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
- Tangible fixed assets -€208,385
down €208,385 (-98.7%), from €211,189 to €2,804
of which Land and buildings: -€207,000
- Receivables after one year +€87,437
up €87,437 (+54.2%), from €161,200 to €248,637
- Formation expenses -€60,954
down €60,954 (-12.5%), from €487,632 to €426,678
- Receivables within one year -€34,447
down €34,447 (-13.9%), from €247,111 to €212,664
of which Trade receivables: -€34,378
- Short-term financial debts -€260,743
no longer reported in 2025 (was €260,743)
- Reserves +€154,503
up €154,503 (+127%), from €121,411 to €275,914
of which Tax-exempt reserves: +€132,923
- Debts after one year -€110,332
down €110,332 (-18.7%), from €588,562 to €478,229
of which Financial debts: -€110,332
- Provisions +€45,739
new in 2025: €45,739
- Profit (loss) carried forward -€15,129
no longer reported in 2025 (was €15,129)
- Gross operating margin +€364,381
up €364,381 (+258%), from €141,363 to €505,744
- Other operating charges +€253,912
up €253,912 (+8,477%), from €2,995 to €256,907
- Financial charges -€29,732
down €29,732 (-74.1%), from €40,107 to €10,374
- Depreciation -€12,842
down €12,842 (-17.1%), from €75,182 to €62,339
- Taxes -€8,482
down €8,482 (-75.7%), from €11,204 to €2,721
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 | €1,107,544 | €891,190 | -€216,354 | -19.5% |
| Formation expenses | 20 | €487,632 | €426,678 | -€60,954 | -12.5% |
| Fixed assets | 21/28 | €211,189 | €2,804 | -€208,385 | -98.7% |
| Tangible fixed assets | 22/27 | €211,189 | €2,804 | -€208,385 | -98.7% |
| Land and buildings | 22 | €207,000 | - | -€207,000 | |
| Plant, machinery and equipment | 23 | €151 | €25 | -€125 | -83.1% |
| Furniture and vehicles | 24 | €4,039 | €2,779 | -€1,260 | -31.2% |
| Current assets | 29/58 | €408,723 | €461,708 | +€52,985 | +13.0% |
| Amounts receivable after more than one year | 29 | €161,200 | €248,637 | +€87,437 | +54.2% |
| Other amounts receivable | 291 | €161,200 | €248,637 | +€87,437 | +54.2% |
| Amounts receivable within one year | 40/41 | €247,111 | €212,664 | -€34,447 | -13.9% |
| Trade receivables | 40 | €247,042 | €212,664 | -€34,378 | -13.9% |
| Other amounts receivable | 41 | €68 | - | -€68 | |
| Cash at bank and in hand | 54/58 | €413 | €407 | -€5 | -1.3% |
| Total equity and liabilities | 10/49 | €1,107,544 | €891,190 | -€216,354 | -19.5% |
| Equity | 10/15 | €143,039 | €282,414 | +€139,374 | +97.4% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €121,411 | €275,914 | +€154,503 | +127% |
| Tax-exempt reserves | 132 | €4,295 | €137,218 | +€132,923 | +3,095% |
| Distributable reserves | 133 | €117,116 | €138,696 | +€21,580 | +18.4% |
| Profit (loss) carried forward | 14 | €15,129 | - | -€15,129 | |
| Provisions and deferred taxes | 16 | - | €45,739 | +€45,739 | |
| Deferred taxes | 168 | - | €45,739 | +€45,739 | |
| Amounts payable | 17/49 | €964,505 | €563,038 | -€401,467 | -41.6% |
| Amounts payable after more than one year | 17 | €588,562 | €478,229 | -€110,332 | -18.7% |
| Financial debts | 170/4 | €223,270 | €112,937 | -€110,332 | -49.4% |
| Other amounts payable | 178/9 | €365,292 | €365,292 | = | 0.0% |
| Amounts payable within one year | 42/48 | €375,943 | €84,808 | -€291,134 | -77.4% |
| Current portion of amounts payable after more than one year | 42 | €55,011 | €41,106 | -€13,904 | -25.3% |
| Financial debts | 43 | €260,743 | - | -€260,743 | |
| Credit institutions | 430/8 | €260,743 | - | -€260,743 | |
| Trade debts | 44 | €41,872 | €28,754 | -€13,119 | -31.3% |
| Suppliers | 440/4 | €41,872 | €28,754 | -€13,119 | -31.3% |
| Taxes, remuneration and social security | 45 | €18,317 | €14,948 | -€3,369 | -18.4% |
| Taxes | 450/3 | €18,317 | €14,948 | -€3,369 | -18.4% |
| Remuneration, social security and pensions | 62 | €22 | - | -€22 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,182 | €62,339 | -€12,842 | -17.1% |
| Other operating charges | 640/8 | €2,995 | €256,907 | +€253,912 | +8,477% |
| Gross operating margin | 9900 | €141,363 | €505,744 | +€364,381 | +258% |
| Operating profit (loss) | 9901 | €63,165 | €186,498 | +€123,333 | +195% |
| Financial income | 75/76B | €6,585 | €11,711 | +€5,126 | +77.9% |
| Recurring financial income | 75 | €6,585 | €606 | -€5,978 | -90.8% |
| Non-recurring financial income | 76B | - | €11,105 | +€11,105 | |
| Financial charges | 65/66B | €40,107 | €10,374 | -€29,732 | -74.1% |
| Recurring financial charges | 65 | €40,107 | €10,374 | -€29,732 | -74.1% |
| Profit (loss) for the period before taxes | 9903 | €29,643 | €187,835 | +€158,192 | +534% |
| Transfer to deferred taxes | 680 | - | €45,739 | +€45,739 | |
| Income taxes | 67/77 | €11,204 | €2,721 | -€8,482 | -75.7% |
| Profit (loss) for the period | 9904 | €18,439 | €139,374 | +€120,935 | +656% |
| Transfer to tax-exempt reserves | 689 | - | €137,218 | +€137,218 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,439 | €2,156 | -€16,283 | -88.3% |
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 31 October 2026 via checked.be.