ZR PROJECTS: 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.
ZR PROJECTS
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Profit (loss) carried forward -€22,576
down €22,576 (-23.3%), from -€97,086 to -€119,662
- Accrued charges and deferred income +€19,976
up €19,976 (+37.5%), from €53,332 to €73,308
- Debts after one year +€15,500
up €15,500 (+3.2%), from €483,895 to €499,395
- Trade debts -€14,440
down €14,440 (-83.0%), from €17,390 to €2,951
- Gross operating margin +€28,631
up €28,631 (+84.3%), from -€33,958 to -€5,327
- Financial charges +€2,528
up €2,528 (+14.4%), from €17,498 to €20,026
- Other operating charges -€2,100
down €2,100 (-83.5%), from €2,516 to €415
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 | €529,503 | €532,126 | +€2,623 | +0.5% |
| Fixed assets | 21/28 | €139,833 | €139,833 | = | 0.0% |
| Tangible fixed assets | 22/27 | €100,000 | €100,000 | = | 0.0% |
| Land and buildings | 22 | €100,000 | €100,000 | = | 0.0% |
| Financial fixed assets | 28 | €39,833 | €39,833 | = | 0.0% |
| Current assets | 29/58 | €389,670 | €392,293 | +€2,623 | +0.7% |
| Amounts receivable after more than one year | 29 | €71,450 | €71,450 | = | 0.0% |
| Trade receivables | 290 | €58,500 | €58,500 | = | 0.0% |
| Other amounts receivable | 291 | €12,950 | €12,950 | = | 0.0% |
| Stocks and contracts in progress | 3 | €270,767 | €270,767 | = | 0.0% |
| Stocks | 30/36 | €25,550 | €25,550 | = | 0.0% |
| Contracts in progress | 37 | €245,217 | €245,217 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €40,897 | €40,677 | -€220 | -0.5% |
| Other amounts receivable | 41 | €40,897 | €40,677 | -€220 | -0.5% |
| Cash at bank and in hand | 54/58 | €265 | €250 | -€15 | -5.8% |
| Deferred charges and accrued income | 490/1 | €6,291 | €9,149 | +€2,858 | +45.4% |
| Total equity and liabilities | 10/49 | €529,503 | €532,126 | +€2,623 | +0.5% |
| Equity | 10/15 | -€89,980 | -€112,556 | -€22,576 | -25.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €906 | €906 | = | 0.0% |
| Non-distributable reserves | 130/1 | €906 | €906 | = | 0.0% |
| Reserves not available under the articles | 1311 | €906 | €906 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€97,086 | -€119,662 | -€22,576 | -23.3% |
| Amounts payable | 17/49 | €619,484 | €644,682 | +€25,198 | +4.1% |
| Amounts payable after more than one year | 17 | €483,895 | €499,395 | +€15,500 | +3.2% |
| Other amounts payable | 178/9 | €483,895 | €499,395 | +€15,500 | +3.2% |
| Amounts payable within one year | 42/48 | €82,257 | €71,979 | -€10,278 | -12.5% |
| Trade debts | 44 | €17,390 | €2,951 | -€14,440 | -83.0% |
| Suppliers | 440/4 | €17,390 | €2,951 | -€14,440 | -83.0% |
| Advances received on contracts in progress | 46 | €30,000 | €30,000 | = | 0.0% |
| Other amounts payable | 47/48 | €34,867 | €39,029 | +€4,162 | +11.9% |
| Accrued charges and deferred income | 492/3 | €53,332 | €73,308 | +€19,976 | +37.5% |
| Other operating charges | 640/8 | €2,516 | €415 | -€2,100 | -83.5% |
| Gross operating margin | 9900 | -€33,958 | -€5,327 | +€28,631 | +84.3% |
| Operating profit (loss) | 9901 | -€36,474 | -€5,742 | +€30,731 | +84.3% |
| Financial income | 75/76B | €2,858 | €3,193 | +€335 | +11.7% |
| Recurring financial income | 75 | €2,858 | €3,193 | +€335 | +11.7% |
| Financial charges | 65/66B | €17,498 | €20,026 | +€2,528 | +14.4% |
| Recurring financial charges | 65 | €17,498 | €20,026 | +€2,528 | +14.4% |
| Profit (loss) for the period before taxes | 9903 | -€51,114 | -€22,576 | +€28,539 | +55.8% |
| Profit (loss) for the period | 9904 | -€51,114 | -€22,576 | +€28,539 | +55.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€51,114 | -€22,576 | +€28,539 | +55.8% |
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 9 October 2026 via checked.be.