ZINDO: 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.
ZINDO
Largest movements
- Cash +€137,653
up €137,653 (+86.3%), from €159,579 to €297,232
mainly Depreciation (+€144,342) and Receivables within one year (+€73,793)
- Tangible fixed assets -€136,648
down €136,648 (-25.0%), from €547,363 to €410,715
of which Plant, machinery and equipment: -€114,245
- Receivables within one year -€73,793
down €73,793 (-50.5%), from €146,180 to €72,387
of which Other amounts receivable: -€89,415
- Reserves -€68,617
down €68,617 (-42.7%), from €160,781 to €92,164
- Trade debts +€26,861
up €26,861 (+11.1%), from €241,577 to €268,438
- Debts after one year -€25,437
down €25,437 (-50.4%), from €50,428 to €24,991
- Staff costs +€37,498
up €37,498 (+4.4%), from €847,540 to €885,038
- Gross operating margin +€17,727
up €17,727 (+1.8%), from €975,905 to €993,631
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 | €893,288 | €819,470 | -€73,818 | -8.3% |
| Fixed assets | 21/28 | €547,561 | €410,913 | -€136,648 | -25.0% |
| Tangible fixed assets | 22/27 | €547,363 | €410,715 | -€136,648 | -25.0% |
| Plant, machinery and equipment | 23 | €524,960 | €410,715 | -€114,245 | -21.8% |
| Furniture and vehicles | 24 | €22,403 | - | -€22,403 | |
| Financial fixed assets | 28 | €198 | €198 | = | 0.0% |
| Current assets | 29/58 | €345,727 | €408,557 | +€62,830 | +18.2% |
| Stocks and contracts in progress | 3 | €26,171 | €23,370 | -€2,801 | -10.7% |
| Stocks | 30/36 | €26,171 | €23,370 | -€2,801 | -10.7% |
| Amounts receivable within one year | 40/41 | €146,180 | €72,387 | -€73,793 | -50.5% |
| Trade receivables | 40 | €4,213 | €19,835 | +€15,622 | +370.8% |
| Other amounts receivable | 41 | €141,967 | €52,552 | -€89,415 | -63.0% |
| Cash at bank and in hand | 54/58 | €159,579 | €297,232 | +€137,653 | +86.3% |
| Deferred charges and accrued income | 490/1 | €13,797 | €15,568 | +€1,771 | +12.8% |
| Total equity and liabilities | 10/49 | €893,288 | €819,470 | -€73,818 | -8.3% |
| Equity | 10/15 | €460,781 | €392,164 | -€68,617 | -14.9% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €160,781 | €92,164 | -€68,617 | -42.7% |
| Distributable reserves | 133 | €160,781 | €92,164 | -€68,617 | -42.7% |
| Amounts payable | 17/49 | €432,507 | €427,306 | -€5,201 | -1.2% |
| Amounts payable after more than one year | 17 | €50,428 | €24,991 | -€25,437 | -50.4% |
| Financial debts | 170/4 | €50,428 | €24,991 | -€25,437 | -50.4% |
| Amounts payable within one year | 42/48 | €382,079 | €398,893 | +€16,813 | +4.4% |
| Current portion of amounts payable after more than one year | 42 | €21,718 | €14,929 | -€6,789 | -31.3% |
| Financial debts | 43 | - | €181 | +€181 | |
| Credit institutions | 430/8 | - | €181 | +€181 | |
| Trade debts | 44 | €241,577 | €268,438 | +€26,861 | +11.1% |
| Suppliers | 440/4 | €241,577 | €268,438 | +€26,861 | +11.1% |
| Taxes, remuneration and social security | 45 | €118,622 | €114,886 | -€3,736 | -3.1% |
| Taxes | 450/3 | €4,166 | €3,655 | -€510 | -12.3% |
| Remuneration and social security | 454/9 | €114,456 | €111,231 | -€3,225 | -2.8% |
| Other amounts payable | 47/48 | €162 | €458 | +€295 | +181.8% |
| Accrued charges and deferred income | 492/3 | - | €3,423 | +€3,423 | |
| Remuneration, social security and pensions | 62 | €847,540 | €885,038 | +€37,498 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,019 | €144,342 | +€323 | +0.2% |
| Other operating charges | 640/8 | €12,153 | €20,019 | +€7,866 | +64.7% |
| Gross operating margin | 9900 | €975,905 | €993,631 | +€17,727 | +1.8% |
| Operating profit (loss) | 9901 | -€27,808 | -€55,768 | -€27,961 | -100.5% |
| Financial income | 75/76B | €966 | €5 | -€961 | -99.4% |
| Recurring financial income | 75 | €966 | €5 | -€961 | -99.4% |
| Financial charges | 65/66B | €12,155 | €12,689 | +€535 | +4.4% |
| Recurring financial charges | 65 | €12,155 | €12,689 | +€535 | +4.4% |
| Profit (loss) for the period before taxes | 9903 | -€38,996 | -€68,452 | -€29,456 | -75.5% |
| Income taxes | 67/77 | €160 | €165 | +€5 | +3.1% |
| Profit (loss) for the period | 9904 | -€39,156 | -€68,617 | -€29,461 | -75.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€39,156 | -€68,617 | -€29,461 | -75.2% |
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 6 October 2026 via checked.be.