BZen: 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.
BZen
Largest movements
- Intangible fixed assets +€453,552
up €453,552 (+63.3%), from €716,954 to €1.2m
- Receivables within one year -€105,942
down €105,942 (-37.3%), from €284,292 to €178,350
of which Trade receivables: -€106,332
- Cash +€29,443
up €29,443 (+135%), from €21,770 to €51,213
mainly Contributions, distributions and other (+€700,500) and Trade debts (+€318,715)
- Contributions +€700,500
up €700,500 (+42.4%), from €1.7m to €2.4m
- Other debts -€355,792
down €355,792 (-46.0%), from €773,418 to €417,626
- Trade debts +€318,715
up €318,715 (+620%), from €51,380 to €370,095
- Profit (loss) carried forward -€279,838
down €279,838 (-20.2%), from -€1.4m to -€1.7m
- Depreciation +€84,999
up €84,999 (+53.9%), from €157,795 to €242,794
- Gross operating margin -€11,197
down €11,197 (-8.1%), from €138,612 to €127,415
- Financial income +€6,981
up €6,981 (+7,295%), from €96 to €7,077
- Write-downs +€5,621
new in 2025: €5,621
- Other operating charges -€4,225
down €4,225 (-91.4%), from €4,625 to €400
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 | €1,154,250 | €1,540,609 | +€386,360 | +33.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €737,971 | €1,189,320 | +€451,349 | +61.2% |
| Intangible fixed assets | 21 | €716,954 | €1,170,506 | +€453,552 | +63.3% |
| Tangible fixed assets | 22/27 | €9,443 | €7,239 | -€2,203 | -23.3% |
| Plant, machinery and equipment | 23 | €7,475 | €6,205 | -€1,269 | -17.0% |
| Furniture and vehicles | 24 | €1,968 | €1,034 | -€934 | -47.5% |
| Financial fixed assets | 28 | €11,575 | €11,575 | = | 0.0% |
| Current assets | 29/58 | €416,278 | €351,290 | -€64,989 | -15.6% |
| Stocks and contracts in progress | 3 | €87,584 | €100,572 | +€12,989 | +14.8% |
| Stocks | 30/36 | €87,584 | €100,572 | +€12,989 | +14.8% |
| Amounts receivable within one year | 40/41 | €284,292 | €178,350 | -€105,942 | -37.3% |
| Trade receivables | 40 | €284,254 | €177,923 | -€106,332 | -37.4% |
| Other amounts receivable | 41 | €38 | €427 | +€390 | +1,037% |
| Cash at bank and in hand | 54/58 | €21,770 | €51,213 | +€29,443 | +135% |
| Deferred charges and accrued income | 490/1 | €22,633 | €21,155 | -€1,478 | -6.5% |
| Total equity and liabilities | 10/49 | €1,154,250 | €1,540,609 | +€386,360 | +33.5% |
| Equity | 10/15 | €270,687 | €691,348 | +€420,662 | +155% |
| Contributions | 10/11 | €1,653,000 | €2,353,500 | +€700,500 | +42.4% |
| Profit (loss) carried forward | 14 | -€1,382,313 | -€1,662,152 | -€279,838 | -20.2% |
| Amounts payable | 17/49 | €883,563 | €849,261 | -€34,302 | -3.9% |
| Amounts payable within one year | 42/48 | €883,563 | €849,261 | -€34,302 | -3.9% |
| Trade debts | 44 | €51,380 | €370,095 | +€318,715 | +620% |
| Suppliers | 440/4 | €51,380 | €370,095 | +€318,715 | +620% |
| Taxes, remuneration and social security | 45 | €58,765 | €61,540 | +€2,775 | +4.7% |
| Taxes | 450/3 | €32,930 | €33,602 | +€672 | +2.0% |
| Remuneration and social security | 454/9 | €25,835 | €27,938 | +€2,103 | +8.1% |
| Other amounts payable | 47/48 | €773,418 | €417,626 | -€355,792 | -46.0% |
| Remuneration, social security and pensions | 62 | €154,573 | €151,475 | -€3,098 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €157,795 | €242,794 | +€84,999 | +53.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €5,621 | +€5,621 | |
| Other operating charges | 640/8 | €4,625 | €400 | -€4,225 | -91.4% |
| Gross operating margin | 9900 | €138,612 | €127,415 | -€11,197 | -8.1% |
| Operating profit (loss) | 9901 | -€178,381 | -€272,874 | -€94,494 | -53.0% |
| Financial income | 75/76B | €96 | €7,077 | +€6,981 | +7,295% |
| Recurring financial income | 75 | €96 | €7,077 | +€6,981 | +7,295% |
| Financial charges | 65/66B | €14,151 | €14,041 | -€110 | -0.8% |
| Recurring financial charges | 65 | €14,151 | €14,041 | -€110 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | -€192,436 | -€279,838 | -€87,403 | -45.4% |
| Profit (loss) for the period | 9904 | -€192,436 | -€279,838 | -€87,403 | -45.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€192,436 | -€279,838 | -€87,403 | -45.4% |
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 20 October 2026 via checked.be.