SZ: 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.
What changed
SZ
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€222,985
2024 · €105,222-€328,207
Equity
€1.9m
2024 · €2.4m-€539,077
Cash
€22,426
2024 · €59,528-€37,102
Balance sheet total
€16.1m
2024 · €15.0m+€1.1m
Largest movements
Assets
- Tangible fixed assets +€819,595
up €819,595 (+7.0%), from €11.8m to €12.6m
of which Land and buildings: +€1.4m
- Receivables within one year +€310,774
up €310,774 (+34.3%), from €904,810 to €1.2m
of which Other amounts receivable: +€332,608
Equity and liabilities
- Other debts +€1.9m
up €1.9m (+34.0%), from €5.7m to €7.6m
- Debts after one year -€320,000
down €320,000 (-5.3%), from €6.1m to €5.8m
- Reserves -€316,091
down €316,091 (-20.1%), from €1.6m to €1.3m
of which Distributable reserves: -€316,091
- Profit (loss) carried forward -€222,985
down €222,985 (-27.6%), from €808,561 to €585,575
Income statement
- Depreciation +€280,277
up €280,277 (+136%), from €206,796 to €487,073
- Financial charges -€214,970
down €214,970 (-25.5%), from €844,521 to €629,551
- Gross operating margin -€137,722
down €137,722 (-12.6%), from €1.1m to €956,601
- Financial income -€87,640
down €87,640 (-83.1%), from €105,488 to €17,848
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.
Result 2024
€105,222
Gross operating margin
-€137,722
Depreciation
-€280,277
Other operating charges
+€433
Other operating items
-€38,155
Financial income
-€87,640
Financial charges
+€214,970
Taxes
+€183
Result 2025
-€222,985
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.9m
Investment
-€1.3m
Financing
-€636,091
Cash 2024
€59,528
From operations (derived)
+€1.9m
Net result for the year
-€222,985
Depreciation
+€487,073
Receivables within one year
-€310,774
Deferred charges and accrued income
-€18,529
Trade debts
-€27,210
Tax, wage and social debts
+€60,537
Other debts
+€1.9m
Accrued charges and deferred income
+€477
Investment (derived)
-€1.3m
Investment in fixed assets (net)
-€1.3m
Financing
-€636,091
Debts after one year
-€320,000
Contributions, distributions and other
-€316,091
Cash 2025
€22,426
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,006,579 | €16,118,197 | +€1.1m | +7.4% |
| Fixed assets | 21/28 | €13,943,858 | €14,763,276 | +€819,417 | +5.9% |
| Intangible fixed assets | 21 | €640 | €462 | -€178 | -27.8% |
| Tangible fixed assets | 22/27 | €11,770,969 | €12,590,564 | +€819,595 | +7.0% |
| Land and buildings | 22 | - | €1,444,325 | +€1.4m | |
| Plant, machinery and equipment | 23 | €11,764 | €19,903 | +€8,139 | +69.2% |
| Furniture and vehicles | 24 | €3,938 | €9,251 | +€5,313 | +135% |
| Other tangible fixed assets | 26 | €7,850,948 | €7,555,872 | -€295,076 | -3.8% |
| Assets under construction and advance payments | 27 | €3,904,319 | €3,561,213 | -€343,106 | -8.8% |
| Financial fixed assets | 28 | €2,172,250 | €2,172,250 | = | 0.0% |
| Current assets | 29/58 | €1,062,720 | €1,354,921 | +€292,201 | +27.5% |
| Amounts receivable after more than one year | 29 | €90,000 | €90,000 | = | 0.0% |
| Trade receivables | 290 | €90,000 | €90,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €904,810 | €1,215,584 | +€310,774 | +34.3% |
| Trade receivables | 40 | €414,785 | €392,951 | -€21,833 | -5.3% |
| Other amounts receivable | 41 | €490,025 | €822,633 | +€332,608 | +67.9% |
| Cash at bank and in hand | 54/58 | €59,528 | €22,426 | -€37,102 | -62.3% |
| Deferred charges and accrued income | 490/1 | €8,383 | €26,912 | +€18,529 | +221% |
| Total equity and liabilities | 10/49 | €15,006,579 | €16,118,197 | +€1.1m | +7.4% |
| Equity | 10/15 | €2,444,075 | €1,904,999 | -€539,077 | -22.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,573,514 | €1,257,423 | -€316,091 | -20.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €1,567,314 | €1,251,223 | -€316,091 | -20.2% |
| Profit (loss) carried forward | 14 | €808,561 | €585,575 | -€222,985 | -27.6% |
| Amounts payable | 17/49 | €12,562,503 | €14,213,199 | +€1.7m | +13.1% |
| Amounts payable after more than one year | 17 | €6,080,000 | €5,760,000 | -€320,000 | -5.3% |
| Financial debts | 170/4 | €6,080,000 | €5,760,000 | -€320,000 | -5.3% |
| Amounts payable within one year | 42/48 | €6,467,023 | €8,437,241 | +€2.0m | +30.5% |
| Current portion of amounts payable after more than one year | 42 | €320,000 | €320,000 | = | 0.0% |
| Trade debts | 44 | €406,393 | €379,183 | -€27,210 | -6.7% |
| Suppliers | 440/4 | €406,393 | €379,183 | -€27,210 | -6.7% |
| Taxes, remuneration and social security | 45 | €48,754 | €109,290 | +€60,537 | +124% |
| Taxes | 450/3 | €48,754 | €109,290 | +€60,537 | +124% |
| Other amounts payable | 47/48 | €5,691,876 | €7,628,768 | +€1.9m | +34.0% |
| Accrued charges and deferred income | 492/3 | €15,480 | €15,957 | +€477 | +3.1% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €206,796 | €487,073 | +€280,277 | +136% |
| Other operating charges | 640/8 | €22,425 | €21,992 | -€433 | -1.9% |
| Non-recurring operating charges | 66A | - | €38,155 | +€38,155 | |
| Gross operating margin | 9900 | €1,094,323 | €956,601 | -€137,722 | -12.6% |
| Operating profit (loss) | 9901 | €865,102 | €409,382 | -€455,720 | -52.7% |
| Financial income | 75/76B | €105,488 | €17,848 | -€87,640 | -83.1% |
| Recurring financial income | 75 | €105,488 | €17,848 | -€87,640 | -83.1% |
| Financial charges | 65/66B | €844,521 | €629,551 | -€214,970 | -25.5% |
| Recurring financial charges | 65 | €844,521 | €629,551 | -€214,970 | -25.5% |
| Profit (loss) for the period before taxes | 9903 | €126,069 | -€202,320 | -€328,390 | |
| Income taxes | 67/77 | €20,848 | €20,665 | -€183 | -0.9% |
| Profit (loss) for the period | 9904 | €105,222 | -€222,985 | -€328,207 | |
| Profit (loss) for the period to be appropriated | 9905 | €105,222 | -€222,985 | -€328,207 |
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 13 October 2026 via checked.be.