CZAR.BE: 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.
CZAR.BE
Largest movements
- Receivables within one year +€1.5m
up €1.5m (+188%), from €781,306 to €2.3m
of which Trade receivables: +€936,555
- Current investments +€112,000
new in 2025: €112,000
- Cash +€96,654
up €96,654 (+85.9%), from €112,468 to €209,122
mainly Advances received (+€942,127) and Other debts (+€536,524)
- Tangible fixed assets -€28,711
down €28,711 (-32.3%), from €88,841 to €60,130
of which Furniture and vehicles: -€23,704
- Advances received +€942,127
up €942,127 (+582%), from €161,899 to €1.1m
- Other debts +€536,524
up €536,524 (+4,761%), from €11,269 to €547,793
- Trade debts +€176,135
up €176,135 (+64.8%), from €272,014 to €448,150
- Reserves +€112,000
up €112,000 (+3,765%), from €2,975 to €114,975
of which Non-distributable reserves: +€112,000
- Profit (loss) carried forward -€102,883
down €102,883 (-29.7%), from €346,188 to €243,305
- Gross operating margin +€10,760
up €10,760 (+2.0%), from €526,385 to €537,145
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 | €1,109,054 | €2,752,320 | +€1.6m | +148% |
| Fixed assets | 21/28 | €215,280 | €178,777 | -€36,503 | -17.0% |
| Intangible fixed assets | 21 | €120,059 | €118,647 | -€1,412 | -1.2% |
| Tangible fixed assets | 22/27 | €88,841 | €60,130 | -€28,711 | -32.3% |
| Plant, machinery and equipment | 23 | €30,433 | €25,708 | -€4,725 | -15.5% |
| Furniture and vehicles | 24 | €56,870 | €33,167 | -€23,704 | -41.7% |
| Other tangible fixed assets | 26 | €1,538 | €1,255 | -€283 | -18.4% |
| Financial fixed assets | 28 | €6,380 | €0 | -€6,380 | -100% |
| Current assets | 29/58 | €893,774 | €2,573,543 | +€1.7m | +188% |
| Amounts receivable within one year | 40/41 | €781,306 | €2,252,421 | +€1.5m | +188% |
| Trade receivables | 40 | €725,092 | €1,661,647 | +€936,555 | +129% |
| Other amounts receivable | 41 | €56,214 | €590,774 | +€534,560 | +951% |
| Current investments | 50/53 | - | €112,000 | +€112,000 | |
| Cash at bank and in hand | 54/58 | €112,468 | €209,122 | +€96,654 | +85.9% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,109,054 | €2,752,320 | +€1.6m | +148% |
| Equity | 10/15 | €378,910 | €388,026 | +€9,117 | +2.4% |
| Contributions | 10/11 | €29,747 | €29,747 | = | 0.0% |
| Reserves | 13 | €2,975 | €114,975 | +€112,000 | +3,765% |
| Non-distributable reserves | 130/1 | - | €112,000 | +€112,000 | |
| Reserves not available under the articles | 1311 | - | €112,000 | +€112,000 | |
| Distributable reserves | 133 | €2,975 | €2,975 | = | 0.0% |
| Profit (loss) carried forward | 14 | €346,188 | €243,305 | -€102,883 | -29.7% |
| Amounts payable | 17/49 | €730,144 | €2,364,293 | +€1.6m | +224% |
| Amounts payable after more than one year | 17 | €29,273 | €10,996 | -€18,277 | -62.4% |
| Financial debts | 170/4 | €29,273 | €10,996 | -€18,277 | -62.4% |
| Amounts payable within one year | 42/48 | €520,871 | €2,173,297 | +€1.7m | +317% |
| Current portion of amounts payable after more than one year | 42 | €17,577 | €18,277 | +€700 | +4.0% |
| Trade debts | 44 | €272,014 | €448,150 | +€176,135 | +64.8% |
| Suppliers | 440/4 | €272,014 | €448,150 | +€176,135 | +64.8% |
| Advances received on contracts in progress | 46 | €161,899 | €1,104,026 | +€942,127 | +582% |
| Taxes, remuneration and social security | 45 | €58,111 | €55,052 | -€3,059 | -5.3% |
| Taxes | 450/3 | €12,192 | €2,991 | -€9,201 | -75.5% |
| Remuneration and social security | 454/9 | €45,919 | €52,062 | +€6,142 | +13.4% |
| Other amounts payable | 47/48 | €11,269 | €547,793 | +€536,524 | +4,761% |
| Accrued charges and deferred income | 492/3 | €180,000 | €180,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €465,490 | €464,578 | -€912 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,446 | €37,392 | +€4,946 | +15.2% |
| Other operating charges | 640/8 | €8,231 | €5,870 | -€2,362 | -28.7% |
| Non-recurring operating charges | 66A | €4,880 | €0 | -€4,880 | -100% |
| Gross operating margin | 9900 | €526,385 | €537,145 | +€10,760 | +2.0% |
| Operating profit (loss) | 9901 | €15,338 | €29,306 | +€13,967 | +91.1% |
| Financial income | 75/76B | €3,938 | €1,421 | -€2,517 | -63.9% |
| Recurring financial income | 75 | €3,938 | €1,421 | -€2,517 | -63.9% |
| Financial charges | 65/66B | €3,004 | €3,096 | +€92 | +3.1% |
| Recurring financial charges | 65 | €3,004 | €3,096 | +€92 | +3.1% |
| Profit (loss) for the period before taxes | 9903 | €16,272 | €27,631 | +€11,358 | +69.8% |
| Income taxes | 67/77 | €13,358 | €18,514 | +€5,156 | +38.6% |
| Profit (loss) for the period | 9904 | €2,914 | €9,117 | +€6,202 | +213% |
| Profit (loss) for the period to be appropriated | 9905 | €2,914 | €9,117 | +€6,202 | +213% |
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.