TZARA: 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.
TZARA
Largest movements
- Cash -€127,371
down €127,371 (-48.6%), from €262,081 to €134,709
mainly Tax, wage and social debts (-€72,315) and Current investments (-€43,500)
- Current investments +€43,500
up €43,500 (+435%), from €10,000 to €53,500
- Receivables within one year +€24,982
up €24,982 (+18.1%), from €137,794 to €162,776
of which Trade receivables: +€20,266
- Reserves +€226,969
new in 2025: €226,969
- Profit (loss) carried forward -€222,694
down €222,694 (-75.7%), from €294,360 to €71,666
- Tax, wage and social debts -€72,315
down €72,315 (-95.1%), from €76,018 to €3,703
of which Taxes: -€75,182
- Trade debts +€17,999
up €17,999 (+84.2%), from €21,379 to €39,378
- Other debts -€9,516
down €9,516 (-56.5%), from €16,833 to €7,317
- Gross operating margin -€134,276
down €134,276 (-73.3%), from €183,154 to €48,878
- Write-downs +€27,978
up €27,978, from -€27,978 to €0
- Taxes -€17,274
down €17,274 (-36.5%), from €47,274 to €30,000
- Staff costs +€9,576
up €9,576 (+1,430%), from €670 to €10,245
- Financial charges +€2,932
up €2,932 (+259%), from €1,130 to €4,062
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 | €410,590 | €351,032 | -€59,558 | -14.5% |
| Fixed assets | 21/28 | €714 | €47 | -€668 | -93.5% |
| Tangible fixed assets | 22/27 | €714 | €47 | -€668 | -93.5% |
| Furniture and vehicles | 24 | €714 | €47 | -€668 | -93.5% |
| Current assets | 29/58 | €409,875 | €350,985 | -€58,890 | -14.4% |
| Amounts receivable within one year | 40/41 | €137,794 | €162,776 | +€24,982 | +18.1% |
| Trade receivables | 40 | €132,163 | €152,429 | +€20,266 | +15.3% |
| Other amounts receivable | 41 | €5,631 | €10,347 | +€4,716 | +83.8% |
| Current investments | 50/53 | €10,000 | €53,500 | +€43,500 | +435% |
| Cash at bank and in hand | 54/58 | €262,081 | €134,709 | -€127,371 | -48.6% |
| Total equity and liabilities | 10/49 | €410,590 | €351,032 | -€59,558 | -14.5% |
| Equity | 10/15 | €296,360 | €300,635 | +€4,275 | +1.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | - | €226,969 | +€226,969 | |
| Distributable reserves | 133 | - | €226,969 | +€226,969 | |
| Profit (loss) carried forward | 14 | €294,360 | €71,666 | -€222,694 | -75.7% |
| Amounts payable | 17/49 | €114,229 | €50,397 | -€63,833 | -55.9% |
| Amounts payable within one year | 42/48 | €114,229 | €50,397 | -€63,833 | -55.9% |
| Trade debts | 44 | €21,379 | €39,378 | +€17,999 | +84.2% |
| Suppliers | 440/4 | €21,379 | €39,378 | +€17,999 | +84.2% |
| Taxes, remuneration and social security | 45 | €76,018 | €3,703 | -€72,315 | -95.1% |
| Taxes | 450/3 | €76,018 | €836 | -€75,182 | -98.9% |
| Remuneration and social security | 454/9 | - | €2,867 | +€2,867 | |
| Other amounts payable | 47/48 | €16,833 | €7,317 | -€9,516 | -56.5% |
| Remuneration, social security and pensions | 62 | €670 | €10,245 | +€9,576 | +1,430% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €668 | €668 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€27,978 | €0 | +€27,978 | |
| Other operating charges | 640/8 | €906 | €520 | -€386 | -42.6% |
| Gross operating margin | 9900 | €183,154 | €48,878 | -€134,276 | -73.3% |
| Operating profit (loss) | 9901 | €208,888 | €37,445 | -€171,443 | -82.1% |
| Financial income | 75/76B | €221 | €892 | +€671 | +303% |
| Recurring financial income | 75 | €221 | €892 | +€671 | +303% |
| Financial charges | 65/66B | €1,130 | €4,062 | +€2,932 | +259% |
| Recurring financial charges | 65 | €1,130 | €4,062 | +€2,932 | +259% |
| Profit (loss) for the period before taxes | 9903 | €207,979 | €34,275 | -€173,704 | -83.5% |
| Income taxes | 67/77 | €47,274 | €30,000 | -€17,274 | -36.5% |
| Profit (loss) for the period | 9904 | €160,705 | €4,275 | -€156,430 | -97.3% |
| Profit (loss) for the period to be appropriated | 9905 | €160,705 | €4,275 | -€156,430 | -97.3% |
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 14 October 2026 via checked.be.