ZWIJNAARDE: 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.
ZWIJNAARDE
Largest movements
- Deferred charges and accrued income -€537,957
down €537,957 (-100.0%), from €537,986 to €30
- Stocks and contracts -€435,398
down €435,398 (-5.3%), from €8.2m to €7.8m
- Cash +€381,015
up €381,015 (+842%), from €45,262 to €426,277
mainly Short-term financial debts (+€2.4m) and Trade debts (+€858,354)
- Receivables within one year -€230,835
down €230,835 (-14.5%), from €1.6m to €1.4m
of which Trade receivables: -€157,614
- Short-term financial debts +€2.4m
up €2.4m (+319%), from €755,000 to €3.2m
- Advances received -€1.8m
down €1.8m (-98.0%), from €1.8m to €36,860
- Other debts -€1.8m
down €1.8m (-41.1%), from €4.3m to €2.5m
- Trade debts +€858,354
up €858,354 (+18.7%), from €4.6m to €5.5m
- Profit (loss) carried forward -€534,300
down €534,300 (-92.5%), from -€577,530 to -€1.1m
- Gross operating margin -€730,122
down €730,122 (-15,741%), from -€4,638 to -€734,761
- Financial income -€113,545
down €113,545 (-23.0%), from €493,369 to €379,824
- Other operating charges +€75,438
up €75,438 (+1,784%), from €4,228 to €79,666
- Financial charges +€54,433
up €54,433 (+120%), from €45,263 to €99,696
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 | €11,201,715 | €10,378,544 | -€823,172 | -7.3% |
| Fixed assets | 21/28 | €777,440 | €777,440 | = | 0.0% |
| Financial fixed assets | 28 | €777,440 | €777,440 | = | 0.0% |
| Current assets | 29/58 | €10,424,275 | €9,601,104 | -€823,172 | -7.9% |
| Stocks and contracts in progress | 3 | €8,246,506 | €7,811,107 | -€435,398 | -5.3% |
| Stocks | 30/36 | €8,246,506 | €7,811,107 | -€435,398 | -5.3% |
| Amounts receivable within one year | 40/41 | €1,593,875 | €1,363,041 | -€230,835 | -14.5% |
| Trade receivables | 40 | €1,480,955 | €1,323,341 | -€157,614 | -10.6% |
| Other amounts receivable | 41 | €112,920 | €39,700 | -€73,220 | -64.8% |
| Current investments | 50/53 | €646 | €649 | +€3 | +0.5% |
| Cash at bank and in hand | 54/58 | €45,262 | €426,277 | +€381,015 | +842% |
| Deferred charges and accrued income | 490/1 | €537,986 | €30 | -€537,957 | -100.0% |
| Total equity and liabilities | 10/49 | €11,201,715 | €10,378,544 | -€823,172 | -7.3% |
| Equity | 10/15 | -€332,116 | -€866,416 | -€534,300 | -161% |
| Contributions | 10/11 | €223,104 | €223,104 | = | 0.0% |
| Capital | 10 | €223,104 | €223,104 | = | 0.0% |
| Issued capital | 100 | €223,104 | €223,104 | = | 0.0% |
| Reserves | 13 | €22,310 | €22,310 | = | 0.0% |
| Non-distributable reserves | 130/1 | €22,310 | €22,310 | = | 0.0% |
| Legal reserve | 130 | €22,310 | €22,310 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€577,530 | -€1,111,830 | -€534,300 | -92.5% |
| Amounts payable | 17/49 | €11,533,831 | €11,244,959 | -€288,871 | -2.5% |
| Amounts payable after more than one year | 17 | €47,565 | €48,041 | +€476 | +1.0% |
| Other amounts payable | 178/9 | €47,565 | €48,041 | +€476 | +1.0% |
| Amounts payable within one year | 42/48 | €11,483,517 | €11,192,209 | -€291,308 | -2.5% |
| Financial debts | 43 | €755,000 | €3,162,000 | +€2.4m | +319% |
| Credit institutions | 430/8 | €755,000 | €3,162,000 | +€2.4m | +319% |
| Trade debts | 44 | €4,598,074 | €5,456,428 | +€858,354 | +18.7% |
| Suppliers | 440/4 | €4,598,074 | €5,456,428 | +€858,354 | +18.7% |
| Advances received on contracts in progress | 46 | €1,823,020 | €36,860 | -€1.8m | -98.0% |
| Taxes, remuneration and social security | 45 | €45 | €13 | -€32 | -71.2% |
| Taxes | 450/3 | €45 | €13 | -€32 | -71.2% |
| Other amounts payable | 47/48 | €4,307,377 | €2,536,908 | -€1.8m | -41.1% |
| Accrued charges and deferred income | 492/3 | €2,749 | €4,709 | +€1,960 | +71.3% |
| Other operating charges | 640/8 | €4,228 | €79,666 | +€75,438 | +1,784% |
| Gross operating margin | 9900 | -€4,638 | -€734,761 | -€730,122 | -15,741% |
| Operating profit (loss) | 9901 | -€8,866 | -€814,427 | -€805,561 | -9,086% |
| Financial income | 75/76B | €493,369 | €379,824 | -€113,545 | -23.0% |
| Recurring financial income | 75 | €493,369 | €379,824 | -€113,545 | -23.0% |
| Financial charges | 65/66B | €45,263 | €99,696 | +€54,433 | +120% |
| Recurring financial charges | 65 | €45,263 | €99,696 | +€54,433 | +120% |
| Profit (loss) for the period before taxes | 9903 | €439,239 | -€534,299 | -€973,538 | |
| Income taxes | 67/77 | €1 | €1 | +€1 | +130% |
| Profit (loss) for the period | 9904 | €439,239 | -€534,300 | -€973,539 | |
| Profit (loss) for the period to be appropriated | 9905 | €439,239 | -€534,300 | -€973,539 |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.