ZKH: 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.
ZKH
Largest movements
- Cash +€9,500
up €9,500 (+58.8%), from €16,167 to €25,667
mainly Depreciation (+€9,841) and Other debts (+€9,705)
- Receivables within one year +€5,889
up €5,889 (+18.1%), from €32,556 to €38,445
of which Trade receivables: +€5,890
- Tangible fixed assets +€5,100
up €5,100 (+39.2%), from €13,008 to €18,108
- Other debts +€9,705
new in 2025: €9,705
- Profit (loss) carried forward +€5,301
up €5,301 (+10.1%), from €52,501 to €57,802
- Tax, wage and social debts +€5,028
up €5,028 (+165%), from €3,044 to €8,072
of which Remuneration and social security: +€5,262
- Turnover +€81,793
new in 2025: €81,793
- Purchases and services +€47,817
new in 2025: €47,817
- Gross operating margin +€16,571
up €16,571 (+57.2%), from €28,952 to €45,523
- Staff costs +€9,944
up €9,944 (+55.6%), from €17,887 to €27,831
- Depreciation +€7,404
up €7,404 (+304%), from €2,437 to €9,841
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 | €61,811 | €82,300 | +€20,489 | +33.1% |
| Fixed assets | 21/28 | €13,088 | €18,188 | +€5,100 | +39.0% |
| Tangible fixed assets | 22/27 | €13,008 | €18,108 | +€5,100 | +39.2% |
| Furniture and vehicles | 24 | €13,008 | €18,108 | +€5,100 | +39.2% |
| Financial fixed assets | 28 | €80 | €80 | = | 0.0% |
| Current assets | 29/58 | €48,723 | €64,112 | +€15,390 | +31.6% |
| Amounts receivable within one year | 40/41 | €32,556 | €38,445 | +€5,889 | +18.1% |
| Trade receivables | 40 | €3,310 | €9,199 | +€5,890 | +178% |
| Other amounts receivable | 41 | €29,246 | €29,246 | -€0 | 0.0% |
| Cash at bank and in hand | 54/58 | €16,167 | €25,667 | +€9,500 | +58.8% |
| Total equity and liabilities | 10/49 | €61,811 | €82,300 | +€20,489 | +33.1% |
| Equity | 10/15 | €58,701 | €64,002 | +€5,301 | +9.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | - | €6,200 | +€6,200 | |
| Issued capital | 100 | - | €6,200 | +€6,200 | |
| Profit (loss) carried forward | 14 | €52,501 | €57,802 | +€5,301 | +10.1% |
| Amounts payable | 17/49 | €3,110 | €18,298 | +€15,188 | +488% |
| Amounts payable within one year | 42/48 | €3,110 | €18,298 | +€15,188 | +488% |
| Trade debts | 44 | €67 | €521 | +€455 | +684% |
| Suppliers | 440/4 | €67 | €521 | +€455 | +684% |
| Taxes, remuneration and social security | 45 | €3,044 | €8,072 | +€5,028 | +165% |
| Taxes | 450/3 | €1,137 | €904 | -€233 | -20.5% |
| Remuneration and social security | 454/9 | €1,906 | €7,168 | +€5,262 | +276% |
| Other amounts payable | 47/48 | - | €9,705 | +€9,705 | |
| Turnover | 70 | - | €81,793 | +€81,793 | |
| Non-recurring operating income | 76A | - | €11,546 | +€11,546 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €47,817 | +€47,817 | |
| Remuneration, social security and pensions | 62 | €17,887 | €27,831 | +€9,944 | +55.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,437 | €9,841 | +€7,404 | +304% |
| Other operating charges | 640/8 | €1,508 | €2,516 | +€1,008 | +66.9% |
| Gross operating margin | 9900 | €28,952 | €45,523 | +€16,571 | +57.2% |
| Operating profit (loss) | 9901 | €7,120 | €5,335 | -€1,786 | -25.1% |
| Financial income | 75/76B | €2,590 | - | -€2,590 | |
| Recurring financial income | 75 | €2,590 | - | -€2,590 | |
| Financial charges | 65/66B | €47 | €34 | -€13 | -27.9% |
| Recurring financial charges | 65 | €47 | €34 | -€13 | -27.9% |
| Profit (loss) for the period before taxes | 9903 | €9,664 | €5,301 | -€4,363 | -45.1% |
| Income taxes | 67/77 | €1,199 | - | -€1,199 | |
| Profit (loss) for the period | 9904 | €8,465 | €5,301 | -€3,164 | -37.4% |
| Profit (loss) for the period to be appropriated | 9905 | €8,465 | €5,301 | -€3,164 | -37.4% |
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 16 October 2026 via checked.be.