GROUP-Z: 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.
GROUP-Z
Largest movements
- Cash -€132,842
down €132,842 (-48.6%), from €273,084 to €140,242
mainly Investment in fixed assets (net) (-€98,688) and Receivables within one year (-€94,438)
- Receivables within one year +€94,438
up €94,438 (+285%), from €33,091 to €127,529
of which Trade receivables: +€90,797
- Tangible fixed assets +€68,770
up €68,770 (+11.7%), from €588,086 to €656,856
of which Land and buildings: +€78,617
- Deferred charges and accrued income +€12,091
up €12,091 (+429%), from €2,821 to €14,912
- Reserves +€29,333
up €29,333 (+12.6%), from €233,168 to €262,501
- Debts after one year -€16,454
down €16,454 (-4.8%), from €340,368 to €323,914
- Other debts +€13,534
up €13,534 (+3.5%), from €384,861 to €398,395
- Gross operating margin +€26,600
up €26,600 (+37.8%), from €70,463 to €97,063
- Depreciation +€8,662
up €8,662 (+40.7%), from €21,256 to €29,918
- Taxes +€3,120
up €3,120 (+46.3%), from €6,734 to €9,854
- Financial charges +€1,291
up €1,291 (+9.8%), from €13,149 to €14,439
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 | €1,001,832 | €1,044,289 | +€42,457 | +4.2% |
| Fixed assets | 21/28 | €692,836 | €761,606 | +€68,770 | +9.9% |
| Tangible fixed assets | 22/27 | €588,086 | €656,856 | +€68,770 | +11.7% |
| Land and buildings | 22 | €538,709 | €617,325 | +€78,617 | +14.6% |
| Furniture and vehicles | 24 | €49,377 | €39,531 | -€9,847 | -19.9% |
| Financial fixed assets | 28 | €104,750 | €104,750 | = | 0.0% |
| Current assets | 29/58 | €308,996 | €282,683 | -€26,313 | -8.5% |
| Amounts receivable within one year | 40/41 | €33,091 | €127,529 | +€94,438 | +285% |
| Trade receivables | 40 | €20,166 | €110,963 | +€90,797 | +450% |
| Other amounts receivable | 41 | €12,925 | €16,566 | +€3,641 | +28.2% |
| Cash at bank and in hand | 54/58 | €273,084 | €140,242 | -€132,842 | -48.6% |
| Deferred charges and accrued income | 490/1 | €2,821 | €14,912 | +€12,091 | +429% |
| Total equity and liabilities | 10/49 | €1,001,832 | €1,044,289 | +€42,457 | +4.2% |
| Equity | 10/15 | €251,768 | €281,101 | +€29,333 | +11.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €233,168 | €262,501 | +€29,333 | +12.6% |
| Distributable reserves | 133 | €233,168 | €262,501 | +€29,333 | +12.6% |
| Amounts payable | 17/49 | €750,064 | €763,188 | +€13,124 | +1.7% |
| Amounts payable after more than one year | 17 | €340,368 | €323,914 | -€16,454 | -4.8% |
| Financial debts | 170/4 | €340,368 | €323,914 | -€16,454 | -4.8% |
| Amounts payable within one year | 42/48 | €408,598 | €438,046 | +€29,447 | +7.2% |
| Current portion of amounts payable after more than one year | 42 | €16,805 | €17,540 | +€735 | +4.4% |
| Trade debts | 44 | €6,199 | €12,281 | +€6,082 | +98.1% |
| Suppliers | 440/4 | €6,199 | €12,281 | +€6,082 | +98.1% |
| Taxes, remuneration and social security | 45 | €734 | €9,830 | +€9,096 | +1,240% |
| Taxes | 450/3 | €734 | €9,830 | +€9,096 | +1,240% |
| Other amounts payable | 47/48 | €384,861 | €398,395 | +€13,534 | +3.5% |
| Accrued charges and deferred income | 492/3 | €1,097 | €1,228 | +€132 | +12.0% |
| Non-recurring operating income | 76A | €12,397 | - | -€12,397 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,256 | €29,918 | +€8,662 | +40.7% |
| Other operating charges | 640/8 | €5,246 | €5,186 | -€60 | -1.1% |
| Gross operating margin | 9900 | €70,463 | €97,063 | +€26,600 | +37.8% |
| Operating profit (loss) | 9901 | €43,961 | €61,959 | +€17,998 | +40.9% |
| Financial charges | 65/66B | €13,149 | €14,439 | +€1,291 | +9.8% |
| Recurring financial charges | 65 | €13,149 | €14,439 | +€1,291 | +9.8% |
| Profit (loss) for the period before taxes | 9903 | €30,812 | €47,520 | +€16,707 | +54.2% |
| Income taxes | 67/77 | €6,734 | €9,854 | +€3,120 | +46.3% |
| Profit (loss) for the period | 9904 | €24,079 | €37,666 | +€13,587 | +56.4% |
| Profit (loss) for the period to be appropriated | 9905 | €24,079 | €37,666 | +€13,587 | +56.4% |
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 30 October 2026 via checked.be.