Z-AXIS: 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-AXIS
Largest movements
- Receivables within one year +€26,986
up €26,986 (+84.0%), from €32,142 to €59,128
of which Trade receivables: +€27,826
- Cash +€10,925
up €10,925 (+2398.5%), from €456 to €11,381
mainly Net result for the year (+€50,458) and Trade debts (+€20,202)
- Deferred charges and accrued income -€791
down €791 (-100.0%), from €791 to €0
- Profit (loss) carried forward +€50,458
up €50,458 (+38.7%), from -€130,327 to -€79,869
- Other debts -€33,183
down €33,183 (-22.1%), from €150,082 to €116,899
- Trade debts +€20,202
up €20,202 (+168.0%), from €12,022 to €32,224
- Gross operating margin +€108,858
up €108,858, from -€55,356 to €53,502
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 | €40,130 | €77,624 | +€37,494 | +93.4% |
| Fixed assets | 21/28 | €6,742 | €7,116 | +€374 | +5.5% |
| Tangible fixed assets | 22/27 | €6,702 | €7,076 | +€374 | +5.6% |
| Furniture and vehicles | 24 | €6,702 | €7,076 | +€374 | +5.6% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €33,388 | €70,508 | +€37,121 | +111.2% |
| Amounts receivable within one year | 40/41 | €32,142 | €59,128 | +€26,986 | +84.0% |
| Trade receivables | 40 | €31,013 | €58,838 | +€27,826 | +89.7% |
| Other amounts receivable | 41 | €1,129 | €289 | -€840 | -74.4% |
| Cash at bank and in hand | 54/58 | €456 | €11,381 | +€10,925 | +2398.5% |
| Deferred charges and accrued income | 490/1 | €791 | €0 | -€791 | -100.0% |
| Total equity and liabilities | 10/49 | €40,130 | €77,624 | +€37,494 | +93.4% |
| Equity | 10/15 | -€122,267 | -€71,809 | +€50,458 | +41.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€130,327 | -€79,869 | +€50,458 | +38.7% |
| Amounts payable | 17/49 | €162,397 | €149,433 | -€12,964 | -8.0% |
| Amounts payable within one year | 42/48 | €162,397 | €149,433 | -€12,964 | -8.0% |
| Trade debts | 44 | €12,022 | €32,224 | +€20,202 | +168.0% |
| Suppliers | 440/4 | €12,022 | €32,224 | +€20,202 | +168.0% |
| Taxes, remuneration and social security | 45 | €293 | €310 | +€17 | +5.7% |
| Taxes | 450/3 | €293 | €310 | +€17 | +5.7% |
| Other amounts payable | 47/48 | €150,082 | €116,899 | -€33,183 | -22.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,968 | €2,356 | +€389 | +19.7% |
| Other operating charges | 640/8 | €993 | €1,012 | +€19 | +1.9% |
| Gross operating margin | 9900 | -€55,356 | €53,502 | +€108,858 | |
| Operating profit (loss) | 9901 | -€58,317 | €50,134 | +€108,451 | |
| Financial income | 75/76B | €11 | €528 | +€516 | +4503.5% |
| Recurring financial income | 75 | €11 | €528 | +€516 | +4503.5% |
| Financial charges | 65/66B | €60 | €44 | -€15 | -25.8% |
| Recurring financial charges | 65 | €60 | €44 | -€15 | -25.8% |
| Profit (loss) for the period before taxes | 9903 | -€58,365 | €50,617 | +€108,982 | |
| Income taxes | 67/77 | €151 | €159 | +€7 | +4.9% |
| Profit (loss) for the period | 9904 | -€58,516 | €50,458 | +€108,975 | |
| Profit (loss) for the period to be appropriated | 9905 | -€58,516 | €50,458 | +€108,975 |
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 6 October 2026 via checked.be.