GZ CONCEPT: 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.
GZ CONCEPT
Largest movements
- Stocks and contracts -€17,846
down €17,846 (-19.1%), from €93,549 to €75,703
- Receivables within one year -€13,875
down €13,875 (-33.5%), from €41,376 to €27,501
of which Trade receivables: -€11,700
- Cash +€11,292
up €11,292 (+59.6%), from €18,938 to €30,230
mainly Stocks and contracts (+€17,846) and Receivables within one year (+€13,875)
- Tangible fixed assets +€1,981
up €1,981 (+65.3%), from €3,033 to €5,014
- Trade debts -€10,606
down €10,606 (-16.5%), from €64,179 to €53,573
- Tax, wage and social debts -€5,223
down €5,223 (-27.2%), from €19,215 to €13,992
- Current portion of long-term debt -€3,500
down €3,500 (-53.8%), from €6,500 to €3,000
- Other operating charges -€3,857
down €3,857 (-9.5%), from €40,510 to €36,653
- Gross operating margin -€3,683
down €3,683 (-8.2%), from €44,866 to €41,183
- Taxes -€468
down €468 (-19.5%), from €2,404 to €1,936
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.
Cash bridge derived
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 | €159,536 | €141,111 | -€18,425 | -11.5% |
| Fixed assets | 21/28 | €5,062 | €7,044 | +€1,981 | +39.1% |
| Tangible fixed assets | 22/27 | €3,033 | €5,014 | +€1,981 | +65.3% |
| Furniture and vehicles | 24 | €3,033 | €5,014 | +€1,981 | +65.3% |
| Financial fixed assets | 28 | €2,030 | €2,030 | = | 0.0% |
| Current assets | 29/58 | €154,474 | €134,067 | -€20,407 | -13.2% |
| Stocks and contracts in progress | 3 | €93,549 | €75,703 | -€17,846 | -19.1% |
| Stocks | 30/36 | €93,549 | €75,703 | -€17,846 | -19.1% |
| Amounts receivable within one year | 40/41 | €41,376 | €27,501 | -€13,875 | -33.5% |
| Trade receivables | 40 | €34,146 | €22,446 | -€11,700 | -34.3% |
| Other amounts receivable | 41 | €7,230 | €5,055 | -€2,175 | -30.1% |
| Cash at bank and in hand | 54/58 | €18,938 | €30,230 | +€11,292 | +59.6% |
| Deferred charges and accrued income | 490/1 | €610 | €633 | +€23 | +3.8% |
| Total equity and liabilities | 10/49 | €159,536 | €141,111 | -€18,425 | -11.5% |
| Equity | 10/15 | €54,510 | €55,414 | +€904 | +1.7% |
| Contributions | 10/11 | €7,600 | €7,600 | = | 0.0% |
| Reserves | 13 | €42,360 | €42,360 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €40,500 | €40,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,550 | €5,454 | +€904 | +19.9% |
| Amounts payable | 17/49 | €105,026 | €85,697 | -€19,329 | -18.4% |
| Amounts payable after more than one year | 17 | €15,132 | €15,132 | = | 0.0% |
| Other amounts payable | 178/9 | €15,132 | €15,132 | = | 0.0% |
| Amounts payable within one year | 42/48 | €89,894 | €70,565 | -€19,329 | -21.5% |
| Current portion of amounts payable after more than one year | 42 | €6,500 | €3,000 | -€3,500 | -53.8% |
| Trade debts | 44 | €64,179 | €53,573 | -€10,606 | -16.5% |
| Suppliers | 440/4 | €64,179 | €53,573 | -€10,606 | -16.5% |
| Taxes, remuneration and social security | 45 | €19,215 | €13,992 | -€5,223 | -27.2% |
| Taxes | 450/3 | €19,215 | €13,992 | -€5,223 | -27.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €554 | €916 | +€362 | +65.3% |
| Other operating charges | 640/8 | €40,510 | €36,653 | -€3,857 | -9.5% |
| Non-recurring operating charges | 66A | €45 | €288 | +€243 | +540.0% |
| Gross operating margin | 9900 | €44,866 | €41,183 | -€3,683 | -8.2% |
| Operating profit (loss) | 9901 | €3,757 | €3,326 | -€431 | -11.5% |
| Financial income | 75/76B | €70 | €17 | -€53 | -76.0% |
| Recurring financial income | 75 | €70 | €17 | -€53 | -76.0% |
| Financial charges | 65/66B | €399 | €503 | +€104 | +26.0% |
| Recurring financial charges | 65 | €399 | €503 | +€104 | +26.0% |
| Profit (loss) for the period before taxes | 9903 | €3,427 | €2,839 | -€588 | -17.1% |
| Income taxes | 67/77 | €2,404 | €1,936 | -€468 | -19.5% |
| Profit (loss) for the period | 9904 | €1,023 | €904 | -€119 | -11.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,023 | €904 | -€119 | -11.7% |
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 12 October 2026 via checked.be.