Z-INVEST: what changed
What changed
Z-INVEST
filed annual accounts (NBB)
Net result for the year
€107,710
2024 · €19,004+€88,706
Equity
€916,328
2024 · €808,618+€107,710
Cash
€26,887
2024 · €57,661-€30,774
Balance sheet total
€1.0m
2024 · €897,828+€104,037
Largest movements
Assets
- Current investments +€453,215
up €453,215 (+325%), from €139,400 to €592,615
- Tangible fixed assets -€321,212
down €321,212 (-45.9%), from €699,693 to €378,481
- Cash -€30,774
down €30,774 (-53.4%), from €57,661 to €26,887
mainly Current investments (-€453,215) and Debts after one year (-€37,386)
Equity and liabilities
- Reserves +€107,710
up €107,710 (+20.6%), from €523,618 to €631,328
of which Distributable reserves: +€109,538
- Tax, wage and social debts +€38,354
new in 2025: €38,354
- Debts after one year -€37,386
down €37,386 (-71.9%), from €52,006 to €14,620
Income statement
- Gross operating margin +€126,533
up €126,533 (+376%), from €33,655 to €160,188
- Taxes +€38,354
new in 2025: €38,354
- Depreciation -€8,696
down €8,696 (-37.8%), from €22,996 to €14,300
- Financial charges +€8,123
up €8,123 (+83.9%), from -€9,685 to -€1,563
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€19,004
Gross operating margin
+€126,533
Depreciation
+€8,696
Other operating charges
+€68
Financial income
-€114
Financial charges
-€8,123
Taxes
-€38,354
Result 2025
€107,710
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€161,021
Investment
-€146,304
Financing
-€45,492
Cash 2024
€57,661
From operations (derived)
+€161,021
Net result for the year
+€107,710
Depreciation
+€14,300
Receivables within one year
-€2,808
Smaller working-capital items
-€590
Trade debts
-€2,989
Tax, wage and social debts
+€38,354
Other debts
+€7,044
Investment (derived)
-€146,304
Investment in fixed assets (net)
+€306,912
Current investments
-€453,215
Financing
-€45,492
Debts after one year
-€37,386
Current portion of long-term debt
-€8,106
Cash 2025
€26,887
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €897,828 | €1,001,865 | +€104,037 | +11.6% |
| Fixed assets | 21/28 | €699,693 | €378,481 | -€321,212 | -45.9% |
| Tangible fixed assets | 22/27 | €699,693 | €378,481 | -€321,212 | -45.9% |
| Other tangible fixed assets | 26 | €699,693 | €378,481 | -€321,212 | -45.9% |
| Current assets | 29/58 | €198,136 | €623,384 | +€425,249 | +215% |
| Amounts receivable within one year | 40/41 | €1,075 | €3,883 | +€2,808 | +261% |
| Trade receivables | 40 | €1,075 | €3,883 | +€2,808 | +261% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €139,400 | €592,615 | +€453,215 | +325% |
| Cash at bank and in hand | 54/58 | €57,661 | €26,887 | -€30,774 | -53.4% |
| Total equity and liabilities | 10/49 | €897,828 | €1,001,865 | +€104,037 | +11.6% |
| Equity | 10/15 | €808,618 | €916,328 | +€107,710 | +13.3% |
| Contributions | 10/11 | €285,000 | €285,000 | = | 0.0% |
| Capital | 10 | €285,000 | €285,000 | = | 0.0% |
| Issued capital | 100 | €285,000 | €285,000 | = | 0.0% |
| Reserves | 13 | €523,618 | €631,328 | +€107,710 | +20.6% |
| Non-distributable reserves | 130/1 | €28,500 | €28,500 | = | 0.0% |
| Legal reserve | 130 | €28,500 | €28,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €32,664 | €30,835 | -€1,829 | -5.6% |
| Distributable reserves | 133 | €462,455 | €571,993 | +€109,538 | +23.7% |
| Provisions and deferred taxes | 16 | €17,197 | €16,255 | -€942 | -5.5% |
| Deferred taxes | 168 | €17,197 | €16,255 | -€942 | -5.5% |
| Amounts payable | 17/49 | €72,013 | €69,282 | -€2,731 | -3.8% |
| Amounts payable after more than one year | 17 | €52,006 | €14,620 | -€37,386 | -71.9% |
| Financial debts | 170/4 | €52,006 | €14,620 | -€37,386 | -71.9% |
| Amounts payable within one year | 42/48 | €20,008 | €54,311 | +€34,303 | +171% |
| Current portion of amounts payable after more than one year | 42 | €14,064 | €5,958 | -€8,106 | -57.6% |
| Trade debts | 44 | €3,469 | €480 | -€2,989 | -86.2% |
| Suppliers | 440/4 | €3,469 | €480 | -€2,989 | -86.2% |
| Taxes, remuneration and social security | 45 | - | €38,354 | +€38,354 | |
| Taxes | 450/3 | - | €38,354 | +€38,354 | |
| Other amounts payable | 47/48 | €2,475 | €9,519 | +€7,044 | +285% |
| Accrued charges and deferred income | 492/3 | - | €351 | +€351 | |
| Non-recurring operating income | 76A | - | €162,088 | +€162,088 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,996 | €14,300 | -€8,696 | -37.8% |
| Other operating charges | 640/8 | €4,635 | €4,567 | -€68 | -1.5% |
| Gross operating margin | 9900 | €33,655 | €160,188 | +€126,533 | +376% |
| Operating profit (loss) | 9901 | €6,024 | €141,321 | +€135,297 | +2,246% |
| Financial income | 75/76B | €2,353 | €2,239 | -€114 | -4.8% |
| Recurring financial income | 75 | €2,353 | €2,239 | -€114 | -4.8% |
| Financial charges | 65/66B | -€9,685 | -€1,563 | +€8,123 | +83.9% |
| Recurring financial charges | 65 | -€9,685 | -€1,563 | +€8,123 | +83.9% |
| Profit (loss) for the period before taxes | 9903 | €18,062 | €145,122 | +€127,060 | +703% |
| Transfer from deferred taxes | 780 | €942 | €942 | = | 0.0% |
| Income taxes | 67/77 | - | €38,354 | +€38,354 | |
| Profit (loss) for the period | 9904 | €19,004 | €107,710 | +€88,706 | +467% |
| Transfer from tax-exempt reserves | 789 | €1,829 | €1,829 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €20,832 | €109,538 | +€88,706 | +426% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.