Z-Event: 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-Event
Largest movements
- Receivables after one year +€69,202
up €69,202 (+17.5%), from €395,274 to €464,476
- Tangible fixed assets -€64,488
down €64,488 (-9.5%), from €682,234 to €617,745
of which Land and buildings: -€35,622
- Receivables within one year -€48,017
down €48,017 (-21.1%), from €228,000 to €179,984
of which Trade receivables: -€173,676
- Other debts +€104,178
up €104,178 (+126.2%), from €82,542 to €186,719
- Trade debts -€83,059
down €83,059 (-88.5%), from €93,819 to €10,760
- Debts after one year -€66,993
down €66,993 (-12.2%), from €550,156 to €483,163
- Reserves +€24,512
up €24,512 (+6.0%), from €408,105 to €432,617
- Gross operating margin +€9,355
up €9,355 (+8.3%), from €113,237 to €122,592
- Financial charges +€2,484
up €2,484 (+9.4%), from €26,406 to €28,890
- Taxes +€2,052
up €2,052 (+20.4%), from €10,069 to €12,121
- Financial income -€1,240
down €1,240 (-8.0%), from €15,442 to €14,202
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 | €1,331,610 | €1,286,655 | -€44,955 | -3.4% |
| Fixed assets | 21/28 | €702,234 | €637,745 | -€64,488 | -9.2% |
| Tangible fixed assets | 22/27 | €682,234 | €617,745 | -€64,488 | -9.5% |
| Land and buildings | 22 | €639,678 | €604,057 | -€35,622 | -5.6% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Leasing and similar rights | 25 | €42,555 | €13,689 | -€28,867 | -67.8% |
| Financial fixed assets | 28 | €20,000 | €20,000 | = | 0.0% |
| Current assets | 29/58 | €629,377 | €648,910 | +€19,533 | +3.1% |
| Amounts receivable after more than one year | 29 | €395,274 | €464,476 | +€69,202 | +17.5% |
| Other amounts receivable | 291 | €395,274 | €464,476 | +€69,202 | +17.5% |
| Amounts receivable within one year | 40/41 | €228,000 | €179,984 | -€48,017 | -21.1% |
| Trade receivables | 40 | €176,676 | €3,000 | -€173,676 | -98.3% |
| Other amounts receivable | 41 | €51,324 | €176,984 | +€125,659 | +244.8% |
| Cash at bank and in hand | 54/58 | €191 | €741 | +€550 | +288.2% |
| Deferred charges and accrued income | 490/1 | €5,911 | €3,709 | -€2,202 | -37.3% |
| Total equity and liabilities | 10/49 | €1,331,610 | €1,286,655 | -€44,955 | -3.4% |
| Equity | 10/15 | €491,098 | €508,088 | +€16,989 | +3.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €64,393 | €56,871 | -€7,522 | -11.7% |
| Reserves | 13 | €408,105 | €432,617 | +€24,512 | +6.0% |
| Distributable reserves | 133 | €408,105 | €432,617 | +€24,512 | +6.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €840,512 | €778,567 | -€61,945 | -7.4% |
| Amounts payable after more than one year | 17 | €550,156 | €483,163 | -€66,993 | -12.2% |
| Financial debts | 170/4 | €550,156 | €483,163 | -€66,993 | -12.2% |
| Amounts payable within one year | 42/48 | €290,356 | €295,404 | +€5,048 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €86,134 | €79,884 | -€6,250 | -7.3% |
| Financial debts | 43 | €246 | €0 | -€246 | -100.0% |
| Credit institutions | 430/8 | €246 | €0 | -€246 | -100.0% |
| Trade debts | 44 | €93,819 | €10,760 | -€83,059 | -88.5% |
| Suppliers | 440/4 | €93,819 | €10,760 | -€83,059 | -88.5% |
| Taxes, remuneration and social security | 45 | €27,614 | €18,040 | -€9,574 | -34.7% |
| Taxes | 450/3 | €27,614 | €18,040 | -€9,574 | -34.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €82,542 | €186,719 | +€104,178 | +126.2% |
| Remuneration, social security and pensions | 62 | - | €232 | +€232 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,776 | €64,488 | -€288 | -0.4% |
| Other operating charges | 640/8 | €13,348 | €14,073 | +€725 | +5.4% |
| Gross operating margin | 9900 | €113,237 | €122,592 | +€9,355 | +8.3% |
| Operating profit (loss) | 9901 | €35,113 | €43,799 | +€8,686 | +24.7% |
| Financial income | 75/76B | €15,442 | €14,202 | -€1,240 | -8.0% |
| Recurring financial income | 75 | €15,442 | €14,202 | -€1,240 | -8.0% |
| Financial charges | 65/66B | €26,406 | €28,890 | +€2,484 | +9.4% |
| Recurring financial charges | 65 | €26,406 | €28,890 | +€2,484 | +9.4% |
| Profit (loss) for the period before taxes | 9903 | €24,148 | €29,110 | +€4,962 | +20.5% |
| Income taxes | 67/77 | €10,069 | €12,121 | +€2,052 | +20.4% |
| Profit (loss) for the period | 9904 | €14,079 | €16,989 | +€2,910 | +20.7% |
| Profit (loss) for the period to be appropriated | 9905 | €14,079 | €16,989 | +€2,910 | +20.7% |
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 30 September 2026 via checked.be.