DR. ZIANI: 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.
DR. ZIANI
Largest movements
- Tangible fixed assets +€422,658
up €422,658 (+67.3%), from €628,035 to €1.1m
of which Land and buildings: +€363,745
- Cash -€154,865
down €154,865 (-69.7%), from €222,161 to €67,296
mainly Investment in fixed assets (net) (-€456,890) and Receivables within one year (-€121,015)
- Receivables within one year +€121,015
up €121,015 (+377%), from €32,114 to €153,130
of which Trade receivables: +€83,030
- Reserves +€201,429
up €201,429 (+47.1%), from €427,291 to €628,719
- Trade debts +€172,342
up €172,342 (+10,853%), from €1,588 to €173,929
- Tax, wage and social debts +€26,199
up €26,199 (+1,059%), from €2,475 to €28,674
of which Taxes: +€24,873
- Debts after one year -€18,596
down €18,596 (-4.1%), from €453,951 to €435,354
- Gross operating margin +€64,116
up €64,116 (+26.2%), from €244,839 to €308,955
- Depreciation +€14,944
up €14,944 (+78.7%), from €18,988 to €33,932
- Financial income -€5,826
down €5,826 (-86.0%), from €6,774 to €949
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 | €905,678 | €1,287,773 | +€382,094 | +42.2% |
| Fixed assets | 21/28 | €628,035 | €1,050,993 | +€422,958 | +67.3% |
| Tangible fixed assets | 22/27 | €628,035 | €1,050,693 | +€422,658 | +67.3% |
| Land and buildings | 22 | €628,035 | €991,780 | +€363,745 | +57.9% |
| Plant, machinery and equipment | 23 | - | €57,525 | +€57,525 | |
| Furniture and vehicles | 24 | - | €1,388 | +€1,388 | |
| Financial fixed assets | 28 | - | €300 | +€300 | |
| Current assets | 29/58 | €277,644 | €236,780 | -€40,864 | -14.7% |
| Amounts receivable within one year | 40/41 | €32,114 | €153,130 | +€121,015 | +377% |
| Trade receivables | 40 | €7,500 | €90,530 | +€83,030 | +1,107% |
| Other amounts receivable | 41 | €24,614 | €62,600 | +€37,986 | +154% |
| Cash at bank and in hand | 54/58 | €222,161 | €67,296 | -€154,865 | -69.7% |
| Deferred charges and accrued income | 490/1 | €23,369 | €16,354 | -€7,014 | -30.0% |
| Total equity and liabilities | 10/49 | €905,678 | €1,287,773 | +€382,094 | +42.2% |
| Equity | 10/15 | €429,791 | €631,219 | +€201,429 | +46.9% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €427,291 | €628,719 | +€201,429 | +47.1% |
| Distributable reserves | 133 | €427,291 | €628,719 | +€201,429 | +47.1% |
| Amounts payable | 17/49 | €475,888 | €656,554 | +€180,666 | +38.0% |
| Amounts payable after more than one year | 17 | €453,951 | €435,354 | -€18,596 | -4.1% |
| Financial debts | 170/4 | €453,951 | €435,354 | -€18,596 | -4.1% |
| Amounts payable within one year | 42/48 | €21,937 | €221,199 | +€199,262 | +908% |
| Current portion of amounts payable after more than one year | 42 | €17,874 | €18,596 | +€722 | +4.0% |
| Trade debts | 44 | €1,588 | €173,929 | +€172,342 | +10,853% |
| Suppliers | 440/4 | €1,588 | €173,929 | +€172,342 | +10,853% |
| Taxes, remuneration and social security | 45 | €2,475 | €28,674 | +€26,199 | +1,059% |
| Taxes | 450/3 | €2,475 | €27,348 | +€24,873 | +1,005% |
| Remuneration and social security | 454/9 | - | €1,326 | +€1,326 | |
| Remuneration, social security and pensions | 62 | - | €1,326 | +€1,326 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,988 | €33,932 | +€14,944 | +78.7% |
| Other operating charges | 640/8 | €4,259 | €5,995 | +€1,736 | +40.8% |
| Gross operating margin | 9900 | €244,839 | €308,955 | +€64,116 | +26.2% |
| Operating profit (loss) | 9901 | €221,593 | €267,702 | +€46,109 | +20.8% |
| Financial income | 75/76B | €6,774 | €949 | -€5,826 | -86.0% |
| Recurring financial income | 75 | €6,774 | €949 | -€5,826 | -86.0% |
| Financial charges | 65/66B | €20,987 | €19,874 | -€1,112 | -5.3% |
| Recurring financial charges | 65 | €20,987 | €19,874 | -€1,112 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | €207,381 | €248,776 | +€41,396 | +20.0% |
| Income taxes | 67/77 | €45,170 | €47,348 | +€2,177 | +4.8% |
| Profit (loss) for the period | 9904 | €162,210 | €201,429 | +€39,218 | +24.2% |
| Profit (loss) for the period to be appropriated | 9905 | €162,210 | €201,429 | +€39,218 | +24.2% |
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.