TZAR: 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.
TZAR
Largest movements
- Cash -€32,663
down €32,663 (-42.9%), from €76,150 to €43,487
mainly Net result for the year (-€77,619) and Tax, wage and social debts (-€7,609)
- Receivables within one year -€26,080
down €26,080 (-9.2%), from €282,745 to €256,664
of which Trade receivables: -€20,977
- Tangible fixed assets -€8,293
down €8,293 (-31.0%), from €26,779 to €18,487
of which Furniture and vehicles: -€4,944
- Profit (loss) carried forward -€77,619
down €77,619 (-17.5%), from €444,364 to €366,745
- Trade debts +€16,436
up €16,436 (+45.1%), from €36,440 to €52,876
- Tax, wage and social debts -€7,609
down €7,609 (-79.9%), from €9,526 to €1,917
- Gross operating margin -€87,516
down €87,516, from €21,708 to -€65,808
- Taxes -€3,101
down €3,101 (-93.0%), from €3,336 to €235
- Financial charges -€1,081
down €1,081 (-23.4%), from €4,629 to €3,548
- Financial income -€660
down €660 (-39.3%), from €1,680 to €1,020
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 | €537,694 | €471,812 | -€65,882 | -12.3% |
| Fixed assets | 21/28 | €177,210 | €168,918 | -€8,293 | -4.7% |
| Tangible fixed assets | 22/27 | €26,779 | €18,487 | -€8,293 | -31.0% |
| Plant, machinery and equipment | 23 | €7,533 | €4,826 | -€2,708 | -35.9% |
| Furniture and vehicles | 24 | €15,021 | €10,077 | -€4,944 | -32.9% |
| Other tangible fixed assets | 26 | €4,225 | €3,583 | -€641 | -15.2% |
| Financial fixed assets | 28 | €150,431 | €150,431 | = | 0.0% |
| Current assets | 29/58 | €360,484 | €302,895 | -€57,589 | -16.0% |
| Amounts receivable within one year | 40/41 | €282,745 | €256,664 | -€26,080 | -9.2% |
| Trade receivables | 40 | €239,074 | €218,098 | -€20,977 | -8.8% |
| Other amounts receivable | 41 | €43,670 | €38,566 | -€5,104 | -11.7% |
| Cash at bank and in hand | 54/58 | €76,150 | €43,487 | -€32,663 | -42.9% |
| Deferred charges and accrued income | 490/1 | €1,589 | €2,744 | +€1,154 | +72.6% |
| Total equity and liabilities | 10/49 | €537,694 | €471,812 | -€65,882 | -12.3% |
| Equity | 10/15 | €483,374 | €405,755 | -€77,619 | -16.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €20,410 | €20,410 | = | 0.0% |
| Tax-exempt reserves | 132 | €370 | €370 | = | 0.0% |
| Distributable reserves | 133 | €20,040 | €20,040 | = | 0.0% |
| Profit (loss) carried forward | 14 | €444,364 | €366,745 | -€77,619 | -17.5% |
| Amounts payable | 17/49 | €54,320 | €66,057 | +€11,737 | +21.6% |
| Amounts payable after more than one year | 17 | €3,052 | €1,040 | -€2,013 | -65.9% |
| Financial debts | 170/4 | €3,052 | €1,040 | -€2,013 | -65.9% |
| Amounts payable within one year | 42/48 | €51,268 | €60,171 | +€8,903 | +17.4% |
| Current portion of amounts payable after more than one year | 42 | €1,927 | €2,013 | +€86 | +4.4% |
| Financial debts | 43 | €3,375 | €3,365 | -€9 | -0.3% |
| Credit institutions | 430/8 | €3,375 | €3,365 | -€9 | -0.3% |
| Trade debts | 44 | €36,440 | €52,876 | +€16,436 | +45.1% |
| Suppliers | 440/4 | €36,440 | €52,876 | +€16,436 | +45.1% |
| Taxes, remuneration and social security | 45 | €9,526 | €1,917 | -€7,609 | -79.9% |
| Taxes | 450/3 | €9,526 | €1,917 | -€7,609 | -79.9% |
| Accrued charges and deferred income | 492/3 | €0 | €4,847 | +€4,847 | +3,231,213% |
| Non-recurring operating income | 76A | €400 | - | -€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,105 | €8,293 | +€188 | +2.3% |
| Other operating charges | 640/8 | €673 | €755 | +€82 | +12.3% |
| Gross operating margin | 9900 | €21,708 | -€65,808 | -€87,516 | |
| Operating profit (loss) | 9901 | €12,930 | -€74,856 | -€87,786 | |
| Financial income | 75/76B | €1,680 | €1,020 | -€660 | -39.3% |
| Recurring financial income | 75 | €1,680 | €1,020 | -€660 | -39.3% |
| Financial charges | 65/66B | €4,629 | €3,548 | -€1,081 | -23.4% |
| Recurring financial charges | 65 | €4,629 | €3,548 | -€1,081 | -23.4% |
| Profit (loss) for the period before taxes | 9903 | €9,981 | -€77,384 | -€87,365 | |
| Income taxes | 67/77 | €3,336 | €235 | -€3,101 | -93.0% |
| Profit (loss) for the period | 9904 | €6,645 | -€77,619 | -€84,264 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,645 | -€77,619 | -€84,264 |
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.