ZMACK: 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.
ZMACK
Largest movements
- Deferred charges and accrued income +€586,102
up €586,102 (+14.9%), from €3.9m to €4.5m
- Cash +€582,548
up €582,548 (+643.0%), from €90,594 to €673,142
- Trade debts +€1.2m
up €1.2m (+35.7%), from €3.4m to €4.6m
- Accrued charges and deferred income +€113,014
up €113,014 (+16.6%), from €681,769 to €794,783
- Debts after one year -€78,927
down €78,927 (-79.9%), from €98,808 to €19,881
- Staff costs +€83,279
up €83,279 (+3.4%), from €2.4m to €2.5m
- Gross operating margin +€54,416
up €54,416 (+2.1%), from €2.6m to €2.6m
From the 2024 result to the 2025 result
The net result is not in both sets of accounts; without it the difference cannot be explained line by line.
Cash bridge derived
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,514,142 | €5,731,995 | +€1.2m | +27.0% |
| Fixed assets | 21/28 | €171,748 | €211,801 | +€40,052 | +23.3% |
| Intangible fixed assets | 21 | €51,824 | €43,495 | -€8,329 | -16.1% |
| Tangible fixed assets | 22/27 | €114,925 | €163,306 | +€48,382 | +42.1% |
| Plant, machinery and equipment | 23 | €80,204 | €123,111 | +€42,907 | +53.5% |
| Furniture and vehicles | 24 | €18,047 | €40,195 | +€22,148 | +122.7% |
| Leasing and similar rights | 25 | €16,673 | - | -€16,673 | |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €4,342,394 | €5,520,194 | +€1.2m | +27.1% |
| Amounts receivable within one year | 40/41 | €321,592 | €330,743 | +€9,150 | +2.8% |
| Trade receivables | 40 | - | €4,094 | +€4,094 | |
| Other amounts receivable | 41 | €321,592 | €326,649 | +€5,057 | +1.6% |
| Cash at bank and in hand | 54/58 | €90,594 | €673,142 | +€582,548 | +643.0% |
| Deferred charges and accrued income | 490/1 | €3,930,207 | €4,516,310 | +€586,102 | +14.9% |
| Total equity and liabilities | 10/49 | €4,514,142 | €5,731,995 | +€1.2m | +27.0% |
| Equity | 10/15 | €13,000 | €15,000 | +€2,000 | +15.4% |
| Contributions | 10/11 | €13,000 | €15,000 | +€2,000 | +15.4% |
| Contributions outside capital | 11 | €13,000 | €15,000 | +€2,000 | +15.4% |
| Other | 1109/19 | €13,000 | €15,000 | +€2,000 | +15.4% |
| Amounts payable | 17/49 | €4,501,142 | €5,716,995 | +€1.2m | +27.0% |
| Amounts payable after more than one year | 17 | €98,808 | €19,881 | -€78,927 | -79.9% |
| Financial debts | 170/4 | €98,808 | €19,881 | -€78,927 | -79.9% |
| Amounts payable within one year | 42/48 | €3,720,566 | €4,902,331 | +€1.2m | +31.8% |
| Current portion of amounts payable after more than one year | 42 | €101,264 | €78,927 | -€22,338 | -22.1% |
| Trade debts | 44 | €3,359,863 | €4,558,781 | +€1.2m | +35.7% |
| Suppliers | 440/4 | €3,359,863 | €4,558,781 | +€1.2m | +35.7% |
| Taxes, remuneration and social security | 45 | €259,438 | €264,624 | +€5,186 | +2.0% |
| Taxes | 450/3 | €14,652 | €12,862 | -€1,790 | -12.2% |
| Remuneration and social security | 454/9 | €244,786 | €251,762 | +€6,976 | +2.8% |
| Accrued charges and deferred income | 492/3 | €681,769 | €794,783 | +€113,014 | +16.6% |
| Remuneration, social security and pensions | 62 | €2,430,805 | €2,514,084 | +€83,279 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,960 | €73,094 | -€16,867 | -18.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €16,678 | €1,095 | -€15,583 | -93.4% |
| Other operating charges | 640/8 | €2,500 | €1,791 | -€708 | -28.3% |
| Gross operating margin | 9900 | €2,585,587 | €2,640,003 | +€54,416 | +2.1% |
| Operating profit (loss) | 9901 | €45,644 | €49,939 | +€4,295 | +9.4% |
| Financial income | 75/76B | €164 | €2,148 | +€1,984 | +1212.2% |
| Recurring financial income | 75 | €164 | €2,148 | +€1,984 | +1212.2% |
| Financial charges | 65/66B | €31,156 | €11,970 | -€19,186 | -61.6% |
| Recurring financial charges | 65 | €31,156 | €11,970 | -€19,186 | -61.6% |
| Profit (loss) for the period before taxes | 9903 | €14,652 | €40,117 | +€25,465 | +173.8% |
| Income taxes | 67/77 | €14,652 | €40,117 | +€25,465 | +173.8% |
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 12 October 2026 via checked.be.