ZUGOE: 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.
ZUGOE
Largest movements
- Cash +€14,751
up €14,751 (+25.0%), from €58,904 to €73,655
mainly Depreciation (+€35,652) and Trade debts (+€17,676)
- Receivables within one year +€12,983
up €12,983 (+76.8%), from €16,894 to €29,877
of which Trade receivables: +€7,817
- Tangible fixed assets +€6,720
up €6,720 (+1.3%), from €521,511 to €528,232
of which Plant, machinery and equipment: +€24,013
- Debts after one year -€18,996
down €18,996 (-4.8%), from €397,600 to €378,604
- Trade debts +€17,676
up €17,676 (+49.4%), from €35,766 to €53,442
- Tax, wage and social debts +€11,133
up €11,133 (+20.7%), from €53,695 to €64,828
of which Remuneration and social security: +€11,081
- Profit (loss) carried forward +€9,872
up €9,872 (+58.5%), from -€16,885 to -€7,013
- Gross operating margin +€44,144
up €44,144 (+16.9%), from €261,558 to €305,702
- Staff costs +€27,496
up €27,496 (+13.3%), from €206,894 to €234,390
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 | €641,538 | €670,454 | +€28,916 | +4.5% |
| Fixed assets | 21/28 | €525,386 | €532,106 | +€6,720 | +1.3% |
| Tangible fixed assets | 22/27 | €521,511 | €528,232 | +€6,720 | +1.3% |
| Land and buildings | 22 | €478,662 | €464,329 | -€14,333 | -3.0% |
| Plant, machinery and equipment | 23 | €36,064 | €60,077 | +€24,013 | +66.6% |
| Furniture and vehicles | 24 | €6,786 | €3,825 | -€2,960 | -43.6% |
| Financial fixed assets | 28 | €3,875 | €3,875 | = | 0.0% |
| Current assets | 29/58 | €116,152 | €138,347 | +€22,195 | +19.1% |
| Stocks and contracts in progress | 3 | €40,332 | €34,803 | -€5,529 | -13.7% |
| Stocks | 30/36 | €40,332 | €34,803 | -€5,529 | -13.7% |
| Amounts receivable within one year | 40/41 | €16,894 | €29,877 | +€12,983 | +76.8% |
| Trade receivables | 40 | €12,953 | €20,770 | +€7,817 | +60.4% |
| Other amounts receivable | 41 | €3,942 | €9,107 | +€5,166 | +131% |
| Current investments | 50/53 | €22 | €13 | -€10 | -44.0% |
| Cash at bank and in hand | 54/58 | €58,904 | €73,655 | +€14,751 | +25.0% |
| Total equity and liabilities | 10/49 | €641,538 | €670,454 | +€28,916 | +4.5% |
| Equity | 10/15 | €111,175 | €121,047 | +€9,872 | +8.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €121,860 | €121,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €120,000 | €120,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,885 | -€7,013 | +€9,872 | +58.5% |
| Amounts payable | 17/49 | €530,363 | €549,406 | +€19,044 | +3.6% |
| Amounts payable after more than one year | 17 | €397,600 | €378,604 | -€18,996 | -4.8% |
| Financial debts | 170/4 | €397,600 | €378,604 | -€18,996 | -4.8% |
| Amounts payable within one year | 42/48 | €132,763 | €170,803 | +€38,040 | +28.7% |
| Current portion of amounts payable after more than one year | 42 | €23,376 | €28,651 | +€5,274 | +22.6% |
| Financial debts | 43 | - | €594 | +€594 | |
| Credit institutions | 430/8 | - | €594 | +€594 | |
| Trade debts | 44 | €35,766 | €53,442 | +€17,676 | +49.4% |
| Suppliers | 440/4 | €35,766 | €53,442 | +€17,676 | +49.4% |
| Taxes, remuneration and social security | 45 | €53,695 | €64,828 | +€11,133 | +20.7% |
| Taxes | 450/3 | €25,619 | €25,671 | +€52 | +0.2% |
| Remuneration and social security | 454/9 | €28,076 | €39,157 | +€11,081 | +39.5% |
| Other amounts payable | 47/48 | €19,926 | €23,288 | +€3,362 | +16.9% |
| Remuneration, social security and pensions | 62 | €206,894 | €234,390 | +€27,496 | +13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,475 | €35,652 | -€823 | -2.3% |
| Other operating charges | 640/8 | €1,194 | €3,564 | +€2,370 | +198% |
| Gross operating margin | 9900 | €261,558 | €305,702 | +€44,144 | +16.9% |
| Operating profit (loss) | 9901 | €16,994 | €32,095 | +€15,101 | +88.9% |
| Financial income | 75/76B | €280 | €23 | -€257 | -91.9% |
| Recurring financial income | 75 | €280 | €23 | -€257 | -91.9% |
| Financial charges | 65/66B | €21,963 | €21,599 | -€364 | -1.7% |
| Recurring financial charges | 65 | €21,963 | €21,599 | -€364 | -1.7% |
| Profit (loss) for the period before taxes | 9903 | -€4,689 | €10,519 | +€15,207 | |
| Income taxes | 67/77 | €652 | €647 | -€6 | -0.9% |
| Profit (loss) for the period | 9904 | -€5,341 | €9,872 | +€15,213 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,341 | €9,872 | +€15,213 |
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 14 October 2026 via checked.be.