2Z Concept: 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.
2Z Concept
Largest movements
- Stocks and contracts +€83,000
up €83,000 (+40.8%), from €203,489 to €286,489
- Cash -€54,669
down €54,669 (-97.0%), from €56,378 to €1,709
mainly Stocks and contracts (-€83,000) and Debts after one year (-€35,703)
- Tangible fixed assets -€28,564
down €28,564 (-8.1%), from €350,966 to €322,402
of which Land and buildings: -€17,420
- Debts after one year -€35,703
down €35,703 (-26.8%), from €133,008 to €97,305
- Current portion of long-term debt +€28,220
up €28,220 (+53.8%), from €52,417 to €80,637
- Other debts +€21,672
up €21,672 (+100.7%), from €21,526 to €43,198
- Trade debts -€13,264
down €13,264 (-14.0%), from €94,582 to €81,318
- Staff costs -€25,645
down €25,645 (-6.4%), from €400,779 to €375,134
- Gross operating margin -€25,395
down €25,395 (-5.6%), from €456,675 to €431,280
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 | €622,164 | €618,975 | -€3,189 | -0.5% |
| Fixed assets | 21/28 | €353,503 | €324,838 | -€28,665 | -8.1% |
| Intangible fixed assets | 21 | €2,337 | €2,236 | -€101 | -4.3% |
| Tangible fixed assets | 22/27 | €350,966 | €322,402 | -€28,564 | -8.1% |
| Land and buildings | 22 | €313,914 | €296,494 | -€17,420 | -5.5% |
| Plant, machinery and equipment | 23 | €26,737 | €18,318 | -€8,419 | -31.5% |
| Furniture and vehicles | 24 | €5,890 | €4,449 | -€1,441 | -24.5% |
| Other tangible fixed assets | 26 | €4,425 | €3,141 | -€1,284 | -29.0% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €268,661 | €294,136 | +€25,475 | +9.5% |
| Stocks and contracts in progress | 3 | €203,489 | €286,489 | +€83,000 | +40.8% |
| Stocks | 30/36 | €203,489 | €286,489 | +€83,000 | +40.8% |
| Amounts receivable within one year | 40/41 | €8,795 | €5,939 | -€2,856 | -32.5% |
| Trade receivables | 40 | €7,523 | €5,939 | -€1,584 | -21.1% |
| Other amounts receivable | 41 | €1,272 | - | -€1,272 | |
| Cash at bank and in hand | 54/58 | €56,378 | €1,709 | -€54,669 | -97.0% |
| Total equity and liabilities | 10/49 | €622,164 | €618,975 | -€3,189 | -0.5% |
| Equity | 10/15 | €189,093 | €181,921 | -€7,172 | -3.8% |
| Contributions | 10/11 | €13,700 | €13,700 | = | 0.0% |
| Reserves | 13 | €126,067 | €122,811 | -€3,257 | -2.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €124,207 | €120,951 | -€3,257 | -2.6% |
| Profit (loss) carried forward | 14 | €567 | €567 | = | 0.0% |
| Investment grants | 15 | €48,759 | €44,844 | -€3,915 | -8.0% |
| Amounts payable | 17/49 | €433,070 | €437,053 | +€3,983 | +0.9% |
| Amounts payable after more than one year | 17 | €133,008 | €97,305 | -€35,703 | -26.8% |
| Financial debts | 170/4 | €133,008 | €97,305 | -€35,703 | -26.8% |
| Amounts payable within one year | 42/48 | €300,062 | €339,748 | +€39,686 | +13.2% |
| Current portion of amounts payable after more than one year | 42 | €52,417 | €80,637 | +€28,220 | +53.8% |
| Trade debts | 44 | €94,582 | €81,318 | -€13,264 | -14.0% |
| Suppliers | 440/4 | €94,582 | €81,318 | -€13,264 | -14.0% |
| Advances received on contracts in progress | 46 | €22,595 | €19,512 | -€3,082 | -13.6% |
| Taxes, remuneration and social security | 45 | €108,943 | €115,083 | +€6,140 | +5.6% |
| Taxes | 450/3 | €67,439 | €73,518 | +€6,079 | +9.0% |
| Remuneration and social security | 454/9 | €41,503 | €41,564 | +€61 | +0.1% |
| Other amounts payable | 47/48 | €21,526 | €43,198 | +€21,672 | +100.7% |
| Remuneration, social security and pensions | 62 | €400,779 | €375,134 | -€25,645 | -6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,536 | €36,180 | -€356 | -1.0% |
| Other operating charges | 640/8 | €2,656 | €2,279 | -€377 | -14.2% |
| Gross operating margin | 9900 | €456,675 | €431,280 | -€25,395 | -5.6% |
| Operating profit (loss) | 9901 | €16,704 | €17,686 | +€983 | +5.9% |
| Financial income | 75/76B | €3,915 | €3,955 | +€40 | +1.0% |
| Recurring financial income | 75 | €3,915 | €3,955 | +€40 | +1.0% |
| Financial charges | 65/66B | €5,800 | €8,397 | +€2,597 | +44.8% |
| Recurring financial charges | 65 | €5,800 | €8,397 | +€2,597 | +44.8% |
| Profit (loss) for the period before taxes | 9903 | €14,819 | €13,244 | -€1,574 | -10.6% |
| Income taxes | 67/77 | €10,557 | €8,026 | -€2,531 | -24.0% |
| Profit (loss) for the period | 9904 | €4,261 | €5,218 | +€957 | +22.5% |
| Profit (loss) for the period to be appropriated | 9905 | €4,261 | €5,218 | +€957 | +22.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.