Z IMMO: 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 IMMO
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.3m
2024 · €1.9m-€526,761
Equity
€37.3m
2024 · €36.0m+€1.3m
Cash
€147,328
2024 · €75,000+€72,327
Balance sheet total
€55.4m
2024 · €54.5m+€926,078
Largest movements
Assets
- Financial fixed assets +€2.4m
up €2.4m (+10.4%), from €23.4m to €25.8m
- Receivables within one year -€1.1m
down €1.1m (-8.0%), from €13.2m to €12.2m
of which Other amounts receivable: -€1.1m
Equity and liabilities
- Contributions +€4.0m
up €4.0m (+15.4%), from €26.0m to €30.0m
- Profit (loss) carried forward -€3.1m
down €3.1m (-41.4%), from €7.4m to €4.3m
- Debts after one year -€2.6m
down €2.6m (-20.2%), from €12.9m to €10.3m
of which Financial debts: -€2.3m
- Current portion of long-term debt +€1.2m
new in 2025: €1.2m
- Trade debts +€742,046
up €742,046 (+10815.2%), from €6,861 to €748,907
Income statement
- Purchases and services -€278,312
down €278,312 (-19.5%), from €1.4m to €1.1m
- Financial charges -€206,834
down €206,834 (-34.6%), from €597,596 to €390,762
- Financial income -€90,428
down €90,428 (-42.8%), from €211,164 to €120,736
- Gross operating margin +€77,517
up €77,517 (+1.9%), from €4.1m to €4.2m
- Turnover +€74,884
up €74,884 (+2.3%), from €3.2m to €3.3m
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
€1.9m
Gross operating margin
+€77,517
Depreciation
-€6,957
Other operating charges
+€8,165
Other operating items
-€663,024
Financial income
-€90,428
Financial charges
+€206,834
Taxes
-€58,869
Result 2025
€1.3m
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
+€3.9m
Investment
-€2.4m
Financing
-€1.4m
Cash 2024
€75,000
From operations (derived)
+€3.9m
Net result for the year
+€1.3m
Depreciation
+€488,775
Receivables within one year
+€1.1m
Trade debts
+€742,046
Tax, wage and social debts
+€19,562
Advances received
-€100,691
Other debts
+€324,756
Investment (derived)
-€2.4m
Investment in fixed assets (net)
-€2.4m
Financing
-€1.4m
Debts after one year
-€2.6m
Current portion of long-term debt
+€1.2m
Cash 2025
€147,328
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €54,472,176 | €55,398,254 | +€926,078 | +1.7% |
| Fixed assets | 21/28 | €39,879,415 | €41,784,971 | +€1.9m | +4.8% |
| Tangible fixed assets | 22/27 | €16,494,559 | €15,964,197 | -€530,362 | -3.2% |
| Land and buildings | 22 | €16,439,397 | €15,864,197 | -€575,201 | -3.5% |
| Assets under construction and advance payments | 27 | €55,161 | €100,000 | +€44,839 | +81.3% |
| Financial fixed assets | 28 | €23,384,856 | €25,820,775 | +€2.4m | +10.4% |
| Current assets | 29/58 | €14,592,761 | €13,613,282 | -€979,479 | -6.7% |
| Amounts receivable after more than one year | 29 | €1,300,000 | €1,300,000 | = | 0.0% |
| Other amounts receivable | 291 | €1,300,000 | €1,300,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €13,217,761 | €12,165,955 | -€1.1m | -8.0% |
| Trade receivables | 40 | €782 | €782 | = | 0.0% |
| Other amounts receivable | 41 | €13,216,979 | €12,165,173 | -€1.1m | -8.0% |
| Cash at bank and in hand | 54/58 | €75,000 | €147,328 | +€72,327 | +96.4% |
| Total equity and liabilities | 10/49 | €54,472,176 | €55,398,254 | +€926,078 | +1.7% |
| Equity | 10/15 | €35,969,001 | €37,318,896 | +€1.3m | +3.8% |
| Contributions | 10/11 | €26,000,000 | €30,000,000 | +€4.0m | +15.4% |
| Capital | 10 | €26,000,000 | €30,000,000 | +€4.0m | +15.4% |
| Issued capital | 100 | €26,000,000 | €30,000,000 | +€4.0m | +15.4% |
| Reserves | 13 | €2,600,000 | €3,000,000 | +€400,000 | +15.4% |
| Non-distributable reserves | 130/1 | €2,600,000 | €3,000,000 | +€400,000 | +15.4% |
| Legal reserve | 130 | €2,600,000 | €3,000,000 | +€400,000 | +15.4% |
| Profit (loss) carried forward | 14 | €7,369,001 | €4,318,896 | -€3.1m | -41.4% |
| Amounts payable | 17/49 | €18,503,176 | €18,079,358 | -€423,818 | -2.3% |
| Amounts payable after more than one year | 17 | €12,936,492 | €10,327,001 | -€2.6m | -20.2% |
| Financial debts | 170/4 | €11,000,000 | €8,700,000 | -€2.3m | -20.9% |
| Other amounts payable | 178/9 | €1,936,492 | €1,627,001 | -€309,491 | -16.0% |
| Amounts payable within one year | 42/48 | €5,559,224 | €7,744,897 | +€2.2m | +39.3% |
| Current portion of amounts payable after more than one year | 42 | - | €1,200,000 | +€1.2m | |
| Trade debts | 44 | €6,861 | €748,907 | +€742,046 | +10815.2% |
| Suppliers | 440/4 | €6,861 | €748,907 | +€742,046 | +10815.2% |
| Advances received on contracts in progress | 46 | €100,691 | - | -€100,691 | |
| Taxes, remuneration and social security | 45 | €162,877 | €182,439 | +€19,562 | +12.0% |
| Taxes | 450/3 | €162,877 | €182,439 | +€19,562 | +12.0% |
| Other amounts payable | 47/48 | €5,288,795 | €5,613,550 | +€324,756 | +6.1% |
| Accrued charges and deferred income | 492/3 | €7,460 | €7,460 | = | 0.0% |
| Turnover | 70 | €3,225,497 | €3,300,381 | +€74,884 | +2.3% |
| Non-recurring operating income | 76A | €2,275,679 | €2,000,000 | -€275,679 | -12.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,426,788 | €1,148,475 | -€278,312 | -19.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €481,818 | €488,775 | +€6,957 | +1.4% |
| Other operating charges | 640/8 | €212,997 | €204,832 | -€8,165 | -3.8% |
| Non-recurring operating charges | 66A | €395,676 | €1,058,700 | +€663,024 | +167.6% |
| Gross operating margin | 9900 | €4,074,388 | €4,151,906 | +€77,517 | +1.9% |
| Operating profit (loss) | 9901 | €2,983,897 | €2,399,598 | -€584,299 | -19.6% |
| Financial income | 75/76B | €211,164 | €120,736 | -€90,428 | -42.8% |
| Recurring financial income | 75 | €211,164 | €120,736 | -€90,428 | -42.8% |
| Financial charges | 65/66B | €597,596 | €390,762 | -€206,834 | -34.6% |
| Recurring financial charges | 65 | €597,596 | €390,762 | -€206,834 | -34.6% |
| Profit (loss) for the period before taxes | 9903 | €2,597,465 | €2,129,573 | -€467,892 | -18.0% |
| Income taxes | 67/77 | €720,808 | €779,677 | +€58,869 | +8.2% |
| Profit (loss) for the period | 9904 | €1,876,657 | €1,349,896 | -€526,761 | -28.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,876,657 | €1,349,896 | -€526,761 | -28.1% |
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 5 October 2026 via checked.be.