Z-INDEX: 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-INDEX
Largest movements
- Cash -€4,140
down €4,140 (-37.4%), from €11,057 to €6,917
mainly Net result for the year (-€10,343) and Debts after one year (-€3,742)
- Tangible fixed assets -€3,969
down €3,969 (-20.3%), from €19,512 to €15,543
of which Land and buildings: -€2,345
- Receivables within one year -€3,879
down €3,879 (-87.5%), from €4,434 to €555
- Deferred charges and accrued income +€378
up €378 (+38.2%), from €991 to €1,369
- Profit (loss) carried forward -€10,343
down €10,343 (-16.8%), from -€61,397 to -€71,740
- Debts after one year -€3,742
down €3,742 (-56.4%), from €6,633 to €2,891
- Other debts +€1,639
up €1,639 (+8.1%), from €20,301 to €21,939
- Trade debts +€1,242
new in 2025: €1,242
- Tax, wage and social debts -€1,021
down €1,021 (-72.3%), from €1,412 to €391
- Gross operating margin -€18,057
down €18,057, from €14,322 to -€3,734
- Staff costs -€5,044
down €5,044, from €4,874 to -€170
- Depreciation -€884
down €884 (-18.2%), from €4,853 to €3,969
- Other operating charges +€601
up €601 (+81.5%), from €737 to €1,338
- Financial charges -€190
down €190 (-11.5%), from €1,652 to €1,462
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 | €35,994 | €24,384 | -€11,610 | -32.3% |
| Fixed assets | 21/28 | €19,512 | €15,543 | -€3,969 | -20.3% |
| Tangible fixed assets | 22/27 | €19,512 | €15,543 | -€3,969 | -20.3% |
| Land and buildings | 22 | €17,380 | €15,035 | -€2,345 | -13.5% |
| Plant, machinery and equipment | 23 | €1,086 | €508 | -€578 | -53.2% |
| Furniture and vehicles | 24 | €1,046 | - | -€1,046 | |
| Current assets | 29/58 | €16,482 | €8,841 | -€7,641 | -46.4% |
| Amounts receivable within one year | 40/41 | €4,434 | €555 | -€3,879 | -87.5% |
| Other amounts receivable | 41 | €4,434 | €555 | -€3,879 | -87.5% |
| Cash at bank and in hand | 54/58 | €11,057 | €6,917 | -€4,140 | -37.4% |
| Deferred charges and accrued income | 490/1 | €991 | €1,369 | +€378 | +38.2% |
| Total equity and liabilities | 10/49 | €35,994 | €24,384 | -€11,610 | -32.3% |
| Equity | 10/15 | €3,912 | -€6,432 | -€10,343 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €59,109 | €59,109 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €57,249 | €57,249 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€61,397 | -€71,740 | -€10,343 | -16.8% |
| Amounts payable | 17/49 | €32,082 | €30,816 | -€1,267 | -3.9% |
| Amounts payable after more than one year | 17 | €6,633 | €2,891 | -€3,742 | -56.4% |
| Financial debts | 170/4 | €6,633 | €2,891 | -€3,742 | -56.4% |
| Amounts payable within one year | 42/48 | €25,449 | €27,925 | +€2,475 | +9.7% |
| Current portion of amounts payable after more than one year | 42 | €3,617 | €3,742 | +€125 | +3.5% |
| Financial debts | 43 | €120 | €610 | +€491 | +409% |
| Credit institutions | 430/8 | €120 | €610 | +€491 | +409% |
| Trade debts | 44 | - | €1,242 | +€1,242 | |
| Suppliers | 440/4 | - | €1,242 | +€1,242 | |
| Taxes, remuneration and social security | 45 | €1,412 | €391 | -€1,021 | -72.3% |
| Taxes | 450/3 | €1,412 | €391 | -€1,021 | -72.3% |
| Other amounts payable | 47/48 | €20,301 | €21,939 | +€1,639 | +8.1% |
| Remuneration, social security and pensions | 62 | €4,874 | -€170 | -€5,044 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,853 | €3,969 | -€884 | -18.2% |
| Other operating charges | 640/8 | €737 | €1,338 | +€601 | +81.5% |
| Gross operating margin | 9900 | €14,322 | -€3,734 | -€18,057 | |
| Operating profit (loss) | 9901 | €3,858 | -€8,871 | -€12,730 | |
| Financial income | 75/76B | €22 | €185 | +€163 | +739% |
| Recurring financial income | 75 | €22 | €185 | +€163 | +739% |
| Financial charges | 65/66B | €1,652 | €1,462 | -€190 | -11.5% |
| Recurring financial charges | 65 | €1,652 | €1,462 | -€190 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €2,228 | -€10,149 | -€12,377 | |
| Income taxes | 67/77 | €197 | €194 | -€3 | -1.4% |
| Profit (loss) for the period | 9904 | €2,031 | -€10,343 | -€12,374 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,031 | -€10,343 | -€12,374 |
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 18 October 2026 via checked.be.