ZKM: 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.
ZKM
Largest movements
- Tangible fixed assets +€406,147
up €406,147 (+4,029%), from €10,080 to €416,227
of which Land and buildings: +€403,937
- Receivables after one year -€75,000
down €75,000 (-100%), from €75,000 to €0
- Cash +€50,642
up €50,642 (+12,057,662%), from €0 to €50,643
mainly Other debts (+€164,639) and Debts after one year (+€147,670)
- Other debts +€164,639
up €164,639 (+120%), from €137,344 to €301,983
- Debts after one year +€147,670
up €147,670 (+25.4%), from €582,000 to €729,670
- Current portion of long-term debt +€85,158
new in 2025: €85,158
- Short-term financial debts -€64,163
down €64,163 (-100%), from €64,163 to €0
- Profit (loss) carried forward +€37,539
up €37,539 (+319%), from €11,783 to €49,322
- Gross operating margin +€74,965
up €74,965 (+859%), from €8,723 to €83,688
- Financial charges +€16,759
up €16,759 (+1,112%), from €1,507 to €18,266
- Depreciation +€13,800
up €13,800 (+717%), from €1,924 to €15,724
- Taxes +€8,195
up €8,195 (+269%), from €3,042 to €11,237
- Financial income -€2,675
down €2,675 (-100.0%), from €2,676 to €1
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 | €824,751 | €1,211,242 | +€386,491 | +46.9% |
| Fixed assets | 21/28 | €740,936 | €1,146,073 | +€405,137 | +54.7% |
| Intangible fixed assets | 21 | €856 | €35 | -€821 | -95.9% |
| Tangible fixed assets | 22/27 | €10,080 | €416,227 | +€406,147 | +4,029% |
| Land and buildings | 22 | €72 | €404,009 | +€403,937 | +563,685% |
| Furniture and vehicles | 24 | €783 | €4,142 | +€3,359 | +429% |
| Other tangible fixed assets | 26 | €9,226 | €8,077 | -€1,149 | -12.5% |
| Financial fixed assets | 28 | €730,000 | €729,811 | -€189 | 0.0% |
| Current assets | 29/58 | €83,815 | €65,169 | -€18,646 | -22.2% |
| Amounts receivable after more than one year | 29 | €75,000 | €0 | -€75,000 | -100% |
| Other amounts receivable | 291 | €75,000 | €0 | -€75,000 | -100% |
| Amounts receivable within one year | 40/41 | €7,051 | €8,275 | +€1,224 | +17.4% |
| Trade receivables | 40 | €839 | €5,512 | +€4,672 | +557% |
| Other amounts receivable | 41 | €6,212 | €2,763 | -€3,448 | -55.5% |
| Current investments | 50/53 | €96 | €96 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €0 | €50,643 | +€50,642 | +12,057,662% |
| Deferred charges and accrued income | 490/1 | €1,668 | €6,156 | +€4,488 | +269% |
| Total equity and liabilities | 10/49 | €824,751 | €1,211,242 | +€386,491 | +46.9% |
| Equity | 10/15 | €32,243 | €69,782 | +€37,539 | +116% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,783 | €49,322 | +€37,539 | +319% |
| Amounts payable | 17/49 | €792,508 | €1,141,460 | +€348,952 | +44.0% |
| Amounts payable after more than one year | 17 | €582,000 | €729,670 | +€147,670 | +25.4% |
| Financial debts | 170/4 | €582,000 | €729,670 | +€147,670 | +25.4% |
| Amounts payable within one year | 42/48 | €210,496 | €411,723 | +€201,227 | +95.6% |
| Current portion of amounts payable after more than one year | 42 | - | €85,158 | +€85,158 | |
| Financial debts | 43 | €64,163 | €0 | -€64,163 | -100% |
| Credit institutions | 430/8 | €64,163 | €0 | -€64,163 | -100% |
| Trade debts | 44 | €4,306 | €12,325 | +€8,018 | +186% |
| Suppliers | 440/4 | €4,306 | €12,325 | +€8,018 | +186% |
| Taxes, remuneration and social security | 45 | €4,683 | €12,258 | +€7,575 | +162% |
| Taxes | 450/3 | €4,683 | €12,258 | +€7,575 | +162% |
| Other amounts payable | 47/48 | €137,344 | €301,983 | +€164,639 | +120% |
| Accrued charges and deferred income | 492/3 | €12 | €66 | +€55 | +471% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,924 | €15,724 | +€13,800 | +717% |
| Other operating charges | 640/8 | €412 | €923 | +€511 | +124% |
| Gross operating margin | 9900 | €8,723 | €83,688 | +€74,965 | +859% |
| Operating profit (loss) | 9901 | €6,387 | €67,041 | +€60,654 | +950% |
| Financial income | 75/76B | €2,676 | €1 | -€2,675 | -100.0% |
| Recurring financial income | 75 | €2,676 | €1 | -€2,675 | -100.0% |
| Financial charges | 65/66B | €1,507 | €18,266 | +€16,759 | +1,112% |
| Recurring financial charges | 65 | €1,507 | €18,266 | +€16,759 | +1,112% |
| Profit (loss) for the period before taxes | 9903 | €7,556 | €48,776 | +€41,220 | +546% |
| Income taxes | 67/77 | €3,042 | €11,237 | +€8,195 | +269% |
| Profit (loss) for the period | 9904 | €4,514 | €37,539 | +€33,025 | +732% |
| Profit (loss) for the period to be appropriated | 9905 | €4,514 | €37,539 | +€33,025 | +732% |
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 21 October 2026 via checked.be.