ZMC: what changed
ZMC
Largest movements
- Tangible fixed assets +€189,013
up €189,013 (+43.9%), from €430,773 to €619,787
- Receivables within one year +€29,448
up €29,448 (+1,145%), from €2,572 to €32,020
of which Trade receivables: +€31,500
- Cash -€7,289
down €7,289 (-81.2%), from €8,973 to €1,685
mainly Investment in fixed assets (net) (-€225,000) and Receivables within one year (-€29,448)
- Debts after one year +€186,229
new in 2025: €186,229
- Other debts +€26,859
up €26,859 (+503%), from €5,337 to €32,196
- Revaluation surpluses -€23,182
down €23,182 (-8.3%), from €278,331 to €255,149
- Reserves +€23,182
up €23,182 (+20.0%), from €115,919 to €139,101
- Profit (loss) carried forward -€13,674
down €13,674 (-16.6%), from -€82,507 to -€96,181
- Gross operating margin -€5,139
down €5,139 (-15.0%), from €34,296 to €29,158
- Taxes -€954
down €954 (-20.0%), from €4,762 to €3,807
- Financial charges -€687
down €687 (-65.6%), from €1,048 to €361
of which Financial charges: -€740
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €444,293 | €657,412 | +€213,119 | +48.0% |
| Fixed assets | 21/28 | €430,773 | €619,787 | +€189,013 | +43.9% |
| Tangible fixed assets | 22/27 | €430,773 | €619,787 | +€189,013 | +43.9% |
| Land and buildings | 22 | €430,773 | €619,787 | +€189,013 | +43.9% |
| Current assets | 29/58 | €13,520 | €37,626 | +€24,106 | +178% |
| Amounts receivable within one year | 40/41 | €2,572 | €32,020 | +€29,448 | +1,145% |
| Trade receivables | 40 | €520 | €32,020 | +€31,500 | +6,058% |
| Other amounts receivable | 41 | €2,052 | - | -€2,052 | |
| Cash at bank and in hand | 54/58 | €8,973 | €1,685 | -€7,289 | -81.2% |
| Deferred charges and accrued income | 490/1 | €1,975 | €3,921 | +€1,946 | +98.5% |
| Total equity and liabilities | 10/49 | €444,293 | €657,412 | +€213,119 | +48.0% |
| Equity | 10/15 | €421,743 | €408,069 | -€13,674 | -3.2% |
| Contributions | 10/11 | €110,000 | €110,000 | = | 0.0% |
| Capital | 10 | €110,000 | €110,000 | = | 0.0% |
| Issued capital | 100 | €110,000 | €110,000 | = | 0.0% |
| Revaluation surpluses | 12 | €278,331 | €255,149 | -€23,182 | -8.3% |
| Reserves | 13 | €115,919 | €139,101 | +€23,182 | +20.0% |
| Non-distributable reserves | 130/1 | €115,919 | €139,101 | +€23,182 | +20.0% |
| Reserves not available under the articles | 1311 | €115,919 | €139,101 | +€23,182 | +20.0% |
| Profit (loss) carried forward | 14 | -€82,507 | -€96,181 | -€13,674 | -16.6% |
| Amounts payable | 17/49 | €22,550 | €249,343 | +€226,793 | +1,006% |
| Amounts payable after more than one year | 17 | - | €186,229 | +€186,229 | |
| Financial debts | 170/4 | - | €186,229 | +€186,229 | |
| Amounts payable within one year | 42/48 | €15,034 | €55,778 | +€40,744 | +271% |
| Current portion of amounts payable after more than one year | 42 | €1,800 | €13,771 | +€11,971 | +665% |
| Trade debts | 44 | €717 | €1,288 | +€571 | +79.7% |
| Suppliers | 440/4 | €717 | €1,288 | +€571 | +79.7% |
| Taxes, remuneration and social security | 45 | €7,180 | €8,524 | +€1,343 | +18.7% |
| Taxes | 450/3 | €7,180 | €8,524 | +€1,343 | +18.7% |
| Other amounts payable | 47/48 | €5,337 | €32,196 | +€26,859 | +503% |
| Accrued charges and deferred income | 492/3 | €7,516 | €7,336 | -€180 | -2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,766 | €35,987 | +€221 | +0.6% |
| Other operating charges | 640/8 | €2,964 | €2,686 | -€279 | -9.4% |
| Gross operating margin | 9900 | €34,296 | €29,158 | -€5,139 | -15.0% |
| Operating profit (loss) | 9901 | -€4,434 | -€9,515 | -€5,081 | -115% |
| Financial income | 75/76B | €5 | €9 | +€4 | +87.0% |
| Recurring financial income | 75 | €5 | €9 | +€4 | +87.0% |
| Financial charges | 65/66B | €1,048 | €361 | -€687 | -65.6% |
| Recurring financial charges | 65 | €816 | €76 | -€740 | -90.7% |
| Non-recurring financial charges | 66B | €232 | €284 | +€52 | +22.6% |
| Profit (loss) for the period before taxes | 9903 | -€5,477 | -€9,867 | -€4,390 | -80.2% |
| Income taxes | 67/77 | €4,762 | €3,807 | -€954 | -20.0% |
| Profit (loss) for the period | 9904 | -€10,238 | -€13,674 | -€3,436 | -33.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,238 | -€13,674 | -€3,436 | -33.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.