | 15 | €6,905 | €6,905 | = | 0.0% |
| Provisions and deferred taxes | 16 | €337,050 | €515,000 | +€177,950 | +52.8% |
| Provisions for liabilities and charges | 160/5 | €337,050 | €515,000 | +€177,950 | +52.8% |
| Pensions and similar obligations | 160 | €2,050 | - | -€2,050 | |
| Major repairs and maintenance | 162 | €185,000 | €365,000 | +€180,000 | +97.3% |
| Other liabilities and charges | 164/5 | €150,000 | €150,000 | = | 0.0% |
| Amounts payable | 17/49 | €9,603,604 | €8,013,124 | -€1.6m | -16.6% |
| Amounts payable after more than one year | 17 | €2,590,485 | €2,427,591 | -€162,894 | -6.3% |
| Financial debts | 170/4 | €2,590,485 | €2,427,591 | -€162,894 | -6.3% |
| Credit institutions | 173 | €2,590,485 | €2,427,591 | -€162,894 | -6.3% |
| Amounts payable within one year | 42/48 | €6,906,916 | €5,477,466 | -€1.4m | -20.7% |
| Current portion of amounts payable after more than one year | 42 | €254,155 | €288,292 | +€34,137 | +13.4% |
| Financial debts | 43 | €1,000,000 | €1,000,000 | = | 0.0% |
| Credit institutions | 430/8 | €1,000,000 | €1,000,000 | = | 0.0% |
| Trade debts | 44 | €2,554,747 | €1,013,067 | -€1.5m | -60.3% |
| Suppliers | 440/4 | €2,554,747 | €1,013,067 | -€1.5m | -60.3% |
| Taxes, remuneration and social security | 45 | €1,597,364 | €1,673,958 | +€76,594 | +4.8% |
| Taxes | 450/3 | €891,688 | €945,870 | +€54,182 | +6.1% |
| Remuneration and social security | 454/9 | €705,676 | €728,088 | +€22,411 | +3.2% |
| Other amounts payable | 47/48 | €1,500,650 | €1,502,150 | +€1,500 | +0.1% |
| Accrued charges and deferred income | 492/3 | €106,203 | €108,066 | +€1,863 | +1.8% |
| Operating income | 70/76A | €29,943,748 | €32,265,108 | +€2.3m | +7.8% |
| Turnover | 70 | €29,892,288 | €31,603,444 | +€1.7m | +5.7% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€248,456 | €519,853 | +€768,309 | |
| Other operating income | 74 | €119,905 | €141,810 | +€21,905 | +18.3% |
| Non-recurring operating income | 76A | €180,011 | - | -€180,011 | |
| Operating charges | 60/66A | €26,886,468 | €28,914,369 | +€2.0m | +7.5% |
| Goods for resale, raw materials and consumables | 60 | €19,704,876 | €21,325,085 | +€1.6m | +8.2% |
| Purchases | 600/8 | €19,119,200 | €22,225,852 | +€3.1m | +16.2% |
| Change in stocks: decrease (increase) | 609 | €585,677 | -€900,767 | -€1.5m | |
| Services and other goods | 61 | €2,848,214 | €3,358,911 | +€510,697 | +17.9% |
| Remuneration, social security and pensions | 62 | €3,243,402 | €3,307,370 | +€63,968 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €596,697 | €615,808 | +€19,111 | +3.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €65,356 | - | -€65,356 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €335,000 | €177,950 | -€157,050 | -46.9% |
| Other operating charges | 640/8 | €62,455 | €129,073 | +€66,618 | +107% |
| Non-recurring operating charges | 66A | €30,468 | €172 | -€30,296 | -99.4% |
| Operating profit (loss) | 9901 | €3,057,280 | €3,350,739 | +€293,459 | +9.6% |
| Financial income | 75/76B | €4,080 | €6,581 | +€2,501 | +61.3% |
| Recurring financial income | 75 | €4,080 | €6,581 | +€2,501 | +61.3% |
| Income from current assets | 751 | €1 | €1 | +€1 | +144% |
| Other financial income | 752/9 | €4,079 | €6,579 | +€2,500 | +61.3% |
| Financial charges | 65/66B | €301,512 | €302,949 | +€1,437 | +0.5% |
| Recurring financial charges | 65 | €301,512 | €302,949 | +€1,437 | +0.5% |
| Debt charges | 650 | €256,476 | €224,164 | -€32,311 | -12.6% |
| Other financial charges | 652/9 | €45,037 | €78,785 | +€33,748 | +74.9% |
| Profit (loss) for the period before taxes | 9903 | €2,759,848 | €3,054,371 | +€294,523 | +10.7% |
| Transfer from deferred taxes | 780 | €1,472 | - | -€1,472 | |
| Income taxes | 67/77 | €1,818,903 | €832,795 | -€986,108 | -54.2% |
| Taxes | 670/3 | €1,818,903 | €928,241 | -€890,661 | -49.0% |
| Tax adjustments and reversals of tax provisions | 77 | - | €95,447 | +€95,447 | |
| Profit (loss) for the period | 9904 | €942,417 | €2,221,576 | +€1.3m | +136% |
| Profit (loss) for the period to be appropriated | 9905 | €942,417 | €2,221,576 | +€1.3m | +136% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.