ZW: 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.
ZW
Largest movements
- Tangible fixed assets -€26,309
down €26,309 (-2.3%), from €1.1m to €1.1m
of which Land and buildings: -€25,904
- Debts after one year -€42,236
down €42,236 (-4.3%), from €978,165 to €935,929
- Profit (loss) carried forward +€13,324
up €13,324 (+13.3%), from -€99,962 to -€86,637
- Gross operating margin +€6,322
up €6,322 (+12.4%), from €51,045 to €57,367
- Financial charges -€643
down €643 (-4.0%), from €16,169 to €15,527
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 | €1,136,339 | €1,111,602 | -€24,737 | -2.2% |
| Fixed assets | 21/28 | €1,129,748 | €1,103,439 | -€26,309 | -2.3% |
| Tangible fixed assets | 22/27 | €1,129,748 | €1,103,439 | -€26,309 | -2.3% |
| Land and buildings | 22 | €1,128,597 | €1,102,694 | -€25,904 | -2.3% |
| Furniture and vehicles | 24 | €1,151 | €746 | -€405 | -35.2% |
| Current assets | 29/58 | €6,591 | €8,163 | +€1,572 | +23.9% |
| Cash at bank and in hand | 54/58 | €5,656 | €5,731 | +€74 | +1.3% |
| Deferred charges and accrued income | 490/1 | €935 | €2,432 | +€1,498 | +160% |
| Total equity and liabilities | 10/49 | €1,136,339 | €1,111,602 | -€24,737 | -2.2% |
| Equity | 10/15 | €95,038 | €108,363 | +€13,324 | +14.0% |
| Contributions | 10/11 | €195,000 | €195,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€99,962 | -€86,637 | +€13,324 | +13.3% |
| Amounts payable | 17/49 | €1,041,300 | €1,003,240 | -€38,061 | -3.7% |
| Amounts payable after more than one year | 17 | €978,165 | €935,929 | -€42,236 | -4.3% |
| Financial debts | 170/4 | €978,165 | €935,929 | -€42,236 | -4.3% |
| Amounts payable within one year | 42/48 | €63,135 | €67,310 | +€4,175 | +6.6% |
| Current portion of amounts payable after more than one year | 42 | €41,427 | €42,188 | +€760 | +1.8% |
| Trade debts | 44 | €27 | €748 | +€721 | +2,647% |
| Suppliers | 440/4 | €27 | €748 | +€721 | +2,647% |
| Other amounts payable | 47/48 | €21,680 | €24,375 | +€2,694 | +12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,309 | €26,309 | +€0 | 0.0% |
| Other operating charges | 640/8 | €2,132 | €2,207 | +€76 | +3.6% |
| Gross operating margin | 9900 | €51,045 | €57,367 | +€6,322 | +12.4% |
| Operating profit (loss) | 9901 | €22,605 | €28,851 | +€6,246 | +27.6% |
| Financial income | 75/76B | €25 | €0 | -€25 | -100% |
| Recurring financial income | 75 | €25 | €0 | -€25 | -100% |
| Financial charges | 65/66B | €16,169 | €15,527 | -€643 | -4.0% |
| Recurring financial charges | 65 | €16,169 | €15,527 | -€643 | -4.0% |
| Profit (loss) for the period before taxes | 9903 | €6,460 | €13,324 | +€6,864 | +106% |
| Profit (loss) for the period | 9904 | €6,460 | €13,324 | +€6,864 | +106% |
| Profit (loss) for the period to be appropriated | 9905 | €6,460 | €13,324 | +€6,864 | +106% |
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 28 October 2026 via checked.be.