CZAAR: what changed
CZAAR
Largest movements
- Receivables within one year +€419,800
up €419,800 (+66.4%), from €631,973 to €1.1m
of which Trade receivables: +€408,875
- Cash +€252,800
up €252,800 (+58.7%), from €430,456 to €683,255
mainly Trade debts (+€506,904) and Net result for the year (+€146,935)
- Tangible fixed assets -€57,776
down €57,776 (-15.4%), from €374,348 to €316,572
of which Plant, machinery and equipment: -€40,042
- Intangible fixed assets -€41,800
down €41,800 (-13.3%), from €313,500 to €271,700
- Trade debts +€506,904
up €506,904 (+94.0%), from €539,325 to €1.0m
- Reserves +€143,230
up €143,230 (+25.0%), from €571,961 to €715,191
- Debts after one year -€76,559
down €76,559 (-14.0%), from €547,435 to €470,876
- Gross operating margin -€34,399
down €34,399 (-7.8%), from €440,860 to €406,461
- Depreciation -€17,973
down €17,973 (-14.6%), from €123,345 to €105,372
- Staff costs -€5,950
down €5,950 (-6.5%), from €91,457 to €85,507
- Other operating charges -€4,679
down €4,679 (-40.3%), from €11,619 to €6,940
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,762,876 | €2,337,575 | +€574,698 | +32.6% |
| Fixed assets | 21/28 | €700,447 | €600,871 | -€99,576 | -14.2% |
| Intangible fixed assets | 21 | €313,500 | €271,700 | -€41,800 | -13.3% |
| Tangible fixed assets | 22/27 | €374,348 | €316,572 | -€57,776 | -15.4% |
| Plant, machinery and equipment | 23 | €338,506 | €298,465 | -€40,042 | -11.8% |
| Furniture and vehicles | 24 | €35,842 | €18,107 | -€17,734 | -49.5% |
| Financial fixed assets | 28 | €12,599 | €12,599 | = | 0.0% |
| Current assets | 29/58 | €1,062,429 | €1,736,703 | +€674,274 | +63.5% |
| Amounts receivable within one year | 40/41 | €631,973 | €1,051,774 | +€419,800 | +66.4% |
| Trade receivables | 40 | €622,011 | €1,030,886 | +€408,875 | +65.7% |
| Other amounts receivable | 41 | €9,963 | €20,888 | +€10,925 | +110% |
| Cash at bank and in hand | 54/58 | €430,456 | €683,255 | +€252,800 | +58.7% |
| Deferred charges and accrued income | 490/1 | - | €1,674 | +€1,674 | |
| Total equity and liabilities | 10/49 | €1,762,876 | €2,337,575 | +€574,698 | +32.6% |
| Equity | 10/15 | €586,902 | €730,137 | +€143,235 | +24.4% |
| Contributions | 10/11 | €14,625 | €14,625 | = | 0.0% |
| Reserves | 13 | €571,961 | €715,191 | +€143,230 | +25.0% |
| Distributable reserves | 133 | €571,961 | €715,191 | +€143,230 | +25.0% |
| Profit (loss) carried forward | 14 | €316 | €321 | +€5 | +1.5% |
| Amounts payable | 17/49 | €1,175,974 | €1,607,438 | +€431,463 | +36.7% |
| Amounts payable after more than one year | 17 | €547,435 | €470,876 | -€76,559 | -14.0% |
| Financial debts | 170/4 | €547,435 | €470,876 | -€76,559 | -14.0% |
| Amounts payable within one year | 42/48 | €628,540 | €1,136,562 | +€508,022 | +80.8% |
| Current portion of amounts payable after more than one year | 42 | €74,005 | €76,559 | +€2,554 | +3.5% |
| Trade debts | 44 | €539,325 | €1,046,229 | +€506,904 | +94.0% |
| Suppliers | 440/4 | €539,325 | €1,046,229 | +€506,904 | +94.0% |
| Taxes, remuneration and social security | 45 | €15,209 | €10,074 | -€5,135 | -33.8% |
| Taxes | 450/3 | €7,518 | - | -€7,518 | |
| Remuneration and social security | 454/9 | €7,692 | €10,074 | +€2,383 | +31.0% |
| Other amounts payable | 47/48 | - | €3,700 | +€3,700 | |
| Remuneration, social security and pensions | 62 | €91,457 | €85,507 | -€5,950 | -6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,345 | €105,372 | -€17,973 | -14.6% |
| Other operating charges | 640/8 | €11,619 | €6,940 | -€4,679 | -40.3% |
| Gross operating margin | 9900 | €440,860 | €406,461 | -€34,399 | -7.8% |
| Operating profit (loss) | 9901 | €214,440 | €208,643 | -€5,797 | -2.7% |
| Financial income | 75/76B | €2,370 | €1,694 | -€676 | -28.5% |
| Recurring financial income | 75 | €2,370 | €1,694 | -€676 | -28.5% |
| Financial charges | 65/66B | €16,407 | €14,972 | -€1,435 | -8.7% |
| Recurring financial charges | 65 | €16,407 | €14,972 | -€1,435 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | €200,402 | €195,365 | -€5,038 | -2.5% |
| Income taxes | 67/77 | €50,500 | €48,430 | -€2,070 | -4.1% |
| Profit (loss) for the period | 9904 | €149,902 | €146,935 | -€2,968 | -2.0% |
| Profit (loss) for the period to be appropriated | 9905 | €149,902 | €146,935 | -€2,968 | -2.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.