ZRZ & CONSTRUCT: 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.
ZRZ & CONSTRUCT
Largest movements
- Receivables within one year +€60,381
up €60,381 (+49.7%), from €121,446 to €181,828
of which Other amounts receivable: +€55,228
- Cash -€10,001
down €10,001 (-89.7%), from €11,149 to €1,148
mainly Receivables within one year (-€60,381) and Investment in fixed assets (net) (-€13,636)
- Tangible fixed assets +€7,343
up €7,343 (+43.8%), from €16,774 to €24,117
of which Furniture and vehicles: +€10,247
- Profit (loss) carried forward +€58,760
up €58,760 (+75.6%), from €77,734 to €136,495
- Tax, wage and social debts -€4,744
down €4,744 (-24.4%), from €19,434 to €14,690
- Trade debts +€3,706
up €3,706 (+7.1%), from €52,202 to €55,908
- Gross operating margin -€28,521
down €28,521 (-25.7%), from €111,009 to €82,489
- Depreciation +€4,385
up €4,385 (+229.8%), from €1,908 to €6,293
- Other operating charges +€2,199
up €2,199, from €0 to €2,199
- Taxes +€1,328
up €1,328 (+9.7%), from €13,633 to €14,961
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 | €149,370 | €207,093 | +€57,723 | +38.6% |
| Fixed assets | 21/28 | €16,774 | €24,117 | +€7,343 | +43.8% |
| Tangible fixed assets | 22/27 | €16,774 | €24,117 | +€7,343 | +43.8% |
| Plant, machinery and equipment | 23 | €16,052 | €13,148 | -€2,905 | -18.1% |
| Furniture and vehicles | 24 | €722 | €10,969 | +€10,247 | +1419.3% |
| Current assets | 29/58 | €132,596 | €182,976 | +€50,380 | +38.0% |
| Amounts receivable within one year | 40/41 | €121,446 | €181,828 | +€60,381 | +49.7% |
| Trade receivables | 40 | €20,065 | €25,218 | +€5,153 | +25.7% |
| Other amounts receivable | 41 | €101,381 | €156,609 | +€55,228 | +54.5% |
| Cash at bank and in hand | 54/58 | €11,149 | €1,148 | -€10,001 | -89.7% |
| Total equity and liabilities | 10/49 | €149,370 | €207,093 | +€57,723 | +38.6% |
| Equity | 10/15 | €77,734 | €136,495 | +€58,760 | +75.6% |
| Profit (loss) carried forward | 14 | €77,734 | €136,495 | +€58,760 | +75.6% |
| Amounts payable | 17/49 | €71,635 | €70,598 | -€1,038 | -1.4% |
| Amounts payable within one year | 42/48 | €71,635 | €70,598 | -€1,038 | -1.4% |
| Trade debts | 44 | €52,202 | €55,908 | +€3,706 | +7.1% |
| Suppliers | 440/4 | €52,202 | €55,908 | +€3,706 | +7.1% |
| Taxes, remuneration and social security | 45 | €19,434 | €14,690 | -€4,744 | -24.4% |
| Taxes | 450/3 | €19,434 | €14,690 | -€4,744 | -24.4% |
| Non-recurring operating income | 76A | - | €40,600 | +€40,600 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,908 | €6,293 | +€4,385 | +229.8% |
| Other operating charges | 640/8 | €0 | €2,199 | +€2,199 | |
| Non-recurring operating charges | 66A | €40,600 | - | -€40,600 | |
| Gross operating margin | 9900 | €111,009 | €82,489 | -€28,521 | -25.7% |
| Operating profit (loss) | 9901 | €68,501 | €73,996 | +€5,495 | +8.0% |
| Financial income | 75/76B | €0 | €4 | +€4 | +38100.0% |
| Recurring financial income | 75 | €0 | €4 | +€4 | +38100.0% |
| Financial charges | 65/66B | €334 | €279 | -€55 | -16.5% |
| Recurring financial charges | 65 | €334 | €279 | -€55 | -16.5% |
| Profit (loss) for the period before taxes | 9903 | €68,167 | €73,721 | +€5,554 | +8.1% |
| Income taxes | 67/77 | €13,633 | €14,961 | +€1,328 | +9.7% |
| Profit (loss) for the period | 9904 | €54,534 | €58,760 | +€4,226 | +7.7% |
| Profit (loss) for the period to be appropriated | 9905 | €54,534 | €58,760 | +€4,226 | +7.7% |
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 6 October 2026 via checked.be.