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.
Z!
Largest movements
- Receivables within one year -€182,704
down €182,704 (-76.0%), from €240,322 to €57,618
of which Trade receivables: -€113,606
- Cash -€24,259
down €24,259 (-35.1%), from €69,034 to €44,775
mainly Tax, wage and social debts (-€87,619) and Net result for the year (-€73,095)
- Tangible fixed assets -€7,481
down €7,481 (-33.6%), from €22,253 to €14,773
of which Plant, machinery and equipment: -€4,743
- Deferred charges and accrued income +€3,880
up €3,880 (+95.2%), from €4,077 to €7,957
- Tax, wage and social debts -€87,619
down €87,619 (-52.7%), from €166,260 to €78,641
of which Taxes: -€67,356
- Profit (loss) carried forward -€73,095
down €73,095 (-262.2%), from -€27,878 to -€100,974
- Trade debts -€40,912
down €40,912 (-66.1%), from €61,918 to €21,007
- Accrued charges and deferred income +€24,854
up €24,854 (+245.0%), from €10,146 to €35,000
- Short-term financial debts -€21,572
down €21,572 (-23.0%), from €93,957 to €72,385
- Purchases and services -€240,423
down €240,423 (-24.0%), from €1.0m to €760,369
- Financial income -€213,211
down €213,211 (-91.6%), from €232,809 to €19,599
of which Non-recurring financial income: -€185,824
- Turnover -€177,307
down €177,307 (-25.4%), from €697,428 to €520,121
- Staff costs -€46,451
down €46,451 (-7.9%), from €588,696 to €542,244
- Gross operating margin +€39,428
up €39,428 (+9.1%), from €434,737 to €474,164
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 | €341,797 | €129,494 | -€212,303 | -62.1% |
| Fixed assets | 21/28 | €28,364 | €19,144 | -€9,221 | -32.5% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €22,253 | €14,773 | -€7,481 | -33.6% |
| Plant, machinery and equipment | 23 | €16,779 | €12,036 | -€4,743 | -28.3% |
| Furniture and vehicles | 24 | €5,474 | €2,737 | -€2,737 | -50.0% |
| Financial fixed assets | 28 | €6,111 | €4,371 | -€1,740 | -28.5% |
| Current assets | 29/58 | €313,433 | €110,350 | -€203,083 | -64.8% |
| Amounts receivable within one year | 40/41 | €240,322 | €57,618 | -€182,704 | -76.0% |
| Trade receivables | 40 | €117,645 | €4,039 | -€113,606 | -96.6% |
| Other amounts receivable | 41 | €122,676 | €53,579 | -€69,097 | -56.3% |
| Cash at bank and in hand | 54/58 | €69,034 | €44,775 | -€24,259 | -35.1% |
| Deferred charges and accrued income | 490/1 | €4,077 | €7,957 | +€3,880 | +95.2% |
| Total equity and liabilities | 10/49 | €341,797 | €129,494 | -€212,303 | -62.1% |
| Equity | 10/15 | -€26,509 | -€99,604 | -€73,095 | -275.7% |
| Contributions | 10/11 | €1,370 | €1,370 | = | 0.0% |
| Capital | 10 | €1,370 | €1,370 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€27,878 | -€100,974 | -€73,095 | -262.2% |
| Amounts payable | 17/49 | €368,305 | €229,097 | -€139,208 | -37.8% |
| Amounts payable after more than one year | 17 | €21,957 | €7,434 | -€14,523 | -66.1% |
| Financial debts | 170/4 | €21,957 | €7,434 | -€14,523 | -66.1% |
| Amounts payable within one year | 42/48 | €336,202 | €186,663 | -€149,538 | -44.5% |
| Current portion of amounts payable after more than one year | 42 | €14,067 | €14,523 | +€457 | +3.2% |
| Financial debts | 43 | €93,957 | €72,385 | -€21,572 | -23.0% |
| Credit institutions | 430/8 | €93,957 | €72,385 | -€21,572 | -23.0% |
| Trade debts | 44 | €61,918 | €21,007 | -€40,912 | -66.1% |
| Suppliers | 440/4 | €61,918 | €21,007 | -€40,912 | -66.1% |
| Taxes, remuneration and social security | 45 | €166,260 | €78,641 | -€87,619 | -52.7% |
| Taxes | 450/3 | €95,403 | €28,047 | -€67,356 | -70.6% |
| Remuneration and social security | 454/9 | €70,857 | €50,594 | -€20,263 | -28.6% |
| Accrued charges and deferred income | 492/3 | €10,146 | €35,000 | +€24,854 | +245.0% |
| Turnover | 70 | €697,428 | €520,121 | -€177,307 | -25.4% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,000,792 | €760,369 | -€240,423 | -24.0% |
| Remuneration, social security and pensions | 62 | €588,696 | €542,244 | -€46,451 | -7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,123 | €8,606 | -€2,518 | -22.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,147 | - | +€3,147 | |
| Other operating charges | 640/8 | €35,659 | €166 | -€35,493 | -99.5% |
| Non-recurring operating charges | 66A | €8,440 | €10,058 | +€1,618 | +19.2% |
| Gross operating margin | 9900 | €434,737 | €474,164 | +€39,428 | +9.1% |
| Operating profit (loss) | 9901 | -€206,034 | -€86,909 | +€119,125 | +57.8% |
| Financial income | 75/76B | €232,809 | €19,599 | -€213,211 | -91.6% |
| Recurring financial income | 75 | €27,737 | €351 | -€27,386 | -98.7% |
| Non-recurring financial income | 76B | €205,072 | €19,248 | -€185,824 | -90.6% |
| Financial charges | 65/66B | €5,548 | €5,785 | +€237 | +4.3% |
| Recurring financial charges | 65 | €5,548 | €5,785 | +€237 | +4.3% |
| Profit (loss) for the period before taxes | 9903 | €21,228 | -€73,095 | -€94,323 | |
| Profit (loss) for the period | 9904 | €21,228 | -€73,095 | -€94,323 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,228 | -€73,095 | -€94,323 |
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 3 October 2026 via checked.be.