ZORRO: 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.
ZORRO
Largest movements
- Deferred charges and accrued income +€7,917
up €7,917 (+537.8%), from €1,472 to €9,389
- Debts after one year -€18,000
down €18,000 (-5.2%), from €348,793 to €330,793
- Other debts +€12,766
up €12,766 (+11.3%), from €112,990 to €125,756
- Trade debts +€8,790
up €8,790 (+282.3%), from €3,113 to €11,903
- Gross operating margin -€25,567
down €25,567 (-78.8%), from €32,451 to €6,884
- Taxes -€6,225
down €6,225 (-96.8%), from €6,427 to €203
- Financial income +€846
up €846 (+13.8%), from €6,153 to €6,999
- Financial charges -€437
down €437 (-3.3%), from €13,080 to €12,643
- Depreciation +€330
up €330 (+77.9%), from €424 to €755
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 | €510,520 | €513,446 | +€2,927 | +0.6% |
| Fixed assets | 21/28 | €376,810 | €377,652 | +€842 | +0.2% |
| Tangible fixed assets | 22/27 | €1,517 | €2,359 | +€842 | +55.5% |
| Plant, machinery and equipment | 23 | €1,517 | €2,359 | +€842 | +55.5% |
| Financial fixed assets | 28 | €375,293 | €375,293 | = | 0.0% |
| Current assets | 29/58 | €133,710 | €135,795 | +€2,085 | +1.6% |
| Amounts receivable within one year | 40/41 | €127,227 | €125,218 | -€2,009 | -1.6% |
| Trade receivables | 40 | €6,667 | €13,495 | +€6,829 | +102.4% |
| Other amounts receivable | 41 | €120,561 | €111,723 | -€8,838 | -7.3% |
| Cash at bank and in hand | 54/58 | €5,010 | €1,187 | -€3,824 | -76.3% |
| Deferred charges and accrued income | 490/1 | €1,472 | €9,389 | +€7,917 | +537.8% |
| Total equity and liabilities | 10/49 | €510,520 | €513,446 | +€2,927 | +0.6% |
| Equity | 10/15 | €23,080 | €23,184 | +€104 | +0.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €20,080 | €20,184 | +€104 | +0.5% |
| Distributable reserves | 133 | €20,080 | €20,184 | +€104 | +0.5% |
| Amounts payable | 17/49 | €487,440 | €490,263 | +€2,823 | +0.6% |
| Amounts payable after more than one year | 17 | €348,793 | €330,793 | -€18,000 | -5.2% |
| Financial debts | 170/4 | €348,793 | €330,793 | -€18,000 | -5.2% |
| Amounts payable within one year | 42/48 | €125,881 | €146,989 | +€21,108 | +16.8% |
| Trade debts | 44 | €3,113 | €11,903 | +€8,790 | +282.3% |
| Suppliers | 440/4 | €3,113 | €11,903 | +€8,790 | +282.3% |
| Taxes, remuneration and social security | 45 | €9,777 | €9,330 | -€447 | -4.6% |
| Taxes | 450/3 | €9,777 | €9,330 | -€447 | -4.6% |
| Other amounts payable | 47/48 | €112,990 | €125,756 | +€12,766 | +11.3% |
| Accrued charges and deferred income | 492/3 | €12,766 | €12,480 | -€285 | -2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €424 | €755 | +€330 | +77.9% |
| Other operating charges | 640/8 | €147 | €179 | +€32 | +21.7% |
| Gross operating margin | 9900 | €32,451 | €6,884 | -€25,567 | -78.8% |
| Operating profit (loss) | 9901 | €31,880 | €5,950 | -€25,930 | -81.3% |
| Financial income | 75/76B | €6,153 | €6,999 | +€846 | +13.8% |
| Recurring financial income | 75 | €6,153 | €6,999 | +€846 | +13.8% |
| Financial charges | 65/66B | €13,080 | €12,643 | -€437 | -3.3% |
| Recurring financial charges | 65 | €13,080 | €12,643 | -€437 | -3.3% |
| Profit (loss) for the period before taxes | 9903 | €24,953 | €307 | -€24,646 | -98.8% |
| Income taxes | 67/77 | €6,427 | €203 | -€6,225 | -96.8% |
| Profit (loss) for the period | 9904 | €18,525 | €104 | -€18,422 | -99.4% |
| Profit (loss) for the period to be appropriated | 9905 | €18,525 | €104 | -€18,422 | -99.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.