ZM: 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.
ZM
Largest movements
- Receivables within one year -€112,859
down €112,859 (-22.8%), from €494,388 to €381,529
of which Trade receivables: -€111,552
- Tangible fixed assets -€23,542
down €23,542 (-61.8%), from €38,109 to €14,568
of which Furniture and vehicles: -€19,965
- Profit (loss) carried forward -€90,313
down €90,313, from €0 to -€90,313
- Reserves -€74,144
down €74,144 (-97.6%), from €76,004 to €1,860
of which Distributable reserves: -€74,144
- Tax, wage and social debts +€48,589
up €48,589 (+26.8%), from €181,626 to €230,215
of which Remuneration and social security: +€36,975
- Debts after one year -€17,806
down €17,806 (-63.6%), from €27,992 to €10,186
- Current portion of long-term debt -€6,196
down €6,196 (-24.9%), from €24,884 to €18,687
- Gross operating margin -€199,388
down €199,388 (-53.2%), from €374,729 to €175,340
- Other operating charges -€44,840
down €44,840 (-77.0%), from €58,226 to €13,386
- Financial charges +€28,804
up €28,804 (+237%), from €12,165 to €40,969
- Depreciation -€12,635
down €12,635 (-51.8%), from €24,404 to €11,769
- Staff costs -€11,484
down €11,484 (-4.0%), from €285,157 to €273,673
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 | €547,717 | €413,207 | -€134,510 | -24.6% |
| Fixed assets | 21/28 | €48,107 | €24,565 | -€23,542 | -48.9% |
| Tangible fixed assets | 22/27 | €38,109 | €14,568 | -€23,542 | -61.8% |
| Furniture and vehicles | 24 | €23,449 | €3,485 | -€19,965 | -85.1% |
| Leasing and similar rights | 25 | €1,493 | €885 | -€608 | -40.7% |
| Other tangible fixed assets | 26 | €13,168 | €10,199 | -€2,969 | -22.5% |
| Financial fixed assets | 28 | €9,997 | €9,997 | = | 0.0% |
| Current assets | 29/58 | €499,611 | €388,642 | -€110,969 | -22.2% |
| Amounts receivable within one year | 40/41 | €494,388 | €381,529 | -€112,859 | -22.8% |
| Trade receivables | 40 | €428,915 | €317,363 | -€111,552 | -26.0% |
| Other amounts receivable | 41 | €65,474 | €64,166 | -€1,307 | -2.0% |
| Cash at bank and in hand | 54/58 | €3,718 | €1,850 | -€1,867 | -50.2% |
| Deferred charges and accrued income | 490/1 | €1,505 | €5,263 | +€3,758 | +250% |
| Total equity and liabilities | 10/49 | €547,717 | €413,207 | -€134,510 | -24.6% |
| Equity | 10/15 | €94,604 | -€69,853 | -€164,456 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €76,004 | €1,860 | -€74,144 | -97.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €74,144 | €0 | -€74,144 | -100% |
| Profit (loss) carried forward | 14 | €0 | -€90,313 | -€90,313 | |
| Amounts payable | 17/49 | €453,114 | €483,060 | +€29,946 | +6.6% |
| Amounts payable after more than one year | 17 | €27,992 | €10,186 | -€17,806 | -63.6% |
| Financial debts | 170/4 | €27,992 | €10,186 | -€17,806 | -63.6% |
| Amounts payable within one year | 42/48 | €425,122 | €472,874 | +€47,752 | +11.2% |
| Current portion of amounts payable after more than one year | 42 | €24,884 | €18,687 | -€6,196 | -24.9% |
| Financial debts | 43 | €49,940 | €50,065 | +€125 | +0.2% |
| Credit institutions | 430/8 | €49,940 | €50,065 | +€125 | +0.2% |
| Trade debts | 44 | €168,673 | €171,058 | +€2,385 | +1.4% |
| Suppliers | 440/4 | €168,673 | €171,058 | +€2,385 | +1.4% |
| Taxes, remuneration and social security | 45 | €181,626 | €230,215 | +€48,589 | +26.8% |
| Taxes | 450/3 | €49,996 | €61,610 | +€11,614 | +23.2% |
| Remuneration and social security | 454/9 | €131,630 | €168,605 | +€36,975 | +28.1% |
| Other amounts payable | 47/48 | - | €2,849 | +€2,849 | |
| Remuneration, social security and pensions | 62 | €285,157 | €273,673 | -€11,484 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,404 | €11,769 | -€12,635 | -51.8% |
| Other operating charges | 640/8 | €58,226 | €13,386 | -€44,840 | -77.0% |
| Gross operating margin | 9900 | €374,729 | €175,340 | -€199,388 | -53.2% |
| Operating profit (loss) | 9901 | €6,942 | -€123,487 | -€130,429 | |
| Financial charges | 65/66B | €12,165 | €40,969 | +€28,804 | +237% |
| Recurring financial charges | 65 | €12,165 | €40,969 | +€28,804 | +237% |
| Profit (loss) for the period before taxes | 9903 | -€5,223 | -€164,456 | -€159,233 | -3,048% |
| Income taxes | 67/77 | €9,899 | €0 | -€9,899 | -100% |
| Profit (loss) for the period | 9904 | -€15,122 | -€164,456 | -€149,334 | -987% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,122 | -€164,456 | -€149,334 | -987% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.