ZWAEN: what changed
ZWAEN
Largest movements
- Tangible fixed assets -€85,079
down €85,079 (-23.7%), from €358,943 to €273,864
of which Plant, machinery and equipment: -€85,812
- Receivables within one year +€59,838
up €59,838 (+104%), from €57,719 to €117,558
of which Other amounts receivable: +€59,899
- Cash +€24,493
up €24,493 (+92.2%), from €26,553 to €51,046
mainly Depreciation (+€91,287) and Trade debts (+€38,736)
- Deferred charges and accrued income -€16,592
down €16,592 (-95.3%), from €17,404 to €812
- Debts after one year -€57,520
down €57,520 (-27.4%), from €210,285 to €152,765
- Trade debts +€38,736
up €38,736 (+20.2%), from €191,523 to €230,259
- Profit (loss) carried forward -€32,836
down €32,836 (-510%), from -€6,443 to -€39,279
- Short-term financial debts +€30,000
new in 2025: €30,000
- Tax, wage and social debts +€6,067
up €6,067 (+79.0%), from €7,683 to €13,750
of which Remuneration and social security: +€6,246
- Gross operating margin -€14,485
down €14,485 (-7.8%), from €185,253 to €170,767
- Depreciation -€10,494
down €10,494 (-10.3%), from €101,781 to €91,287
- Financial charges +€7,562
up €7,562 (+39.8%), from €18,995 to €26,557
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €537,750 | €519,771 | -€17,979 | -3.3% |
| Fixed assets | 21/28 | €358,943 | €273,864 | -€85,079 | -23.7% |
| Tangible fixed assets | 22/27 | €358,943 | €273,864 | -€85,079 | -23.7% |
| Plant, machinery and equipment | 23 | €356,867 | €271,055 | -€85,812 | -24.0% |
| Furniture and vehicles | 24 | €1,811 | €2,809 | +€998 | +55.1% |
| Other tangible fixed assets | 26 | €265 | €0 | -€265 | -100% |
| Current assets | 29/58 | €178,807 | €245,906 | +€67,100 | +37.5% |
| Stocks and contracts in progress | 3 | €77,131 | €76,491 | -€640 | -0.8% |
| Stocks | 30/36 | €77,131 | €76,491 | -€640 | -0.8% |
| Amounts receivable within one year | 40/41 | €57,719 | €117,558 | +€59,838 | +104% |
| Trade receivables | 40 | €60 | €0 | -€60 | -100% |
| Other amounts receivable | 41 | €57,659 | €117,558 | +€59,899 | +104% |
| Cash at bank and in hand | 54/58 | €26,553 | €51,046 | +€24,493 | +92.2% |
| Deferred charges and accrued income | 490/1 | €17,404 | €812 | -€16,592 | -95.3% |
| Total equity and liabilities | 10/49 | €537,750 | €519,771 | -€17,979 | -3.3% |
| Equity | 10/15 | €63,557 | €30,721 | -€32,836 | -51.7% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,443 | -€39,279 | -€32,836 | -510% |
| Amounts payable | 17/49 | €474,192 | €489,050 | +€14,857 | +3.1% |
| Amounts payable after more than one year | 17 | €210,285 | €152,765 | -€57,520 | -27.4% |
| Financial debts | 170/4 | €210,285 | €152,765 | -€57,520 | -27.4% |
| Amounts payable within one year | 42/48 | €263,907 | €336,285 | +€72,377 | +27.4% |
| Current portion of amounts payable after more than one year | 42 | €64,700 | €62,275 | -€2,425 | -3.7% |
| Financial debts | 43 | - | €30,000 | +€30,000 | |
| Credit institutions | 430/8 | - | €30,000 | +€30,000 | |
| Trade debts | 44 | €191,523 | €230,259 | +€38,736 | +20.2% |
| Suppliers | 440/4 | €191,523 | €230,259 | +€38,736 | +20.2% |
| Taxes, remuneration and social security | 45 | €7,683 | €13,750 | +€6,067 | +79.0% |
| Taxes | 450/3 | €296 | €117 | -€179 | -60.4% |
| Remuneration and social security | 454/9 | €7,387 | €13,633 | +€6,246 | +84.5% |
| Non-recurring operating income | 76A | - | €4,027 | +€4,027 | |
| Remuneration, social security and pensions | 62 | €87,613 | €89,191 | +€1,578 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,781 | €91,287 | -€10,494 | -10.3% |
| Other operating charges | 640/8 | €631 | €1,511 | +€880 | +140% |
| Gross operating margin | 9900 | €185,253 | €170,767 | -€14,485 | -7.8% |
| Operating profit (loss) | 9901 | -€4,772 | -€11,221 | -€6,449 | -135% |
| Financial income | 75/76B | €4,778 | €5,059 | +€282 | +5.9% |
| Recurring financial income | 75 | €4,778 | €5,059 | +€282 | +5.9% |
| Financial charges | 65/66B | €18,995 | €26,557 | +€7,562 | +39.8% |
| Recurring financial charges | 65 | €18,995 | €26,557 | +€7,562 | +39.8% |
| Profit (loss) for the period before taxes | 9903 | -€18,989 | -€32,719 | -€13,730 | -72.3% |
| Income taxes | 67/77 | €296 | €117 | -€179 | -60.4% |
| Profit (loss) for the period | 9904 | -€19,285 | -€32,836 | -€13,551 | -70.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,285 | -€32,836 | -€13,551 | -70.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.