ZORDAN: 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.
ZORDAN
Largest movements
- Tangible fixed assets -€43,583
down €43,583 (-7.5%), from €583,786 to €540,203
- Cash +€10,688
up €10,688 (+161%), from €6,631 to €17,319
mainly Net result for the year (+€45,530) and Depreciation (+€43,583)
- Receivables within one year -€6,139
down €6,139 (-95.9%), from €6,401 to €261
of which Trade receivables: -€6,066
- Debts after one year -€57,214
down €57,214 (-19.3%), from €295,859 to €238,646
- Reserves +€45,530
up €45,530 (+43.5%), from €104,566 to €150,096
of which Distributable reserves: +€45,530
- Other debts -€19,500
down €19,500 (-29.1%), from €66,900 to €47,400
- Gross operating margin +€4,764
up €4,764 (+4.2%), from €114,019 to €118,784
- Taxes +€1,353
up €1,353 (+6.8%), from €19,918 to €21,270
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.
Derived cash bridge
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 | €596,817 | €557,783 | -€39,034 | -6.5% |
| Fixed assets | 21/28 | €583,786 | €540,203 | -€43,583 | -7.5% |
| Tangible fixed assets | 22/27 | €583,786 | €540,203 | -€43,583 | -7.5% |
| Land and buildings | 22 | €583,786 | €540,203 | -€43,583 | -7.5% |
| Current assets | 29/58 | €13,032 | €17,580 | +€4,549 | +34.9% |
| Amounts receivable within one year | 40/41 | €6,401 | €261 | -€6,139 | -95.9% |
| Trade receivables | 40 | €6,066 | - | -€6,066 | |
| Other amounts receivable | 41 | €335 | €261 | -€74 | -22.0% |
| Cash at bank and in hand | 54/58 | €6,631 | €17,319 | +€10,688 | +161% |
| Total equity and liabilities | 10/49 | €596,817 | €557,783 | -€39,034 | -6.5% |
| Equity | 10/15 | €147,446 | €190,953 | +€43,507 | +29.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €104,566 | €150,096 | +€45,530 | +43.5% |
| 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 | €102,706 | €148,236 | +€45,530 | +44.3% |
| Investment grants | 15 | €24,280 | €22,257 | -€2,023 | -8.3% |
| Provisions and deferred taxes | 16 | €12,499 | €11,457 | -€1,042 | -8.3% |
| Deferred taxes | 168 | €12,499 | €11,457 | -€1,042 | -8.3% |
| Amounts payable | 17/49 | €436,872 | €355,373 | -€81,499 | -18.7% |
| Amounts payable after more than one year | 17 | €295,859 | €238,646 | -€57,214 | -19.3% |
| Financial debts | 170/4 | €295,859 | €238,646 | -€57,214 | -19.3% |
| Amounts payable within one year | 42/48 | €141,013 | €116,728 | -€24,285 | -17.2% |
| Current portion of amounts payable after more than one year | 42 | €56,267 | €57,214 | +€947 | +1.7% |
| Trade debts | 44 | €428 | €363 | -€65 | -15.1% |
| Suppliers | 440/4 | €428 | €363 | -€65 | -15.1% |
| Taxes, remuneration and social security | 45 | €17,419 | €11,751 | -€5,668 | -32.5% |
| Taxes | 450/3 | €17,419 | €11,751 | -€5,668 | -32.5% |
| Other amounts payable | 47/48 | €66,900 | €47,400 | -€19,500 | -29.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,583 | €43,583 | = | 0.0% |
| Other operating charges | 640/8 | €5,632 | €5,807 | +€175 | +3.1% |
| Gross operating margin | 9900 | €114,019 | €118,784 | +€4,764 | +4.2% |
| Operating profit (loss) | 9901 | €64,804 | €69,394 | +€4,590 | +7.1% |
| Financial income | 75/76B | €2,023 | €2,023 | = | 0.0% |
| Recurring financial income | 75 | €2,023 | €2,023 | = | 0.0% |
| Financial charges | 65/66B | €6,595 | €5,658 | -€937 | -14.2% |
| Recurring financial charges | 65 | €6,595 | €5,658 | -€937 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €60,232 | €65,758 | +€5,526 | +9.2% |
| Transfer from deferred taxes | 780 | €1,042 | €1,042 | = | 0.0% |
| Income taxes | 67/77 | €19,918 | €21,270 | +€1,353 | +6.8% |
| Profit (loss) for the period | 9904 | €41,356 | €45,530 | +€4,174 | +10.1% |
| Profit (loss) for the period to be appropriated | 9905 | €41,356 | €45,530 | +€4,174 | +10.1% |
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 18 October 2026 via checked.be.