ZULD CONSTRUCT: 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.
ZULD CONSTRUCT
Largest movements
- Tangible fixed assets -€13,515
down €13,515 (-50.8%), from €26,585 to €13,071
of which Furniture and vehicles: -€10,837
- Receivables within one year -€12,263
down €12,263 (-9.3%), from €131,799 to €119,536
of which Trade receivables: -€20,077
- Trade debts -€15,716
down €15,716 (-18.1%), from €87,002 to €71,287
- Tax, wage and social debts -€11,897
down €11,897 (-73.7%), from €16,145 to €4,248
of which Taxes: -€7,135
- Profit (loss) carried forward +€10,568
up €10,568 (+21.5%), from €49,155 to €59,723
- Current portion of long-term debt -€5,127
no longer reported in 2025 (was €5,127)
- Gross operating margin -€23,121
down €23,121 (-42.3%), from €54,667 to €31,546
- Taxes -€7,135
down €7,135 (-62.9%), from €11,340 to €4,205
- Financial income -€1,133
down €1,133 (-96.2%), from €1,178 to €45
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 | €177,133 | €154,198 | -€22,935 | -12.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €26,835 | €13,321 | -€13,515 | -50.4% |
| Tangible fixed assets | 22/27 | €26,585 | €13,071 | -€13,515 | -50.8% |
| Plant, machinery and equipment | 23 | €5,857 | €3,179 | -€2,678 | -45.7% |
| Furniture and vehicles | 24 | €20,729 | €9,892 | -€10,837 | -52.3% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €150,298 | €140,877 | -€9,421 | -6.3% |
| Amounts receivable within one year | 40/41 | €131,799 | €119,536 | -€12,263 | -9.3% |
| Trade receivables | 40 | €130,559 | €110,482 | -€20,077 | -15.4% |
| Other amounts receivable | 41 | €1,240 | €9,054 | +€7,814 | +630% |
| Cash at bank and in hand | 54/58 | €17,543 | €18,919 | +€1,376 | +7.8% |
| Deferred charges and accrued income | 490/1 | €956 | €2,423 | +€1,467 | +154% |
| Total equity and liabilities | 10/49 | €177,133 | €154,198 | -€22,935 | -12.9% |
| Equity | 10/15 | €68,096 | €78,663 | +€10,568 | +15.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €340 | €340 | = | 0.0% |
| Distributable reserves | 133 | €340 | €340 | = | 0.0% |
| Profit (loss) carried forward | 14 | €49,155 | €59,723 | +€10,568 | +21.5% |
| Amounts payable | 17/49 | €109,038 | €75,534 | -€33,503 | -30.7% |
| Amounts payable within one year | 42/48 | €109,038 | €75,534 | -€33,503 | -30.7% |
| Current portion of amounts payable after more than one year | 42 | €5,127 | - | -€5,127 | |
| Trade debts | 44 | €87,002 | €71,287 | -€15,716 | -18.1% |
| Suppliers | 440/4 | €87,002 | €71,287 | -€15,716 | -18.1% |
| Taxes, remuneration and social security | 45 | €16,145 | €4,248 | -€11,897 | -73.7% |
| Taxes | 450/3 | €11,383 | €4,248 | -€7,135 | -62.7% |
| Remuneration and social security | 454/9 | €4,762 | - | -€4,762 | |
| Other amounts payable | 47/48 | €764 | - | -€764 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,422 | €15,264 | -€158 | -1.0% |
| Other operating charges | 640/8 | €1,331 | €791 | -€540 | -40.5% |
| Gross operating margin | 9900 | €54,667 | €31,546 | -€23,121 | -42.3% |
| Operating profit (loss) | 9901 | €37,914 | €15,491 | -€22,423 | -59.1% |
| Financial income | 75/76B | €1,178 | €45 | -€1,133 | -96.2% |
| Recurring financial income | 75 | €1,178 | €45 | -€1,133 | -96.2% |
| Financial charges | 65/66B | €1,253 | €763 | -€490 | -39.1% |
| Recurring financial charges | 65 | €1,253 | €763 | -€490 | -39.1% |
| Profit (loss) for the period before taxes | 9903 | €37,839 | €14,773 | -€23,066 | -61.0% |
| Income taxes | 67/77 | €11,340 | €4,205 | -€7,135 | -62.9% |
| Profit (loss) for the period | 9904 | €26,499 | €10,568 | -€15,931 | -60.1% |
| Profit (loss) for the period to be appropriated | 9905 | €26,499 | €10,568 | -€15,931 | -60.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.