Z SQUARE: 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 SQUARE
Largest movements
- Current investments +€100,000
up €100,000 (+1,763%), from €5,673 to €105,673
- Cash -€66,362
down €66,362 (-28.6%), from €231,992 to €165,629
mainly Current investments (-€100,000) and Trade debts (-€49,853)
- Receivables within one year -€14,553
down €14,553 (-13.5%), from €107,531 to €92,978
of which Trade receivables: -€35,294
- Deferred charges and accrued income +€3,907
new in 2024: €3,907
- Reserves +€65,126
up €65,126 (+126%), from €51,610 to €116,735
of which Distributable reserves: +€65,126
- Trade debts -€49,853
no longer reported in 2024 (was €49,853)
- Tax, wage and social debts +€9,116
up €9,116 (+46.9%), from €19,457 to €28,574
- Gross operating margin +€67,174
up €67,174 (+129%), from €52,216 to €119,391
- Taxes +€16,683
up €16,683 (+205%), from €8,150 to €24,833
- Depreciation +€1,267
up €1,267 (+425%), from €298 to €1,565
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €353,114 | €377,707 | +€24,593 | +7.0% |
| Fixed assets | 21/28 | €7,918 | €9,520 | +€1,601 | +20.2% |
| Tangible fixed assets | 22/27 | €3,834 | €5,436 | +€1,601 | +41.8% |
| Land and buildings | 22 | €822 | €569 | -€253 | -30.8% |
| Furniture and vehicles | 24 | €3,012 | €4,867 | +€1,855 | +61.6% |
| Financial fixed assets | 28 | €4,084 | €4,084 | = | 0.0% |
| Current assets | 29/58 | €345,196 | €368,188 | +€22,992 | +6.7% |
| Amounts receivable within one year | 40/41 | €107,531 | €92,978 | -€14,553 | -13.5% |
| Trade receivables | 40 | €42,033 | €6,739 | -€35,294 | -84.0% |
| Other amounts receivable | 41 | €65,498 | €86,239 | +€20,741 | +31.7% |
| Current investments | 50/53 | €5,673 | €105,673 | +€100,000 | +1,763% |
| Cash at bank and in hand | 54/58 | €231,992 | €165,629 | -€66,362 | -28.6% |
| Deferred charges and accrued income | 490/1 | - | €3,907 | +€3,907 | |
| Total equity and liabilities | 10/49 | €353,114 | €377,707 | +€24,593 | +7.0% |
| Equity | 10/15 | €279,935 | €345,061 | +€65,126 | +23.3% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €51,610 | €116,735 | +€65,126 | +126% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €48,610 | €113,735 | +€65,126 | +134% |
| Profit (loss) carried forward | 14 | €198,326 | €198,326 | = | 0.0% |
| Amounts payable | 17/49 | €73,179 | €32,646 | -€40,533 | -55.4% |
| Amounts payable within one year | 42/48 | €73,179 | €32,646 | -€40,533 | -55.4% |
| Current portion of amounts payable after more than one year | 42 | €3,869 | €3,573 | -€296 | -7.7% |
| Trade debts | 44 | €49,853 | - | -€49,853 | |
| Suppliers | 440/4 | €49,853 | - | -€49,853 | |
| Taxes, remuneration and social security | 45 | €19,457 | €28,574 | +€9,116 | +46.9% |
| Taxes | 450/3 | €19,457 | €28,574 | +€9,116 | +46.9% |
| Other amounts payable | 47/48 | - | €500 | +€500 | |
| Remuneration, social security and pensions | 62 | €3,609 | €3,395 | -€214 | -5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €298 | €1,565 | +€1,267 | +425% |
| Other operating charges | 640/8 | €1,089 | - | -€1,089 | |
| Non-recurring operating charges | 66A | €12,753 | €1,878 | -€10,875 | -85.3% |
| Gross operating margin | 9900 | €52,216 | €119,391 | +€67,174 | +129% |
| Operating profit (loss) | 9901 | €34,467 | €112,553 | +€78,086 | +227% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €662 | €358 | -€304 | -45.9% |
| Recurring financial charges | 65 | €662 | €358 | -€304 | -45.9% |
| Profit (loss) for the period before taxes | 9903 | €33,806 | €112,195 | +€78,389 | +232% |
| Income taxes | 67/77 | €8,150 | €24,833 | +€16,683 | +205% |
| Profit (loss) for the period | 9904 | €25,655 | €87,362 | +€61,707 | +241% |
| Profit (loss) for the period to be appropriated | 9905 | €25,655 | €87,362 | +€61,707 | +241% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.