GZ Holding: 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 Holding
Largest movements
- Receivables within one year -€58,912
down €58,912 (-87.6%), from €67,261 to €8,349
of which Other amounts receivable: -€61,464
- Receivables after one year +€55,500
new in 2025: €55,500
- Cash +€39,458
up €39,458 (+162%), from €24,314 to €63,773
mainly Receivables within one year (+€58,912) and Depreciation (+€22,921)
- Tangible fixed assets -€7,002
down €7,002 (-8.3%), from €83,985 to €76,983
of which Plant, machinery and equipment: -€3,774
- Intangible fixed assets -€2,248
down €2,248 (-23.5%), from €9,546 to €7,298
- Reserves +€20,434
up €20,434 (+25.6%), from €79,927 to €100,360
- Tax, wage and social debts +€8,016
up €8,016 (+21.1%), from €38,036 to €46,052
- Trade debts +€6,789
up €6,789 (+59.8%), from €11,343 to €18,132
- Other debts +€6,740
new in 2025: €6,740
- Debts after one year -€6,729
down €6,729 (-18.8%), from €35,854 to €29,125
- Gross operating margin -€78,139
down €78,139 (-61.9%), from €126,278 to €48,139
- Taxes -€23,954
down €23,954 (-81.8%), from €29,281 to €5,327
- Depreciation +€6,705
up €6,705 (+41.3%), from €16,217 to €22,921
- Financial income +€2,068
up €2,068 (+2,725%), from €76 to €2,144
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 | €187,857 | €216,620 | +€28,763 | +15.3% |
| Fixed assets | 21/28 | €93,532 | €84,281 | -€9,250 | -9.9% |
| Intangible fixed assets | 21 | €9,546 | €7,298 | -€2,248 | -23.5% |
| Tangible fixed assets | 22/27 | €83,985 | €76,983 | -€7,002 | -8.3% |
| Plant, machinery and equipment | 23 | €63,088 | €59,314 | -€3,774 | -6.0% |
| Furniture and vehicles | 24 | €20,897 | €17,669 | -€3,229 | -15.5% |
| Current assets | 29/58 | €94,326 | €132,339 | +€38,013 | +40.3% |
| Amounts receivable after more than one year | 29 | - | €55,500 | +€55,500 | |
| Other amounts receivable | 291 | - | €55,500 | +€55,500 | |
| Stocks and contracts in progress | 3 | €2,750 | €4,717 | +€1,967 | +71.5% |
| Stocks | 30/36 | €2,750 | €4,717 | +€1,967 | +71.5% |
| Amounts receivable within one year | 40/41 | €67,261 | €8,349 | -€58,912 | -87.6% |
| Trade receivables | 40 | - | €2,552 | +€2,552 | |
| Other amounts receivable | 41 | €67,261 | €5,798 | -€61,464 | -91.4% |
| Cash at bank and in hand | 54/58 | €24,314 | €63,773 | +€39,458 | +162% |
| Total equity and liabilities | 10/49 | €187,857 | €216,620 | +€28,763 | +15.3% |
| Equity | 10/15 | €89,927 | €105,360 | +€15,434 | +17.2% |
| Contributions | 10/11 | €10,000 | €5,000 | -€5,000 | -50.0% |
| Contributions outside capital | 11 | €10,000 | - | -€10,000 | |
| Other | 1109/19 | €10,000 | - | -€10,000 | |
| Reserves | 13 | €79,927 | €100,360 | +€20,434 | +25.6% |
| Distributable reserves | 133 | €79,927 | €100,360 | +€20,434 | +25.6% |
| Amounts payable | 17/49 | €97,931 | €111,259 | +€13,329 | +13.6% |
| Amounts payable after more than one year | 17 | €35,854 | €29,125 | -€6,729 | -18.8% |
| Financial debts | 170/4 | €35,854 | €29,125 | -€6,729 | -18.8% |
| Amounts payable within one year | 42/48 | €62,077 | €82,134 | +€20,058 | +32.3% |
| Current portion of amounts payable after more than one year | 42 | €12,697 | €11,211 | -€1,486 | -11.7% |
| Trade debts | 44 | €11,343 | €18,132 | +€6,789 | +59.8% |
| Suppliers | 440/4 | €11,343 | €18,132 | +€6,789 | +59.8% |
| Taxes, remuneration and social security | 45 | €38,036 | €46,052 | +€8,016 | +21.1% |
| Taxes | 450/3 | €38,036 | €46,052 | +€8,016 | +21.1% |
| Other amounts payable | 47/48 | - | €6,740 | +€6,740 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,217 | €22,921 | +€6,705 | +41.3% |
| Other operating charges | 640/8 | €958 | €1,450 | +€491 | +51.3% |
| Gross operating margin | 9900 | €126,278 | €48,139 | -€78,139 | -61.9% |
| Operating profit (loss) | 9901 | €109,103 | €23,768 | -€85,335 | -78.2% |
| Financial income | 75/76B | €76 | €2,144 | +€2,068 | +2,725% |
| Recurring financial income | 75 | €76 | €2,144 | +€2,068 | +2,725% |
| Financial charges | 65/66B | -€29 | €151 | +€181 | |
| Recurring financial charges | 65 | -€29 | €151 | +€181 | |
| Profit (loss) for the period before taxes | 9903 | €109,208 | €25,761 | -€83,447 | -76.4% |
| Income taxes | 67/77 | €29,281 | €5,327 | -€23,954 | -81.8% |
| Profit (loss) for the period | 9904 | €79,927 | €20,434 | -€59,493 | -74.4% |
| Profit (loss) for the period to be appropriated | 9905 | €79,927 | €20,434 | -€59,493 | -74.4% |
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 27 October 2026 via checked.be.