T-ZINC: 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-ZINC
Largest movements
- Stocks and contracts +€127,342
up €127,342 (+35.5%), from €359,092 to €486,434
- Receivables within one year +€82,363
up €82,363 (+59.0%), from €139,715 to €222,078
of which Trade receivables: +€68,312
- Tangible fixed assets +€78,327
up €78,327 (+34.6%), from €226,151 to €304,478
of which Plant, machinery and equipment: +€59,619
- Cash +€37,837
up €37,837 (+19.8%), from €190,680 to €228,517
mainly Net result for the year (+€294,766) and Other debts (+€99,000)
- Other debts +€99,000
up €99,000 (+89.1%), from €111,125 to €210,125
- Reserves +€85,000
up €85,000 (+44.7%), from €190,000 to €275,000
- Tax, wage and social debts +€54,349
up €54,349 (+57.5%), from €94,446 to €148,795
of which Taxes: +€45,191
- Trade debts +€50,059
up €50,059 (+882%), from €5,678 to €55,736
- Current portion of long-term debt +€30,286
up €30,286 (+29.4%), from €103,090 to €133,375
- Gross operating margin +€202,474
up €202,474 (+41.9%), from €483,484 to €685,958
- Staff costs +€79,157
up €79,157 (+46.8%), from €169,110 to €248,266
- Taxes +€36,508
up €36,508 (+55.7%), from €65,539 to €102,047
- Depreciation +€11,003
up €11,003 (+28.2%), from €39,005 to €50,008
- Financial charges +€8,083
up €8,083 (+33.3%), from €24,299 to €32,382
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 | €923,559 | €1,254,798 | +€331,239 | +35.9% |
| Fixed assets | 21/28 | €231,548 | €307,666 | +€76,117 | +32.9% |
| Intangible fixed assets | 21 | €5,397 | €3,187 | -€2,210 | -40.9% |
| Tangible fixed assets | 22/27 | €226,151 | €304,478 | +€78,327 | +34.6% |
| Plant, machinery and equipment | 23 | €31,661 | €91,280 | +€59,619 | +188% |
| Furniture and vehicles | 24 | €23,387 | €65,551 | +€42,164 | +180% |
| Leasing and similar rights | 25 | €171,102 | €147,647 | -€23,455 | -13.7% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €692,011 | €947,132 | +€255,121 | +36.9% |
| Stocks and contracts in progress | 3 | €359,092 | €486,434 | +€127,342 | +35.5% |
| Stocks | 30/36 | €359,092 | €486,434 | +€127,342 | +35.5% |
| Amounts receivable within one year | 40/41 | €139,715 | €222,078 | +€82,363 | +59.0% |
| Trade receivables | 40 | €133,719 | €202,031 | +€68,312 | +51.1% |
| Other amounts receivable | 41 | €5,997 | €20,047 | +€14,051 | +234% |
| Cash at bank and in hand | 54/58 | €190,680 | €228,517 | +€37,837 | +19.8% |
| Deferred charges and accrued income | 490/1 | €2,524 | €10,103 | +€7,579 | +300% |
| Total equity and liabilities | 10/49 | €923,559 | €1,254,798 | +€331,239 | +35.9% |
| Equity | 10/15 | €327,240 | €411,875 | +€84,635 | +25.9% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €190,000 | €275,000 | +€85,000 | +44.7% |
| Distributable reserves | 133 | €190,000 | €275,000 | +€85,000 | +44.7% |
| Profit (loss) carried forward | 14 | €3,637 | €3,403 | -€234 | -6.4% |
| Investment grants | 15 | €13,603 | €13,472 | -€131 | -1.0% |
| Amounts payable | 17/49 | €596,319 | €842,923 | +€246,604 | +41.4% |
| Amounts payable after more than one year | 17 | €267,875 | €251,775 | -€16,101 | -6.0% |
| Financial debts | 170/4 | €267,875 | €251,775 | -€16,101 | -6.0% |
| Amounts payable within one year | 42/48 | €323,930 | €583,439 | +€259,509 | +80.1% |
| Current portion of amounts payable after more than one year | 42 | €103,090 | €133,375 | +€30,286 | +29.4% |
| Financial debts | 43 | €7,591 | €35,407 | +€27,816 | +366% |
| Credit institutions | 430/8 | €7,591 | €35,407 | +€27,816 | +366% |
| Trade debts | 44 | €5,678 | €55,736 | +€50,059 | +882% |
| Suppliers | 440/4 | €5,678 | €55,736 | +€50,059 | +882% |
| Advances received on contracts in progress | 46 | €2,000 | €0 | -€2,000 | -100% |
| Taxes, remuneration and social security | 45 | €94,446 | €148,795 | +€54,349 | +57.5% |
| Taxes | 450/3 | €71,811 | €117,002 | +€45,191 | +62.9% |
| Remuneration and social security | 454/9 | €22,636 | €31,793 | +€9,157 | +40.5% |
| Other amounts payable | 47/48 | €111,125 | €210,125 | +€99,000 | +89.1% |
| Accrued charges and deferred income | 492/3 | €4,514 | €7,709 | +€3,195 | +70.8% |
| Remuneration, social security and pensions | 62 | €169,110 | €248,266 | +€79,157 | +46.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,005 | €50,008 | +€11,003 | +28.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €753 | +€753 | |
| Other operating charges | 640/8 | €1,049 | €763 | -€286 | -27.3% |
| Gross operating margin | 9900 | €483,484 | €685,958 | +€202,474 | +41.9% |
| Operating profit (loss) | 9901 | €274,320 | €386,168 | +€111,847 | +40.8% |
| Financial income | 75/76B | €46,179 | €43,027 | -€3,152 | -6.8% |
| Recurring financial income | 75 | €46,179 | €43,027 | -€3,152 | -6.8% |
| Financial charges | 65/66B | €24,299 | €32,382 | +€8,083 | +33.3% |
| Recurring financial charges | 65 | €24,299 | €32,382 | +€8,083 | +33.3% |
| Profit (loss) for the period before taxes | 9903 | €296,200 | €396,813 | +€100,613 | +34.0% |
| Income taxes | 67/77 | €65,539 | €102,047 | +€36,508 | +55.7% |
| Profit (loss) for the period | 9904 | €230,661 | €294,766 | +€64,105 | +27.8% |
| Profit (loss) for the period to be appropriated | 9905 | €230,661 | €294,766 | +€64,105 | +27.8% |
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 30 October 2026 via checked.be.