S.Z.D.: 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.D.
Largest movements
- Tangible fixed assets +€14,299
up €14,299 (+15.0%), from €95,350 to €109,649
of which Furniture and vehicles: +€10,547
- Cash -€13,862
down €13,862 (-18.8%), from €73,698 to €59,836
mainly Investment in fixed assets (net) (-€24,022) and Net result for the year (-€21,471)
- Contributions +€30,513
up €30,513 (+98.5%), from €30,987 to €61,500
- Profit (loss) carried forward -€21,471
down €21,471 (-24.2%), from €88,785 to €67,314
- Debts after one year -€10,271
down €10,271 (-49.3%), from €20,829 to €10,558
- Gross operating margin -€34,290
down €34,290 (-91.8%), from €37,358 to €3,068
- Other operating charges +€1,082
up €1,082 (+8.4%), from €12,863 to €13,945
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 | €169,571 | €169,883 | +€312 | +0.2% |
| Fixed assets | 21/28 | €95,350 | €109,649 | +€14,299 | +15.0% |
| Tangible fixed assets | 22/27 | €95,350 | €109,649 | +€14,299 | +15.0% |
| Land and buildings | 22 | €45,522 | €45,522 | = | 0.0% |
| Plant, machinery and equipment | 23 | €3,015 | €6,766 | +€3,752 | +124% |
| Furniture and vehicles | 24 | €46,814 | €57,361 | +€10,547 | +22.5% |
| Current assets | 29/58 | €74,221 | €60,234 | -€13,986 | -18.8% |
| Amounts receivable within one year | 40/41 | €146 | €146 | = | 0.0% |
| Other amounts receivable | 41 | €146 | €146 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €73,698 | €59,836 | -€13,862 | -18.8% |
| Deferred charges and accrued income | 490/1 | €377 | €253 | -€125 | -33.0% |
| Total equity and liabilities | 10/49 | €169,571 | €169,883 | +€312 | +0.2% |
| Equity | 10/15 | €132,465 | €141,507 | +€9,042 | +6.8% |
| Contributions | 10/11 | €30,987 | €61,500 | +€30,513 | +98.5% |
| Capital | 10 | €30,987 | €61,500 | +€30,513 | +98.5% |
| Issued capital | 100 | €30,987 | €61,500 | +€30,513 | +98.5% |
| Reserves | 13 | €12,693 | €12,693 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Legal reserve | 130 | €3,099 | €3,099 | = | 0.0% |
| Distributable reserves | 133 | €9,594 | €9,594 | = | 0.0% |
| Profit (loss) carried forward | 14 | €88,785 | €67,314 | -€21,471 | -24.2% |
| Amounts payable | 17/49 | €37,106 | €28,376 | -€8,730 | -23.5% |
| Amounts payable after more than one year | 17 | €20,829 | €10,558 | -€10,271 | -49.3% |
| Financial debts | 170/4 | €20,829 | €10,558 | -€10,271 | -49.3% |
| Amounts payable within one year | 42/48 | €15,443 | €16,153 | +€710 | +4.6% |
| Current portion of amounts payable after more than one year | 42 | €9,992 | €10,271 | +€279 | +2.8% |
| Trade debts | 44 | €81 | €361 | +€280 | +347% |
| Suppliers | 440/4 | €81 | €361 | +€280 | +347% |
| Other amounts payable | 47/48 | €5,370 | €5,521 | +€151 | +2.8% |
| Accrued charges and deferred income | 492/3 | €834 | €1,665 | +€831 | +99.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,469 | €9,724 | +€255 | +2.7% |
| Other operating charges | 640/8 | €12,863 | €13,945 | +€1,082 | +8.4% |
| Gross operating margin | 9900 | €37,358 | €3,068 | -€34,290 | -91.8% |
| Operating profit (loss) | 9901 | €15,026 | -€20,600 | -€35,626 | |
| Financial income | 75/76B | - | €211 | +€211 | |
| Recurring financial income | 75 | - | €211 | +€211 | |
| Financial charges | 65/66B | €1,233 | €1,082 | -€151 | -12.3% |
| Recurring financial charges | 65 | €1,233 | €1,082 | -€151 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | €13,793 | -€21,471 | -€35,265 | |
| Profit (loss) for the period | 9904 | €13,793 | -€21,471 | -€35,265 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,793 | -€21,471 | -€35,265 |
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 24 October 2026 via checked.be.