Z-in: 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-in
Largest movements
- Tangible fixed assets +€64,696
up €64,696 (+6,506%), from €994 to €65,690
of which Leasing and similar rights: +€65,271
- Cash +€36,388
up €36,388 (+22.2%), from €163,915 to €200,303
mainly Debts after one year (+€42,533) and Receivables within one year (+€19,785)
- Receivables within one year -€19,785
down €19,785 (-10.4%), from €189,547 to €169,761
of which Trade receivables: -€46,819
- Debts after one year +€42,533
new in 2025: €42,533
- Reserves +€19,482
up €19,482 (+5.7%), from €341,395 to €360,877
of which Distributable reserves: +€19,482
- Current portion of long-term debt +€13,445
new in 2025: €13,445
- Accrued charges and deferred income +€10,560
new in 2025: €10,560
- Tax, wage and social debts -€6,931
down €6,931 (-32.5%), from €21,355 to €14,424
- Gross operating margin -€18,904
down €18,904 (-29.3%), from €64,462 to €45,558
- Depreciation +€13,849
up €13,849 (+952%), from €1,455 to €15,304
- Taxes -€8,799
down €8,799 (-56.1%), from €15,693 to €6,893
- Financial charges -€1,744
down €1,744 (-29.4%), from €5,922 to €4,178
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 | €454,968 | €537,627 | +€82,659 | +18.2% |
| Fixed assets | 21/28 | €100,994 | €165,690 | +€64,696 | +64.1% |
| Tangible fixed assets | 22/27 | €994 | €65,690 | +€64,696 | +6,506% |
| Furniture and vehicles | 24 | €994 | €419 | -€575 | -57.8% |
| Leasing and similar rights | 25 | - | €65,271 | +€65,271 | |
| Financial fixed assets | 28 | €100,000 | €100,000 | = | 0.0% |
| Current assets | 29/58 | €353,973 | €371,937 | +€17,963 | +5.1% |
| Amounts receivable within one year | 40/41 | €189,547 | €169,761 | -€19,785 | -10.4% |
| Trade receivables | 40 | €49,085 | €2,266 | -€46,819 | -95.4% |
| Other amounts receivable | 41 | €140,461 | €167,495 | +€27,034 | +19.2% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €163,915 | €200,303 | +€36,388 | +22.2% |
| Deferred charges and accrued income | 490/1 | €512 | €1,873 | +€1,361 | +266% |
| Total equity and liabilities | 10/49 | €454,968 | €537,627 | +€82,659 | +18.2% |
| Equity | 10/15 | €359,995 | €379,477 | +€19,482 | +5.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €341,395 | €360,877 | +€19,482 | +5.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €62,924 | €62,924 | = | 0.0% |
| Distributable reserves | 133 | €276,612 | €296,093 | +€19,482 | +7.0% |
| Provisions and deferred taxes | 16 | €20,975 | €20,975 | = | 0.0% |
| Deferred taxes | 168 | €20,975 | €20,975 | = | 0.0% |
| Amounts payable | 17/49 | €73,998 | €137,176 | +€63,178 | +85.4% |
| Amounts payable after more than one year | 17 | - | €42,533 | +€42,533 | |
| Financial debts | 170/4 | - | €42,533 | +€42,533 | |
| Amounts payable within one year | 42/48 | €73,998 | €84,083 | +€10,085 | +13.6% |
| Current portion of amounts payable after more than one year | 42 | - | €13,445 | +€13,445 | |
| Financial debts | 43 | €3,381 | €2,932 | -€449 | -13.3% |
| Credit institutions | 430/8 | €3,381 | €2,932 | -€449 | -13.3% |
| Trade debts | 44 | €711 | €4,147 | +€3,436 | +483% |
| Suppliers | 440/4 | €711 | €4,147 | +€3,436 | +483% |
| Taxes, remuneration and social security | 45 | €21,355 | €14,424 | -€6,931 | -32.5% |
| Taxes | 450/3 | €21,355 | €14,424 | -€6,931 | -32.5% |
| Other amounts payable | 47/48 | €48,551 | €49,135 | +€583 | +1.2% |
| Accrued charges and deferred income | 492/3 | - | €10,560 | +€10,560 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,455 | €15,304 | +€13,849 | +952% |
| Other operating charges | 640/8 | €1,103 | €542 | -€561 | -50.8% |
| Gross operating margin | 9900 | €64,462 | €45,558 | -€18,904 | -29.3% |
| Operating profit (loss) | 9901 | €61,904 | €29,711 | -€32,192 | -52.0% |
| Financial income | 75/76B | €685 | €842 | +€157 | +22.9% |
| Recurring financial income | 75 | €685 | €842 | +€157 | +22.9% |
| Financial charges | 65/66B | €5,922 | €4,178 | -€1,744 | -29.4% |
| Recurring financial charges | 65 | €5,922 | €4,178 | -€1,744 | -29.4% |
| Profit (loss) for the period before taxes | 9903 | €56,667 | €26,375 | -€30,292 | -53.5% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €15,693 | €6,893 | -€8,799 | -56.1% |
| Profit (loss) for the period | 9904 | €40,974 | €19,482 | -€21,493 | -52.5% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €40,974 | €19,482 | -€21,493 | -52.5% |
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 17 October 2026 via checked.be.