ZORGI: 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.
What changed
ZORGI
NACE 47.400, Retail sale of information and communication equipment
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€4.7m
2024 · €4.7m+€64,265
Equity
€18.0m
2024 · €13.3m+€4.7m
Cash
€3.0m
2024 · €3.3m-€349,796
Balance sheet total
€40.3m
2024 · €31.6m+€8.8m
Largest movements
Assets
- Current investments +€8.0m
up €8.0m (+178%), from €4.5m to €12.5m
- Stocks and contracts +€3.3m
up €3.3m (+81.2%), from €4.1m to €7.5m
of which Contracts in progress: +€3.3m
- Receivables within one year -€1.9m
down €1.9m (-12.7%), from €14.9m to €13.1m
of which Trade receivables: -€1.9m
Equity and liabilities
- Profit (loss) carried forward +€4.7m
up €4.7m (+85.5%), from €5.5m to €10.2m
- Advances received +€2.1m
up €2.1m (+42.2%), from €4.9m to €7.0m
- Tax, wage and social debts +€968,315
up €968,315 (+19.4%), from €5.0m to €6.0m
of which Remuneration and social security: +€730,255
- Provisions +€886,953
up €886,953 (+250%), from €354,980 to €1.2m
- Trade debts +€440,348
up €440,348 (+8.5%), from €5.2m to €5.6m
Income statement
- Staff costs +€2.6m
up €2.6m (+9.2%), from €28.2m to €30.8m
- Write-downs +€2.4m
up €2.4m, from -€2.2m to €204,589
- Goods and materials -€1.9m
down €1.9m (-9.7%), from €19.8m to €17.9m
- Turnover -€1.9m
down €1.9m (-2.9%), from €64.3m to €62.4m
- Other operating income -€1.1m
down €1.1m (-31.3%), from €3.5m to €2.4m
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.
Result 2024
€4.7m
Turnover
-€1.9m
Other operating income
-€1.1m
Goods and materials
+€1.9m
Services and other goods
-€801,074
Staff costs
-€2.6m
Depreciation
-€320,066
Write-downs
-€2.4m
Provisions
-€274,919
Other operating charges
+€1.1m
Other operating items
+€7.1m
Financial income
+€35,624
Financial charges
+€29,662
Taxes
-€740,130
Result 2025
€4.7m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€9.0m
Investment
-€9.1m
Financing
-€187,889
Cash 2024
€3.3m
From operations (derived)
+€9.0m
Net result for the year
+€4.7m
Depreciation
+€1.4m
Receivables after one year
+€32,740
Stocks and contracts
-€3.3m
Receivables within one year
+€1.9m
Deferred charges and accrued income
+€91,535
Provisions
+€886,953
Trade debts
+€440,348
Tax, wage and social debts
+€968,315
Advances received
+€2.1m
Other debts
+€423
Accrued charges and deferred income
-€117,684
Investment (derived)
-€9.1m
Investment in fixed assets (net)
-€1.1m
Current investments
-€8.0m
Financing
-€187,889
Current portion of long-term debt
-€182,639
Contributions, distributions and other
-€5,250
Cash 2025
€3.0m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €31,552,666 | €40,325,836 | +€8.8m | +27.8% |
| Fixed assets | 21/28 | €2,377,268 | €2,164,030 | -€213,238 | -9.0% |
| Intangible fixed assets | 21 | €1,010,746 | €879,329 | -€131,417 | -13.0% |
| Tangible fixed assets | 22/27 | €912,630 | €788,933 | -€123,696 | -13.6% |
| Land and buildings | 22 | €9,110 | €7,853 | -€1,257 | -13.8% |
| Plant, machinery and equipment | 23 | €246,934 | €261,500 | +€14,565 | +5.9% |
| Furniture and vehicles | 24 | €252,675 | €157,156 | -€95,519 | -37.8% |
| Other tangible fixed assets | 26 | €403,911 | €362,425 | -€41,486 | -10.3% |
| Financial fixed assets | 28 | €453,893 | €495,768 | +€41,875 | +9.2% |
| Other financial fixed assets | 284/8 | €453,893 | €495,768 | +€41,875 | +9.2% |
| Shares | 284 | €1,800 | €1,800 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €452,093 | €493,968 | +€41,875 | +9.3% |
| Current assets | 29/58 | €29,175,398 | €38,161,806 | +€9.0m | +30.8% |
| Amounts receivable after more than one year | 29 | €294,813 | €262,074 | -€32,740 | -11.1% |
| Trade receivables | 290 | €294,813 | €262,074 | -€32,740 | -11.1% |
| Stocks and contracts in progress | 3 | €4,123,131 | €7,472,166 | +€3.3m | +81.2% |
| Stocks | 30/36 | €4,290 | €4,290 | = | 0.0% |
| Goods purchased for resale | 34 | €4,290 | €4,290 | = | 0.0% |
| Contracts in progress | 37 | €4,118,841 | €7,467,876 | +€3.3m | +81.3% |
| Amounts receivable within one year | 40/41 | €14,949,664 | €13,053,175 | -€1.9m | -12.7% |
| Trade receivables | 40 | €14,718,311 | €12,812,420 | -€1.9m | -12.9% |
| Other amounts receivable | 41 | €231,353 | €240,755 | +€9,402 | +4.1% |
| Current investments | 50/53 | €4,500,000 | €12,507,933 | +€8.0m | +178% |
| Other investments | 51/53 | €4,500,000 | €12,507,933 | +€8.0m | +178% |
| Cash at bank and in hand | 54/58 | €3,301,424 | €2,951,628 | -€349,796 | -10.6% |
| Deferred charges and accrued income | 490/1 | €2,006,365 | €1,914,831 | -€91,535 | -4.6% |
