ZS-Constructions: 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.
ZS-Constructions
Largest movements
- Cash +€44,091
up €44,091 (+61.2%), from €71,998 to €116,089
mainly Other debts (+€70,353) and Receivables within one year (+€29,163)
- Receivables within one year -€29,163
down €29,163 (-60.5%), from €48,218 to €19,054
of which Trade receivables: -€29,236
- Tangible fixed assets -€16,334
down €16,334 (-37.8%), from €43,187 to €26,854
of which Plant, machinery and equipment: -€8,822
- Reserves -€70,603
down €70,603 (-49.7%), from €142,018 to €71,416
- Other debts +€70,353
up €70,353 (+586.3%), from €12,000 to €82,353
- Trade debts -€1,740
down €1,740 (-66.2%), from €2,627 to €887
- Gross operating margin -€5,469
down €5,469 (-13.6%), from €40,185 to €34,715
- Depreciation +€3,097
up €3,097 (+23.4%), from €13,237 to €16,334
- Taxes -€1,577
down €1,577 (-29.5%), from €5,353 to €3,776
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 | €164,979 | €163,591 | -€1,388 | -0.8% |
| Fixed assets | 21/28 | €44,487 | €28,154 | -€16,334 | -36.7% |
| Tangible fixed assets | 22/27 | €43,187 | €26,854 | -€16,334 | -37.8% |
| Plant, machinery and equipment | 23 | €20,058 | €11,236 | -€8,822 | -44.0% |
| Furniture and vehicles | 24 | €21,775 | €14,913 | -€6,862 | -31.5% |
| Other tangible fixed assets | 26 | €1,354 | €705 | -€649 | -47.9% |
| Financial fixed assets | 28 | €1,300 | €1,300 | = | 0.0% |
| Current assets | 29/58 | €120,491 | €135,437 | +€14,945 | +12.4% |
| Amounts receivable within one year | 40/41 | €48,218 | €19,054 | -€29,163 | -60.5% |
| Trade receivables | 40 | €47,991 | €18,754 | -€29,236 | -60.9% |
| Other amounts receivable | 41 | €227 | €300 | +€73 | +32.3% |
| Cash at bank and in hand | 54/58 | €71,998 | €116,089 | +€44,091 | +61.2% |
| Deferred charges and accrued income | 490/1 | €276 | €293 | +€17 | +6.2% |
| Total equity and liabilities | 10/49 | €164,979 | €163,591 | -€1,388 | -0.8% |
| Equity | 10/15 | €143,018 | €72,416 | -€70,603 | -49.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €142,018 | €71,416 | -€70,603 | -49.7% |
| Distributable reserves | 133 | €142,018 | €71,416 | -€70,603 | -49.7% |
| Amounts payable | 17/49 | €21,960 | €91,175 | +€69,215 | +315.2% |
| Amounts payable within one year | 42/48 | €21,960 | €90,695 | +€68,735 | +313.0% |
| Trade debts | 44 | €2,627 | €887 | -€1,740 | -66.2% |
| Suppliers | 440/4 | €2,627 | €887 | -€1,740 | -66.2% |
| Taxes, remuneration and social security | 45 | €7,333 | €7,455 | +€121 | +1.7% |
| Taxes | 450/3 | €7,333 | €7,455 | +€121 | +1.7% |
| Other amounts payable | 47/48 | €12,000 | €82,353 | +€70,353 | +586.3% |
| Accrued charges and deferred income | 492/3 | - | €480 | +€480 | |
| Non-recurring operating income | 76A | €1,582 | - | -€1,582 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,237 | €16,334 | +€3,097 | +23.4% |
| Other operating charges | 640/8 | €1,399 | €1,120 | -€278 | -19.9% |
| Gross operating margin | 9900 | €40,185 | €34,715 | -€5,469 | -13.6% |
| Operating profit (loss) | 9901 | €25,549 | €17,261 | -€8,288 | -32.4% |
| Financial charges | 65/66B | €1,946 | €1,735 | -€211 | -10.8% |
| Recurring financial charges | 65 | €1,946 | €1,735 | -€211 | -10.8% |
| Profit (loss) for the period before taxes | 9903 | €23,603 | €15,526 | -€8,077 | -34.2% |
| Income taxes | 67/77 | €5,353 | €3,776 | -€1,577 | -29.5% |
| Profit (loss) for the period | 9904 | €18,250 | €11,750 | -€6,499 | -35.6% |
| Profit (loss) for the period to be appropriated | 9905 | €18,250 | €11,750 | -€6,499 | -35.6% |
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 11 October 2026 via checked.be.