ZORREL: 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.
ZORREL
Largest movements
- Cash -€242,136
down €242,136 (-33.6%), from €720,518 to €478,382
mainly Net result for the year (-€150,742) and Investment in fixed assets (net) (-€89,060)
- Tangible fixed assets +€60,093
up €60,093 (+4.5%), from €1.3m to €1.4m
- Profit (loss) carried forward -€150,742
down €150,742 (-38.0%), from -€396,406 to -€547,148
- Other debts -€31,252
down €31,252 (-38.1%), from €81,950 to €50,698
- Financial charges -€21,250
down €21,250 (-17.2%), from €123,363 to €102,113
- Other operating charges -€11,383
down €11,383 (-64.7%), from €17,588 to €6,205
- Gross operating margin +€7,959
up €7,959 (+37.2%), from -€21,416 to -€13,457
- Depreciation +€3,291
up €3,291 (+12.8%), from €25,676 to €28,967
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 | €2,092,102 | €1,904,276 | -€187,826 | -9.0% |
| Fixed assets | 21/28 | €1,349,639 | €1,409,731 | +€60,093 | +4.5% |
| Tangible fixed assets | 22/27 | €1,349,639 | €1,409,731 | +€60,093 | +4.5% |
| Land and buildings | 22 | €1,349,639 | €1,409,731 | +€60,093 | +4.5% |
| Current assets | 29/58 | €742,463 | €494,544 | -€247,919 | -33.4% |
| Amounts receivable within one year | 40/41 | €21,946 | €15,797 | -€6,149 | -28.0% |
| Trade receivables | 40 | - | €15,797 | +€15,797 | |
| Other amounts receivable | 41 | €21,946 | €0 | -€21,946 | -100.0% |
| Cash at bank and in hand | 54/58 | €720,518 | €478,382 | -€242,136 | -33.6% |
| Deferred charges and accrued income | 490/1 | €0 | €366 | +€366 | |
| Total equity and liabilities | 10/49 | €2,092,102 | €1,904,276 | -€187,826 | -9.0% |
| Equity | 10/15 | -€296,406 | -€447,148 | -€150,742 | -50.9% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€396,406 | -€547,148 | -€150,742 | -38.0% |
| Amounts payable | 17/49 | €2,388,508 | €2,351,424 | -€37,084 | -1.6% |
| Amounts payable after more than one year | 17 | €2,211,124 | €2,207,564 | -€3,560 | -0.2% |
| Financial debts | 170/4 | €782,023 | €696,512 | -€85,511 | -10.9% |
| Other amounts payable | 178/9 | €1,429,101 | €1,511,052 | +€81,950 | +5.7% |
| Amounts payable within one year | 42/48 | €177,384 | €143,860 | -€33,524 | -18.9% |
| Current portion of amounts payable after more than one year | 42 | €81,547 | €85,511 | +€3,963 | +4.9% |
| Trade debts | 44 | €8,631 | €7,541 | -€1,090 | -12.6% |
| Suppliers | 440/4 | €8,631 | €7,541 | -€1,090 | -12.6% |
| Taxes, remuneration and social security | 45 | €5,255 | €110 | -€5,145 | -97.9% |
| Taxes | 450/3 | €5,255 | €110 | -€5,145 | -97.9% |
| Other amounts payable | 47/48 | €81,950 | €50,698 | -€31,252 | -38.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,676 | €28,967 | +€3,291 | +12.8% |
| Other operating charges | 640/8 | €17,588 | €6,205 | -€11,383 | -64.7% |
| Gross operating margin | 9900 | -€21,416 | -€13,457 | +€7,959 | +37.2% |
| Operating profit (loss) | 9901 | -€64,680 | -€48,629 | +€16,051 | +24.8% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €123,363 | €102,113 | -€21,250 | -17.2% |
| Recurring financial charges | 65 | €123,363 | €102,113 | -€21,250 | -17.2% |
| Profit (loss) for the period before taxes | 9903 | -€188,044 | -€150,742 | +€37,302 | +19.8% |
| Profit (loss) for the period | 9904 | -€188,044 | -€150,742 | +€37,302 | +19.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€188,044 | -€150,742 | +€37,302 | +19.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.