Z-plus: 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-plus
Largest movements
- Cash +€184,929
up €184,929 (+83.9%), from €220,479 to €405,408
mainly Net result for the year (+€170,842) and Current portion of long-term debt (+€120,230)
- Receivables within one year +€84,418
up €84,418 (+27.6%), from €306,172 to €390,590
- Tangible fixed assets -€19,545
down €19,545 (-22.3%), from €87,815 to €68,270
- Intangible fixed assets -€9,676
down €9,676 (-30.6%), from €31,575 to €21,899
- Profit (loss) carried forward +€170,842
up €170,842 (+14.8%), from -€1.2m to -€984,770
- Current portion of long-term debt +€120,230
up €120,230 (+150.6%), from €79,828 to €200,059
- Debts after one year -€28,500
down €28,500 (-10.0%), from €285,000 to €256,500
- Tax, wage and social debts -€17,536
down €17,536 (-6.9%), from €254,554 to €237,018
of which Taxes: -€9,195
- Gross operating margin +€369,602
up €369,602 (+23.6%), from €1.6m to €1.9m
- Staff costs +€166,938
up €166,938 (+12.1%), from €1.4m to €1.5m
- Write-downs +€48,012
up €48,012, from -€43,961 to €4,051
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 | €651,556 | €895,520 | +€243,964 | +37.4% |
| Fixed assets | 21/28 | €120,390 | €91,169 | -€29,221 | -24.3% |
| Intangible fixed assets | 21 | €31,575 | €21,899 | -€9,676 | -30.6% |
| Tangible fixed assets | 22/27 | €87,815 | €68,270 | -€19,545 | -22.3% |
| Plant, machinery and equipment | 23 | €31,925 | €25,838 | -€6,087 | -19.1% |
| Furniture and vehicles | 24 | €21,307 | €11,841 | -€9,466 | -44.4% |
| Other tangible fixed assets | 26 | €34,583 | €30,592 | -€3,992 | -11.5% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €531,166 | €804,351 | +€273,185 | +51.4% |
| Amounts receivable within one year | 40/41 | €306,172 | €390,590 | +€84,418 | +27.6% |
| Trade receivables | 40 | €306,172 | €390,590 | +€84,418 | +27.6% |
| Cash at bank and in hand | 54/58 | €220,479 | €405,408 | +€184,929 | +83.9% |
| Deferred charges and accrued income | 490/1 | €4,515 | €8,352 | +€3,837 | +85.0% |
| Total equity and liabilities | 10/49 | €651,556 | €895,520 | +€243,964 | +37.4% |
| Equity | 10/15 | -€58,412 | €112,430 | +€170,842 | |
| Contributions | 10/11 | €1,097,200 | €1,097,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,155,612 | -€984,770 | +€170,842 | +14.8% |
| Amounts payable | 17/49 | €709,967 | €783,090 | +€73,122 | +10.3% |
| Amounts payable after more than one year | 17 | €285,000 | €256,500 | -€28,500 | -10.0% |
| Financial debts | 170/4 | €285,000 | €256,500 | -€28,500 | -10.0% |
| Amounts payable within one year | 42/48 | €419,606 | €521,590 | +€101,983 | +24.3% |
| Current portion of amounts payable after more than one year | 42 | €79,828 | €200,059 | +€120,230 | +150.6% |
| Trade debts | 44 | €85,224 | €84,512 | -€711 | -0.8% |
| Suppliers | 440/4 | €85,224 | €84,512 | -€711 | -0.8% |
| Taxes, remuneration and social security | 45 | €254,554 | €237,018 | -€17,536 | -6.9% |
| Taxes | 450/3 | €53,100 | €43,905 | -€9,195 | -17.3% |
| Remuneration and social security | 454/9 | €201,454 | €193,114 | -€8,341 | -4.1% |
| Accrued charges and deferred income | 492/3 | €5,361 | €5,000 | -€361 | -6.7% |
| Non-recurring operating income | 76A | €1,064 | - | -€1,064 | |
| Remuneration, social security and pensions | 62 | €1,374,554 | €1,541,492 | +€166,938 | +12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,331 | €34,983 | +€3,653 | +11.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€43,961 | €4,051 | +€48,012 | |
| Other operating charges | 640/8 | €1,891 | €13,551 | +€11,660 | +616.5% |
| Non-recurring operating charges | 66A | €123,790 | €171,559 | +€47,769 | +38.6% |
| Gross operating margin | 9900 | €1,568,332 | €1,937,935 | +€369,602 | +23.6% |
| Operating profit (loss) | 9901 | €80,727 | €172,299 | +€91,571 | +113.4% |
| Financial income | 75/76B | - | €147 | +€147 | |
| Recurring financial income | 75 | - | €147 | +€147 | |
| Financial charges | 65/66B | €899 | €887 | -€12 | -1.3% |
| Recurring financial charges | 65 | €899 | €887 | -€12 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | €79,828 | €171,559 | +€91,730 | +114.9% |
| Income taxes | 67/77 | €508 | €717 | +€209 | +41.2% |
| Profit (loss) for the period | 9904 | €79,321 | €170,842 | +€91,521 | +115.4% |
| Profit (loss) for the period to be appropriated | 9905 | €79,321 | €170,842 | +€91,521 | +115.4% |
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.