ZLW: 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.
ZLW
Largest movements
- Cash -€4,901
down €4,901 (-39.5%), from €12,403 to €7,502
mainly Net result for the year (-€29,418) and Investment in fixed assets (net) (-€3,617)
- Receivables within one year +€1,684
up €1,684 (+9.6%), from €17,536 to €19,220
of which Other amounts receivable: +€1,253
- Tangible fixed assets +€1,245
up €1,245 (+40.0%), from €3,110 to €4,355
of which Plant, machinery and equipment: +€1,939
- Profit (loss) carried forward -€29,418
down €29,418 (-38.3%), from -€76,828 to -€106,245
- Trade debts +€13,086
up €13,086 (+18.9%), from €69,151 to €82,237
- Other debts +€7,614
up €7,614 (+30.2%), from €25,245 to €32,859
- Tax, wage and social debts +€7,282
up €7,282 (+21.9%), from €33,262 to €40,545
of which Remuneration and social security: +€6,041
- Staff costs +€22,981
up €22,981 (+16.0%), from €143,830 to €166,810
- Gross operating margin -€16,528
down €16,528 (-10.0%), from €165,334 to €148,805
- Financial charges -€3,384
down €3,384 (-29.0%), from €11,678 to €8,294
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 | €57,031 | €55,596 | -€1,435 | -2.5% |
| Fixed assets | 21/28 | €9,710 | €10,955 | +€1,245 | +12.8% |
| Tangible fixed assets | 22/27 | €3,110 | €4,355 | +€1,245 | +40.0% |
| Plant, machinery and equipment | 23 | €2,069 | €4,008 | +€1,939 | +93.7% |
| Furniture and vehicles | 24 | €1,041 | €347 | -€694 | -66.7% |
| Financial fixed assets | 28 | €6,600 | €6,600 | = | 0.0% |
| Current assets | 29/58 | €47,320 | €44,641 | -€2,680 | -5.7% |
| Stocks and contracts in progress | 3 | €17,382 | €17,919 | +€537 | +3.1% |
| Stocks | 30/36 | €17,382 | €17,919 | +€537 | +3.1% |
| Amounts receivable within one year | 40/41 | €17,536 | €19,220 | +€1,684 | +9.6% |
| Trade receivables | 40 | €15,794 | €16,225 | +€431 | +2.7% |
| Other amounts receivable | 41 | €1,742 | €2,995 | +€1,253 | +71.9% |
| Cash at bank and in hand | 54/58 | €12,403 | €7,502 | -€4,901 | -39.5% |
| Total equity and liabilities | 10/49 | €57,031 | €55,596 | -€1,435 | -2.5% |
| Equity | 10/15 | -€70,628 | -€100,045 | -€29,418 | -41.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€76,828 | -€106,245 | -€29,418 | -38.3% |
| Amounts payable | 17/49 | €127,658 | €155,641 | +€27,983 | +21.9% |
| Amounts payable within one year | 42/48 | €127,658 | €155,641 | +€27,983 | +21.9% |
| Trade debts | 44 | €69,151 | €82,237 | +€13,086 | +18.9% |
| Suppliers | 440/4 | €69,151 | €82,237 | +€13,086 | +18.9% |
| Taxes, remuneration and social security | 45 | €33,262 | €40,545 | +€7,282 | +21.9% |
| Taxes | 450/3 | €20,089 | €21,330 | +€1,241 | +6.2% |
| Remuneration and social security | 454/9 | €13,174 | €19,215 | +€6,041 | +45.9% |
| Other amounts payable | 47/48 | €25,245 | €32,859 | +€7,614 | +30.2% |
| Remuneration, social security and pensions | 62 | €143,830 | €166,810 | +€22,981 | +16.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €908 | €2,372 | +€1,463 | +161% |
| Other operating charges | 640/8 | €399 | €440 | +€42 | +10.4% |
| Gross operating margin | 9900 | €165,334 | €148,805 | -€16,528 | -10.0% |
| Operating profit (loss) | 9901 | €20,197 | -€20,817 | -€41,014 | |
| Financial income | 75/76B | €0 | €1 | +€1 | +1,000% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +1,000% |
| Financial charges | 65/66B | €11,678 | €8,294 | -€3,384 | -29.0% |
| Recurring financial charges | 65 | €11,678 | €8,294 | -€3,384 | -29.0% |
| Profit (loss) for the period before taxes | 9903 | €8,518 | -€29,110 | -€37,629 | |
| Income taxes | 67/77 | €339 | €307 | -€32 | -9.5% |
| Profit (loss) for the period | 9904 | €8,179 | -€29,418 | -€37,597 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,179 | -€29,418 | -€37,597 |
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 13 October 2026 via checked.be.