ZNAR: 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.
ZNAR
Largest movements
- Tangible fixed assets +€27,300
up €27,300 (+341.7%), from €7,988 to €35,289
of which Furniture and vehicles: +€28,599
- Cash +€5,386
up €5,386 (+14.5%), from €37,192 to €42,578
mainly Debts after one year (+€24,664) and Depreciation (+€8,702)
- Receivables within one year +€2,488
up €2,488 (+263.6%), from €944 to €3,432
of which Other amounts receivable: +€2,428
- Debts after one year +€24,664
new in 2025: €24,664
- Current portion of long-term debt +€7,310
new in 2025: €7,310
- Reserves +€3,794
up €3,794 (+12.4%), from €30,591 to €34,385
- Trade debts +€1,820
up €1,820 (+310.8%), from €586 to €2,406
- Tax, wage and social debts -€1,704
down €1,704 (-25.8%), from €6,617 to €4,913
of which Taxes: -€2,120
- Depreciation +€7,073
up €7,073 (+434.2%), from €1,629 to €8,702
- Gross operating margin -€4,262
down €4,262 (-18.6%), from €22,927 to €18,665
- Taxes -€2,532
down €2,532 (-45.5%), from €5,568 to €3,036
- Financial charges +€1,144
up €1,144 (+1059.9%), from €108 to €1,252
- Other operating charges +€526
up €526 (+104.0%), from €505 to €1,031
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.
Cash bridge derived
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 | €48,284 | €83,950 | +€35,666 | +73.9% |
| Fixed assets | 21/28 | €10,148 | €37,449 | +€27,300 | +269.0% |
| Tangible fixed assets | 22/27 | €7,988 | €35,289 | +€27,300 | +341.7% |
| Land and buildings | 22 | €5,058 | €3,911 | -€1,147 | -22.7% |
| Plant, machinery and equipment | 23 | €2,930 | €2,778 | -€153 | -5.2% |
| Furniture and vehicles | 24 | - | €28,599 | +€28,599 | |
| Financial fixed assets | 28 | €2,160 | €2,160 | = | 0.0% |
| Current assets | 29/58 | €38,136 | €46,502 | +€8,366 | +21.9% |
| Amounts receivable within one year | 40/41 | €944 | €3,432 | +€2,488 | +263.6% |
| Trade receivables | 40 | - | €60 | +€60 | |
| Other amounts receivable | 41 | €944 | €3,372 | +€2,428 | +257.3% |
| Cash at bank and in hand | 54/58 | €37,192 | €42,578 | +€5,386 | +14.5% |
| Deferred charges and accrued income | 490/1 | - | €492 | +€492 | |
| Total equity and liabilities | 10/49 | €48,284 | €83,950 | +€35,666 | +73.9% |
| Equity | 10/15 | €40,791 | €44,585 | +€3,794 | +9.3% |
| Contributions | 10/11 | €10,200 | €10,200 | = | 0.0% |
| Reserves | 13 | €30,591 | €34,385 | +€3,794 | +12.4% |
| Distributable reserves | 133 | €30,591 | €34,385 | +€3,794 | +12.4% |
| Amounts payable | 17/49 | €7,493 | €39,365 | +€31,872 | +425.4% |
| Amounts payable after more than one year | 17 | - | €24,664 | +€24,664 | |
| Financial debts | 170/4 | - | €24,664 | +€24,664 | |
| Amounts payable within one year | 42/48 | €7,493 | €14,701 | +€7,208 | +96.2% |
| Current portion of amounts payable after more than one year | 42 | - | €7,310 | +€7,310 | |
| Trade debts | 44 | €586 | €2,406 | +€1,820 | +310.8% |
| Suppliers | 440/4 | €586 | €2,406 | +€1,820 | +310.8% |
| Taxes, remuneration and social security | 45 | €6,617 | €4,913 | -€1,704 | -25.8% |
| Taxes | 450/3 | €5,234 | €3,113 | -€2,120 | -40.5% |
| Remuneration and social security | 454/9 | €1,384 | €1,800 | +€416 | +30.1% |
| Other amounts payable | 47/48 | €290 | €71 | -€219 | -75.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,629 | €8,702 | +€7,073 | +434.2% |
| Other operating charges | 640/8 | €505 | €1,031 | +€526 | +104.0% |
| Gross operating margin | 9900 | €22,927 | €18,665 | -€4,262 | -18.6% |
| Operating profit (loss) | 9901 | €20,793 | €8,932 | -€11,861 | -57.0% |
| Financial income | 75/76B | €0 | €0 | -€0 | -66.7% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -66.7% |
| Financial charges | 65/66B | €108 | €1,252 | +€1,144 | +1059.9% |
| Recurring financial charges | 65 | €108 | €1,252 | +€1,144 | +1059.9% |
| Profit (loss) for the period before taxes | 9903 | €20,685 | €7,680 | -€13,004 | -62.9% |
| Income taxes | 67/77 | €5,568 | €3,036 | -€2,532 | -45.5% |
| Profit (loss) for the period | 9904 | €15,117 | €4,644 | -€10,473 | -69.3% |
| Profit (loss) for the period to be appropriated | 9905 | €15,117 | €4,644 | -€10,473 | -69.3% |
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 11 October 2026 via checked.be.