ZUBAMAX: what changed
ZUBAMAX
Largest movements
- Receivables within one year +€8,961
up €8,961 (+52.4%), from €17,087 to €26,048
of which Other amounts receivable: +€5,670
- Tangible fixed assets -€6,190
down €6,190 (-58.7%), from €10,552 to €4,362
- Cash -€2,977
down €2,977 (-65.9%), from €4,516 to €1,539
mainly Receivables within one year (-€8,961) and Net result for the year (-€8,388)
- Deferred charges and accrued income -€670
down €670 (-22.2%), from €3,014 to €2,343
- Profit (loss) carried forward -€8,388
down €8,388 (-50.0%), from €16,774 to €8,386
- Trade debts +€5,132
up €5,132 (+79.8%), from €6,427 to €11,559
- Tax, wage and social debts +€2,890
up €2,890 (+27.3%), from €10,587 to €13,477
of which Remuneration and social security: +€4,360
- Short-term financial debts -€525
down €525 (-100%), from €525 to €0
- Staff costs +€12,990
up €12,990 (+56.5%), from €22,977 to €35,967
- Other operating charges +€2,517
up €2,517 (+179%), from €1,406 to €3,924
- Taxes -€2,515
down €2,515 (-72.7%), from €3,458 to €943
- Depreciation -€1,733
down €1,733 (-27.9%), from €6,210 to €4,478
- Gross operating margin -€1,683
down €1,683 (-4.2%), from €40,103 to €38,420
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €35,413 | €34,537 | -€876 | -2.5% |
| Fixed assets | 21/28 | €10,796 | €4,606 | -€6,190 | -57.3% |
| Tangible fixed assets | 22/27 | €10,552 | €4,362 | -€6,190 | -58.7% |
| Furniture and vehicles | 24 | €10,552 | €4,362 | -€6,190 | -58.7% |
| Financial fixed assets | 28 | €244 | €244 | = | 0.0% |
| Current assets | 29/58 | €24,617 | €29,931 | +€5,314 | +21.6% |
| Amounts receivable within one year | 40/41 | €17,087 | €26,048 | +€8,961 | +52.4% |
| Trade receivables | 40 | €14,810 | €18,102 | +€3,291 | +22.2% |
| Other amounts receivable | 41 | €2,277 | €7,947 | +€5,670 | +249% |
| Cash at bank and in hand | 54/58 | €4,516 | €1,539 | -€2,977 | -65.9% |
| Deferred charges and accrued income | 490/1 | €3,014 | €2,343 | -€670 | -22.2% |
| Total equity and liabilities | 10/49 | €35,413 | €34,537 | -€876 | -2.5% |
| Equity | 10/15 | €17,874 | €9,486 | -€8,388 | -46.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €100 | €100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,774 | €8,386 | -€8,388 | -50.0% |
| Amounts payable | 17/49 | €17,539 | €25,051 | +€7,512 | +42.8% |
| Amounts payable within one year | 42/48 | €17,539 | €25,036 | +€7,497 | +42.7% |
| Financial debts | 43 | €525 | €0 | -€525 | -100% |
| Credit institutions | 430/8 | €525 | €0 | -€525 | -100% |
| Trade debts | 44 | €6,427 | €11,559 | +€5,132 | +79.8% |
| Suppliers | 440/4 | €6,427 | €11,559 | +€5,132 | +79.8% |
| Taxes, remuneration and social security | 45 | €10,587 | €13,477 | +€2,890 | +27.3% |
| Taxes | 450/3 | €8,186 | €6,716 | -€1,470 | -18.0% |
| Remuneration and social security | 454/9 | €2,401 | €6,761 | +€4,360 | +182% |
| Accrued charges and deferred income | 492/3 | - | €15 | +€15 | |
| Remuneration, social security and pensions | 62 | €22,977 | €35,967 | +€12,990 | +56.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,210 | €4,478 | -€1,733 | -27.9% |
| Other operating charges | 640/8 | €1,406 | €3,924 | +€2,517 | +179% |
| Gross operating margin | 9900 | €40,103 | €38,420 | -€1,683 | -4.2% |
| Operating profit (loss) | 9901 | €9,510 | -€5,948 | -€15,458 | |
| Financial income | 75/76B | - | €511 | +€511 | |
| Recurring financial income | 75 | - | €511 | +€511 | |
| Financial charges | 65/66B | €2,317 | €2,008 | -€309 | -13.4% |
| Recurring financial charges | 65 | €2,317 | €2,008 | -€309 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €7,193 | -€7,445 | -€14,637 | |
| Income taxes | 67/77 | €3,458 | €943 | -€2,515 | -72.7% |
| Profit (loss) for the period | 9904 | €3,735 | -€8,388 | -€12,123 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,735 | -€8,388 | -€12,123 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.