Z & M: 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.
Z & M
Largest movements
- Deferred charges and accrued income +€7,961
new in 2025: €7,961
- Receivables within one year +€5,703
new in 2025: €5,703
of which Trade receivables: +€4,908
- Stocks and contracts -€5,472
down €5,472 (-44.0%), from €12,438 to €6,966
- Cash +€1,462
up €1,462 (+32.8%), from €4,463 to €5,925
mainly Trade debts (+€14,867) and Stocks and contracts (+€5,472)
- Tangible fixed assets +€756
up €756 (+21.4%), from €3,526 to €4,281
of which Plant, machinery and equipment: +€1,387
- Trade debts +€14,867
up €14,867 (+2747.2%), from €541 to €15,408
- Other debts -€3,808
down €3,808 (-21.6%), from €17,626 to €13,818
- Tax, wage and social debts -€1,869
down €1,869 (-82.8%), from €2,256 to €387
- Advances received +€680
new in 2025: €680
- Profit (loss) carried forward +€540
up €540 (+6.2%), from -€8,671 to -€8,131
- Financial charges -€116
down €116 (-30.9%), from €376 to €260
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,952 | €31,362 | +€10,410 | +49.7% |
| Fixed assets | 21/28 | €4,051 | €4,806 | +€756 | +18.7% |
| Tangible fixed assets | 22/27 | €3,526 | €4,281 | +€756 | +21.4% |
| Land and buildings | 22 | €164 | - | -€164 | |
| Plant, machinery and equipment | 23 | €2,895 | €4,281 | +€1,387 | +47.9% |
| Furniture and vehicles | 24 | €467 | - | -€467 | |
| Financial fixed assets | 28 | €525 | €525 | = | 0.0% |
| Current assets | 29/58 | €16,901 | €26,556 | +€9,655 | +57.1% |
| Stocks and contracts in progress | 3 | €12,438 | €6,966 | -€5,472 | -44.0% |
| Stocks | 30/36 | €12,438 | €6,966 | -€5,472 | -44.0% |
| Amounts receivable within one year | 40/41 | - | €5,703 | +€5,703 | |
| Trade receivables | 40 | - | €4,908 | +€4,908 | |
| Other amounts receivable | 41 | - | €795 | +€795 | |
| Cash at bank and in hand | 54/58 | €4,463 | €5,925 | +€1,462 | +32.8% |
| Deferred charges and accrued income | 490/1 | - | €7,961 | +€7,961 | |
| Total equity and liabilities | 10/49 | €20,952 | €31,362 | +€10,410 | +49.7% |
| Equity | 10/15 | -€2,471 | -€1,931 | +€540 | +21.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,671 | -€8,131 | +€540 | +6.2% |
| Amounts payable | 17/49 | €23,423 | €33,293 | +€9,870 | +42.1% |
| Amounts payable within one year | 42/48 | €20,423 | €30,293 | +€9,870 | +48.3% |
| Trade debts | 44 | €541 | €15,408 | +€14,867 | +2747.2% |
| Suppliers | 440/4 | €541 | €15,408 | +€14,867 | +2747.2% |
| Advances received on contracts in progress | 46 | - | €680 | +€680 | |
| Taxes, remuneration and social security | 45 | €2,256 | €387 | -€1,869 | -82.8% |
| Taxes | 450/3 | €2,256 | €387 | -€1,869 | -82.8% |
| Other amounts payable | 47/48 | €17,626 | €13,818 | -€3,808 | -21.6% |
| Accrued charges and deferred income | 492/3 | €3,000 | €3,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,266 | €2,244 | -€22 | -1.0% |
| Other operating charges | 640/8 | €2,805 | €2,812 | +€6 | +0.2% |
| Gross operating margin | 9900 | €6,129 | €6,155 | +€26 | +0.4% |
| Operating profit (loss) | 9901 | €1,057 | €1,098 | +€41 | +3.9% |
| Financial income | 75/76B | €60 | €89 | +€29 | +48.2% |
| Recurring financial income | 75 | €60 | €89 | +€29 | +48.2% |
| Financial charges | 65/66B | €376 | €260 | -€116 | -30.9% |
| Recurring financial charges | 65 | €376 | €260 | -€116 | -30.9% |
| Profit (loss) for the period before taxes | 9903 | €741 | €928 | +€186 | +25.2% |
| Income taxes | 67/77 | €382 | €387 | +€5 | +1.3% |
| Profit (loss) for the period | 9904 | €359 | €540 | +€181 | +50.6% |
| Profit (loss) for the period to be appropriated | 9905 | €359 | €540 | +€181 | +50.6% |
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 8 October 2026 via checked.be.