ZWOL: 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.
ZWOL
Largest movements
- Receivables within one year +€151,187
up €151,187 (+12.1%), from €1.3m to €1.4m
of which Trade receivables: +€182,307
- Cash +€66,313
up €66,313 (+93.8%), from €70,720 to €137,033
mainly Net result for the year (+€190,747) and Trade debts (+€87,802)
- Deferred charges and accrued income +€21,930
up €21,930 (+59,189%), from €37 to €21,967
- Reserves +€208,063
up €208,063 (+20.6%), from €1.0m to €1.2m
of which Distributable reserves: +€208,063
- Trade debts +€87,802
up €87,802 (+215%), from €40,772 to €128,574
- Advances received -€85,106
down €85,106 (-74.9%), from €113,581 to €28,475
- Tax, wage and social debts +€28,638
up €28,638 (+22.1%), from €129,691 to €158,329
- Other debts -€21,372
down €21,372 (-73.3%), from €29,170 to €7,798
- Gross operating margin -€80,223
down €80,223 (-21.4%), from €374,473 to €294,251
- Financial income +€35,144
up €35,144 (+55,067%), from €64 to €35,208
- Other operating charges -€3,877
down €3,877 (-41.4%), from €9,359 to €5,481
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 | €1,532,768 | €1,763,694 | +€230,926 | +15.1% |
| Fixed assets | 21/28 | €209,993 | €201,489 | -€8,504 | -4.0% |
| Tangible fixed assets | 22/27 | €209,149 | €200,645 | -€8,504 | -4.1% |
| Land and buildings | 22 | €189,115 | €172,674 | -€16,441 | -8.7% |
| Plant, machinery and equipment | 23 | €19,674 | €13,319 | -€6,355 | -32.3% |
| Furniture and vehicles | 24 | €360 | €14,652 | +€14,292 | +3,970% |
| Financial fixed assets | 28 | €844 | €844 | = | 0.0% |
| Current assets | 29/58 | €1,322,775 | €1,562,205 | +€239,430 | +18.1% |
| Amounts receivable within one year | 40/41 | €1,252,018 | €1,403,205 | +€151,187 | +12.1% |
| Trade receivables | 40 | €142,956 | €325,263 | +€182,307 | +128% |
| Other amounts receivable | 41 | €1,109,062 | €1,077,943 | -€31,119 | -2.8% |
| Cash at bank and in hand | 54/58 | €70,720 | €137,033 | +€66,313 | +93.8% |
| Deferred charges and accrued income | 490/1 | €37 | €21,967 | +€21,930 | +59,189% |
| Total equity and liabilities | 10/49 | €1,532,768 | €1,763,694 | +€230,926 | +15.1% |
| Equity | 10/15 | €1,218,074 | €1,408,821 | +€190,747 | +15.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €190,480 | €173,164 | -€17,316 | -9.1% |
| Reserves | 13 | €1,008,994 | €1,217,057 | +€208,063 | +20.6% |
| Non-distributable reserves | 130/1 | €1,201 | €1,201 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,201 | €1,201 | = | 0.0% |
| Distributable reserves | 133 | €1,007,793 | €1,215,856 | +€208,063 | +20.6% |
| Amounts payable | 17/49 | €314,694 | €354,873 | +€40,179 | +12.8% |
| Amounts payable after more than one year | 17 | - | €10,712 | +€10,712 | |
| Financial debts | 170/4 | - | €10,712 | +€10,712 | |
| Amounts payable within one year | 42/48 | €314,694 | €344,139 | +€29,445 | +9.4% |
| Current portion of amounts payable after more than one year | 42 | €1,480 | €20,964 | +€19,484 | +1,316% |
| Trade debts | 44 | €40,772 | €128,574 | +€87,802 | +215% |
| Suppliers | 440/4 | €40,772 | €128,574 | +€87,802 | +215% |
| Advances received on contracts in progress | 46 | €113,581 | €28,475 | -€85,106 | -74.9% |
| Taxes, remuneration and social security | 45 | €129,691 | €158,329 | +€28,638 | +22.1% |
| Taxes | 450/3 | €129,691 | €158,329 | +€28,638 | +22.1% |
| Other amounts payable | 47/48 | €29,170 | €7,798 | -€21,372 | -73.3% |
| Accrued charges and deferred income | 492/3 | - | €22 | +€22 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,814 | €16,392 | +€3,578 | +27.9% |
| Other operating charges | 640/8 | €9,359 | €5,481 | -€3,877 | -41.4% |
| Non-recurring operating charges | 66A | €17,316 | €17,316 | = | 0.0% |
| Gross operating margin | 9900 | €374,473 | €294,251 | -€80,223 | -21.4% |
| Operating profit (loss) | 9901 | €334,985 | €255,061 | -€79,924 | -23.9% |
| Financial income | 75/76B | €64 | €35,208 | +€35,144 | +55,067% |
| Recurring financial income | 75 | €64 | €35,208 | +€35,144 | +55,067% |
| Financial charges | 65/66B | €224 | €1,079 | +€855 | +382% |
| Recurring financial charges | 65 | €224 | €1,079 | +€855 | +382% |
| Profit (loss) for the period before taxes | 9903 | €334,825 | €289,190 | -€45,634 | -13.6% |
| Income taxes | 67/77 | €97,661 | €98,443 | +€782 | +0.8% |
| Profit (loss) for the period | 9904 | €237,164 | €190,747 | -€46,417 | -19.6% |
| Profit (loss) for the period to be appropriated | 9905 | €237,164 | €190,747 | -€46,417 | -19.6% |
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 14 October 2026 via checked.be.