ZKM: 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.
ZKM
Largest movements
- Intangible fixed assets -€61,000
down €61,000 (-11.9%), from €513,236 to €452,236
- Receivables within one year +€7,524
up €7,524 (+59.3%), from €12,693 to €20,216
of which Other amounts receivable: +€6,525
- Debts after one year -€31,727
down €31,727 (-11.5%), from €276,648 to €244,921
- Tax, wage and social debts -€10,005
down €10,005 (-28.6%), from €35,029 to €25,024
of which Taxes: -€6,423
- Gross operating margin -€63,602
down €63,602 (-18.9%), from €336,835 to €273,233
- Staff costs +€16,342
up €16,342 (+10.1%), from €161,411 to €177,753
- Taxes -€16,279
down €16,279 (-69.0%), from €23,594 to €7,314
- Depreciation +€3,766
up €3,766 (+5.6%), from €67,004 to €70,769
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 | €679,462 | €631,211 | -€48,251 | -7.1% |
| Fixed assets | 21/28 | €560,083 | €500,835 | -€59,247 | -10.6% |
| Intangible fixed assets | 21 | €513,236 | €452,236 | -€61,000 | -11.9% |
| Tangible fixed assets | 22/27 | €46,847 | €48,600 | +€1,753 | +3.7% |
| Land and buildings | 22 | €24,413 | €29,942 | +€5,529 | +22.6% |
| Plant, machinery and equipment | 23 | €17,708 | €16,035 | -€1,673 | -9.5% |
| Furniture and vehicles | 24 | €4,726 | €2,622 | -€2,103 | -44.5% |
| Current assets | 29/58 | €119,379 | €130,376 | +€10,996 | +9.2% |
| Amounts receivable within one year | 40/41 | €12,693 | €20,216 | +€7,524 | +59.3% |
| Trade receivables | 40 | €899 | €1,898 | +€999 | +111.2% |
| Other amounts receivable | 41 | €11,794 | €18,319 | +€6,525 | +55.3% |
| Cash at bank and in hand | 54/58 | €70,508 | €69,257 | -€1,251 | -1.8% |
| Deferred charges and accrued income | 490/1 | €36,178 | €40,902 | +€4,724 | +13.1% |
| Total equity and liabilities | 10/49 | €679,462 | €631,211 | -€48,251 | -7.1% |
| Equity | 10/15 | €272,277 | €271,060 | -€1,217 | -0.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €253,677 | €252,460 | -€1,217 | -0.5% |
| Tax-exempt reserves | 132 | €7,750 | €7,750 | = | 0.0% |
| Distributable reserves | 133 | €245,927 | €244,710 | -€1,217 | -0.5% |
| Amounts payable | 17/49 | €407,185 | €360,151 | -€47,034 | -11.6% |
| Amounts payable after more than one year | 17 | €276,648 | €244,921 | -€31,727 | -11.5% |
| Financial debts | 170/4 | €276,648 | €244,921 | -€31,727 | -11.5% |
| Amounts payable within one year | 42/48 | €126,179 | €115,230 | -€10,949 | -8.7% |
| Current portion of amounts payable after more than one year | 42 | €35,441 | €36,819 | +€1,378 | +3.9% |
| Trade debts | 44 | €2,092 | - | -€2,092 | |
| Suppliers | 440/4 | €2,092 | - | -€2,092 | |
| Taxes, remuneration and social security | 45 | €35,029 | €25,024 | -€10,005 | -28.6% |
| Taxes | 450/3 | €6,423 | - | -€6,423 | |
| Remuneration and social security | 454/9 | €28,606 | €25,024 | -€3,582 | -12.5% |
| Other amounts payable | 47/48 | €53,616 | €53,387 | -€229 | -0.4% |
| Accrued charges and deferred income | 492/3 | €4,358 | - | -€4,358 | |
| Non-recurring operating income | 76A | €500 | - | -€500 | |
| Remuneration, social security and pensions | 62 | €161,411 | €177,753 | +€16,342 | +10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,004 | €70,769 | +€3,766 | +5.6% |
| Other operating charges | 640/8 | €2,701 | €2,111 | -€590 | -21.8% |
| Non-recurring operating charges | 66A | €8,021 | - | -€8,021 | |
| Gross operating margin | 9900 | €336,835 | €273,233 | -€63,602 | -18.9% |
| Operating profit (loss) | 9901 | €97,699 | €22,600 | -€75,099 | -76.9% |
| Financial income | 75/76B | €1,387 | €1,116 | -€271 | -19.6% |
| Recurring financial income | 75 | €1,387 | €1,116 | -€271 | -19.6% |
| Financial charges | 65/66B | €17,325 | €17,619 | +€294 | +1.7% |
| Recurring financial charges | 65 | €17,325 | €17,619 | +€294 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | €81,761 | €6,097 | -€75,664 | -92.5% |
| Income taxes | 67/77 | €23,594 | €7,314 | -€16,279 | -69.0% |
| Profit (loss) for the period | 9904 | €58,168 | -€1,217 | -€59,385 | |
| Profit (loss) for the period to be appropriated | 9905 | €58,168 | -€1,217 | -€59,385 |
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 7 October 2026 via checked.be.