ZININ: what changed
ZININ
Largest movements
- Receivables within one year +€178,380
up €178,380 (+104%), from €171,962 to €350,342
of which Trade receivables: +€172,566
- Cash +€55,912
up €55,912 (+55.6%), from €100,495 to €156,407
mainly Accrued charges and deferred income (+€138,138) and Net result for the year (+€75,079)
- Tangible fixed assets -€27,199
down €27,199 (-5.0%), from €546,435 to €519,236
- Accrued charges and deferred income +€138,138
up €138,138 (+59.9%), from €230,786 to €368,924
- Reserves +€75,079
up €75,079 (+43.6%), from €172,018 to €247,097
of which Distributable reserves: +€79,661
- Short-term financial debts -€50,000
down €50,000 (-100%), from €50,000 to €0
- Trade debts +€41,504
up €41,504 (+47.8%), from €86,818 to €128,322
- Tax, wage and social debts +€10,312
up €10,312 (+31.2%), from €33,073 to €43,385
of which Taxes: +€10,312
- Gross operating margin +€105,437
up €105,437 (+268%), from €39,318 to €144,755
- Taxes +€31,891
up €31,891 (+535%), from €5,961 to €37,852
- Financial charges -€1,598
down €1,598 (-32.4%), from €4,928 to €3,330
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €820,903 | €1,030,202 | +€209,299 | +25.5% |
| Fixed assets | 21/28 | €546,435 | €519,236 | -€27,199 | -5.0% |
| Tangible fixed assets | 22/27 | €546,435 | €519,236 | -€27,199 | -5.0% |
| Land and buildings | 22 | €546,435 | €519,236 | -€27,199 | -5.0% |
| Current assets | 29/58 | €274,468 | €510,966 | +€236,498 | +86.2% |
| Amounts receivable within one year | 40/41 | €171,962 | €350,342 | +€178,380 | +104% |
| Trade receivables | 40 | €164,708 | €337,274 | +€172,566 | +105% |
| Other amounts receivable | 41 | €7,253 | €13,068 | +€5,814 | +80.2% |
| Cash at bank and in hand | 54/58 | €100,495 | €156,407 | +€55,912 | +55.6% |
| Deferred charges and accrued income | 490/1 | €2,011 | €4,216 | +€2,206 | +110% |
| Total equity and liabilities | 10/49 | €820,903 | €1,030,202 | +€209,299 | +25.5% |
| Equity | 10/15 | €372,018 | €447,097 | +€75,079 | +20.2% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €172,018 | €247,097 | +€75,079 | +43.6% |
| Non-distributable reserves | 130/1 | €8,500 | €8,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,500 | €8,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €87,069 | €82,486 | -€4,583 | -5.3% |
| Distributable reserves | 133 | €76,450 | €156,111 | +€79,661 | +104% |
| Provisions and deferred taxes | 16 | €44,834 | €42,474 | -€2,360 | -5.3% |
| Deferred taxes | 168 | €44,834 | €42,474 | -€2,360 | -5.3% |
| Amounts payable | 17/49 | €404,051 | €540,631 | +€136,580 | +33.8% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €173,265 | €171,707 | -€1,558 | -0.9% |
| Current portion of amounts payable after more than one year | 42 | €3,373 | €0 | -€3,373 | -100% |
| Financial debts | 43 | €50,000 | €0 | -€50,000 | -100% |
| Credit institutions | 430/8 | €50,000 | €0 | -€50,000 | -100% |
| Trade debts | 44 | €86,818 | €128,322 | +€41,504 | +47.8% |
| Suppliers | 440/4 | €86,818 | €128,322 | +€41,504 | +47.8% |
| Taxes, remuneration and social security | 45 | €33,073 | €43,385 | +€10,312 | +31.2% |
| Taxes | 450/3 | €33,073 | €43,385 | +€10,312 | +31.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €230,786 | €368,924 | +€138,138 | +59.9% |
| Non-recurring operating income | 76A | - | €4,384 | +€4,384 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,199 | €27,199 | = | 0.0% |
| Other operating charges | 640/8 | €3,880 | €4,002 | +€122 | +3.1% |
| Gross operating margin | 9900 | €39,318 | €144,755 | +€105,437 | +268% |
| Operating profit (loss) | 9901 | €8,239 | €113,554 | +€105,315 | +1,278% |
| Financial income | 75/76B | €71 | €347 | +€276 | +387% |
| Recurring financial income | 75 | €71 | €347 | +€276 | +387% |
| Financial charges | 65/66B | €4,928 | €3,330 | -€1,598 | -32.4% |
| Recurring financial charges | 65 | €4,928 | €3,330 | -€1,598 | -32.4% |
| Profit (loss) for the period before taxes | 9903 | €3,383 | €110,571 | +€107,188 | +3,169% |
| Transfer from deferred taxes | 780 | €2,360 | €2,360 | = | 0.0% |
| Income taxes | 67/77 | €5,961 | €37,852 | +€31,891 | +535% |
| Profit (loss) for the period | 9904 | -€219 | €75,079 | +€75,298 | |
| Transfer from tax-exempt reserves | 789 | €4,583 | €4,583 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,364 | €79,661 | +€75,298 | +1,726% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.