ZURDAL: 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.
ZURDAL
Largest movements
- Cash +€20,730
up €20,730 (+28.3%), from €73,287 to €94,017
mainly Net result for the year (+€16,045) and Depreciation (+€6,326)
- Tangible fixed assets -€6,326
down €6,326 (-4.0%), from €156,752 to €150,426
of which Land and buildings: -€6,026
- Profit (loss) carried forward +€16,045
up €16,045 (+49.6%), from €32,375 to €48,420
- Gross operating margin +€6,358
up €6,358 (+30.2%), from €21,059 to €27,416
- Depreciation -€4,434
down €4,434 (-41.2%), from €10,760 to €6,326
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 | €230,039 | €245,512 | +€15,473 | +6.7% |
| Fixed assets | 21/28 | €156,752 | €150,426 | -€6,326 | -4.0% |
| Tangible fixed assets | 22/27 | €156,752 | €150,426 | -€6,326 | -4.0% |
| Land and buildings | 22 | €156,452 | €150,426 | -€6,026 | -3.9% |
| Plant, machinery and equipment | 23 | €300 | - | -€300 | |
| Current assets | 29/58 | €73,287 | €95,086 | +€21,799 | +29.7% |
| Cash at bank and in hand | 54/58 | €73,287 | €94,017 | +€20,730 | +28.3% |
| Deferred charges and accrued income | 490/1 | - | €1,068 | +€1,068 | |
| Total equity and liabilities | 10/49 | €230,039 | €245,512 | +€15,473 | +6.7% |
| Equity | 10/15 | €100,575 | €116,620 | +€16,045 | +16.0% |
| 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 | €32,375 | €48,420 | +€16,045 | +49.6% |
| Provisions and deferred taxes | 16 | €8,000 | €8,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €8,000 | €8,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €8,000 | €8,000 | = | 0.0% |
| Amounts payable | 17/49 | €121,465 | €120,892 | -€572 | -0.5% |
| Amounts payable within one year | 42/48 | €113,429 | €113,582 | +€153 | +0.1% |
| Trade debts | 44 | €106 | €253 | +€146 | +137.4% |
| Suppliers | 440/4 | €106 | €253 | +€146 | +137.4% |
| Other amounts payable | 47/48 | €113,323 | €113,330 | +€7 | 0.0% |
| Accrued charges and deferred income | 492/3 | €8,035 | €7,310 | -€725 | -9.0% |
| Non-recurring operating income | 76A | €5,218 | - | -€5,218 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,760 | €6,326 | -€4,434 | -41.2% |
| Other operating charges | 640/8 | €4,971 | €4,925 | -€45 | -0.9% |
| Gross operating margin | 9900 | €21,059 | €27,416 | +€6,358 | +30.2% |
| Operating profit (loss) | 9901 | €5,328 | €16,165 | +€10,837 | +203.4% |
| Financial income | 75/76B | €5 | €15 | +€10 | +206.0% |
| Recurring financial income | 75 | €5 | €15 | +€10 | +206.0% |
| Financial charges | 65/66B | €119 | €131 | +€12 | +9.8% |
| Recurring financial charges | 65 | €119 | €131 | +€12 | +9.8% |
| Profit (loss) for the period before taxes | 9903 | €5,214 | €16,049 | +€10,836 | +207.8% |
| Income taxes | 67/77 | - | €5 | +€5 | |
| Profit (loss) for the period | 9904 | €5,214 | €16,045 | +€10,831 | +207.7% |
| Profit (loss) for the period to be appropriated | 9905 | €5,214 | €16,045 | +€10,831 | +207.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.