| Total equity and liabilities | 10/49 | €31,552,666 | €40,325,836 | +€8.8m | +27.8% |
| Equity | 10/15 | €13,302,025 | €18,012,163 | +€4.7m | +35.4% |
| Contributions | 10/11 | €4,715,652 | €4,715,652 | = | 0.0% |
| Capital | 10 | €4,715,652 | €4,715,652 | = | 0.0% |
| Issued capital | 100 | €4,715,652 | €4,715,652 | = | 0.0% |
| Reserves | 13 | €3,040,937 | €3,040,937 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,284,782 | €2,284,782 | = | 0.0% |
| Legal reserve | 130 | €2,284,782 | €2,284,782 | = | 0.0% |
| Tax-exempt reserves | 132 | €756,155 | €2,565 | -€753,590 | -99.7% |
| Distributable reserves | 133 | - | €753,590 | +€753,590 | |
| Profit (loss) carried forward | 14 | €5,512,236 | €10,227,623 | +€4.7m | +85.5% |
| Investment grants | 15 | €33,201 | €27,951 | -€5,250 | -15.8% |
| Provisions and deferred taxes | 16 | €354,980 | €1,241,933 | +€886,953 | +250% |
| Provisions for liabilities and charges | 160/5 | €354,980 | €1,241,933 | +€886,953 | +250% |
| Taxes | 161 | - | €528,460 | +€528,460 | |
| Other liabilities and charges | 164/5 | €354,980 | €713,473 | +€358,493 | +101% |
| Amounts payable | 17/49 | €17,895,662 | €21,071,741 | +€3.2m | +17.7% |
| Amounts payable within one year | 42/48 | €15,285,628 | €18,579,392 | +€3.3m | +21.5% |
| Current portion of amounts payable after more than one year | 42 | €182,639 | - | -€182,639 | |
| Trade debts | 44 | €5,204,784 | €5,645,132 | +€440,348 | +8.5% |
| Suppliers | 440/4 | €5,204,784 | €5,645,132 | +€440,348 | +8.5% |
| Advances received on contracts in progress | 46 | €4,897,715 | €6,965,032 | +€2.1m | +42.2% |
| Taxes, remuneration and social security | 45 | €4,998,401 | €5,966,716 | +€968,315 | +19.4% |
| Taxes | 450/3 | €1,003,703 | €1,241,763 | +€238,060 | +23.7% |
| Remuneration and social security | 454/9 | €3,994,699 | €4,724,953 | +€730,255 | +18.3% |
| Other amounts payable | 47/48 | €2,089 | €2,512 | +€423 | +20.3% |
| Accrued charges and deferred income | 492/3 | €2,610,034 | €2,492,350 | -€117,684 | -4.5% |
| Operating income | 70/76A | €64,047,801 | €68,158,816 | +€4.1m | +6.4% |
| Turnover | 70 | €64,292,508 | €62,409,473 | -€1.9m | -2.9% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€3,740,699 | €3,347,253 | +€7.1m | |
| Other operating income | 74 | €3,495,892 | €2,401,990 | -€1.1m | -31.3% |
| Non-recurring operating income | 76A | €100 | €100 | = | 0.0% |
| Operating charges | 60/66A | €59,177,131 | €62,549,037 | +€3.4m | +5.7% |
| Goods for resale, raw materials and consumables | 60 | €19,783,757 | €17,860,044 | -€1.9m | -9.7% |
| Purchases | 600/8 | €19,783,757 | €17,860,044 | -€1.9m | -9.7% |
| Services and other goods | 61 | €10,332,243 | €11,133,317 | +€801,074 | +7.8% |
| Remuneration, social security and pensions | 62 | €28,221,500 | €30,808,187 | +€2.6m | +9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,030,443 | €1,350,510 | +€320,066 | +31.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,166,666 | €204,589 | +€2.4m | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €83,574 | €358,493 | +€274,919 | +329% |
| Other operating charges | 640/8 | €1,892,157 | €832,460 | -€1.1m | -56.0% |
| Non-recurring operating charges | 66A | €123 | €1,437 | +€1,314 | +1,072% |
| Operating profit (loss) | 9901 | €4,870,670 | €5,609,779 | +€739,109 | +15.2% |
| Financial income | 75/76B | €6,435 | €42,059 | +€35,624 | +554% |
| Recurring financial income | 75 | €6,435 | €42,059 | +€35,624 | +554% |
| Income from current assets | 751 | €382 | €24,616 | +€24,234 | +6,341% |
| Other financial income | 752/9 | €6,053 | €17,443 | +€11,390 | +188% |
| Financial charges | 65/66B | €63,123 | €33,461 | -€29,662 | -47.0% |
| Recurring financial charges | 65 | €63,123 | €33,461 | -€29,662 | -47.0% |
| Debt charges | 650 | €24,898 | €2,742 | -€22,156 | -89.0% |
| Other financial charges | 652/9 | €38,224 | €30,719 | -€7,506 | -19.6% |
| Profit (loss) for the period before taxes | 9903 | €4,813,983 | €5,618,378 | +€804,395 | +16.7% |
| Income taxes | 67/77 | €162,860 | €902,990 | +€740,130 | +454% |
| Taxes | 670/3 | €162,912 | €902,990 | +€740,078 | +454% |
| Tax adjustments and reversals of tax provisions | 77 | €52 | - | -€52 | |
| Profit (loss) for the period | 9904 | €4,651,123 | €4,715,388 | +€64,265 | +1.4% |
| Transfer from tax-exempt reserves | 789 | - | €753,590 | +€753,590 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,651,123 | €5,468,978 | +€817,855 | +17.6% |
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 16 October 2026 via checked.be.