tzo: 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.
tzo
Largest movements
- Receivables within one year -€43,362
down €43,362 (-79.7%), from €54,416 to €11,054
of which Trade receivables: -€44,736
- Cash +€17,774
up €17,774 (+2,787%), from €638 to €18,412
mainly Receivables within one year (+€43,362) and Net result for the year (+€24,964)
- Profit (loss) carried forward +€24,964
up €24,964 (+26.4%), from €94,479 to €119,444
- Other debts -€22,752
down €22,752 (-5.6%), from €404,335 to €381,583
- Debts after one year -€15,162
down €15,162 (-70.0%), from €21,675 to €6,513
- Tax, wage and social debts -€13,150
down €13,150 (-64.8%), from €20,302 to €7,152
of which Taxes: -€12,177
- Gross operating margin -€12,276
down €12,276 (-25.2%), from €48,675 to €36,398
- Financial charges -€4,526
down €4,526 (-79.1%), from €5,723 to €1,197
- Taxes -€2,231
down €2,231 (-20.4%), from €10,959 to €8,728
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 | €558,905 | €534,020 | -€24,885 | -4.5% |
| Fixed assets | 21/28 | €503,746 | €504,231 | +€485 | +0.1% |
| Tangible fixed assets | 22/27 | €3,746 | €4,231 | +€485 | +12.9% |
| Plant, machinery and equipment | 23 | €502 | €470 | -€32 | -6.4% |
| Furniture and vehicles | 24 | €3,244 | €3,761 | +€517 | +15.9% |
| Financial fixed assets | 28 | €500,000 | €500,000 | = | 0.0% |
| Current assets | 29/58 | €55,159 | €29,789 | -€25,369 | -46.0% |
| Amounts receivable within one year | 40/41 | €54,416 | €11,054 | -€43,362 | -79.7% |
| Trade receivables | 40 | €54,416 | €9,680 | -€44,736 | -82.2% |
| Other amounts receivable | 41 | - | €1,374 | +€1,374 | |
| Cash at bank and in hand | 54/58 | €638 | €18,412 | +€17,774 | +2,787% |
| Deferred charges and accrued income | 490/1 | €105 | €324 | +€219 | +209% |
| Total equity and liabilities | 10/49 | €558,905 | €534,020 | -€24,885 | -4.5% |
| Equity | 10/15 | €96,879 | €121,844 | +€24,964 | +25.8% |
| Contributions | 10/11 | €2,400 | €2,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €94,479 | €119,444 | +€24,964 | +26.4% |
| Amounts payable | 17/49 | €462,025 | €412,176 | -€49,849 | -10.8% |
| Amounts payable after more than one year | 17 | €21,675 | €6,513 | -€15,162 | -70.0% |
| Financial debts | 170/4 | €21,675 | €6,513 | -€15,162 | -70.0% |
| Amounts payable within one year | 42/48 | €440,350 | €405,663 | -€34,687 | -7.9% |
| Current portion of amounts payable after more than one year | 42 | €14,724 | €15,193 | +€469 | +3.2% |
| Trade debts | 44 | €989 | €1,735 | +€746 | +75.4% |
| Suppliers | 440/4 | €989 | €1,735 | +€746 | +75.4% |
| Taxes, remuneration and social security | 45 | €20,302 | €7,152 | -€13,150 | -64.8% |
| Taxes | 450/3 | €19,329 | €7,152 | -€12,177 | -63.0% |
| Remuneration and social security | 454/9 | €973 | - | -€973 | |
| Other amounts payable | 47/48 | €404,335 | €381,583 | -€22,752 | -5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,133 | €1,389 | +€256 | +22.6% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | €48,675 | €36,398 | -€12,276 | -25.2% |
| Operating profit (loss) | 9901 | €47,424 | €34,889 | -€12,535 | -26.4% |
| Financial income | 75/76B | €6 | - | -€6 | |
| Recurring financial income | 75 | €6 | - | -€6 | |
| Financial charges | 65/66B | €5,723 | €1,197 | -€4,526 | -79.1% |
| Recurring financial charges | 65 | €5,723 | €1,197 | -€4,526 | -79.1% |
| Profit (loss) for the period before taxes | 9903 | €41,707 | €33,692 | -€8,014 | -19.2% |
| Income taxes | 67/77 | €10,959 | €8,728 | -€2,231 | -20.4% |
| Profit (loss) for the period | 9904 | €30,748 | €24,964 | -€5,783 | -18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €30,748 | €24,964 | -€5,783 | -18.8% |
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 28 October 2026 via checked.be.