ZIND: what changed
Two fiscal 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.
ZIND
Largest movements
- Receivables within one year +€123,284
up €123,284 (+22.4%), from €549,909 to €673,192
of which Other amounts receivable: +€192,760
- Cash +€31,845
up €31,845 (+738.4%), from €4,313 to €36,157
mainly Net result for the year (+€89,978) and Trade debts (+€45,726)
- Tangible fixed assets -€28,669
down €28,669 (-13.0%), from €221,251 to €192,583
of which Land and buildings: -€30,964
- Reserves +€96,190
up €96,190 (+131.2%), from €73,290 to €169,480
of which Distributable reserves: +€96,190
- Trade debts +€45,726
up €45,726 (+49.2%), from €92,957 to €138,683
- Debts after one year -€10,028
down €10,028 (-7.3%), from €137,949 to €127,921
- Write-downs -€193,247
down €193,247, from €96,624 to -€96,624
- Other operating charges +€99,234
up €99,234 (+272.2%), from €36,457 to €135,691
- Gross operating margin +€56,107
up €56,107 (+10.1%), from €553,420 to €609,527
- Staff costs -€10,192
down €10,192 (-2.4%), from €424,869 to €414,676
- Financial income +€9,225
up €9,225 (+91.7%), from €10,055 to €19,280
of which Financial income: +€10,215
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.
Cash bridge derived
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 | €778,718 | €902,743 | +€124,025 | +15.9% |
| Fixed assets | 21/28 | €221,251 | €192,583 | -€28,669 | -13.0% |
| Tangible fixed assets | 22/27 | €221,251 | €192,583 | -€28,669 | -13.0% |
| Land and buildings | 22 | €195,527 | €164,564 | -€30,964 | -15.8% |
| Plant, machinery and equipment | 23 | €17,161 | €14,342 | -€2,820 | -16.4% |
| Furniture and vehicles | 24 | €8,563 | €13,677 | +€5,115 | +59.7% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Current assets | 29/58 | €557,467 | €710,160 | +€152,693 | +27.4% |
| Amounts receivable within one year | 40/41 | €549,909 | €673,192 | +€123,284 | +22.4% |
| Trade receivables | 40 | €364,400 | €294,924 | -€69,476 | -19.1% |
| Other amounts receivable | 41 | €185,509 | €378,269 | +€192,760 | +103.9% |
| Cash at bank and in hand | 54/58 | €4,313 | €36,157 | +€31,845 | +738.4% |
| Deferred charges and accrued income | 490/1 | €3,245 | €810 | -€2,435 | -75.0% |
| Total equity and liabilities | 10/49 | €778,718 | €902,743 | +€124,025 | +15.9% |
| Equity | 10/15 | €224,135 | €314,114 | +€89,978 | +40.1% |
| Contributions | 10/11 | €14,634 | €14,634 | = | 0.0% |
| Revaluation surpluses | 12 | €130,000 | €130,000 | = | 0.0% |
| Reserves | 13 | €73,290 | €169,480 | +€96,190 | +131.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €71,430 | €167,620 | +€96,190 | +134.7% |
| Profit (loss) carried forward | 14 | €6,211 | - | -€6,211 | |
| Amounts payable | 17/49 | €554,583 | €588,629 | +€34,046 | +6.1% |
| Amounts payable after more than one year | 17 | €137,949 | €127,921 | -€10,028 | -7.3% |
| Financial debts | 170/4 | €137,949 | €127,921 | -€10,028 | -7.3% |
| Amounts payable within one year | 42/48 | €416,634 | €460,707 | +€44,074 | +10.6% |
| Current portion of amounts payable after more than one year | 42 | €9,788 | €10,274 | +€486 | +5.0% |
| Financial debts | 43 | €65,000 | €65,000 | = | 0.0% |
| Credit institutions | 430/8 | €65,000 | €65,000 | = | 0.0% |
| Trade debts | 44 | €92,957 | €138,683 | +€45,726 | +49.2% |
| Suppliers | 440/4 | €92,957 | €138,683 | +€45,726 | +49.2% |
| Taxes, remuneration and social security | 45 | €248,889 | €246,751 | -€2,138 | -0.9% |
| Taxes | 450/3 | €135,015 | €93,083 | -€41,932 | -31.1% |
| Remuneration and social security | 454/9 | €113,874 | €153,668 | +€39,794 | +34.9% |
| Remuneration, social security and pensions | 62 | €424,869 | €414,676 | -€10,192 | -2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,356 | €38,688 | +€332 | +0.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €96,624 | -€96,624 | -€193,247 | |
| Other operating charges | 640/8 | €36,457 | €135,691 | +€99,234 | +272.2% |
| Non-recurring operating charges | 66A | - | €6,272 | +€6,272 | |
| Gross operating margin | 9900 | €553,420 | €609,527 | +€56,107 | +10.1% |
| Operating profit (loss) | 9901 | -€42,885 | €110,824 | +€153,709 | |
| Financial income | 75/76B | €10,055 | €19,280 | +€9,225 | +91.7% |
| Recurring financial income | 75 | €9,064 | €19,280 | +€10,215 | +112.7% |
| Non-recurring financial income | 76B | €990 | - | -€990 | |
| Financial charges | 65/66B | €23,437 | €17,142 | -€6,295 | -26.9% |
| Recurring financial charges | 65 | €23,437 | €17,142 | -€6,295 | -26.9% |
| Profit (loss) for the period before taxes | 9903 | -€56,267 | €112,962 | +€169,229 | |
| Income taxes | 67/77 | €21,373 | €22,984 | +€1,611 | +7.5% |
| Profit (loss) for the period | 9904 | -€77,640 | €89,978 | +€167,619 | |
| Profit (loss) for the period to be appropriated | 9905 | -€77,640 | €89,978 | +€167,619 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.