SZ HOLDING: 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.
SZ HOLDING
Largest movements
- Financial fixed assets +€440,000
up €440,000 (+23,013%), from €1,912 to €441,912
- Receivables after one year -€39,224
no longer reported in 2025 (was €39,224)
- Receivables within one year -€27,984
down €27,984 (-80.2%), from €34,905 to €6,921
of which Other amounts receivable: -€17,816
- Cash +€17,458
up €17,458 (+298%), from €5,856 to €23,314
mainly Debts after one year (+€365,742) and Receivables after one year (+€39,224)
- Debts after one year +€365,742
up €365,742 (+3,213%), from €11,383 to €377,125
- Current portion of long-term debt +€10,579
up €10,579 (+56.7%), from €18,644 to €29,223
- Other debts +€10,101
new in 2025: €10,101
- Profit (loss) carried forward +€7,391
up €7,391 (+20.3%), from €36,446 to €43,836
- Trade debts -€6,659
down €6,659 (-77.7%), from €8,569 to €1,910
- Gross operating margin +€10,952
up €10,952 (+62.5%), from €17,532 to €28,484
- Financial charges +€5,469
up €5,469 (+73.7%), from €7,415 to €12,884
- Staff costs +€705
up €705, from €0 to €705
- Financial income -€561
no longer reported in 2025 (was €561)
- Depreciation -€391
down €391 (-16.3%), from €2,400 to €2,009
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 | €92,732 | €478,572 | +€385,840 | +416% |
| Fixed assets | 21/28 | €8,221 | €448,020 | +€439,799 | +5,350% |
| Tangible fixed assets | 22/27 | €6,309 | €6,108 | -€201 | -3.2% |
| Furniture and vehicles | 24 | €6,309 | €6,108 | -€201 | -3.2% |
| Financial fixed assets | 28 | €1,912 | €441,912 | +€440,000 | +23,013% |
| Current assets | 29/58 | €84,511 | €30,552 | -€53,960 | -63.8% |
| Amounts receivable after more than one year | 29 | €39,224 | - | -€39,224 | |
| Trade receivables | 290 | €39,224 | - | -€39,224 | |
| Amounts receivable within one year | 40/41 | €34,905 | €6,921 | -€27,984 | -80.2% |
| Trade receivables | 40 | €15,500 | €5,333 | -€10,167 | -65.6% |
| Other amounts receivable | 41 | €19,405 | €1,588 | -€17,816 | -91.8% |
| Cash at bank and in hand | 54/58 | €5,856 | €23,314 | +€17,458 | +298% |
| Deferred charges and accrued income | 490/1 | €4,527 | €316 | -€4,210 | -93.0% |
| Total equity and liabilities | 10/49 | €92,732 | €478,572 | +€385,840 | +416% |
| Equity | 10/15 | €41,446 | €48,836 | +€7,391 | +17.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,446 | €43,836 | +€7,391 | +20.3% |
| Amounts payable | 17/49 | €51,287 | €429,736 | +€378,449 | +738% |
| Amounts payable after more than one year | 17 | €11,383 | €377,125 | +€365,742 | +3,213% |
| Financial debts | 170/4 | €11,383 | €377,125 | +€365,742 | +3,213% |
| Amounts payable within one year | 42/48 | €39,904 | €52,611 | +€12,707 | +31.8% |
| Current portion of amounts payable after more than one year | 42 | €18,644 | €29,223 | +€10,579 | +56.7% |
| Trade debts | 44 | €8,569 | €1,910 | -€6,659 | -77.7% |
| Suppliers | 440/4 | €8,569 | €1,910 | -€6,659 | -77.7% |
| Taxes, remuneration and social security | 45 | €12,690 | €11,376 | -€1,315 | -10.4% |
| Taxes | 450/3 | €12,690 | €11,293 | -€1,397 | -11.0% |
| Remuneration and social security | 454/9 | - | €82 | +€82 | |
| Other amounts payable | 47/48 | - | €10,101 | +€10,101 | |
| Non-recurring operating income | 76A | - | €4,235 | +€4,235 | |
| Remuneration, social security and pensions | 62 | €0 | €705 | +€705 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,400 | €2,009 | -€391 | -16.3% |
| Other operating charges | 640/8 | €918 | €768 | -€150 | -16.4% |
| Gross operating margin | 9900 | €17,532 | €28,484 | +€10,952 | +62.5% |
| Operating profit (loss) | 9901 | €14,214 | €25,003 | +€10,788 | +75.9% |
| Financial income | 75/76B | €561 | - | -€561 | |
| Recurring financial income | 75 | €561 | - | -€561 | |
| Financial charges | 65/66B | €7,415 | €12,884 | +€5,469 | +73.7% |
| Recurring financial charges | 65 | €7,415 | €12,884 | +€5,469 | +73.7% |
| Profit (loss) for the period before taxes | 9903 | €7,360 | €12,119 | +€4,759 | +64.7% |
| Income taxes | 67/77 | €4,638 | €4,728 | +€90 | +1.9% |
| Profit (loss) for the period | 9904 | €2,721 | €7,391 | +€4,669 | +172% |
| Profit (loss) for the period to be appropriated | 9905 | €2,721 | €7,391 | +€4,669 | +172% |
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 20 October 2026 via checked.be.