ZUKO: what changed
Two fiscal 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.
ZUKO
Largest movements
- Receivables within one year -€38,669
down €38,669 (-51.1%), from €75,630 to €36,961
of which Trade receivables: -€35,119
- Cash -€14,495
down €14,495 (-52.8%), from €27,446 to €12,951
mainly Net result for the year (-€41,129) and Debts after one year (-€19,552)
- Formation expenses -€4,375
down €4,375 (-10.8%), from €40,575 to €36,200
- Profit (loss) carried forward -€41,129
down €41,129 (-73.8%), from -€55,744 to -€96,873
- Debts after one year -€19,552
down €19,552 (-21.8%), from €89,847 to €70,295
- Accrued charges and deferred income -€5,808
no longer reported in 2025 (was €5,808)
- Trade debts +€4,532
up €4,532 (+18.3%), from €24,825 to €29,357
- Current portion of long-term debt +€4,096
up €4,096 (+26.5%), from €15,456 to €19,552
- Gross operating margin -€87,772
down €87,772, from €56,381 to -€31,391
- Staff costs -€26,945
no longer reported in 2025 (was €26,945)
- Financial charges -€1,953
down €1,953 (-67.6%), from €2,889 to €936
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 | €148,634 | €90,531 | -€58,103 | -39.1% |
| Formation expenses | 20 | €40,575 | €36,200 | -€4,375 | -10.8% |
| Fixed assets | 21/28 | €754 | - | -€754 | |
| Tangible fixed assets | 22/27 | €160 | - | -€160 | |
| Furniture and vehicles | 24 | €160 | - | -€160 | |
| Financial fixed assets | 28 | €594 | - | -€594 | |
| Current assets | 29/58 | €107,305 | €54,331 | -€52,974 | -49.4% |
| Stocks and contracts in progress | 3 | €2,528 | €2,528 | = | 0.0% |
| Stocks | 30/36 | €2,528 | €2,528 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €75,630 | €36,961 | -€38,669 | -51.1% |
| Trade receivables | 40 | €70,690 | €35,571 | -€35,119 | -49.7% |
| Other amounts receivable | 41 | €4,940 | €1,390 | -€3,550 | -71.9% |
| Cash at bank and in hand | 54/58 | €27,446 | €12,951 | -€14,495 | -52.8% |
| Deferred charges and accrued income | 490/1 | €1,701 | €1,891 | +€190 | +11.2% |
| Total equity and liabilities | 10/49 | €148,634 | €90,531 | -€58,103 | -39.1% |
| Equity | 10/15 | €12,456 | -€28,673 | -€41,129 | |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€55,744 | -€96,873 | -€41,129 | -73.8% |
| Amounts payable | 17/49 | €136,178 | €119,204 | -€16,974 | -12.5% |
| Amounts payable after more than one year | 17 | €89,847 | €70,295 | -€19,552 | -21.8% |
| Financial debts | 170/4 | €89,847 | €70,295 | -€19,552 | -21.8% |
| Amounts payable within one year | 42/48 | €40,523 | €48,909 | +€8,386 | +20.7% |
| Current portion of amounts payable after more than one year | 42 | €15,456 | €19,552 | +€4,096 | +26.5% |
| Trade debts | 44 | €24,825 | €29,357 | +€4,532 | +18.3% |
| Suppliers | 440/4 | €24,825 | €29,357 | +€4,532 | +18.3% |
| Taxes, remuneration and social security | 45 | €242 | - | -€242 | |
| Taxes | 450/3 | €242 | - | -€242 | |
| Accrued charges and deferred income | 492/3 | €5,808 | - | -€5,808 | |
| Non-recurring operating income | 76A | €5,000 | - | -€5,000 | |
| Remuneration, social security and pensions | 62 | €26,945 | - | -€26,945 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,958 | €8,035 | +€77 | +1.0% |
| Other operating charges | 640/8 | €1,229 | €772 | -€457 | -37.2% |
| Gross operating margin | 9900 | €56,381 | -€31,391 | -€87,772 | |
| Operating profit (loss) | 9901 | €20,249 | -€40,198 | -€60,447 | |
| Financial income | 75/76B | €131 | €5 | -€126 | -96.2% |
| Recurring financial income | 75 | €131 | €5 | -€126 | -96.2% |
| Financial charges | 65/66B | €2,889 | €936 | -€1,953 | -67.6% |
| Recurring financial charges | 65 | €2,889 | €936 | -€1,953 | -67.6% |
| Profit (loss) for the period before taxes | 9903 | €17,491 | -€41,129 | -€58,620 | |
| Profit (loss) for the period | 9904 | €17,491 | -€41,129 | -€58,620 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,491 | -€41,129 | -€58,620 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.