ZINEL: 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.
ZINEL
Largest movements
- Tangible fixed assets -€95,823
down €95,823 (-8.1%), from €1.2m to €1.1m
- Cash +€40,782
up €40,782 (+30.0%), from €136,020 to €176,802
mainly Depreciation (+€95,823) and Receivables within one year (+€19,774)
- Receivables within one year -€19,774
down €19,774 (-61.0%), from €32,392 to €12,619
of which Trade receivables: -€15,880
- Financial fixed assets -€15,000
no longer reported in 2026 (was €15,000)
- Reserves -€67,779
down €67,779 (-58.7%), from €115,402 to €47,623
- Debts after one year -€22,314
down €22,314 (-2.0%), from €1.1m to €1.1m
of which Financial debts: -€20,814
- Financial charges -€8,534
down €8,534 (-58.5%), from €14,599 to €6,065
- Depreciation -€6,736
down €6,736 (-6.6%), from €102,559 to €95,823
- Gross operating margin +€4,850
up €4,850 (+3.2%), from €149,557 to €154,407
- Other operating charges +€3,165
up €3,165 (+7.5%), from €41,934 to €45,099
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,377,606 | €1,288,846 | -€88,760 | -6.4% |
| Fixed assets | 21/28 | €1,203,948 | €1,093,124 | -€110,823 | -9.2% |
| Tangible fixed assets | 22/27 | €1,188,948 | €1,093,124 | -€95,823 | -8.1% |
| Land and buildings | 22 | €978,862 | €937,067 | -€41,795 | -4.3% |
| Plant, machinery and equipment | 23 | €186,428 | €147,613 | -€38,815 | -20.8% |
| Furniture and vehicles | 24 | €23,658 | €8,444 | -€15,214 | -64.3% |
| Financial fixed assets | 28 | €15,000 | - | -€15,000 | |
| Current assets | 29/58 | €173,659 | €195,722 | +€22,063 | +12.7% |
| Amounts receivable within one year | 40/41 | €32,392 | €12,619 | -€19,774 | -61.0% |
| Trade receivables | 40 | €20,213 | €4,334 | -€15,880 | -78.6% |
| Other amounts receivable | 41 | €12,179 | €8,285 | -€3,894 | -32.0% |
| Cash at bank and in hand | 54/58 | €136,020 | €176,802 | +€40,782 | +30.0% |
| Deferred charges and accrued income | 490/1 | €5,246 | €6,301 | +€1,055 | +20.1% |
| Total equity and liabilities | 10/49 | €1,377,606 | €1,288,846 | -€88,760 | -6.4% |
| Equity | 10/15 | €125,402 | €57,623 | -€67,779 | -54.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €115,402 | €47,623 | -€67,779 | -58.7% |
| Distributable reserves | 133 | €115,402 | €47,623 | -€67,779 | -58.7% |
| Amounts payable | 17/49 | €1,252,204 | €1,231,224 | -€20,981 | -1.7% |
| Amounts payable after more than one year | 17 | €1,099,614 | €1,077,301 | -€22,314 | -2.0% |
| Financial debts | 170/4 | €576,020 | €555,206 | -€20,814 | -3.6% |
| Other amounts payable | 178/9 | €523,594 | €522,094 | -€1,500 | -0.3% |
| Amounts payable within one year | 42/48 | €144,200 | €145,548 | +€1,348 | +0.9% |
| Current portion of amounts payable after more than one year | 42 | €15,870 | €19,022 | +€3,151 | +19.9% |
| Trade debts | 44 | €4,117 | €3,326 | -€790 | -19.2% |
| Suppliers | 440/4 | €4,117 | €3,326 | -€790 | -19.2% |
| Advances received on contracts in progress | 46 | - | €9 | +€9 | |
| Taxes, remuneration and social security | 45 | €631 | €71 | -€560 | -88.8% |
| Taxes | 450/3 | €631 | €71 | -€560 | -88.8% |
| Other amounts payable | 47/48 | €123,582 | €123,121 | -€461 | -0.4% |
| Accrued charges and deferred income | 492/3 | €8,390 | €8,375 | -€15 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,559 | €95,823 | -€6,736 | -6.6% |
| Other operating charges | 640/8 | €41,934 | €45,099 | +€3,165 | +7.5% |
| Gross operating margin | 9900 | €149,557 | €154,407 | +€4,850 | +3.2% |
| Operating profit (loss) | 9901 | €5,064 | €13,485 | +€8,420 | +166% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €14,599 | €6,065 | -€8,534 | -58.5% |
| Recurring financial charges | 65 | €14,599 | €6,065 | -€8,534 | -58.5% |
| Profit (loss) for the period before taxes | 9903 | -€9,535 | €7,420 | +€16,955 | |
| Income taxes | 67/77 | €215 | €199 | -€15 | -7.0% |
| Profit (loss) for the period | 9904 | -€9,749 | €7,221 | +€16,970 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,749 | €7,221 | +€16,970 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.