Z-frame systems: 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-frame systems
Largest movements
- Stocks and contracts +€368,856
new in 2025: €368,856
- Receivables within one year +€145,054
up €145,054 (+7587.3%), from €1,912 to €146,966
of which Trade receivables: +€141,757
- Tangible fixed assets +€139,192
up €139,192 (+20.3%), from €686,248 to €825,440
of which Land and buildings: +€97,203
- Trade debts +€361,490
up €361,490 (+711.7%), from €50,790 to €412,279
- Profit (loss) carried forward +€182,688
up €182,688, from -€21,996 to €160,692
- Debts after one year +€105,760
up €105,760 (+19.5%), from €542,594 to €648,355
- Current portion of long-term debt +€24,340
new in 2025: €24,340
- Short-term financial debts -€23,435
no longer reported in 2025 (was €23,435)
- Gross operating margin +€283,591
up €283,591, from -€4,845 to €278,746
- Depreciation +€27,843
up €27,843 (+2726.4%), from €1,021 to €28,864
- Taxes +€26,413
new in 2025: €26,413
- Staff costs +€23,838
new in 2025: €23,838
- Financial charges +€9,162
up €9,162 (+68.3%), from €13,418 to €22,579
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 | €700,997 | €1,363,420 | +€662,423 | +94.5% |
| Formation expenses | 20 | €943 | €0 | -€943 | -100.0% |
| Fixed assets | 21/28 | €686,248 | €825,440 | +€139,192 | +20.3% |
| Tangible fixed assets | 22/27 | €686,248 | €825,440 | +€139,192 | +20.3% |
| Land and buildings | 22 | €636,192 | €733,395 | +€97,203 | +15.3% |
| Plant, machinery and equipment | 23 | €50,057 | €90,205 | +€40,148 | +80.2% |
| Furniture and vehicles | 24 | - | €1,841 | +€1,841 | |
| Current assets | 29/58 | €13,806 | €537,980 | +€524,174 | +3796.7% |
| Stocks and contracts in progress | 3 | - | €368,856 | +€368,856 | |
| Stocks | 30/36 | - | €368,856 | +€368,856 | |
| Amounts receivable within one year | 40/41 | €1,912 | €146,966 | +€145,054 | +7587.3% |
| Trade receivables | 40 | - | €141,757 | +€141,757 | |
| Other amounts receivable | 41 | €1,912 | €5,209 | +€3,297 | +172.4% |
| Cash at bank and in hand | 54/58 | €11,792 | €21,125 | +€9,333 | +79.1% |
| Deferred charges and accrued income | 490/1 | €102 | €1,033 | +€931 | +910.3% |
| Total equity and liabilities | 10/49 | €700,997 | €1,363,420 | +€662,423 | +94.5% |
| Equity | 10/15 | €78,004 | €260,692 | +€182,688 | +234.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€21,996 | €160,692 | +€182,688 | |
| Amounts payable | 17/49 | €622,993 | €1,102,728 | +€479,735 | +77.0% |
| Amounts payable after more than one year | 17 | €542,594 | €648,355 | +€105,760 | +19.5% |
| Financial debts | 170/4 | €542,594 | €648,355 | +€105,760 | +19.5% |
| Amounts payable within one year | 42/48 | €74,224 | €441,786 | +€367,561 | +495.2% |
| Current portion of amounts payable after more than one year | 42 | - | €24,340 | +€24,340 | |
| Financial debts | 43 | €23,435 | - | -€23,435 | |
| Credit institutions | 430/8 | €23,435 | - | -€23,435 | |
| Trade debts | 44 | €50,790 | €412,279 | +€361,490 | +711.7% |
| Suppliers | 440/4 | €50,790 | €412,279 | +€361,490 | +711.7% |
| Taxes, remuneration and social security | 45 | - | €5,166 | +€5,166 | |
| Taxes | 450/3 | - | €1,413 | +€1,413 | |
| Remuneration and social security | 454/9 | - | €3,753 | +€3,753 | |
| Accrued charges and deferred income | 492/3 | €6,174 | €12,588 | +€6,414 | +103.9% |
| Remuneration, social security and pensions | 62 | - | €23,838 | +€23,838 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,021 | €28,864 | +€27,843 | +2726.4% |
| Other operating charges | 640/8 | €186 | €701 | +€515 | +276.7% |
| Gross operating margin | 9900 | -€4,845 | €278,746 | +€283,591 | |
| Operating profit (loss) | 9901 | -€6,052 | €225,343 | +€231,396 | |
| Financial income | 75/76B | €4,943 | €6,337 | +€1,394 | +28.2% |
| Recurring financial income | 75 | €4,943 | €6,337 | +€1,394 | +28.2% |
| Financial charges | 65/66B | €13,418 | €22,579 | +€9,162 | +68.3% |
| Recurring financial charges | 65 | €13,418 | €22,579 | +€9,162 | +68.3% |
| Profit (loss) for the period before taxes | 9903 | -€14,527 | €209,101 | +€223,628 | |
| Income taxes | 67/77 | - | €26,413 | +€26,413 | |
| Profit (loss) for the period | 9904 | -€14,527 | €182,688 | +€197,215 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,527 | €182,688 | +€197,215 |
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.