ZORIN: what changed
ZORIN
Largest movements
- Tangible fixed assets -€108,186
down €108,186 (-7.7%), from €1.4m to €1.3m
of which Land and buildings: -€107,460
- Cash +€22,407
up €22,407 (+40.1%), from €55,886 to €78,293
mainly Depreciation (+€120,081) and Trade debts (+€43,750)
- Receivables within one year +€18,295
up €18,295 (+41.1%), from €44,550 to €62,845
of which Trade receivables: +€21,308
- Debts after one year -€154,034
down €154,034 (-15.4%), from €1.0m to €849,161
- Trade debts +€43,750
up €43,750 (+3,173%), from €1,379 to €45,129
- Profit (loss) carried forward +€40,022
up €40,022 (+25.9%), from -€154,712 to -€114,691
- Gross operating margin +€124,922
up €124,922 (+78.4%), from €159,253 to €284,175
- Other operating charges +€81,760
up €81,760 (+1,497%), from €5,463 to €87,223
- Financial charges -€10,608
down €10,608 (-22.4%), from €47,457 to €36,849
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,504,848 | €1,437,364 | -€67,484 | -4.5% |
| Fixed assets | 21/28 | €1,404,411 | €1,296,225 | -€108,186 | -7.7% |
| Tangible fixed assets | 22/27 | €1,404,411 | €1,296,225 | -€108,186 | -7.7% |
| Land and buildings | 22 | €1,402,838 | €1,295,378 | -€107,460 | -7.7% |
| Furniture and vehicles | 24 | €1,573 | €847 | -€726 | -46.2% |
| Current assets | 29/58 | €100,436 | €141,138 | +€40,702 | +40.5% |
| Amounts receivable within one year | 40/41 | €44,550 | €62,845 | +€18,295 | +41.1% |
| Trade receivables | 40 | €38,890 | €60,198 | +€21,308 | +54.8% |
| Other amounts receivable | 41 | €5,661 | €2,647 | -€3,013 | -53.2% |
| Cash at bank and in hand | 54/58 | €55,886 | €78,293 | +€22,407 | +40.1% |
| Total equity and liabilities | 10/49 | €1,504,848 | €1,437,364 | -€67,484 | -4.5% |
| Equity | 10/15 | €245,288 | €285,309 | +€40,022 | +16.3% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€154,712 | -€114,691 | +€40,022 | +25.9% |
| Amounts payable | 17/49 | €1,259,560 | €1,152,054 | -€107,506 | -8.5% |
| Amounts payable after more than one year | 17 | €1,003,196 | €849,161 | -€154,034 | -15.4% |
| Financial debts | 170/4 | €1,003,196 | €849,161 | -€154,034 | -15.4% |
| Amounts payable within one year | 42/48 | €240,281 | €296,971 | +€56,690 | +23.6% |
| Current portion of amounts payable after more than one year | 42 | €148,061 | €154,034 | +€5,973 | +4.0% |
| Trade debts | 44 | €1,379 | €45,129 | +€43,750 | +3,173% |
| Suppliers | 440/4 | €1,379 | €45,129 | +€43,750 | +3,173% |
| Advances received on contracts in progress | 46 | €46,684 | €48,154 | +€1,470 | +3.1% |
| Other amounts payable | 47/48 | €44,157 | €49,654 | +€5,497 | +12.4% |
| Accrued charges and deferred income | 492/3 | €16,083 | €5,922 | -€10,162 | -63.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,573 | €120,081 | +€507 | +0.4% |
| Other operating charges | 640/8 | €5,463 | €87,223 | +€81,760 | +1,497% |
| Gross operating margin | 9900 | €159,253 | €284,175 | +€124,922 | +78.4% |
| Operating profit (loss) | 9901 | €34,216 | €76,870 | +€42,654 | +125% |
| Financial income | 75/76B | €20 | - | -€20 | |
| Recurring financial income | 75 | €20 | - | -€20 | |
| Financial charges | 65/66B | €47,457 | €36,849 | -€10,608 | -22.4% |
| Recurring financial charges | 65 | €47,457 | €36,849 | -€10,608 | -22.4% |
| Profit (loss) for the period before taxes | 9903 | -€13,220 | €40,022 | +€53,242 | |
| Profit (loss) for the period | 9904 | -€13,220 | €40,022 | +€53,242 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,220 | €40,022 | +€53,242 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.