ZIV: 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.
ZIV
Largest movements
- Stocks and contracts -€5,306
down €5,306 (-14.4%), from €36,931 to €31,625
- Tangible fixed assets -€3,751
down €3,751 (-1.7%), from €220,871 to €217,119
of which Land and buildings: -€8,725
- Debts after one year -€13,840
down €13,840 (-19.9%), from €69,542 to €55,702
- Trade debts +€12,790
up €12,790 (+197%), from €6,480 to €19,271
- Tax, wage and social debts -€8,735
down €8,735 (-60.0%), from €14,559 to €5,824
- Current portion of long-term debt -€3,152
down €3,152 (-18.5%), from €16,992 to €13,840
- Financial income -€72,297
down €72,297 (-99.7%), from €72,537 to €240
of which Non-recurring financial income: -€72,380
- Staff costs +€32,311
new in 2025: €32,311
- Gross operating margin -€6,454
down €6,454 (-9.4%), from €68,354 to €61,900
- Financial charges +€4,659
up €4,659 (+70.2%), from €6,637 to €11,296
- Other operating charges +€1,353
up €1,353 (+20.5%), from €6,594 to €7,947
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 | €260,448 | €250,586 | -€9,862 | -3.8% |
| Fixed assets | 21/28 | €220,871 | €217,119 | -€3,751 | -1.7% |
| Tangible fixed assets | 22/27 | €220,871 | €217,119 | -€3,751 | -1.7% |
| Land and buildings | 22 | €220,871 | €212,146 | -€8,725 | -4.0% |
| Furniture and vehicles | 24 | - | €4,974 | +€4,974 | |
| Current assets | 29/58 | €39,578 | €33,466 | -€6,111 | -15.4% |
| Stocks and contracts in progress | 3 | €36,931 | €31,625 | -€5,306 | -14.4% |
| Stocks | 30/36 | €36,931 | €31,625 | -€5,306 | -14.4% |
| Amounts receivable within one year | 40/41 | €448 | €1,552 | +€1,105 | +247% |
| Trade receivables | 40 | €448 | €1,552 | +€1,105 | +247% |
| Cash at bank and in hand | 54/58 | €2,199 | €290 | -€1,910 | -86.8% |
| Total equity and liabilities | 10/49 | €260,448 | €250,586 | -€9,862 | -3.8% |
| Equity | 10/15 | €47,025 | €47,951 | +€926 | +2.0% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€32,975 | -€32,049 | +€926 | +2.8% |
| Amounts payable | 17/49 | €213,423 | €202,635 | -€10,788 | -5.1% |
| Amounts payable after more than one year | 17 | €69,542 | €55,702 | -€13,840 | -19.9% |
| Financial debts | 170/4 | €69,542 | €55,702 | -€13,840 | -19.9% |
| Amounts payable within one year | 42/48 | €143,881 | €146,933 | +€3,052 | +2.1% |
| Current portion of amounts payable after more than one year | 42 | €16,992 | €13,840 | -€3,152 | -18.5% |
| Trade debts | 44 | €6,480 | €19,271 | +€12,790 | +197% |
| Suppliers | 440/4 | €6,480 | €19,271 | +€12,790 | +197% |
| Taxes, remuneration and social security | 45 | €14,559 | €5,824 | -€8,735 | -60.0% |
| Taxes | 450/3 | €14,559 | €5,824 | -€8,735 | -60.0% |
| Other amounts payable | 47/48 | €105,850 | €107,998 | +€2,149 | +2.0% |
| Remuneration, social security and pensions | 62 | - | €32,311 | +€32,311 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,725 | €9,038 | +€314 | +3.6% |
| Other operating charges | 640/8 | €6,594 | €7,947 | +€1,353 | +20.5% |
| Gross operating margin | 9900 | €68,354 | €61,900 | -€6,454 | -9.4% |
| Operating profit (loss) | 9901 | €53,035 | €12,603 | -€40,431 | -76.2% |
| Financial income | 75/76B | €72,537 | €240 | -€72,297 | -99.7% |
| Recurring financial income | 75 | €156 | €240 | +€84 | +53.6% |
| Non-recurring financial income | 76B | €72,380 | - | -€72,380 | |
| Financial charges | 65/66B | €6,637 | €11,296 | +€4,659 | +70.2% |
| Recurring financial charges | 65 | €6,637 | €11,296 | +€4,659 | +70.2% |
| Profit (loss) for the period before taxes | 9903 | €118,934 | €1,548 | -€117,387 | -98.7% |
| Income taxes | 67/77 | - | €622 | +€622 | |
| Profit (loss) for the period | 9904 | €118,934 | €926 | -€118,009 | -99.2% |
| Profit (loss) for the period to be appropriated | 9905 | €118,934 | €926 | -€118,009 | -99.2% |
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 22 October 2026 via checked.be.