ZM Express: 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 Express
Largest movements
- Receivables within one year -€27,652
down €27,652 (-30.9%), from €89,457 to €61,806
of which Trade receivables: -€28,457
- Cash +€6,320
up €6,320 (+32.6%), from €19,412 to €25,732
mainly Net result for the year (+€62,681) and Receivables within one year (+€27,652)
- Trade debts -€11,794
down €11,794 (-90.9%), from €12,974 to €1,180
- Other debts -€9,000
down €9,000 (-12.7%), from €71,000 to €62,000
- Gross operating margin +€62,850
up €62,850 (+10,270%), from €612 to €63,462
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 | €108,869 | €88,269 | -€20,600 | -18.9% |
| Current assets | 29/58 | €108,869 | €88,269 | -€20,600 | -18.9% |
| Amounts receivable within one year | 40/41 | €89,457 | €61,806 | -€27,652 | -30.9% |
| Trade receivables | 40 | €28,457 | - | -€28,457 | |
| Other amounts receivable | 41 | €61,000 | €61,806 | +€806 | +1.3% |
| Cash at bank and in hand | 54/58 | €19,412 | €25,732 | +€6,320 | +32.6% |
| Deferred charges and accrued income | 490/1 | - | €732 | +€732 | |
| Total equity and liabilities | 10/49 | €108,869 | €88,269 | -€20,600 | -18.9% |
| Equity | 10/15 | €24,068 | €24,749 | +€681 | +2.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | - | -€6,200 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Uncalled capital | 101 | €12,400 | - | -€12,400 | |
| Contributions outside capital | 11 | - | €6,200 | +€6,200 | |
| Other | 1109/19 | - | €6,200 | +€6,200 | |
| Reserves | 13 | €17,403 | €17,403 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,981 | €3,981 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,981 | €3,981 | = | 0.0% |
| Distributable reserves | 133 | €13,422 | €13,422 | = | 0.0% |
| Profit (loss) carried forward | 14 | €466 | €1,147 | +€681 | +146% |
| Amounts payable | 17/49 | €84,801 | €63,519 | -€21,281 | -25.1% |
| Amounts payable within one year | 42/48 | €84,801 | €63,519 | -€21,281 | -25.1% |
| Trade debts | 44 | €12,974 | €1,180 | -€11,794 | -90.9% |
| Suppliers | 440/4 | €12,974 | €1,180 | -€11,794 | -90.9% |
| Taxes, remuneration and social security | 45 | €827 | €339 | -€488 | -59.0% |
| Taxes | 450/3 | €827 | €339 | -€488 | -59.0% |
| Other amounts payable | 47/48 | €71,000 | €62,000 | -€9,000 | -12.7% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €612 | €63,462 | +€62,850 | +10,270% |
| Operating profit (loss) | 9901 | €225 | €63,062 | +€62,837 | +27,970% |
| Financial charges | 65/66B | €84 | €42 | -€42 | -50.1% |
| Recurring financial charges | 65 | €84 | €42 | -€42 | -50.1% |
| Profit (loss) for the period before taxes | 9903 | €140 | €63,020 | +€62,880 | +44,767% |
| Income taxes | 67/77 | €171 | €339 | +€169 | +98.8% |
| Profit (loss) for the period | 9904 | -€30 | €62,681 | +€62,711 | |
| Profit (loss) for the period to be appropriated | 9905 | -€30 | €62,681 | +€62,711 |
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 19 October 2026 via checked.be.