Z-GROUP: 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-GROUP
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€94,750
2024 · €72,565-€167,315
Equity
€21.2m
2024 · €21.2m-€94,750
Cash
€729,092
2024 · €214,830+€514,262
Balance sheet total
€27.6m
2024 · €28.3m-€699,893
Largest movements
Assets
- Receivables within one year -€4.3m
down €4.3m (-81.7%), from €5.3m to €964,407
of which Other amounts receivable: -€4.3m
- Financial fixed assets +€3.1m
up €3.1m (+24.9%), from €12.6m to €15.8m
- Cash +€514,262
up €514,262 (+239.4%), from €214,830 to €729,092
mainly Receivables within one year (+€4.3m) and Depreciation (+€294,429)
Equity and liabilities
- Other debts -€468,154
down €468,154 (-32.6%), from €1.4m to €968,027
Income statement
- Financial income -€98,192
down €98,192 (-22.6%), from €434,576 to €336,384
- Other operating charges +€34,293
up €34,293 (+1753.2%), from €1,956 to €36,249
- Financial charges +€28,785
up €28,785 (+13.7%), from €209,513 to €238,298
- Staff costs +€16,778
up €16,778, from -€15,828 to €949
- Gross operating margin +€12,418
up €12,418 (+9.8%), from €126,373 to €138,791
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
€72,565
Gross operating margin
+€12,418
Staff costs
-€16,778
Depreciation
-€1,686
Other operating charges
-€34,293
Financial income
-€98,192
Financial charges
-€28,785
Result 2025
-€94,750
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
+€3.8m
Investment
-€3.2m
Financing
-€64,343
Cash 2024
€214,830
From operations (derived)
+€3.8m
Net result for the year
-€94,750
Depreciation
+€294,429
Receivables after one year
-€117,171
Receivables within one year
+€4.3m
Deferred charges and accrued income
-€65,322
Trade debts
-€186,066
Tax, wage and social debts
-€4
Other debts
-€468,154
Accrued charges and deferred income
+€113,425
Investment (derived)
-€3.2m
Investment in fixed assets (net)
-€3.2m
Financing
-€64,343
Debts after one year
-€65,083
Current portion of long-term debt
+€740
Cash 2025
€729,092
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €28,274,666 | €27,574,773 | -€699,893 | -2.5% |
| Fixed assets | 21/28 | €19,717,013 | €22,629,819 | +€2.9m | +14.8% |
| Tangible fixed assets | 22/27 | €7,089,559 | €6,856,946 | -€232,613 | -3.3% |
| Land and buildings | 22 | €6,878,738 | €6,685,761 | -€192,978 | -2.8% |
| Plant, machinery and equipment | 23 | €4,453 | €13,410 | +€8,957 | +201.2% |
| Furniture and vehicles | 24 | €206,368 | €157,775 | -€48,592 | -23.5% |
| Financial fixed assets | 28 | €12,627,454 | €15,772,873 | +€3.1m | +24.9% |
| Current assets | 29/58 | €8,557,653 | €4,944,955 | -€3.6m | -42.2% |
| Amounts receivable after more than one year | 29 | €3,065,484 | €3,182,655 | +€117,171 | +3.8% |
| Trade receivables | 290 | €3,020,815 | €3,136,199 | +€115,384 | +3.8% |
| Other amounts receivable | 291 | €44,670 | €46,456 | +€1,787 | +4.0% |
| Amounts receivable within one year | 40/41 | €5,273,861 | €964,407 | -€4.3m | -81.7% |
| Trade receivables | 40 | €55,648 | €93,473 | +€37,825 | +68.0% |
| Other amounts receivable | 41 | €5,218,213 | €870,934 | -€4.3m | -83.3% |
| Cash at bank and in hand | 54/58 | €214,830 | €729,092 | +€514,262 | +239.4% |
| Deferred charges and accrued income | 490/1 | €3,478 | €68,800 | +€65,322 | +1878.2% |
| Total equity and liabilities | 10/49 | €28,274,666 | €27,574,773 | -€699,893 | -2.5% |
| Equity | 10/15 | €21,247,061 | €21,152,311 | -€94,750 | -0.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €21,185,061 | €21,090,311 | -€94,750 | -0.4% |
| Non-distributable reserves | 130/1 | €456,200 | €456,200 | = | 0.0% |
| Legal reserve | 130 | €456,200 | €456,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,082 | €2,082 | = | 0.0% |
| Distributable reserves | 133 | €20,726,780 | €20,632,029 | -€94,750 | -0.5% |
| Amounts payable | 17/49 | €7,027,605 | €6,422,462 | -€605,143 | -8.6% |
| Amounts payable after more than one year | 17 | €5,185,546 | €5,120,463 | -€65,083 | -1.3% |
| Financial debts | 170/4 | €5,185,546 | €5,120,463 | -€65,083 | -1.3% |
| Amounts payable within one year | 42/48 | €1,842,059 | €1,188,574 | -€653,485 | -35.5% |
| Current portion of amounts payable after more than one year | 42 | €64,343 | €65,083 | +€740 | +1.2% |
| Financial debts | 43 | €150,000 | €150,000 | = | 0.0% |
| Credit institutions | 430/8 | €150,000 | €150,000 | = | 0.0% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €191,531 | €5,465 | -€186,066 | -97.1% |
| Suppliers | 440/4 | €191,531 | €5,465 | -€186,066 | -97.1% |
| Taxes, remuneration and social security | 45 | €4 | €0 | -€4 | -100.0% |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €4 | €0 | -€4 | -100.0% |
| Other amounts payable | 47/48 | €1,436,181 | €968,027 | -€468,154 | -32.6% |
| Accrued charges and deferred income | 492/3 | €0 | €113,425 | +€113,425 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | -€15,828 | €949 | +€16,778 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €292,743 | €294,429 | +€1,686 | +0.6% |
| Other operating charges | 640/8 | €1,956 | €36,249 | +€34,293 | +1753.2% |
| Gross operating margin | 9900 | €126,373 | €138,791 | +€12,418 | +9.8% |
| Operating profit (loss) | 9901 | -€152,498 | -€192,836 | -€40,339 | -26.5% |
| Financial income | 75/76B | €434,576 | €336,384 | -€98,192 | -22.6% |
| Recurring financial income | 75 | €434,576 | €336,384 | -€98,192 | -22.6% |
| Financial charges | 65/66B | €209,513 | €238,298 | +€28,785 | +13.7% |
| Recurring financial charges | 65 | €209,513 | €238,298 | +€28,785 | +13.7% |
| Profit (loss) for the period before taxes | 9903 | €72,565 | -€94,750 | -€167,315 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €72,565 | -€94,750 | -€167,315 | |
| Profit (loss) for the period to be appropriated | 9905 | €72,565 | -€94,750 | -€167,315 |
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 6 October 2026 via checked.be.