ZOVARO: 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.
ZOVARO
Largest movements
- Financial fixed assets +€85,506
up €85,506 (+37.3%), from €229,091 to €314,598
- Receivables within one year -€15,367
down €15,367 (-34.6%), from €44,458 to €29,091
- Profit (loss) carried forward +€91,201
up €91,201 (+13.5%), from €675,652 to €766,853
- Debts after one year -€9,995
down €9,995 (-17.7%), from €56,366 to €46,370
- Gross operating margin +€18,217
up €18,217 (+18.1%), from €100,761 to €118,978
- Financial income +€14,293
up €14,293 (+4707.7%), from €304 to €14,597
- Taxes -€2,780
down €2,780 (-13.7%), from €20,329 to €17,550
- Depreciation +€2,638
up €2,638 (+27.1%), from €9,718 to €12,355
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 | €851,340 | €933,431 | +€82,091 | +9.6% |
| Fixed assets | 21/28 | €667,992 | €759,748 | +€91,756 | +13.7% |
| Tangible fixed assets | 22/27 | €438,900 | €445,150 | +€6,250 | +1.4% |
| Land and buildings | 22 | €431,723 | €422,650 | -€9,073 | -2.1% |
| Plant, machinery and equipment | 23 | €6,029 | €5,390 | -€639 | -10.6% |
| Furniture and vehicles | 24 | €1,148 | €17,110 | +€15,962 | +1390.6% |
| Financial fixed assets | 28 | €229,091 | €314,598 | +€85,506 | +37.3% |
| Current assets | 29/58 | €183,348 | €173,683 | -€9,665 | -5.3% |
| Amounts receivable within one year | 40/41 | €44,458 | €29,091 | -€15,367 | -34.6% |
| Other amounts receivable | 41 | €44,458 | €29,091 | -€15,367 | -34.6% |
| Cash at bank and in hand | 54/58 | €136,822 | €140,962 | +€4,141 | +3.0% |
| Deferred charges and accrued income | 490/1 | €2,069 | €3,630 | +€1,561 | +75.4% |
| Total equity and liabilities | 10/49 | €851,340 | €933,431 | +€82,091 | +9.6% |
| Equity | 10/15 | €764,475 | €855,675 | +€91,201 | +11.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €27,323 | €27,323 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,797 | €11,797 | = | 0.0% |
| Distributable reserves | 133 | €15,526 | €15,526 | = | 0.0% |
| Profit (loss) carried forward | 14 | €675,652 | €766,853 | +€91,201 | +13.5% |
| Amounts payable | 17/49 | €86,865 | €77,756 | -€9,110 | -10.5% |
| Amounts payable after more than one year | 17 | €56,366 | €46,370 | -€9,995 | -17.7% |
| Financial debts | 170/4 | €56,366 | €46,370 | -€9,995 | -17.7% |
| Amounts payable within one year | 42/48 | €30,499 | €31,385 | +€886 | +2.9% |
| Current portion of amounts payable after more than one year | 42 | €9,886 | €9,995 | +€110 | +1.1% |
| Trade debts | 44 | €121 | €1,509 | +€1,388 | +1147.0% |
| Suppliers | 440/4 | €121 | €1,509 | +€1,388 | +1147.0% |
| Other amounts payable | 47/48 | €20,493 | €19,881 | -€612 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,718 | €12,355 | +€2,638 | +27.1% |
| Other operating charges | 640/8 | €10,368 | €11,486 | +€1,119 | +10.8% |
| Gross operating margin | 9900 | €100,761 | €118,978 | +€18,217 | +18.1% |
| Operating profit (loss) | 9901 | €80,676 | €95,137 | +€14,461 | +17.9% |
| Financial income | 75/76B | €304 | €14,597 | +€14,293 | +4707.7% |
| Recurring financial income | 75 | €304 | €14,597 | +€14,293 | +4707.7% |
| Financial charges | 65/66B | €1,131 | €983 | -€147 | -13.0% |
| Recurring financial charges | 65 | €1,131 | €983 | -€147 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | €79,849 | €108,750 | +€28,901 | +36.2% |
| Income taxes | 67/77 | €20,329 | €17,550 | -€2,780 | -13.7% |
| Profit (loss) for the period | 9904 | €59,519 | €91,201 | +€31,681 | +53.2% |
| Profit (loss) for the period to be appropriated | 9905 | €59,519 | €91,201 | +€31,681 | +53.2% |
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 5 October 2026 via checked.be.