ZINAQUA: 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.
ZINAQUA
Largest movements
- Receivables within one year -€23,538
down €23,538 (-52.0%), from €45,298 to €21,760
of which Trade receivables: -€24,736
- Tangible fixed assets -€9,251
down €9,251 (-51.3%), from €18,037 to €8,786
- Deferred charges and accrued income -€6,510
down €6,510 (-78.7%), from €8,269 to €1,759
- Formation expenses -€2,807
down €2,807 (-36.5%), from €7,682 to €4,875
- Intangible fixed assets +€2,725
up €2,725 (+29.7%), from €9,178 to €11,903
- Other debts -€12,592
down €12,592 (-7.2%), from €174,572 to €161,979
- Tax, wage and social debts -€11,445
down €11,445 (-62.7%), from €18,246 to €6,801
of which Remuneration and social security: -€6,371
- Trade debts -€10,846
down €10,846 (-28.4%), from €38,137 to €27,292
- Profit (loss) carried forward +€5,816
up €5,816 (+3.7%), from -€156,329 to -€150,513
- Short-term financial debts -€4,265
no longer reported in 2025 (was €4,265)
- Gross operating margin +€28,167
up €28,167 (+34.8%), from €81,014 to €109,181
- Staff costs -€19,738
down €19,738 (-19.6%), from €100,863 to €81,125
- Other operating charges -€4,381
down €4,381 (-68.8%), from €6,366 to €1,985
- Financial charges -€2,819
down €2,819 (-75.8%), from €3,720 to €902
- Depreciation +€1,135
up €1,135 (+6.0%), from €18,929 to €20,065
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 | €96,966 | €59,375 | -€37,591 | -38.8% |
| Formation expenses | 20 | €7,682 | €4,875 | -€2,807 | -36.5% |
| Fixed assets | 21/28 | €27,215 | €20,689 | -€6,526 | -24.0% |
| Intangible fixed assets | 21 | €9,178 | €11,903 | +€2,725 | +29.7% |
| Tangible fixed assets | 22/27 | €18,037 | €8,786 | -€9,251 | -51.3% |
| Plant, machinery and equipment | 23 | €3,418 | €1,604 | -€1,814 | -53.1% |
| Furniture and vehicles | 24 | €9,403 | €6,095 | -€3,307 | -35.2% |
| Leasing and similar rights | 25 | €5,216 | €1,086 | -€4,130 | -79.2% |
| Current assets | 29/58 | €62,070 | €33,812 | -€28,258 | -45.5% |
| Stocks and contracts in progress | 3 | €6,354 | €8,832 | +€2,478 | +39.0% |
| Stocks | 30/36 | €6,354 | €8,832 | +€2,478 | +39.0% |
| Amounts receivable within one year | 40/41 | €45,298 | €21,760 | -€23,538 | -52.0% |
| Trade receivables | 40 | €45,290 | €20,555 | -€24,736 | -54.6% |
| Other amounts receivable | 41 | €8 | €1,205 | +€1,197 | +15,098% |
| Cash at bank and in hand | 54/58 | €2,149 | €1,461 | -€688 | -32.0% |
| Deferred charges and accrued income | 490/1 | €8,269 | €1,759 | -€6,510 | -78.7% |
| Total equity and liabilities | 10/49 | €96,966 | €59,375 | -€37,591 | -38.8% |
| Equity | 10/15 | -€146,103 | -€140,288 | +€5,816 | +4.0% |
| Contributions | 10/11 | €9,296 | €9,296 | = | 0.0% |
| Reserves | 13 | €930 | €930 | = | 0.0% |
| Non-distributable reserves | 130/1 | €930 | €930 | = | 0.0% |
| Reserves not available under the articles | 1311 | €930 | €930 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€156,329 | -€150,513 | +€5,816 | +3.7% |
| Amounts payable | 17/49 | €243,070 | €199,663 | -€43,407 | -17.9% |
| Amounts payable after more than one year | 17 | €3,591 | - | -€3,591 | |
| Financial debts | 170/4 | €3,591 | - | -€3,591 | |
| Amounts payable within one year | 42/48 | €239,479 | €199,663 | -€39,816 | -16.6% |
| Current portion of amounts payable after more than one year | 42 | €4,259 | €3,591 | -€668 | -15.7% |
| Financial debts | 43 | €4,265 | - | -€4,265 | |
| Credit institutions | 430/8 | €4,265 | - | -€4,265 | |
| Trade debts | 44 | €38,137 | €27,292 | -€10,846 | -28.4% |
| Suppliers | 440/4 | €38,137 | €27,292 | -€10,846 | -28.4% |
| Taxes, remuneration and social security | 45 | €18,246 | €6,801 | -€11,445 | -62.7% |
| Taxes | 450/3 | €6,067 | €992 | -€5,074 | -83.6% |
| Remuneration and social security | 454/9 | €12,180 | €5,809 | -€6,371 | -52.3% |
| Other amounts payable | 47/48 | €174,572 | €161,979 | -€12,592 | -7.2% |
| Remuneration, social security and pensions | 62 | €100,863 | €81,125 | -€19,738 | -19.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,929 | €20,065 | +€1,135 | +6.0% |
| Other operating charges | 640/8 | €6,366 | €1,985 | -€4,381 | -68.8% |
| Gross operating margin | 9900 | €81,014 | €109,181 | +€28,167 | +34.8% |
| Operating profit (loss) | 9901 | -€45,144 | €6,007 | +€51,151 | |
| Financial income | 75/76B | €1,773 | €733 | -€1,040 | -58.6% |
| Recurring financial income | 75 | €1,773 | €733 | -€1,040 | -58.6% |
| Financial charges | 65/66B | €3,720 | €902 | -€2,819 | -75.8% |
| Recurring financial charges | 65 | €3,720 | €902 | -€2,819 | -75.8% |
| Profit (loss) for the period before taxes | 9903 | -€47,092 | €5,838 | +€52,930 | |
| Income taxes | 67/77 | €222 | €23 | -€200 | -89.8% |
| Profit (loss) for the period | 9904 | -€47,314 | €5,816 | +€53,130 | |
| Profit (loss) for the period to be appropriated | 9905 | -€47,314 | €5,816 | +€53,130 |
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 17 October 2026 via checked.be.