ZUIDWEST: 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.
ZUIDWEST
Largest movements
- Cash +€105,159
up €105,159 (+14.8%), from €712,405 to €817,564
mainly Net result for the year (+€66,967) and Trade debts (+€35,802)
- Receivables within one year +€27,314
up €27,314 (+57.0%), from €47,890 to €75,204
of which Trade receivables: +€20,788
- Profit (loss) carried forward +€66,968
up €66,968 (+8.8%), from €757,824 to €824,792
- Trade debts +€35,802
up €35,802 (+105%), from €34,147 to €69,949
- Tax, wage and social debts +€30,785
up €30,785 (+139%), from €22,217 to €53,002
of which Remuneration and social security: +€24,804
- Staff costs +€49,720
up €49,720 (+15.6%), from €318,037 to €367,757
- Gross operating margin -€12,995
down €12,995 (-2.9%), from €448,325 to €435,330
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 | €821,653 | €954,732 | +€133,079 | +16.2% |
| Fixed assets | 21/28 | €3,986 | €6,739 | +€2,753 | +69.1% |
| Tangible fixed assets | 22/27 | €3,986 | €6,739 | +€2,753 | +69.1% |
| Furniture and vehicles | 24 | €3,986 | €6,739 | +€2,753 | +69.1% |
| Current assets | 29/58 | €817,667 | €947,993 | +€130,326 | +15.9% |
| Stocks and contracts in progress | 3 | €6,040 | €5,605 | -€435 | -7.2% |
| Stocks | 30/36 | €6,040 | €5,605 | -€435 | -7.2% |
| Amounts receivable within one year | 40/41 | €47,890 | €75,204 | +€27,314 | +57.0% |
| Trade receivables | 40 | €47,737 | €68,525 | +€20,788 | +43.5% |
| Other amounts receivable | 41 | €153 | €6,679 | +€6,526 | +4,265% |
| Cash at bank and in hand | 54/58 | €712,405 | €817,564 | +€105,159 | +14.8% |
| Deferred charges and accrued income | 490/1 | €51,332 | €49,620 | -€1,712 | -3.3% |
| Total equity and liabilities | 10/49 | €821,653 | €954,732 | +€133,079 | +16.2% |
| Equity | 10/15 | €757,824 | €824,792 | +€66,968 | +8.8% |
| Profit (loss) carried forward | 14 | €757,824 | €824,792 | +€66,968 | +8.8% |
| Amounts payable | 17/49 | €63,829 | €129,940 | +€66,111 | +104% |
| Amounts payable within one year | 42/48 | €56,364 | €122,951 | +€66,587 | +118% |
| Trade debts | 44 | €34,147 | €69,949 | +€35,802 | +105% |
| Suppliers | 440/4 | €34,147 | €69,949 | +€35,802 | +105% |
| Taxes, remuneration and social security | 45 | €22,217 | €53,002 | +€30,785 | +139% |
| Taxes | 450/3 | €9,331 | €15,312 | +€5,981 | +64.1% |
| Remuneration and social security | 454/9 | €12,886 | €37,690 | +€24,804 | +192% |
| Accrued charges and deferred income | 492/3 | €7,465 | €6,989 | -€476 | -6.4% |
| Non-recurring operating income | 76A | - | €83 | +€83 | |
| Remuneration, social security and pensions | 62 | €318,037 | €367,757 | +€49,720 | +15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,152 | €4,226 | +€1,074 | +34.1% |
| Other operating charges | 640/8 | - | €175 | +€175 | |
| Gross operating margin | 9900 | €448,325 | €435,330 | -€12,995 | -2.9% |
| Operating profit (loss) | 9901 | €127,136 | €63,172 | -€63,964 | -50.3% |
| Financial income | 75/76B | €8,739 | €5,963 | -€2,776 | -31.8% |
| Recurring financial income | 75 | €8,739 | €5,963 | -€2,776 | -31.8% |
| Financial charges | 65/66B | €479 | €385 | -€94 | -19.6% |
| Recurring financial charges | 65 | €479 | €385 | -€94 | -19.6% |
| Profit (loss) for the period before taxes | 9903 | €135,396 | €68,750 | -€66,646 | -49.2% |
| Income taxes | 67/77 | €2,621 | €1,783 | -€838 | -32.0% |
| Profit (loss) for the period | 9904 | €132,775 | €66,967 | -€65,808 | -49.6% |
| Profit (loss) for the period to be appropriated | 9905 | €132,775 | €66,967 | -€65,808 | -49.6% |
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 19 October 2026 via checked.be.