T.Z.: 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.
T.Z.
Largest movements
- Cash +€414,465
up €414,465 (+1,431%), from €28,961 to €443,426
mainly Other debts (+€689,696) and Stocks and contracts (+€263,016)
- Stocks and contracts -€263,016
down €263,016 (-21.4%), from €1.2m to €965,751
- Receivables within one year +€90,504
up €90,504 (+37.2%), from €243,238 to €333,742
of which Other amounts receivable: +€89,354
- Receivables after one year +€50,000
up €50,000 (+164%), from €30,400 to €80,400
- Other debts +€689,696
up €689,696 (+1,496%), from €46,097 to €735,793
- Reserves -€373,860
down €373,860 (-52.6%), from €711,298 to €337,438
of which Distributable reserves: -€371,640
- Short-term financial debts -€119,221
down €119,221 (-23.4%), from €509,500 to €390,279
- Debts after one year +€40,881
up €40,881 (+38.3%), from €106,830 to €147,711
of which Financial debts: +€36,081
- Accrued charges and deferred income +€26,467
up €26,467 (+5,275%), from €502 to €26,969
- Gross operating margin +€37,109
up €37,109 (+52.7%), from €70,394 to €107,503
- Financial charges +€11,045
up €11,045 (+326%), from €3,390 to €14,435
- Taxes +€6,870
up €6,870 (+60.9%), from €11,289 to €18,159
- Other operating charges +€5,721
up €5,721 (+47.7%), from €11,995 to €17,716
- Write-downs -€1,200
no longer reported in 2025 (was €1,200)
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 | €1,930,560 | €2,232,454 | +€301,894 | +15.6% |
| Fixed assets | 21/28 | €398,299 | €403,943 | +€5,644 | +1.4% |
| Tangible fixed assets | 22/27 | €398,299 | €403,943 | +€5,644 | +1.4% |
| Land and buildings | 22 | €398,299 | €376,757 | -€21,541 | -5.4% |
| Furniture and vehicles | 24 | €0 | €27,185 | +€27,185 | |
| Current assets | 29/58 | €1,532,261 | €1,828,511 | +€296,250 | +19.3% |
| Amounts receivable after more than one year | 29 | €30,400 | €80,400 | +€50,000 | +164% |
| Other amounts receivable | 291 | €30,400 | €80,400 | +€50,000 | +164% |
| Stocks and contracts in progress | 3 | €1,228,766 | €965,751 | -€263,016 | -21.4% |
| Stocks | 30/36 | €1,228,766 | €965,751 | -€263,016 | -21.4% |
| Amounts receivable within one year | 40/41 | €243,238 | €333,742 | +€90,504 | +37.2% |
| Trade receivables | 40 | - | €1,150 | +€1,150 | |
| Other amounts receivable | 41 | €243,238 | €332,592 | +€89,354 | +36.7% |
| Cash at bank and in hand | 54/58 | €28,961 | €443,426 | +€414,465 | +1,431% |
| Deferred charges and accrued income | 490/1 | €896 | €5,192 | +€4,297 | +480% |
| Total equity and liabilities | 10/49 | €1,930,560 | €2,232,454 | +€301,894 | +15.6% |
| Equity | 10/15 | €1,231,392 | €857,532 | -€373,859 | -30.4% |
| Contributions | 10/11 | €519,532 | €519,532 | = | 0.0% |
| Reserves | 13 | €711,298 | €337,438 | -€373,860 | -52.6% |
| Tax-exempt reserves | 132 | €45,432 | €43,211 | -€2,220 | -4.9% |
| Distributable reserves | 133 | €665,866 | €294,227 | -€371,640 | -55.8% |
| Profit (loss) carried forward | 14 | €562 | €563 | +€1 | +0.1% |
| Provisions and deferred taxes | 16 | €20,954 | €20,214 | -€740 | -3.5% |
| Deferred taxes | 168 | €20,954 | €20,214 | -€740 | -3.5% |
| Amounts payable | 17/49 | €678,214 | €1,354,708 | +€676,494 | +99.7% |
| Amounts payable after more than one year | 17 | €106,830 | €147,711 | +€40,881 | +38.3% |
| Financial debts | 170/4 | €106,830 | €142,911 | +€36,081 | +33.8% |
| Other amounts payable | 178/9 | - | €4,800 | +€4,800 | |
| Amounts payable within one year | 42/48 | €570,883 | €1,180,029 | +€609,146 | +107% |
| Current portion of amounts payable after more than one year | 42 | - | €5,471 | +€5,471 | |
| Financial debts | 43 | €509,500 | €390,279 | -€119,221 | -23.4% |
| Credit institutions | 430/8 | €509,500 | €390,279 | -€119,221 | -23.4% |
| Trade debts | 44 | €15,286 | €24,648 | +€9,363 | +61.3% |
| Suppliers | 440/4 | €15,286 | €24,648 | +€9,363 | +61.3% |
| Taxes, remuneration and social security | 45 | - | €23,837 | +€23,837 | |
| Taxes | 450/3 | - | €23,837 | +€23,837 | |
| Other amounts payable | 47/48 | €46,097 | €735,793 | +€689,696 | +1,496% |
| Accrued charges and deferred income | 492/3 | €502 | €26,969 | +€26,467 | +5,275% |
| Non-recurring operating income | 76A | - | €1,150 | +€1,150 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,541 | €22,213 | +€672 | +3.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,200 | - | -€1,200 | |
| Other operating charges | 640/8 | €11,995 | €17,716 | +€5,721 | +47.7% |
| Gross operating margin | 9900 | €70,394 | €107,503 | +€37,109 | +52.7% |
| Operating profit (loss) | 9901 | €35,658 | €67,574 | +€31,916 | +89.5% |
| Financial income | 75/76B | €352 | €560 | +€208 | +58.9% |
| Recurring financial income | 75 | €352 | €560 | +€208 | +58.9% |
| Financial charges | 65/66B | €3,390 | €14,435 | +€11,045 | +326% |
| Recurring financial charges | 65 | €3,390 | €14,435 | +€11,045 | +326% |
| Profit (loss) for the period before taxes | 9903 | €32,620 | €53,699 | +€21,079 | +64.6% |
| Transfer from deferred taxes | 780 | €570 | €740 | +€170 | +29.9% |
| Income taxes | 67/77 | €11,289 | €18,159 | +€6,870 | +60.9% |
| Profit (loss) for the period | 9904 | €21,901 | €36,280 | +€14,379 | +65.7% |
| Transfer from tax-exempt reserves | 789 | €1,710 | €2,220 | +€510 | +29.9% |
| Profit (loss) for the period to be appropriated | 9905 | €23,611 | €38,501 | +€14,890 | +63.1% |
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 27 October 2026 via checked.be.