Z.- DESIGN: 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.
What changed
Z.- DESIGN
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€44,126
2024 · -€93,246+€49,120
Equity
€911,877
2024 · €956,003-€44,126
Cash
€15,568
2024 · €1.3m-€1.2m
Balance sheet total
€4.1m
2024 · €5.5m-€1.4m
Largest movements
Assets
- Cash -€1.2m
down €1.2m (-98.8%), from €1.3m to €15,568
mainly Current portion of long-term debt (-€626,035) and Debts after one year (-€617,757)
- Tangible fixed assets -€81,542
down €81,542 (-3.0%), from €2.7m to €2.6m
of which Leasing and similar rights: -€45,321
Equity and liabilities
- Current portion of long-term debt -€626,035
down €626,035 (-90.1%), from €695,007 to €68,972
- Debts after one year -€617,757
down €617,757 (-19.6%), from €3.2m to €2.5m
of which Financial debts: -€741,270
- Short-term financial debts -€75,000
down €75,000 (-37.5%), from €200,000 to €125,000
Income statement
- Financial charges -€44,465
down €44,465 (-36.1%), from €123,180 to €78,715
- Financial income +€8,677
up €8,677 (+18.5%), from €46,841 to €55,518
- Gross operating margin -€2,941
down €2,941 (-4.4%), from €66,397 to €63,456
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.
Result 2024
-€93,246
Gross operating margin
-€2,941
Depreciation
+€228
Other operating charges
-€391
Financial income
+€8,677
Financial charges
+€44,465
Taxes
+€5
Deferred taxes and other
-€924
Result 2025
-€44,126
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.
From operations
+€77,258
Investment
€0
Financing
-€1.3m
Cash 2024
€1.3m
From operations (derived)
+€77,258
Net result for the year
-€44,126
Depreciation
+€81,542
Receivables after one year
+€54,508
Receivables within one year
-€5,242
Smaller working-capital items
+€1,785
Provisions
-€14,949
Trade debts
+€3,740
Financing
-€1.3m
Debts after one year
-€617,757
Current portion of long-term debt
-€626,035
Short-term financial debts
-€75,000
Cash 2025
€15,568
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,469,926 | €4,097,107 | -€1.4m | -25.1% |
| Fixed assets | 21/28 | €2,732,646 | €2,651,104 | -€81,542 | -3.0% |
| Tangible fixed assets | 22/27 | €2,729,546 | €2,648,004 | -€81,542 | -3.0% |
| Land and buildings | 22 | €1,380,827 | €1,346,334 | -€34,494 | -2.5% |
| Plant, machinery and equipment | 23 | €46 | - | -€46 | |
| Furniture and vehicles | 24 | €707 | €440 | -€267 | -37.8% |
| Leasing and similar rights | 25 | €1,338,402 | €1,293,082 | -€45,321 | -3.4% |
| Other tangible fixed assets | 26 | €9,563 | €8,150 | -€1,414 | -14.8% |
| Financial fixed assets | 28 | €3,100 | €3,100 | = | 0.0% |
| Current assets | 29/58 | €2,737,280 | €1,446,002 | -€1.3m | -47.2% |
| Amounts receivable after more than one year | 29 | €1,471,086 | €1,416,577 | -€54,508 | -3.7% |
| Other amounts receivable | 291 | €1,471,086 | €1,416,577 | -€54,508 | -3.7% |
| Amounts receivable within one year | 40/41 | €5,636 | €10,878 | +€5,242 | +93.0% |
| Trade receivables | 40 | €4,705 | €10,665 | +€5,960 | +126.7% |
| Other amounts receivable | 41 | €931 | €213 | -€718 | -77.1% |
| Cash at bank and in hand | 54/58 | €1,257,102 | €15,568 | -€1.2m | -98.8% |
| Deferred charges and accrued income | 490/1 | €3,457 | €2,979 | -€478 | -13.8% |
| Total equity and liabilities | 10/49 | €5,469,926 | €4,097,107 | -€1.4m | -25.1% |
| Equity | 10/15 | €956,003 | €911,877 | -€44,126 | -4.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,094,294 | €1,058,706 | -€35,588 | -3.3% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,020,901 | €985,313 | -€35,588 | -3.5% |
| Distributable reserves | 133 | €71,534 | €71,534 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€156,883 | -€165,421 | -€8,538 | -5.4% |
| Provisions and deferred taxes | 16 | €428,831 | €413,882 | -€14,949 | -3.5% |
| Deferred taxes | 168 | €428,831 | €413,882 | -€14,949 | -3.5% |
| Amounts payable | 17/49 | €4,085,092 | €2,771,348 | -€1.3m | -32.2% |
| Amounts payable after more than one year | 17 | €3,159,064 | €2,541,307 | -€617,757 | -19.6% |
| Financial debts | 170/4 | €1,734,992 | €993,722 | -€741,270 | -42.7% |
| Other amounts payable | 178/9 | €1,424,072 | €1,547,586 | +€123,514 | +8.7% |
| Amounts payable within one year | 42/48 | €926,028 | €229,759 | -€696,269 | -75.2% |
| Current portion of amounts payable after more than one year | 42 | €695,007 | €68,972 | -€626,035 | -90.1% |
| Financial debts | 43 | €200,000 | €125,000 | -€75,000 | -37.5% |
| Credit institutions | 430/8 | €200,000 | €125,000 | -€75,000 | -37.5% |
| Trade debts | 44 | €25,711 | €29,450 | +€3,740 | +14.5% |
| Suppliers | 440/4 | €25,711 | €29,450 | +€3,740 | +14.5% |
| Taxes, remuneration and social security | 45 | €1,310 | €2,336 | +€1,026 | +78.3% |
| Taxes | 450/3 | €1,310 | €2,336 | +€1,026 | +78.3% |
| Other amounts payable | 47/48 | €4,000 | €4,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €282 | +€282 | |
| Non-recurring operating income | 76A | - | €10,000 | +€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,769 | €81,542 | -€228 | -0.3% |
| Other operating charges | 640/8 | €16,932 | €17,322 | +€391 | +2.3% |
| Gross operating margin | 9900 | €66,397 | €63,456 | -€2,941 | -4.4% |
| Operating profit (loss) | 9901 | -€32,304 | -€35,408 | -€3,104 | -9.6% |
| Financial income | 75/76B | €46,841 | €55,518 | +€8,677 | +18.5% |
| Recurring financial income | 75 | €46,841 | €55,518 | +€8,677 | +18.5% |
| Financial charges | 65/66B | €123,180 | €78,715 | -€44,465 | -36.1% |
| Recurring financial charges | 65 | €123,180 | €78,715 | -€44,465 | -36.1% |
| Profit (loss) for the period before taxes | 9903 | -€108,643 | -€58,604 | +€50,039 | +46.1% |
| Transfer from deferred taxes | 780 | €15,873 | €14,949 | -€924 | -5.8% |
| Income taxes | 67/77 | €476 | €471 | -€5 | -1.1% |
| Profit (loss) for the period | 9904 | -€93,246 | -€44,126 | +€49,120 | +52.7% |
| Transfer from tax-exempt reserves | 789 | €37,789 | €35,588 | -€2,201 | -5.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€55,457 | -€8,538 | +€46,919 | +84.6% |
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 4 October 2026 via checked.be.