D.Z. GROUP: 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.
D.Z. GROUP
Largest movements
- Stocks and contracts +€110,536
up €110,536 (+27.3%), from €405,035 to €515,570
- Cash +€53,406
up €53,406 (+8.4%), from €634,781 to €688,186
mainly Net result for the year (+€139,788) and Receivables within one year (+€24,199)
- Receivables within one year -€24,199
down €24,199 (-5.6%), from €429,886 to €405,687
of which Trade receivables: -€36,459
- Profit (loss) carried forward +€139,788
up €139,788 (+9.8%), from €1.4m to €1.6m
- Gross operating margin +€26,253
up €26,253 (+11.1%), from €236,245 to €262,498
- Financial charges +€14,808
up €14,808 (+1,510%), from €981 to €15,789
- Taxes +€10,784
up €10,784 (+21.9%), from €49,301 to €60,085
- Write-downs +€10,115
new in 2025: €10,115
- Financial income +€6,061
up €6,061 (+165%), from €3,677 to €9,738
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 | €1,470,254 | €1,609,992 | +€139,738 | +9.5% |
| Fixed assets | 21/28 | €25 | €25 | = | 0.0% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €1,470,229 | €1,609,967 | +€139,738 | +9.5% |
| Stocks and contracts in progress | 3 | €405,035 | €515,570 | +€110,536 | +27.3% |
| Stocks | 30/36 | €405,035 | €515,570 | +€110,536 | +27.3% |
| Amounts receivable within one year | 40/41 | €429,886 | €405,687 | -€24,199 | -5.6% |
| Trade receivables | 40 | €306,198 | €269,740 | -€36,459 | -11.9% |
| Other amounts receivable | 41 | €123,688 | €135,947 | +€12,259 | +9.9% |
| Cash at bank and in hand | 54/58 | €634,781 | €688,186 | +€53,406 | +8.4% |
| Deferred charges and accrued income | 490/1 | €527 | €523 | -€4 | -0.7% |
| Total equity and liabilities | 10/49 | €1,470,254 | €1,609,992 | +€139,738 | +9.5% |
| Equity | 10/15 | €1,440,874 | €1,580,661 | +€139,788 | +9.7% |
| Contributions | 10/11 | €12,600 | €12,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,426,414 | €1,566,201 | +€139,788 | +9.8% |
| Amounts payable | 17/49 | €29,380 | €29,331 | -€49 | -0.2% |
| Amounts payable within one year | 42/48 | €29,380 | €29,220 | -€160 | -0.5% |
| Trade debts | 44 | €3,079 | €7,060 | +€3,982 | +129% |
| Suppliers | 440/4 | €3,079 | €7,060 | +€3,982 | +129% |
| Taxes, remuneration and social security | 45 | €26,302 | €22,160 | -€4,142 | -15.7% |
| Taxes | 450/3 | €19,898 | €10,748 | -€9,150 | -46.0% |
| Remuneration and social security | 454/9 | €6,404 | €11,412 | +€5,008 | +78.2% |
| Accrued charges and deferred income | 492/3 | - | €111 | +€111 | |
| Remuneration, social security and pensions | 62 | €42,405 | €45,143 | +€2,739 | +6.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €10,115 | +€10,115 | |
| Other operating charges | 640/8 | €75 | €1,316 | +€1,241 | +1,655% |
| Gross operating margin | 9900 | €236,245 | €262,498 | +€26,253 | +11.1% |
| Operating profit (loss) | 9901 | €193,766 | €205,923 | +€12,158 | +6.3% |
| Financial income | 75/76B | €3,677 | €9,738 | +€6,061 | +165% |
| Recurring financial income | 75 | €3,677 | €9,738 | +€6,061 | +165% |
| Financial charges | 65/66B | €981 | €15,789 | +€14,808 | +1,510% |
| Recurring financial charges | 65 | €981 | €15,789 | +€14,808 | +1,510% |
| Profit (loss) for the period before taxes | 9903 | €196,462 | €199,872 | +€3,411 | +1.7% |
| Income taxes | 67/77 | €49,301 | €60,085 | +€10,784 | +21.9% |
| Profit (loss) for the period | 9904 | €147,161 | €139,788 | -€7,373 | -5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €147,161 | €139,788 | -€7,373 | -5.0% |
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 30 October 2026 via checked.be.