MZ MANAGEMENT: what changed
Two fiscal 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.
MZ MANAGEMENT
Largest movements
- Tangible fixed assets +€1.1m
up €1.1m (+27.9%), from €3.8m to €4.8m
of which Land and buildings: +€1.0m
- Financial fixed assets +€426,154
up €426,154 (+31.6%), from €1.3m to €1.8m
- Debts after one year +€1.4m
up €1.4m (+30.4%), from €4.5m to €5.8m
of which Other amounts payable: +€5.8m
- Trade debts +€71,186
up €71,186 (+341.6%), from €20,840 to €92,027
- Financial charges -€30,021
down €30,021 (-98.9%), from €30,356 to €335
- Gross operating margin +€25,605
up €25,605 (+84.7%), from €30,242 to €55,848
- Depreciation +€15,900
up €15,900 (+43.2%), from €36,840 to €52,740
- Other operating charges +€5,138
new in 2025: €5,138
- Write-downs -€3,484
no longer reported in 2025 (was €3,484)
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 | €5,205,691 | €6,648,680 | +€1.4m | +27.7% |
| Fixed assets | 21/28 | €5,127,315 | €6,606,515 | +€1.5m | +28.8% |
| Tangible fixed assets | 22/27 | €3,779,815 | €4,832,860 | +€1.1m | +27.9% |
| Land and buildings | 22 | €3,779,815 | €4,828,621 | +€1.0m | +27.7% |
| Furniture and vehicles | 24 | - | €4,240 | +€4,240 | |
| Financial fixed assets | 28 | €1,347,500 | €1,773,654 | +€426,154 | +31.6% |
| Current assets | 29/58 | €78,377 | €42,165 | -€36,212 | -46.2% |
| Amounts receivable after more than one year | 29 | €19,187 | - | -€19,187 | |
| Other amounts receivable | 291 | €19,187 | - | -€19,187 | |
| Amounts receivable within one year | 40/41 | €45,201 | €13,126 | -€32,075 | -71.0% |
| Trade receivables | 40 | €11,721 | €6,726 | -€4,995 | -42.6% |
| Other amounts receivable | 41 | €33,480 | €6,400 | -€27,080 | -80.9% |
| Cash at bank and in hand | 54/58 | €13,988 | €29,039 | +€15,050 | +107.6% |
| Total equity and liabilities | 10/49 | €5,205,691 | €6,648,680 | +€1.4m | +27.7% |
| Equity | 10/15 | €701,693 | €707,342 | +€5,648 | +0.8% |
| Contributions | 10/11 | €1,002,500 | €1,002,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€300,807 | -€295,158 | +€5,648 | +1.9% |
| Amounts payable | 17/49 | €4,503,998 | €5,941,338 | +€1.4m | +31.9% |
| Amounts payable after more than one year | 17 | €4,483,158 | €5,845,162 | +€1.4m | +30.4% |
| Financial debts | 170/4 | €4,483,158 | - | -€4.5m | |
| Other amounts payable | 178/9 | - | €5,845,162 | +€5.8m | |
| Amounts payable within one year | 42/48 | €20,840 | €96,176 | +€75,336 | +361.5% |
| Trade debts | 44 | €20,840 | €92,027 | +€71,186 | +341.6% |
| Suppliers | 440/4 | €20,840 | €92,027 | +€71,186 | +341.6% |
| Taxes, remuneration and social security | 45 | - | €4,149 | +€4,149 | |
| Taxes | 450/3 | - | €4,149 | +€4,149 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,840 | €52,740 | +€15,900 | +43.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,484 | - | -€3,484 | |
| Other operating charges | 640/8 | - | €5,138 | +€5,138 | |
| Gross operating margin | 9900 | €30,242 | €55,848 | +€25,605 | +84.7% |
| Operating profit (loss) | 9901 | -€10,082 | -€2,030 | +€8,052 | +79.9% |
| Financial income | 75/76B | €9,576 | €8,013 | -€1,562 | -16.3% |
| Recurring financial income | 75 | €9,576 | €8,013 | -€1,562 | -16.3% |
| Financial charges | 65/66B | €30,356 | €335 | -€30,021 | -98.9% |
| Recurring financial charges | 65 | €30,356 | €335 | -€30,021 | -98.9% |
| Profit (loss) for the period before taxes | 9903 | -€30,863 | €5,648 | +€36,511 | |
| Income taxes | 67/77 | €2,873 | - | -€2,873 | |
| Profit (loss) for the period | 9904 | -€33,735 | €5,648 | +€39,383 | |
| Profit (loss) for the period to be appropriated | 9905 | -€33,735 | €5,648 | +€39,383 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.