Z'ART: 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.
Z'ART
Largest movements
- Cash +€16,304
up €16,304 (+27.1%), from €60,250 to €76,553
mainly Net result for the year (+€21,064) and Depreciation (+€18,987)
- Tangible fixed assets -€7,067
down €7,067 (-5.9%), from €120,064 to €112,996
of which Land and buildings: -€15,826
- Stocks and contracts +€2,733
up €2,733 (+4.3%), from €63,779 to €66,513
- Reserves +€21,064
up €21,064 (+79.8%), from €26,382 to €47,446
- Debts after one year -€18,297
down €18,297 (-12.6%), from €144,829 to €126,532
- Tax, wage and social debts +€8,340
up €8,340 (+83.9%), from €9,944 to €18,283
- Staff costs -€20,106
down €20,106 (-92.4%), from €21,756 to €1,650
- Taxes +€8,398
up €8,398 (+378%), from €2,219 to €10,617
- Gross operating margin +€5,437
up €5,437 (+9.2%), from €58,949 to €64,386
- Depreciation +€2,692
up €2,692 (+16.5%), from €16,296 to €18,987
- Financial charges -€691
down €691 (-7.6%), from €9,144 to €8,453
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 | €246,169 | €257,836 | +€11,667 | +4.7% |
| Fixed assets | 21/28 | €121,022 | €113,535 | -€7,487 | -6.2% |
| Intangible fixed assets | 21 | €773 | €353 | -€420 | -54.3% |
| Tangible fixed assets | 22/27 | €120,064 | €112,996 | -€7,067 | -5.9% |
| Land and buildings | 22 | €120,064 | €104,237 | -€15,826 | -13.2% |
| Furniture and vehicles | 24 | - | €8,759 | +€8,759 | |
| Financial fixed assets | 28 | €185 | €185 | = | 0.0% |
| Current assets | 29/58 | €125,147 | €144,302 | +€19,154 | +15.3% |
| Stocks and contracts in progress | 3 | €63,779 | €66,513 | +€2,733 | +4.3% |
| Stocks | 30/36 | €63,779 | €66,513 | +€2,733 | +4.3% |
| Amounts receivable within one year | 40/41 | €468 | €397 | -€71 | -15.1% |
| Other amounts receivable | 41 | €468 | €397 | -€71 | -15.1% |
| Cash at bank and in hand | 54/58 | €60,250 | €76,553 | +€16,304 | +27.1% |
| Deferred charges and accrued income | 490/1 | €650 | €838 | +€188 | +28.9% |
| Total equity and liabilities | 10/49 | €246,169 | €257,836 | +€11,667 | +4.7% |
| Equity | 10/15 | €69,882 | €90,947 | +€21,064 | +30.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €26,382 | €47,446 | +€21,064 | +79.8% |
| Distributable reserves | 133 | €26,382 | €47,446 | +€21,064 | +79.8% |
| Profit (loss) carried forward | 14 | €24,900 | €24,900 | = | 0.0% |
| Amounts payable | 17/49 | €176,287 | €166,890 | -€9,397 | -5.3% |
| Amounts payable after more than one year | 17 | €144,829 | €126,532 | -€18,297 | -12.6% |
| Financial debts | 170/4 | €144,829 | €126,532 | -€18,297 | -12.6% |
| Amounts payable within one year | 42/48 | €31,458 | €40,358 | +€8,900 | +28.3% |
| Current portion of amounts payable after more than one year | 42 | €17,504 | €18,297 | +€793 | +4.5% |
| Trade debts | 44 | €4,010 | €3,777 | -€233 | -5.8% |
| Suppliers | 440/4 | €4,010 | €3,777 | -€233 | -5.8% |
| Taxes, remuneration and social security | 45 | €9,944 | €18,283 | +€8,340 | +83.9% |
| Taxes | 450/3 | €9,944 | €18,283 | +€8,340 | +83.9% |
| Remuneration, social security and pensions | 62 | €21,756 | €1,650 | -€20,106 | -92.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,296 | €18,987 | +€2,692 | +16.5% |
| Other operating charges | 640/8 | €4,114 | €4,268 | +€154 | +3.8% |
| Gross operating margin | 9900 | €58,949 | €64,386 | +€5,437 | +9.2% |
| Operating profit (loss) | 9901 | €16,783 | €39,480 | +€22,697 | +135% |
| Financial income | 75/76B | €290 | €654 | +€364 | +125% |
| Recurring financial income | 75 | €290 | €654 | +€364 | +125% |
| Financial charges | 65/66B | €9,144 | €8,453 | -€691 | -7.6% |
| Recurring financial charges | 65 | €9,144 | €8,453 | -€691 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | €7,929 | €31,681 | +€23,752 | +300% |
| Income taxes | 67/77 | €2,219 | €10,617 | +€8,398 | +378% |
| Profit (loss) for the period | 9904 | €5,710 | €21,064 | +€15,355 | +269% |
| Profit (loss) for the period to be appropriated | 9905 | €5,710 | €21,064 | +€15,355 | +269% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.