Bzar: 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.
Bzar
Largest movements
- Tangible fixed assets +€31,204
up €31,204 (+6.7%), from €462,991 to €494,194
of which Other tangible fixed assets: +€63,888
- Receivables within one year -€29,037
down €29,037 (-9.9%), from €293,674 to €264,637
of which Trade receivables: -€17,073
- Cash +€18,252
up €18,252 (+169.2%), from €10,790 to €29,043
mainly Net result for the year (+€65,682) and Debts after one year (+€42,408)
- Short-term financial debts -€75,000
down €75,000 (-29.4%), from €255,000 to €180,000
- Reserves +€42,542
up €42,542 (+17.0%), from €250,849 to €293,391
of which Distributable reserves: +€43,941
- Debts after one year +€42,408
up €42,408 (+37.0%), from €114,687 to €157,096
- Other debts +€23,140
up €23,140 (+89.0%), from €26,000 to €49,140
- Tax, wage and social debts -€18,261
down €18,261 (-35.8%), from €50,959 to €32,698
of which Taxes: -€20,556
- Gross operating margin +€58,806
up €58,806 (+56.1%), from €104,732 to €163,538
- Other operating charges -€25,362
down €25,362 (-85.7%), from €29,590 to €4,227
- Depreciation +€10,950
up €10,950 (+137.2%), from €7,983 to €18,933
- Financial charges +€7,076
up €7,076 (+39.8%), from €17,771 to €24,847
- Taxes -€1,778
down €1,778 (-3.5%), from €51,427 to €49,649
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 | €774,685 | €788,375 | +€13,690 | +1.8% |
| Fixed assets | 21/28 | €462,991 | €494,194 | +€31,204 | +6.7% |
| Tangible fixed assets | 22/27 | €462,991 | €494,194 | +€31,204 | +6.7% |
| Land and buildings | 22 | €388,901 | €394,499 | +€5,597 | +1.4% |
| Plant, machinery and equipment | 23 | €1,677 | €9,646 | +€7,969 | +475.2% |
| Furniture and vehicles | 24 | €3,449 | €25,893 | +€22,443 | +650.7% |
| Other tangible fixed assets | 26 | €270 | €64,157 | +€63,888 | +23677.8% |
| Assets under construction and advance payments | 27 | €68,693 | - | -€68,693 | |
| Current assets | 29/58 | €311,694 | €294,180 | -€17,514 | -5.6% |
| Stocks and contracts in progress | 3 | €7,230 | €500 | -€6,730 | -93.1% |
| Stocks | 30/36 | €7,230 | €500 | -€6,730 | -93.1% |
| Amounts receivable within one year | 40/41 | €293,674 | €264,637 | -€29,037 | -9.9% |
| Trade receivables | 40 | €134,863 | €117,790 | -€17,073 | -12.7% |
| Other amounts receivable | 41 | €158,811 | €146,847 | -€11,964 | -7.5% |
| Cash at bank and in hand | 54/58 | €10,790 | €29,043 | +€18,252 | +169.2% |
| Total equity and liabilities | 10/49 | €774,685 | €788,375 | +€13,690 | +1.8% |
| Equity | 10/15 | €255,458 | €298,000 | +€42,542 | +16.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €250,849 | €293,391 | +€42,542 | +17.0% |
| Non-distributable reserves | 130/1 | €1,399 | - | -€1,399 | |
| Reserves not available under the articles | 1311 | €1,399 | - | -€1,399 | |
| Distributable reserves | 133 | €249,450 | €293,391 | +€43,941 | +17.6% |
| Profit (loss) carried forward | 14 | -€1,592 | -€1,592 | = | 0.0% |
| Amounts payable | 17/49 | €519,227 | €490,375 | -€28,852 | -5.6% |
| Amounts payable after more than one year | 17 | €114,687 | €157,096 | +€42,408 | +37.0% |
| Financial debts | 170/4 | €114,687 | €157,096 | +€42,408 | +37.0% |
| Amounts payable within one year | 42/48 | €404,540 | €333,279 | -€71,260 | -17.6% |
| Current portion of amounts payable after more than one year | 42 | €72,556 | €71,275 | -€1,282 | -1.8% |
| Financial debts | 43 | €255,000 | €180,000 | -€75,000 | -29.4% |
| Credit institutions | 430/8 | €255,000 | €180,000 | -€75,000 | -29.4% |
| Trade debts | 44 | €24 | €166 | +€142 | +583.5% |
| Suppliers | 440/4 | €24 | €166 | +€142 | +583.5% |
| Taxes, remuneration and social security | 45 | €50,959 | €32,698 | -€18,261 | -35.8% |
| Taxes | 450/3 | €50,959 | €30,403 | -€20,556 | -40.3% |
| Remuneration and social security | 454/9 | - | €2,295 | +€2,295 | |
| Other amounts payable | 47/48 | €26,000 | €49,140 | +€23,140 | +89.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,983 | €18,933 | +€10,950 | +137.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €200 | +€200 | |
| Other operating charges | 640/8 | €29,590 | €4,227 | -€25,362 | -85.7% |
| Gross operating margin | 9900 | €104,732 | €163,538 | +€58,806 | +56.1% |
| Operating profit (loss) | 9901 | €67,159 | €140,178 | +€73,019 | +108.7% |
| Financial income | 75/76B | €447 | - | -€447 | |
| Recurring financial income | 75 | €447 | - | -€447 | |
| Financial charges | 65/66B | €17,771 | €24,847 | +€7,076 | +39.8% |
| Recurring financial charges | 65 | €17,771 | €24,847 | +€7,076 | +39.8% |
| Profit (loss) for the period before taxes | 9903 | €49,835 | €115,331 | +€65,495 | +131.4% |
| Income taxes | 67/77 | €51,427 | €49,649 | -€1,778 | -3.5% |
| Profit (loss) for the period | 9904 | -€1,592 | €65,682 | +€67,273 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,592 | €65,682 | +€67,273 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.