ZUDAN: 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.
ZUDAN
Largest movements
- Receivables within one year +€19,890
up €19,890 (+12.1%), from €164,998 to €184,889
of which Other amounts receivable: +€17,683
- Cash +€8,338
up €8,338 (+69.6%), from €11,986 to €20,324
mainly Net result for the year (+€31,279) and Tax, wage and social debts (+€1,140)
- Tangible fixed assets +€4,221
up €4,221 (+3,406%), from €124 to €4,345
of which Furniture and vehicles: +€4,241
- Reserves +€31,279
up €31,279 (+22.1%), from €141,703 to €172,982
of which Distributable reserves: +€31,279
- Gross operating margin +€18,170
up €18,170 (+65.7%), from €27,652 to €45,822
- Taxes +€6,311
up €6,311 (+92.8%), from €6,802 to €13,113
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.
Derived cash bridge
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 | €177,243 | €209,781 | +€32,537 | +18.4% |
| Fixed assets | 21/28 | €174 | €4,394 | +€4,221 | +2,433% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €124 | €4,345 | +€4,221 | +3,406% |
| Furniture and vehicles | 24 | €104 | €4,345 | +€4,241 | +4,073% |
| Other tangible fixed assets | 26 | €20 | €0 | -€20 | -100% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €177,070 | €205,386 | +€28,317 | +16.0% |
| Amounts receivable within one year | 40/41 | €164,998 | €184,889 | +€19,890 | +12.1% |
| Trade receivables | 40 | €8,464 | €10,672 | +€2,208 | +26.1% |
| Other amounts receivable | 41 | €156,534 | €174,217 | +€17,683 | +11.3% |
| Cash at bank and in hand | 54/58 | €11,986 | €20,324 | +€8,338 | +69.6% |
| Deferred charges and accrued income | 490/1 | €85 | €174 | +€89 | +104% |
| Total equity and liabilities | 10/49 | €177,243 | €209,781 | +€32,537 | +18.4% |
| Equity | 10/15 | €160,295 | €191,574 | +€31,279 | +19.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €141,703 | €172,982 | +€31,279 | +22.1% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €139,843 | €171,123 | +€31,279 | +22.4% |
| Amounts payable | 17/49 | €16,949 | €18,206 | +€1,258 | +7.4% |
| Amounts payable within one year | 42/48 | €16,949 | €18,206 | +€1,258 | +7.4% |
| Trade debts | 44 | €790 | €907 | +€118 | +14.9% |
| Suppliers | 440/4 | €790 | €907 | +€118 | +14.9% |
| Taxes, remuneration and social security | 45 | €16,159 | €17,299 | +€1,140 | +7.1% |
| Taxes | 450/3 | €16,159 | €17,299 | +€1,140 | +7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €334 | €423 | +€89 | +26.6% |
| Other operating charges | 640/8 | €432 | €572 | +€140 | +32.3% |
| Gross operating margin | 9900 | €27,652 | €45,822 | +€18,170 | +65.7% |
| Operating profit (loss) | 9901 | €26,886 | €44,827 | +€17,942 | +66.7% |
| Financial income | 75/76B | €6 | - | -€6 | |
| Recurring financial income | 75 | €6 | - | -€6 | |
| Financial charges | 65/66B | €456 | €435 | -€21 | -4.6% |
| Recurring financial charges | 65 | €456 | €435 | -€21 | -4.6% |
| Profit (loss) for the period before taxes | 9903 | €26,436 | €44,392 | +€17,957 | +67.9% |
| Income taxes | 67/77 | €6,802 | €13,113 | +€6,311 | +92.8% |
| Profit (loss) for the period | 9904 | €19,633 | €31,279 | +€11,646 | +59.3% |
| Profit (loss) for the period to be appropriated | 9905 | €19,633 | €31,279 | +€11,646 | +59.3% |
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 16 October 2026 via checked.be.