ZWINVIEW: 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.
ZWINVIEW
Largest movements
- Stocks and contracts +€2.2m
up €2.2m (+60.0%), from €3.6m to €5.7m
- Receivables within one year +€600,000
new in 2025: €600,000
- Debts after one year +€4.6m
up €4.6m (+301.3%), from €1.5m to €6.1m
- Current portion of long-term debt -€2.3m
no longer reported in 2025 (was €2.3m)
- Profit (loss) carried forward +€295,861
no longer reported in 2025 (was -€295,861)
- Reserves +€134,084
new in 2025: €134,084
of which Distributable reserves: +€127,884
- Write-downs -€561,512
down €561,512, from €280,756 to -€280,756
- Gross operating margin +€202,626
up €202,626 (+51330.2%), from €395 to €203,021
- Taxes +€50,224
new in 2025: €50,224
- Other operating charges -€2,836
down €2,836 (-77.8%), from €3,646 to €810
- Financial charges +€2,168
up €2,168 (+344.5%), from €629 to €2,798
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 | €3,586,857 | €6,342,051 | +€2.8m | +76.8% |
| Current assets | 29/58 | €3,586,857 | €6,342,051 | +€2.8m | +76.8% |
| Stocks and contracts in progress | 3 | €3,585,000 | €5,735,861 | +€2.2m | +60.0% |
| Stocks | 30/36 | €3,585,000 | €5,735,861 | +€2.2m | +60.0% |
| Amounts receivable within one year | 40/41 | - | €600,000 | +€600,000 | |
| Trade receivables | 40 | - | €600,000 | +€600,000 | |
| Cash at bank and in hand | 54/58 | €1,857 | €6,190 | +€4,332 | +233.3% |
| Total equity and liabilities | 10/49 | €3,586,857 | €6,342,051 | +€2.8m | +76.8% |
| Equity | 10/15 | -€233,861 | €196,084 | +€429,945 | |
| 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 | - | €134,084 | +€134,084 | |
| Non-distributable reserves | 130/1 | - | €6,200 | +€6,200 | |
| Legal reserve | 130 | - | €6,200 | +€6,200 | |
| Distributable reserves | 133 | - | €127,884 | +€127,884 | |
| Profit (loss) carried forward | 14 | -€295,861 | - | +€295,861 | |
| Amounts payable | 17/49 | €3,820,718 | €6,145,966 | +€2.3m | +60.9% |
| Amounts payable after more than one year | 17 | €1,518,567 | €6,093,855 | +€4.6m | +301.3% |
| Financial debts | 170/4 | €1,518,567 | €6,093,855 | +€4.6m | +301.3% |
| Amounts payable within one year | 42/48 | €2,302,152 | €52,112 | -€2.3m | -97.7% |
| Current portion of amounts payable after more than one year | 42 | €2,300,000 | - | -€2.3m | |
| Trade debts | 44 | €2,152 | €1,888 | -€264 | -12.3% |
| Suppliers | 440/4 | €2,152 | €1,888 | -€264 | -12.3% |
| Taxes, remuneration and social security | 45 | - | €50,224 | +€50,224 | |
| Taxes | 450/3 | - | €50,224 | +€50,224 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €280,756 | -€280,756 | -€561,512 | |
| Other operating charges | 640/8 | €3,646 | €810 | -€2,836 | -77.8% |
| Gross operating margin | 9900 | €395 | €203,021 | +€202,626 | +51330.2% |
| Operating profit (loss) | 9901 | -€284,008 | €482,967 | +€766,975 | |
| Financial charges | 65/66B | €629 | €2,798 | +€2,168 | +344.5% |
| Recurring financial charges | 65 | €629 | €2,798 | +€2,168 | +344.5% |
| Profit (loss) for the period before taxes | 9903 | -€284,637 | €480,169 | +€764,806 | |
| Income taxes | 67/77 | - | €50,224 | +€50,224 | |
| Profit (loss) for the period | 9904 | -€284,637 | €429,945 | +€714,582 | |
| Profit (loss) for the period to be appropriated | 9905 | -€284,637 | €429,945 | +€714,582 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.