ZWAANS: 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.
ZWAANS
Largest movements
- Tangible fixed assets -€33,300
down €33,300 (-21.7%), from €153,412 to €120,111
of which Land and buildings: -€33,258
- Receivables within one year -€13,145
no longer reported in 2025 (was €13,145)
- Deferred charges and accrued income +€6,696
up €6,696 (+60.9%), from €10,998 to €17,694
- Cash -€6,590
down €6,590 (-40.4%), from €16,323 to €9,733
mainly Net result for the year (-€30,013) and Other debts (-€15,415)
- Profit (loss) carried forward -€30,013
down €30,013 (-3.1%), from -€980,441 to -€1.0m
- Other debts -€15,415
down €15,415 (-1.6%), from €948,929 to €933,514
- Depreciation -€17,990
down €17,990 (-35.1%), from €51,291 to €33,300
- Gross operating margin -€1,084
down €1,084 (-7.4%), from €14,678 to €13,594
- Other operating charges +€435
up €435 (+4.4%), from €9,816 to €10,251
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 | €225,527 | €179,188 | -€46,339 | -20.5% |
| Fixed assets | 21/28 | €185,062 | €151,761 | -€33,300 | -18.0% |
| Tangible fixed assets | 22/27 | €153,412 | €120,111 | -€33,300 | -21.7% |
| Land and buildings | 22 | €153,327 | €120,069 | -€33,258 | -21.7% |
| Furniture and vehicles | 24 | €85 | €42 | -€42 | -50.0% |
| Financial fixed assets | 28 | €31,650 | €31,650 | = | 0.0% |
| Current assets | 29/58 | €40,466 | €27,427 | -€13,039 | -32.2% |
| Amounts receivable within one year | 40/41 | €13,145 | - | -€13,145 | |
| Other amounts receivable | 41 | €13,145 | - | -€13,145 | |
| Cash at bank and in hand | 54/58 | €16,323 | €9,733 | -€6,590 | -40.4% |
| Deferred charges and accrued income | 490/1 | €10,998 | €17,694 | +€6,696 | +60.9% |
| Total equity and liabilities | 10/49 | €225,527 | €179,188 | -€46,339 | -20.5% |
| Equity | 10/15 | -€724,481 | -€754,495 | -€30,013 | -4.1% |
| Contributions | 10/11 | €212,500 | €212,500 | = | 0.0% |
| Reserves | 13 | €43,460 | €43,460 | = | 0.0% |
| Distributable reserves | 133 | €43,460 | €43,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€980,441 | -€1,010,454 | -€30,013 | -3.1% |
| Amounts payable | 17/49 | €950,009 | €933,683 | -€16,326 | -1.7% |
| Amounts payable within one year | 42/48 | €949,990 | €933,683 | -€16,307 | -1.7% |
| Trade debts | 44 | €1,061 | €169 | -€892 | -84.0% |
| Suppliers | 440/4 | €1,061 | €169 | -€892 | -84.0% |
| Other amounts payable | 47/48 | €948,929 | €933,514 | -€15,415 | -1.6% |
| Accrued charges and deferred income | 492/3 | €19 | €0 | -€19 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,291 | €33,300 | -€17,990 | -35.1% |
| Other operating charges | 640/8 | €9,816 | €10,251 | +€435 | +4.4% |
| Gross operating margin | 9900 | €14,678 | €13,594 | -€1,084 | -7.4% |
| Operating profit (loss) | 9901 | -€46,429 | -€29,957 | +€16,472 | +35.5% |
| Financial income | 75/76B | €3 | €0 | -€3 | -100% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -100% |
| Financial charges | 65/66B | €72 | €56 | -€16 | -21.7% |
| Recurring financial charges | 65 | €72 | €56 | -€16 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | -€46,498 | -€30,013 | +€16,485 | +35.5% |
| Profit (loss) for the period | 9904 | -€46,498 | -€30,013 | +€16,485 | +35.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€46,498 | -€30,013 | +€16,485 | +35.5% |
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 13 October 2026 via checked.be.