GZA: 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.
GZA
Largest movements
- Cash +€1.8m
up €1.8m (+66.8%), from €2.7m to €4.5m
mainly Net result for the year (+€1.6m) and Depreciation (+€158,541)
- Profit (loss) carried forward +€1.6m
up €1.6m, from -€1.3m to €310,024
- Gross operating margin -€860,359
down €860,359 (-32.1%), from €2.7m to €1.8m
- Depreciation -€58,075
down €58,075 (-26.8%), from €216,617 to €158,541
- Financial charges -€31,023
down €31,023 (-94.4%), from €32,851 to €1,828
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 | €32,312,886 | €33,949,131 | +€1.6m | +5.1% |
| Fixed assets | 21/28 | €26,061,257 | €25,834,001 | -€227,256 | -0.9% |
| Tangible fixed assets | 22/27 | €26,061,257 | €25,834,001 | -€227,256 | -0.9% |
| Land and buildings | 22 | €23,258,250 | €23,067,380 | -€190,870 | -0.8% |
| Other tangible fixed assets | 26 | €2,803,007 | €2,766,621 | -€36,386 | -1.3% |
| Current assets | 29/58 | €6,251,629 | €8,115,130 | +€1.9m | +29.8% |
| Amounts receivable within one year | 40/41 | €94,653 | €132,876 | +€38,223 | +40.4% |
| Other amounts receivable | 41 | €94,653 | €132,876 | +€38,223 | +40.4% |
| Current investments | 50/53 | €3,456,981 | €3,478,726 | +€21,745 | +0.6% |
| Cash at bank and in hand | 54/58 | €2,699,996 | €4,503,528 | +€1.8m | +66.8% |
| Total equity and liabilities | 10/49 | €32,312,886 | €33,949,131 | +€1.6m | +5.1% |
| Equity | 10/15 | €32,120,357 | €33,770,277 | +€1.6m | +5.1% |
| Contributions | 10/11 | €33,460,253 | €33,460,253 | = | 0.0% |
| Capital | 10 | €33,460,253 | €33,460,253 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,339,896 | €310,024 | +€1.6m | |
| Amounts payable | 17/49 | €192,529 | €178,854 | -€13,674 | -7.1% |
| Amounts payable within one year | 42/48 | €189,554 | €178,854 | -€10,699 | -5.6% |
| Trade debts | 44 | €166,486 | €168,901 | +€2,415 | +1.5% |
| Suppliers | 440/4 | €166,486 | €168,901 | +€2,415 | +1.5% |
| Taxes, remuneration and social security | 45 | €21,996 | €8,614 | -€13,383 | -60.8% |
| Taxes | 450/3 | €21,996 | €8,614 | -€13,383 | -60.8% |
| Accrued charges and deferred income | 492/3 | €2,975 | - | -€2,975 | |
| Non-recurring operating income | 76A | €2,205,209 | €1,332,252 | -€872,956 | -39.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €216,617 | €158,541 | -€58,075 | -26.8% |
| Other operating charges | 640/8 | €21,898 | €22,368 | +€469 | +2.1% |
| Non-recurring operating charges | 66A | €6,780,562 | - | -€6.8m | |
| Gross operating margin | 9900 | €2,682,371 | €1,822,012 | -€860,359 | -32.1% |
| Operating profit (loss) | 9901 | -€4,336,706 | €1,641,103 | +€6.0m | |
| Financial income | 75/76B | €19,369 | €10,644 | -€8,724 | -45.0% |
| Recurring financial income | 75 | €19,369 | €10,644 | -€8,724 | -45.0% |
| Financial charges | 65/66B | €32,851 | €1,828 | -€31,023 | -94.4% |
| Recurring financial charges | 65 | €32,851 | €1,828 | -€31,023 | -94.4% |
| Profit (loss) for the period before taxes | 9903 | -€4,350,188 | €1,649,919 | +€6.0m | |
| Profit (loss) for the period | 9904 | -€4,350,188 | €1,649,919 | +€6.0m | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,350,188 | €1,649,919 | +€6.0m |
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 9 October 2026 via checked.be.