ÂZTÂ: 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.
ÂZTÂ
Largest movements
- Cash -€129,598
down €129,598 (-99.5%), from €130,209 to €611
mainly Other debts (-€62,121) and Receivables within one year (-€54,774)
- Receivables within one year +€54,774
up €54,774 (+467.3%), from €11,721 to €66,495
of which Other amounts receivable: +€59,562
- Tangible fixed assets -€28,767
down €28,767 (-2.4%), from €1.2m to €1.2m
of which Land and buildings: -€25,445
- Other debts -€62,121
down €62,121 (-94.4%), from €65,798 to €3,676
- Debts after one year -€49,630
down €49,630 (-19.5%), from €255,037 to €205,408
- Reserves +€16,600
up €16,600 (+2.8%), from €600,013 to €616,613
of which Distributable reserves: +€31,000
- Gross operating margin -€659,568
down €659,568 (-88.6%), from €744,803 to €85,236
- Financial charges -€45,750
down €45,750 (-79.0%), from €57,925 to €12,175
of which Non-recurring financial charges: -€46,251
- Depreciation +€24,589
up €24,589 (+227.7%), from €10,799 to €35,387
- Financial income -€18,126
down €18,126 (-85.0%), from €21,316 to €3,190
of which Non-recurring financial income: -€21,250
- Taxes +€16,066
up €16,066 (+11514.9%), from €140 to €16,205
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 | €1,356,640 | €1,259,608 | -€97,032 | -7.2% |
| Fixed assets | 21/28 | €1,213,948 | €1,185,180 | -€28,767 | -2.4% |
| Tangible fixed assets | 22/27 | €1,213,948 | €1,185,180 | -€28,767 | -2.4% |
| Land and buildings | 22 | €1,204,535 | €1,179,090 | -€25,445 | -2.1% |
| Furniture and vehicles | 24 | €9,412 | €6,090 | -€3,322 | -35.3% |
| Current assets | 29/58 | €142,692 | €74,428 | -€68,264 | -47.8% |
| Amounts receivable within one year | 40/41 | €11,721 | €66,495 | +€54,774 | +467.3% |
| Trade receivables | 40 | €10,364 | €5,576 | -€4,789 | -46.2% |
| Other amounts receivable | 41 | €1,357 | €60,919 | +€59,562 | +4390.3% |
| Cash at bank and in hand | 54/58 | €130,209 | €611 | -€129,598 | -99.5% |
| Deferred charges and accrued income | 490/1 | €762 | €7,322 | +€6,560 | +860.5% |
| Total equity and liabilities | 10/49 | €1,356,640 | €1,259,608 | -€97,032 | -7.2% |
| Equity | 10/15 | €784,772 | €802,029 | +€17,256 | +2.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €600,013 | €616,613 | +€16,600 | +2.8% |
| Tax-exempt reserves | 132 | €538,961 | €524,561 | -€14,400 | -2.7% |
| Distributable reserves | 133 | €61,052 | €92,052 | +€31,000 | +50.8% |
| Profit (loss) carried forward | 14 | €178,559 | €179,215 | +€656 | +0.4% |
| Provisions and deferred taxes | 16 | €179,654 | €174,854 | -€4,800 | -2.7% |
| Deferred taxes | 168 | €179,654 | €174,854 | -€4,800 | -2.7% |
| Amounts payable | 17/49 | €392,214 | €282,726 | -€109,488 | -27.9% |
| Amounts payable after more than one year | 17 | €255,037 | €205,408 | -€49,630 | -19.5% |
| Financial debts | 170/4 | €255,037 | €205,408 | -€49,630 | -19.5% |
| Amounts payable within one year | 42/48 | €137,177 | €77,318 | -€59,858 | -43.6% |
| Current portion of amounts payable after more than one year | 42 | €54,159 | €49,647 | -€4,512 | -8.3% |
| Financial debts | 43 | - | €12,179 | +€12,179 | |
| Credit institutions | 430/8 | - | €12,179 | +€12,179 | |
| Trade debts | 44 | €7,081 | €10,521 | +€3,441 | +48.6% |
| Suppliers | 440/4 | €7,081 | €10,521 | +€3,441 | +48.6% |
| Taxes, remuneration and social security | 45 | €10,140 | €1,295 | -€8,844 | -87.2% |
| Taxes | 450/3 | €10,140 | €1,295 | -€8,844 | -87.2% |
| Other amounts payable | 47/48 | €65,798 | €3,676 | -€62,121 | -94.4% |
| Non-recurring operating income | 76A | €718,615 | - | -€718,615 | |
| Remuneration, social security and pensions | 62 | - | €1,831 | +€1,831 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,799 | €35,387 | +€24,589 | +227.7% |
| Other operating charges | 640/8 | €5,211 | €10,370 | +€5,159 | +99.0% |
| Gross operating margin | 9900 | €744,803 | €85,236 | -€659,568 | -88.6% |
| Operating profit (loss) | 9901 | €728,793 | €37,647 | -€691,146 | -94.8% |
| Financial income | 75/76B | €21,316 | €3,190 | -€18,126 | -85.0% |
| Recurring financial income | 75 | €66 | €3,190 | +€3,124 | +4767.6% |
| Non-recurring financial income | 76B | €21,250 | - | -€21,250 | |
| Financial charges | 65/66B | €57,925 | €12,175 | -€45,750 | -79.0% |
| Recurring financial charges | 65 | €11,675 | €12,175 | +€501 | +4.3% |
| Non-recurring financial charges | 66B | €46,251 | - | -€46,251 | |
| Profit (loss) for the period before taxes | 9903 | €692,183 | €28,661 | -€663,522 | -95.9% |
| Transfer from deferred taxes | 780 | - | €4,800 | +€4,800 | |
| Transfer to deferred taxes | 680 | €179,654 | - | -€179,654 | |
| Income taxes | 67/77 | €140 | €16,205 | +€16,066 | +11514.9% |
| Profit (loss) for the period | 9904 | €512,390 | €17,256 | -€495,134 | -96.6% |
| Transfer from tax-exempt reserves | 789 | - | €14,400 | +€14,400 | |
| Transfer to tax-exempt reserves | 689 | €538,961 | - | -€538,961 | |
| Profit (loss) for the period to be appropriated | 9905 | -€26,571 | €31,656 | +€58,227 |
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 1 October 2026 via checked.be.