Z & F: what changed
Z & F
Largest movements
- Tangible fixed assets -€16,934
down €16,934 (-40.4%), from €41,938 to €25,004
of which Furniture and vehicles: -€20,984
- Cash -€4,413
down €4,413 (-22.7%), from €19,428 to €15,015
mainly Other debts (-€47,000) and Investment in fixed assets (net) (-€8,086)
- Receivables within one year -€1,981
down €1,981 (-5.6%), from €35,128 to €33,147
of which Other amounts receivable: -€12,881
- Other debts -€47,000
down €47,000 (-69.7%), from €67,439 to €20,439
- Trade debts +€23,097
up €23,097 (+4,895%), from €472 to €23,568
- Tax, wage and social debts +€3,256
up €3,256 (+209%), from €1,555 to €4,811
of which Taxes: +€3,256
- Profit (loss) carried forward -€1,252
down €1,252 (-5.9%), from €21,222 to €19,970
- Gross operating margin -€5,764
down €5,764 (-16.0%), from €36,059 to €30,295
- Other operating charges -€2,711
down €2,711 (-29.5%), from €9,184 to €6,473
- Taxes -€1,021
down €1,021 (-95.0%), from €1,074 to €53
- Depreciation +€365
up €365 (+1.5%), from €24,656 to €25,021
Change in the result, 31-12-2024 to 31-12-2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €111,148 | €89,248 | -€21,900 | -19.7% |
| Fixed assets | 21/28 | €41,963 | €25,029 | -€16,934 | -40.4% |
| Tangible fixed assets | 22/27 | €41,938 | €25,004 | -€16,934 | -40.4% |
| Land and buildings | 22 | - | €4,050 | +€4,050 | |
| Furniture and vehicles | 24 | €41,938 | €20,954 | -€20,984 | -50.0% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €69,185 | €64,219 | -€4,966 | -7.2% |
| Stocks and contracts in progress | 3 | €14,629 | €15,402 | +€773 | +5.3% |
| Stocks | 30/36 | €14,629 | €15,402 | +€773 | +5.3% |
| Amounts receivable within one year | 40/41 | €35,128 | €33,147 | -€1,981 | -5.6% |
| Trade receivables | 40 | €22,243 | €33,143 | +€10,900 | +49.0% |
| Other amounts receivable | 41 | €12,885 | €4 | -€12,881 | -100.0% |
| Cash at bank and in hand | 54/58 | €19,428 | €15,015 | -€4,413 | -22.7% |
| Deferred charges and accrued income | 490/1 | - | €655 | +€655 | |
| Total equity and liabilities | 10/49 | €111,148 | €89,248 | -€21,900 | -19.7% |
| Equity | 10/15 | €41,682 | €40,430 | -€1,252 | -3.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Other | 1319 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | €21,222 | €19,970 | -€1,252 | -5.9% |
| Amounts payable | 17/49 | €69,466 | €48,818 | -€20,648 | -29.7% |
| Amounts payable within one year | 42/48 | €69,466 | €48,818 | -€20,648 | -29.7% |
| Trade debts | 44 | €472 | €23,568 | +€23,097 | +4,895% |
| Suppliers | 440/4 | €472 | €23,568 | +€23,097 | +4,895% |
| Taxes, remuneration and social security | 45 | €1,555 | €4,811 | +€3,256 | +209% |
| Taxes | 450/3 | €873 | €4,129 | +€3,256 | +373% |
| Remuneration and social security | 454/9 | €682 | €682 | = | 0.0% |
| Other amounts payable | 47/48 | €67,439 | €20,439 | -€47,000 | -69.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,656 | €25,021 | +€365 | +1.5% |
| Other operating charges | 640/8 | €9,184 | €6,473 | -€2,711 | -29.5% |
| Gross operating margin | 9900 | €36,059 | €30,295 | -€5,764 | -16.0% |
| Operating profit (loss) | 9901 | €2,219 | -€1,199 | -€3,418 | |
| Financial income | 75/76B | €52 | - | -€52 | |
| Recurring financial income | 75 | €52 | - | -€52 | |
| Non-recurring financial income | 76B | €0 | - | -€0 | |
| Financial charges | 65/66B | €138 | - | -€138 | |
| Recurring financial charges | 65 | €99 | - | -€99 | |
| Non-recurring financial charges | 66B | €39 | - | -€39 | |
| Profit (loss) for the period before taxes | 9903 | €2,133 | -€1,199 | -€3,332 | |
| Income taxes | 67/77 | €1,074 | €53 | -€1,021 | -95.0% |
| Profit (loss) for the period | 9904 | €1,059 | -€1,252 | -€2,311 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,059 | -€1,252 | -€2,311 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.