ZOAX: 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.
ZOAX
Largest movements
- Tangible fixed assets +€53,058
up €53,058 (+129.3%), from €41,021 to €94,079
of which Furniture and vehicles: +€53,757
- Current investments +€24,650
up €24,650 (+205.4%), from €12,000 to €36,650
- Cash -€21,432
down €21,432 (-19.2%), from €111,708 to €90,276
mainly Investment in fixed assets (net) (-€78,797) and Current investments (-€24,650)
- Receivables within one year +€5,294
up €5,294 (+16.0%), from €33,171 to €38,465
of which Other amounts receivable: +€4,180
- Debts after one year +€33,462
up €33,462 (+251.0%), from €13,333 to €46,796
- Trade debts +€13,457
up €13,457 (+1381.5%), from €974 to €14,431
- Reserves +€13,000
up €13,000 (+87.5%), from €14,860 to €27,860
of which Distributable reserves: +€13,000
- Short-term financial debts +€4,070
new in 2025: €4,070
- Current portion of long-term debt -€3,325
down €3,325 (-17.4%), from €19,096 to €15,771
- Gross operating margin +€1,769
up €1,769 (+4.1%), from €43,526 to €45,295
- Financial charges +€1,321
up €1,321 (+346.7%), from €381 to €1,702
- Depreciation +€521
up €521 (+2.1%), from €25,218 to €25,739
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 | €197,900 | €259,470 | +€61,570 | +31.1% |
| Fixed assets | 21/28 | €41,021 | €94,079 | +€53,058 | +129.3% |
| Tangible fixed assets | 22/27 | €41,021 | €94,079 | +€53,058 | +129.3% |
| Plant, machinery and equipment | 23 | €1,808 | €1,308 | -€500 | -27.6% |
| Furniture and vehicles | 24 | €38,081 | €91,839 | +€53,757 | +141.2% |
| Other tangible fixed assets | 26 | €1,132 | €932 | -€200 | -17.6% |
| Current assets | 29/58 | €156,879 | €165,390 | +€8,512 | +5.4% |
| Amounts receivable within one year | 40/41 | €33,171 | €38,465 | +€5,294 | +16.0% |
| Trade receivables | 40 | €12,193 | €13,306 | +€1,113 | +9.1% |
| Other amounts receivable | 41 | €20,978 | €25,159 | +€4,180 | +19.9% |
| Current investments | 50/53 | €12,000 | €36,650 | +€24,650 | +205.4% |
| Cash at bank and in hand | 54/58 | €111,708 | €90,276 | -€21,432 | -19.2% |
| Total equity and liabilities | 10/49 | €197,900 | €259,470 | +€61,570 | +31.1% |
| Equity | 10/15 | €157,069 | €170,602 | +€13,533 | +8.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €14,860 | €27,860 | +€13,000 | +87.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €13,000 | €26,000 | +€13,000 | +100.0% |
| Profit (loss) carried forward | 14 | €136,009 | €136,542 | +€533 | +0.4% |
| Amounts payable | 17/49 | €40,831 | €88,867 | +€48,037 | +117.6% |
| Amounts payable after more than one year | 17 | €13,333 | €46,796 | +€33,462 | +251.0% |
| Financial debts | 170/4 | €13,333 | €46,796 | +€33,462 | +251.0% |
| Amounts payable within one year | 42/48 | €27,497 | €42,071 | +€14,574 | +53.0% |
| Current portion of amounts payable after more than one year | 42 | €19,096 | €15,771 | -€3,325 | -17.4% |
| Financial debts | 43 | - | €4,070 | +€4,070 | |
| Credit institutions | 430/8 | - | €4,070 | +€4,070 | |
| Trade debts | 44 | €974 | €14,431 | +€13,457 | +1381.5% |
| Suppliers | 440/4 | €974 | €14,431 | +€13,457 | +1381.5% |
| Taxes, remuneration and social security | 45 | €7,427 | €7,800 | +€373 | +5.0% |
| Taxes | 450/3 | €7,427 | €7,800 | +€373 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,218 | €25,739 | +€521 | +2.1% |
| Other operating charges | 640/8 | €222 | €172 | -€49 | -22.3% |
| Gross operating margin | 9900 | €43,526 | €45,295 | +€1,769 | +4.1% |
| Operating profit (loss) | 9901 | €18,087 | €19,384 | +€1,297 | +7.2% |
| Financial income | 75/76B | €1,294 | €1,178 | -€117 | -9.0% |
| Recurring financial income | 75 | €1,294 | €1,178 | -€117 | -9.0% |
| Financial charges | 65/66B | €381 | €1,702 | +€1,321 | +346.7% |
| Recurring financial charges | 65 | €381 | €1,702 | +€1,321 | +346.7% |
| Profit (loss) for the period before taxes | 9903 | €19,000 | €18,859 | -€141 | -0.7% |
| Income taxes | 67/77 | €5,548 | €5,326 | -€221 | -4.0% |
| Profit (loss) for the period | 9904 | €13,453 | €13,533 | +€81 | +0.6% |
| Profit (loss) for the period to be appropriated | 9905 | €13,453 | €13,533 | +€81 | +0.6% |
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 10 October 2026 via checked.be.