ZO: what changed
Two fiscal 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.
ZO
Largest movements
- Tangible fixed assets -€16,288
down €16,288 (-20.0%), from €81,427 to €65,139
of which Land and buildings: -€15,450
- Cash -€15,502
down €15,502 (-48.7%), from €31,844 to €16,343
mainly Debts after one year (-€17,618) and Other debts (-€9,806)
- Stocks and contracts +€3,046
up €3,046 (+5.8%), from €52,067 to €55,113
- Debts after one year -€17,618
down €17,618 (-35.8%), from €49,171 to €31,553
- Other debts -€9,806
down €9,806 (-29.7%), from €33,034 to €23,228
- Trade debts -€4,583
down €4,583 (-42.0%), from €10,914 to €6,331
- Profit (loss) carried forward +€4,310
up €4,310 (+28.2%), from -€15,294 to -€10,984
- Advances received -€1,822
no longer reported in 2025 (was €1,822)
- Gross operating margin +€7,373
up €7,373 (+32.5%), from €22,695 to €30,068
- Financial charges -€867
down €867 (-20.6%), from €4,215 to €3,348
- Depreciation +€805
up €805 (+4.6%), from €17,512 to €18,316
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 | €169,095 | €140,921 | -€28,174 | -16.7% |
| Fixed assets | 21/28 | €81,427 | €65,139 | -€16,288 | -20.0% |
| Tangible fixed assets | 22/27 | €81,427 | €65,139 | -€16,288 | -20.0% |
| Land and buildings | 22 | €70,600 | €55,150 | -€15,450 | -21.9% |
| Furniture and vehicles | 24 | €10,827 | €9,989 | -€838 | -7.7% |
| Current assets | 29/58 | €87,668 | €75,782 | -€11,886 | -13.6% |
| Stocks and contracts in progress | 3 | €52,067 | €55,113 | +€3,046 | +5.8% |
| Stocks | 30/36 | €52,067 | €55,113 | +€3,046 | +5.8% |
| Amounts receivable within one year | 40/41 | €1,679 | €1,935 | +€256 | +15.3% |
| Trade receivables | 40 | €1,679 | €1,935 | +€256 | +15.3% |
| Cash at bank and in hand | 54/58 | €31,844 | €16,343 | -€15,502 | -48.7% |
| Deferred charges and accrued income | 490/1 | €2,077 | €2,391 | +€314 | +15.1% |
| Total equity and liabilities | 10/49 | €169,095 | €140,921 | -€28,174 | -16.7% |
| Equity | 10/15 | €29,260 | €33,570 | +€4,310 | +14.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €32,155 | €32,155 | = | 0.0% |
| Tax-exempt reserves | 132 | €13,199 | €13,199 | = | 0.0% |
| Distributable reserves | 133 | €18,956 | €18,956 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,294 | -€10,984 | +€4,310 | +28.2% |
| Amounts payable | 17/49 | €139,835 | €107,351 | -€32,484 | -23.2% |
| Amounts payable after more than one year | 17 | €49,171 | €31,553 | -€17,618 | -35.8% |
| Financial debts | 170/4 | €49,171 | €31,553 | -€17,618 | -35.8% |
| Amounts payable within one year | 42/48 | €90,663 | €74,145 | -€16,519 | -18.2% |
| Current portion of amounts payable after more than one year | 42 | €16,696 | €17,618 | +€922 | +5.5% |
| Trade debts | 44 | €10,914 | €6,331 | -€4,583 | -42.0% |
| Suppliers | 440/4 | €10,914 | €6,331 | -€4,583 | -42.0% |
| Advances received on contracts in progress | 46 | €1,822 | - | -€1,822 | |
| Taxes, remuneration and social security | 45 | €28,198 | €26,967 | -€1,230 | -4.4% |
| Taxes | 450/3 | €9,074 | €4,500 | -€4,574 | -50.4% |
| Remuneration and social security | 454/9 | €19,124 | €22,467 | +€3,344 | +17.5% |
| Other amounts payable | 47/48 | €33,034 | €23,228 | -€9,806 | -29.7% |
| Accrued charges and deferred income | 492/3 | - | €1,653 | +€1,653 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,512 | €18,316 | +€805 | +4.6% |
| Other operating charges | 640/8 | €3,983 | €4,237 | +€254 | +6.4% |
| Gross operating margin | 9900 | €22,695 | €30,068 | +€7,373 | +32.5% |
| Operating profit (loss) | 9901 | €1,200 | €7,514 | +€6,315 | +526.4% |
| Financial income | 75/76B | €56 | €145 | +€89 | +158.3% |
| Recurring financial income | 75 | €56 | €145 | +€89 | +158.3% |
| Financial charges | 65/66B | €4,215 | €3,348 | -€867 | -20.6% |
| Recurring financial charges | 65 | €4,215 | €3,348 | -€867 | -20.6% |
| Profit (loss) for the period before taxes | 9903 | -€2,959 | €4,312 | +€7,271 | |
| Income taxes | 67/77 | €45 | €2 | -€43 | -96.4% |
| Profit (loss) for the period | 9904 | -€3,004 | €4,310 | +€7,314 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,004 | €4,310 | +€7,314 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.