Z GLOBAL: 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 GLOBAL
Largest movements
- Stocks and contracts +€810,991
up €810,991 (+46.7%), from €1.7m to €2.5m
- Receivables within one year +€200,080
up €200,080 (+46.2%), from €432,643 to €632,724
of which Trade receivables: +€198,480
- Trade debts +€902,843
up €902,843 (+52.0%), from €1.7m to €2.6m
- Tax, wage and social debts +€128,640
up €128,640 (+97.6%), from €131,804 to €260,443
of which Taxes: +€130,333
- Gross operating margin -€166,624
down €166,624 (-66.3%), from €251,372 to €84,748
- Financial charges -€111,451
down €111,451 (-68.6%), from €162,388 to €50,937
- Depreciation -€46,329
down €46,329 (-82.4%), from €56,216 to €9,887
- Staff costs -€31,449
down €31,449 (-59.4%), from €52,943 to €21,495
- Financial income -€11,046
down €11,046 (-26.6%), from €41,591 to €30,545
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 | €2,376,056 | €3,423,109 | +€1.0m | +44.1% |
| Fixed assets | 21/28 | €204,186 | €228,649 | +€24,463 | +12.0% |
| Tangible fixed assets | 22/27 | €85,673 | €110,136 | +€24,463 | +28.6% |
| Furniture and vehicles | 24 | €57,385 | €91,736 | +€34,350 | +59.9% |
| Leasing and similar rights | 25 | €28,288 | €18,400 | -€9,887 | -35.0% |
| Financial fixed assets | 28 | €118,513 | €118,513 | = | 0.0% |
| Current assets | 29/58 | €2,171,870 | €3,194,460 | +€1.0m | +47.1% |
| Stocks and contracts in progress | 3 | €1,738,327 | €2,549,318 | +€810,991 | +46.7% |
| Stocks | 30/36 | €1,738,327 | €2,549,318 | +€810,991 | +46.7% |
| Amounts receivable within one year | 40/41 | €432,643 | €632,724 | +€200,080 | +46.2% |
| Trade receivables | 40 | €426,189 | €624,669 | +€198,480 | +46.6% |
| Other amounts receivable | 41 | €6,454 | €8,055 | +€1,601 | +24.8% |
| Cash at bank and in hand | 54/58 | €900 | €12,418 | +€11,519 | +1,280% |
| Total equity and liabilities | 10/49 | €2,376,056 | €3,423,109 | +€1.0m | +44.1% |
| Equity | 10/15 | €155,781 | €173,521 | +€17,740 | +11.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €131,396 | €131,396 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €129,536 | €129,536 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,784 | €23,524 | +€17,740 | +307% |
| Amounts payable | 17/49 | €2,220,275 | €3,249,588 | +€1.0m | +46.4% |
| Amounts payable after more than one year | 17 | €299,870 | €320,399 | +€20,529 | +6.8% |
| Financial debts | 170/4 | €299,870 | €320,399 | +€20,529 | +6.8% |
| Amounts payable within one year | 42/48 | €1,920,405 | €2,929,189 | +€1.0m | +52.5% |
| Current portion of amounts payable after more than one year | 42 | €48,309 | €29,622 | -€18,687 | -38.7% |
| Trade debts | 44 | €1,735,680 | €2,638,523 | +€902,843 | +52.0% |
| Suppliers | 440/4 | €1,735,680 | €2,638,523 | +€902,843 | +52.0% |
| Taxes, remuneration and social security | 45 | €131,804 | €260,443 | +€128,640 | +97.6% |
| Taxes | 450/3 | €130,110 | €260,443 | +€130,333 | +100% |
| Remuneration and social security | 454/9 | €1,693 | - | -€1,693 | |
| Other amounts payable | 47/48 | €4,612 | €600 | -€4,012 | -87.0% |
| Non-recurring operating income | 76A | - | €20,615 | +€20,615 | |
| Remuneration, social security and pensions | 62 | €52,943 | €21,495 | -€31,449 | -59.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,216 | €9,887 | -€46,329 | -82.4% |
| Other operating charges | 640/8 | €4,371 | €4,174 | -€197 | -4.5% |
| Gross operating margin | 9900 | €251,372 | €84,748 | -€166,624 | -66.3% |
| Operating profit (loss) | 9901 | €137,842 | €49,192 | -€88,650 | -64.3% |
| Financial income | 75/76B | €41,591 | €30,545 | -€11,046 | -26.6% |
| Recurring financial income | 75 | €41,591 | €30,545 | -€11,046 | -26.6% |
| Financial charges | 65/66B | €162,388 | €50,937 | -€111,451 | -68.6% |
| Recurring financial charges | 65 | €162,388 | €50,937 | -€111,451 | -68.6% |
| Profit (loss) for the period before taxes | 9903 | €17,045 | €28,800 | +€11,755 | +69.0% |
| Income taxes | 67/77 | €11,261 | €11,060 | -€201 | -1.8% |
| Profit (loss) for the period | 9904 | €5,784 | €17,740 | +€11,956 | +207% |
| Profit (loss) for the period to be appropriated | 9905 | €5,784 | €17,740 | +€11,956 | +207% |
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 14 October 2026 via checked.be.