Z-SYSTEMS: what changed
Z-SYSTEMS
Largest movements
- Receivables within one year +€56,660
up €56,660 (+23.3%), from €243,537 to €300,197
of which Trade receivables: +€80,119
- Cash +€41,030
up €41,030 (+77.9%), from €52,642 to €93,672
mainly Net result for the year (+€123,822) and Trade debts (+€9,787)
- Tangible fixed assets +€8,090
new in 2025: €8,090
- Profit (loss) carried forward +€123,822
up €123,822 (+58.9%), from -€210,085 to -€86,263
- Other debts -€28,611
down €28,611 (-22.8%), from €125,308 to €96,697
- Trade debts +€9,787
up €9,787 (+15.8%), from €62,050 to €71,837
- Gross operating margin +€51,747
up €51,747 (+68.6%), from €75,410 to €127,157
- Depreciation +€2,022
new in 2025: €2,022
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €296,179 | €401,958 | +€105,779 | +35.7% |
| Fixed assets | 21/28 | - | €8,090 | +€8,090 | |
| Tangible fixed assets | 22/27 | - | €8,090 | +€8,090 | |
| Furniture and vehicles | 24 | - | €8,090 | +€8,090 | |
| Current assets | 29/58 | €296,179 | €393,869 | +€97,690 | +33.0% |
| Amounts receivable within one year | 40/41 | €243,537 | €300,197 | +€56,660 | +23.3% |
| Trade receivables | 40 | €205,538 | €285,657 | +€80,119 | +39.0% |
| Other amounts receivable | 41 | €37,999 | €14,540 | -€23,459 | -61.7% |
| Cash at bank and in hand | 54/58 | €52,642 | €93,672 | +€41,030 | +77.9% |
| Total equity and liabilities | 10/49 | €296,179 | €401,958 | +€105,779 | +35.7% |
| Equity | 10/15 | €108,815 | €232,637 | +€123,822 | +114% |
| Contributions | 10/11 | €318,600 | €318,600 | = | 0.0% |
| Reserves | 13 | €300 | €300 | = | 0.0% |
| Non-distributable reserves | 130/1 | €300 | €300 | = | 0.0% |
| Reserves not available under the articles | 1311 | €300 | €300 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€210,085 | -€86,263 | +€123,822 | +58.9% |
| Amounts payable | 17/49 | €187,364 | €169,321 | -€18,043 | -9.6% |
| Amounts payable within one year | 42/48 | €187,364 | €168,534 | -€18,830 | -10.0% |
| Trade debts | 44 | €62,050 | €71,837 | +€9,787 | +15.8% |
| Suppliers | 440/4 | €62,050 | €71,837 | +€9,787 | +15.8% |
| Taxes, remuneration and social security | 45 | €6 | €0 | -€6 | -100% |
| Taxes | 450/3 | €6 | €0 | -€6 | -100% |
| Other amounts payable | 47/48 | €125,308 | €96,697 | -€28,611 | -22.8% |
| Accrued charges and deferred income | 492/3 | - | €787 | +€787 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,022 | +€2,022 | |
| Other operating charges | 640/8 | €384 | €787 | +€403 | +105% |
| Gross operating margin | 9900 | €75,410 | €127,157 | +€51,747 | +68.6% |
| Operating profit (loss) | 9901 | €75,026 | €124,347 | +€49,321 | +65.7% |
| Financial income | 75/76B | €4 | €0 | -€4 | -100% |
| Recurring financial income | 75 | €4 | €0 | -€4 | -100% |
| Financial charges | 65/66B | €480 | €525 | +€46 | +9.5% |
| Recurring financial charges | 65 | €480 | €525 | +€46 | +9.5% |
| Profit (loss) for the period before taxes | 9903 | €74,550 | €123,822 | +€49,272 | +66.1% |
| Profit (loss) for the period | 9904 | €74,550 | €123,822 | +€49,272 | +66.1% |
| Profit (loss) for the period to be appropriated | 9905 | €74,550 | €123,822 | +€49,272 | +66.1% |
Next steps
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 7 November 2026 via checked.be.