Z-Verzekeringen: what changed
Z-Verzekeringen
Largest movements
- Cash +€26,659
up €26,659 (+11.5%), from €232,248 to €258,907
mainly Net result for the year (+€340,764) and Other debts (+€272,505)
- Tangible fixed assets +€20,476
up €20,476 (+3.7%), from €556,879 to €577,355
of which Land and buildings: +€21,008
- Intangible fixed assets -€18,754
down €18,754 (-35.2%), from €53,240 to €34,486
- Other debts +€272,505
up €272,505 (+73.6%), from €370,060 to €642,565
- Reserves -€124,227
down €124,227 (-42.4%), from €292,713 to €168,486
of which Distributable reserves: -€124,227
- Debts after one year -€74,153
down €74,153 (-82.9%), from €89,407 to €15,254
- Trade debts -€16,552
down €16,552 (-62.4%), from €26,524 to €9,972
- Tax, wage and social debts -€10,576
down €10,576 (-38.5%), from €27,451 to €16,874
of which Taxes: -€16,124
- Staff costs +€47,981
up €47,981 (+49.7%), from €96,607 to €144,588
- Gross operating margin +€31,796
up €31,796 (+5.0%), from €637,660 to €669,456
- Depreciation +€12,166
up €12,166 (+21.9%), from €55,443 to €67,608
- Financial income -€9,503
down €9,503 (-92.6%), from €10,258 to €754
- Taxes -€7,756
down €7,756 (-6.5%), from €119,201 to €111,445
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 | €909,209 | €945,904 | +€36,695 | +4.0% |
| Fixed assets | 21/28 | €610,120 | €612,091 | +€1,971 | +0.3% |
| Intangible fixed assets | 21 | €53,240 | €34,486 | -€18,754 | -35.2% |
| Tangible fixed assets | 22/27 | €556,879 | €577,355 | +€20,476 | +3.7% |
| Land and buildings | 22 | €543,812 | €564,820 | +€21,008 | +3.9% |
| Plant, machinery and equipment | 23 | €2,542 | €9,452 | +€6,911 | +272% |
| Furniture and vehicles | 24 | €10,526 | €3,083 | -€7,443 | -70.7% |
| Financial fixed assets | 28 | - | €250 | +€250 | |
| Current assets | 29/58 | €299,089 | €333,813 | +€34,724 | +11.6% |
| Amounts receivable within one year | 40/41 | €66,841 | €74,458 | +€7,617 | +11.4% |
| Trade receivables | 40 | €65,930 | €69,408 | +€3,478 | +5.3% |
| Other amounts receivable | 41 | €911 | €5,051 | +€4,139 | +454% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €232,248 | €258,907 | +€26,659 | +11.5% |
| Deferred charges and accrued income | 490/1 | - | €448 | +€448 | |
| Total equity and liabilities | 10/49 | €909,209 | €945,904 | +€36,695 | +4.0% |
| Equity | 10/15 | €311,313 | €187,086 | -€124,227 | -39.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €292,713 | €168,486 | -€124,227 | -42.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €290,853 | €166,626 | -€124,227 | -42.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €597,896 | €758,818 | +€160,922 | +26.9% |
| Amounts payable after more than one year | 17 | €89,407 | €15,254 | -€74,153 | -82.9% |
| Financial debts | 170/4 | €89,407 | €15,254 | -€74,153 | -82.9% |
| Amounts payable within one year | 42/48 | €508,489 | €743,564 | +€235,075 | +46.2% |
| Current portion of amounts payable after more than one year | 42 | €84,454 | €74,153 | -€10,301 | -12.2% |
| Trade debts | 44 | €26,524 | €9,972 | -€16,552 | -62.4% |
| Suppliers | 440/4 | €26,524 | €9,972 | -€16,552 | -62.4% |
| Taxes, remuneration and social security | 45 | €27,451 | €16,874 | -€10,576 | -38.5% |
| Taxes | 450/3 | €16,124 | €0 | -€16,124 | -100% |
| Remuneration and social security | 454/9 | €11,327 | €16,874 | +€5,547 | +49.0% |
| Other amounts payable | 47/48 | €370,060 | €642,565 | +€272,505 | +73.6% |
| Remuneration, social security and pensions | 62 | €96,607 | €144,588 | +€47,981 | +49.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,443 | €67,608 | +€12,166 | +21.9% |
| Other operating charges | 640/8 | €3,769 | €3,533 | -€235 | -6.2% |
| Gross operating margin | 9900 | €637,660 | €669,456 | +€31,796 | +5.0% |
| Operating profit (loss) | 9901 | €481,842 | €453,727 | -€28,115 | -5.8% |
| Financial income | 75/76B | €10,258 | €754 | -€9,503 | -92.6% |
| Recurring financial income | 75 | €10,258 | €754 | -€9,503 | -92.6% |
| Financial charges | 65/66B | €3,396 | €2,272 | -€1,124 | -33.1% |
| Recurring financial charges | 65 | €3,396 | €2,272 | -€1,124 | -33.1% |
| Profit (loss) for the period before taxes | 9903 | €488,704 | €452,209 | -€36,495 | -7.5% |
| Income taxes | 67/77 | €119,201 | €111,445 | -€7,756 | -6.5% |
| Profit (loss) for the period | 9904 | €369,503 | €340,764 | -€28,738 | -7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €369,503 | €340,764 | -€28,738 | -7.8% |
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.