S & Z 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.
S & Z CONCEPT
Largest movements
- Tangible fixed assets +€87,904
up €87,904 (+26.0%), from €337,731 to €425,635
of which Land and buildings: +€122,968
- Cash -€30,108
down €30,108 (-21.8%), from €137,873 to €107,765
mainly Investment in fixed assets (net) (-€136,519) and Net result for the year (-€33,988)
- Receivables within one year +€15,844
up €15,844 (+72.8%), from €21,772 to €37,616
of which Trade receivables: +€35,335
- Debts after one year +€63,447
up €63,447 (+27.0%), from €234,744 to €298,191
- Trade debts +€40,142
up €40,142 (+574%), from €6,988 to €47,130
- Profit (loss) carried forward -€33,988
down €33,988 (-20.0%), from €170,076 to €136,088
- Gross operating margin -€21,194
down €21,194 (-18.7%), from €113,330 to €92,136
- Staff costs +€19,767
up €19,767 (+45.8%), from €43,118 to €62,885
- Depreciation +€8,348
up €8,348 (+20.7%), from €40,267 to €48,615
- Taxes -€3,954
no longer reported in 2025 (was €3,954)
- Other operating charges -€3,787
down €3,787 (-84.5%), from €4,482 to €695
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 | €502,383 | €572,654 | +€70,271 | +14.0% |
| Fixed assets | 21/28 | €338,681 | €426,585 | +€87,904 | +26.0% |
| Tangible fixed assets | 22/27 | €337,731 | €425,635 | +€87,904 | +26.0% |
| Land and buildings | 22 | €261,390 | €384,358 | +€122,968 | +47.0% |
| Plant, machinery and equipment | 23 | €20,517 | €15,337 | -€5,180 | -25.2% |
| Furniture and vehicles | 24 | €40,112 | €17,628 | -€22,484 | -56.1% |
| Leasing and similar rights | 25 | €15,712 | €8,312 | -€7,400 | -47.1% |
| Financial fixed assets | 28 | €950 | €950 | = | 0.0% |
| Current assets | 29/58 | €163,702 | €146,069 | -€17,633 | -10.8% |
| Amounts receivable within one year | 40/41 | €21,772 | €37,616 | +€15,844 | +72.8% |
| Trade receivables | 40 | €1,408 | €36,743 | +€35,335 | +2,510% |
| Other amounts receivable | 41 | €20,364 | €873 | -€19,491 | -95.7% |
| Cash at bank and in hand | 54/58 | €137,873 | €107,765 | -€30,108 | -21.8% |
| Deferred charges and accrued income | 490/1 | €4,057 | €688 | -€3,369 | -83.0% |
| Total equity and liabilities | 10/49 | €502,383 | €572,654 | +€70,271 | +14.0% |
| Equity | 10/15 | €188,076 | €154,088 | -€33,988 | -18.1% |
| Contributions | 10/11 | €18,000 | €18,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €170,076 | €136,088 | -€33,988 | -20.0% |
| Amounts payable | 17/49 | €314,307 | €418,566 | +€104,259 | +33.2% |
| Amounts payable after more than one year | 17 | €234,744 | €298,191 | +€63,447 | +27.0% |
| Financial debts | 170/4 | €234,744 | €298,191 | +€63,447 | +27.0% |
| Amounts payable within one year | 42/48 | €79,563 | €120,375 | +€40,812 | +51.3% |
| Current portion of amounts payable after more than one year | 42 | €31,102 | €26,846 | -€4,256 | -13.7% |
| Trade debts | 44 | €6,988 | €47,130 | +€40,142 | +574% |
| Suppliers | 440/4 | €6,988 | €47,130 | +€40,142 | +574% |
| Taxes, remuneration and social security | 45 | €7,445 | €9,400 | +€1,955 | +26.3% |
| Taxes | 450/3 | €2,518 | €2,300 | -€218 | -8.7% |
| Remuneration and social security | 454/9 | €4,927 | €7,100 | +€2,173 | +44.1% |
| Other amounts payable | 47/48 | €34,028 | €36,999 | +€2,971 | +8.7% |
| Remuneration, social security and pensions | 62 | €43,118 | €62,885 | +€19,767 | +45.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,267 | €48,615 | +€8,348 | +20.7% |
| Other operating charges | 640/8 | €4,482 | €695 | -€3,787 | -84.5% |
| Non-recurring operating charges | 66A | €735 | - | -€735 | |
| Gross operating margin | 9900 | €113,330 | €92,136 | -€21,194 | -18.7% |
| Operating profit (loss) | 9901 | €24,728 | -€20,059 | -€44,787 | |
| Financial income | 75/76B | €101 | €55 | -€46 | -45.5% |
| Recurring financial income | 75 | €101 | €55 | -€46 | -45.5% |
| Financial charges | 65/66B | €10,838 | €13,984 | +€3,146 | +29.0% |
| Recurring financial charges | 65 | €10,838 | €13,984 | +€3,146 | +29.0% |
| Profit (loss) for the period before taxes | 9903 | €13,991 | -€33,988 | -€47,979 | |
| Income taxes | 67/77 | €3,954 | - | -€3,954 | |
| Profit (loss) for the period | 9904 | €10,037 | -€33,988 | -€44,025 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,037 | -€33,988 | -€44,025 |
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 31 October 2026 via checked.be.