Z & D EXPERTISE: 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 & D EXPERTISE
Largest movements
- Tangible fixed assets +€49,475
up €49,475 (+15.5%), from €319,688 to €369,163
of which Other tangible fixed assets: +€57,529
- Cash +€5,779
up €5,779 (+28.9%), from €20,003 to €25,782
mainly Debts after one year (+€40,189) and Depreciation (+€15,206)
- Debts after one year +€40,189
up €40,189 (+17.7%), from €227,313 to €267,503
of which Financial debts: +€40,189
- Tax, wage and social debts +€7,428
up €7,428 (+36.4%), from €20,420 to €27,847
of which Taxes: +€7,591
- Current portion of long-term debt +€5,968
up €5,968 (+43.5%), from €13,711 to €19,680
- Staff costs +€19,227
up €19,227 (+48.2%), from €39,930 to €59,157
- Other operating charges -€7,882
down €7,882 (-85.4%), from €9,233 to €1,351
- Depreciation +€4,445
up €4,445 (+41.3%), from €10,762 to €15,206
- Taxes -€3,534
no longer reported in 2025 (was €3,534)
- Gross operating margin +€3,397
up €3,397 (+4.1%), from €83,679 to €87,075
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 | €411,448 | €463,094 | +€51,646 | +12.6% |
| Fixed assets | 21/28 | €319,688 | €369,163 | +€49,475 | +15.5% |
| Tangible fixed assets | 22/27 | €319,688 | €369,163 | +€49,475 | +15.5% |
| Land and buildings | 22 | €308,248 | €300,491 | -€7,757 | -2.5% |
| Furniture and vehicles | 24 | €9,045 | €8,748 | -€297 | -3.3% |
| Other tangible fixed assets | 26 | €2,394 | €59,924 | +€57,529 | +2,403% |
| Current assets | 29/58 | €91,760 | €93,931 | +€2,171 | +2.4% |
| Amounts receivable within one year | 40/41 | €71,024 | €67,641 | -€3,383 | -4.8% |
| Trade receivables | 40 | €70,574 | €67,641 | -€2,933 | -4.2% |
| Other amounts receivable | 41 | €450 | - | -€450 | |
| Cash at bank and in hand | 54/58 | €20,003 | €25,782 | +€5,779 | +28.9% |
| Deferred charges and accrued income | 490/1 | €733 | €508 | -€226 | -30.8% |
| Total equity and liabilities | 10/49 | €411,448 | €463,094 | +€51,646 | +12.6% |
| Equity | 10/15 | €146,032 | €146,278 | +€246 | +0.2% |
| Contributions | 10/11 | €18,650 | €18,650 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | - | -€1,855 | |
| Own shares acquired | 1312 | €1,855 | - | -€1,855 | |
| Distributable reserves | 133 | - | €1,855 | +€1,855 | |
| Profit (loss) carried forward | 14 | €125,527 | €125,773 | +€246 | +0.2% |
| Amounts payable | 17/49 | €265,416 | €316,816 | +€51,400 | +19.4% |
| Amounts payable after more than one year | 17 | €227,313 | €267,503 | +€40,189 | +17.7% |
| Financial debts | 170/4 | €226,763 | €266,953 | +€40,189 | +17.7% |
| Other amounts payable | 178/9 | €550 | €550 | = | 0.0% |
| Amounts payable within one year | 42/48 | €38,103 | €49,313 | +€11,210 | +29.4% |
| Current portion of amounts payable after more than one year | 42 | €13,711 | €19,680 | +€5,968 | +43.5% |
| Trade debts | 44 | €3,955 | €1,770 | -€2,185 | -55.2% |
| Suppliers | 440/4 | €3,955 | €1,770 | -€2,185 | -55.2% |
| Taxes, remuneration and social security | 45 | €20,420 | €27,847 | +€7,428 | +36.4% |
| Taxes | 450/3 | €9,947 | €17,537 | +€7,591 | +76.3% |
| Remuneration and social security | 454/9 | €10,473 | €10,310 | -€163 | -1.6% |
| Other amounts payable | 47/48 | €17 | €16 | -€1 | -5.6% |
| Remuneration, social security and pensions | 62 | €39,930 | €59,157 | +€19,227 | +48.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,762 | €15,206 | +€4,445 | +41.3% |
| Other operating charges | 640/8 | €9,233 | €1,351 | -€7,882 | -85.4% |
| Gross operating margin | 9900 | €83,679 | €87,075 | +€3,397 | +4.1% |
| Operating profit (loss) | 9901 | €23,754 | €11,360 | -€12,393 | -52.2% |
| Financial income | 75/76B | €16 | €48 | +€31 | +190% |
| Recurring financial income | 75 | €16 | €48 | +€31 | +190% |
| Financial charges | 65/66B | €10,220 | €11,161 | +€942 | +9.2% |
| Recurring financial charges | 65 | €10,220 | €11,161 | +€942 | +9.2% |
| Profit (loss) for the period before taxes | 9903 | €13,550 | €246 | -€13,304 | -98.2% |
| Income taxes | 67/77 | €3,534 | - | -€3,534 | |
| Profit (loss) for the period | 9904 | €10,016 | €246 | -€9,770 | -97.5% |
| Profit (loss) for the period to be appropriated | 9905 | €10,016 | €246 | -€9,770 | -97.5% |
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 29 October 2026 via checked.be.