T&Z: what changed
Two fiscal 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 +€136,156
up €136,156 (+261.7%), from €52,024 to €188,180
mainly Net result for the year (+€96,859) and Tax, wage and social debts (+€71,404)
- Intangible fixed assets -€23,000
down €23,000 (-10.4%), from €220,359 to €197,359
- Tangible fixed assets +€11,123
up €11,123 (+265.9%), from €4,184 to €15,306
of which Plant, machinery and equipment: +€8,640
- Receivables after one year +€10,000
new in 2025: €10,000
- Reserves +€96,859
up €96,859 (+402.6%), from €24,057 to €120,915
- Tax, wage and social debts +€71,404
up €71,404 (+871.4%), from €8,195 to €79,599
of which Taxes: +€52,200
- Debts after one year -€21,274
down €21,274 (-15.7%), from €135,648 to €114,374
- Trade debts -€10,357
down €10,357 (-12.3%), from €83,906 to €73,549
- Gross operating margin +€138,344
up €138,344 (+228.7%), from €60,496 to €198,839
- Taxes +€30,588
up €30,588 (+373.3%), from €8,195 to €38,782
- Depreciation +€15,074
up €15,074 (+150.3%), from €10,028 to €25,102
- Staff costs +€13,026
up €13,026 (+98.1%), from €13,273 to €26,300
- Financial charges +€6,134
up €6,134 (+158.8%), from €3,863 to €9,997
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.
Cash bridge derived
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 | €287,194 | €424,711 | +€137,517 | +47.9% |
| Fixed assets | 21/28 | €228,769 | €216,891 | -€11,877 | -5.2% |
| Intangible fixed assets | 21 | €220,359 | €197,359 | -€23,000 | -10.4% |
| Tangible fixed assets | 22/27 | €4,184 | €15,306 | +€11,123 | +265.9% |
| Plant, machinery and equipment | 23 | €4,184 | €12,823 | +€8,640 | +206.5% |
| Furniture and vehicles | 24 | - | €2,483 | +€2,483 | |
| Financial fixed assets | 28 | €4,226 | €4,226 | = | 0.0% |
| Current assets | 29/58 | €58,425 | €207,819 | +€149,394 | +255.7% |
| Amounts receivable after more than one year | 29 | - | €10,000 | +€10,000 | |
| Other amounts receivable | 291 | - | €10,000 | +€10,000 | |
| Stocks and contracts in progress | 3 | €1,045 | €1,119 | +€74 | +7.1% |
| Stocks | 30/36 | €1,045 | €1,119 | +€74 | +7.1% |
| Amounts receivable within one year | 40/41 | €1,407 | €3,772 | +€2,365 | +168.1% |
| Trade receivables | 40 | - | €2,813 | +€2,813 | |
| Other amounts receivable | 41 | €1,407 | €958 | -€448 | -31.9% |
| Cash at bank and in hand | 54/58 | €52,024 | €188,180 | +€136,156 | +261.7% |
| Deferred charges and accrued income | 490/1 | €3,950 | €4,749 | +€799 | +20.2% |
| Total equity and liabilities | 10/49 | €287,194 | €424,711 | +€137,517 | +47.9% |
| Equity | 10/15 | €39,057 | €135,915 | +€96,859 | +248.0% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €24,057 | €120,915 | +€96,859 | +402.6% |
| Distributable reserves | 133 | €24,057 | €120,915 | +€96,859 | +402.6% |
| Amounts payable | 17/49 | €248,137 | €288,795 | +€40,658 | +16.4% |
| Amounts payable after more than one year | 17 | €135,648 | €114,374 | -€21,274 | -15.7% |
| Financial debts | 170/4 | €135,648 | €114,374 | -€21,274 | -15.7% |
| Amounts payable within one year | 42/48 | €112,489 | €174,421 | +€61,932 | +55.1% |
| Current portion of amounts payable after more than one year | 42 | €20,389 | €21,274 | +€885 | +4.3% |
| Trade debts | 44 | €83,906 | €73,549 | -€10,357 | -12.3% |
| Suppliers | 440/4 | €83,906 | €73,549 | -€10,357 | -12.3% |
| Taxes, remuneration and social security | 45 | €8,195 | €79,599 | +€71,404 | +871.4% |
| Taxes | 450/3 | €8,195 | €60,395 | +€52,200 | +637.0% |
| Remuneration and social security | 454/9 | - | €19,204 | +€19,204 | |
| Remuneration, social security and pensions | 62 | €13,273 | €26,300 | +€13,026 | +98.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,028 | €25,102 | +€15,074 | +150.3% |
| Other operating charges | 640/8 | €1,083 | €1,800 | +€718 | +66.3% |
| Gross operating margin | 9900 | €60,496 | €198,839 | +€138,344 | +228.7% |
| Operating profit (loss) | 9901 | €36,112 | €145,637 | +€109,526 | +303.3% |
| Financial income | 75/76B | €2 | €0 | -€2 | -95.1% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -95.1% |
| Financial charges | 65/66B | €3,863 | €9,997 | +€6,134 | +158.8% |
| Recurring financial charges | 65 | €3,863 | €9,997 | +€6,134 | +158.8% |
| Profit (loss) for the period before taxes | 9903 | €32,251 | €135,641 | +€103,389 | +320.6% |
| Income taxes | 67/77 | €8,195 | €38,782 | +€30,588 | +373.3% |
| Profit (loss) for the period | 9904 | €24,057 | €96,859 | +€72,802 | +302.6% |
| Profit (loss) for the period to be appropriated | 9905 | €24,057 | €96,859 | +€72,802 | +302.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.