Z&Z: 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&Z
Largest movements
- Receivables within one year +€73,549
up €73,549 (+31.9%), from €230,290 to €303,839
of which Other amounts receivable: +€77,974
- Cash +€71,007
up €71,007 (+109%), from €65,230 to €136,237
mainly Net result for the year (+€76,468) and Depreciation (+€29,327)
- Tangible fixed assets -€10,239
down €10,239 (-9.4%), from €108,571 to €98,332
of which Land and buildings: -€16,541
- Intangible fixed assets -€10,000
no longer reported in 2025 (was €10,000)
- Reserves +€76,468
up €76,468 (+23.6%), from €323,340 to €399,808
of which Distributable reserves: +€76,468
- Tax, wage and social debts +€26,529
up €26,529 (+121%), from €21,961 to €48,490
- Trade debts +€21,449
up €21,449 (+356%), from €6,021 to €27,470
- Debts after one year -€8,514
down €8,514 (-17.9%), from €47,672 to €39,157
- Gross operating margin +€19,569
up €19,569 (+12.8%), from €152,577 to €172,145
- Taxes +€7,215
up €7,215 (+34.2%), from €21,097 to €28,312
- Depreciation -€6,047
down €6,047 (-17.1%), from €35,375 to €29,327
- Staff costs -€3,904
down €3,904 (-11.2%), from €34,747 to €30,844
- Other operating charges -€3,153
down €3,153 (-65.0%), from €4,850 to €1,697
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.
Derived cash bridge
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 | €426,443 | €543,669 | +€117,226 | +27.5% |
| Fixed assets | 21/28 | €122,571 | €98,332 | -€24,239 | -19.8% |
| Intangible fixed assets | 21 | €10,000 | - | -€10,000 | |
| Tangible fixed assets | 22/27 | €108,571 | €98,332 | -€10,239 | -9.4% |
| Land and buildings | 22 | €103,117 | €86,576 | -€16,541 | -16.0% |
| Plant, machinery and equipment | 23 | €5,101 | €11,469 | +€6,368 | +125% |
| Furniture and vehicles | 24 | €353 | €287 | -€66 | -18.7% |
| Financial fixed assets | 28 | €4,000 | - | -€4,000 | |
| Current assets | 29/58 | €303,872 | €445,338 | +€141,465 | +46.6% |
| Stocks and contracts in progress | 3 | €6,719 | €1,735 | -€4,985 | -74.2% |
| Stocks | 30/36 | €6,719 | €1,735 | -€4,985 | -74.2% |
| Amounts receivable within one year | 40/41 | €230,290 | €303,839 | +€73,549 | +31.9% |
| Trade receivables | 40 | €4,425 | - | -€4,425 | |
| Other amounts receivable | 41 | €225,866 | €303,839 | +€77,974 | +34.5% |
| Cash at bank and in hand | 54/58 | €65,230 | €136,237 | +€71,007 | +109% |
| Deferred charges and accrued income | 490/1 | €1,633 | €3,527 | +€1,894 | +116% |
| Total equity and liabilities | 10/49 | €426,443 | €543,669 | +€117,226 | +27.5% |
| Equity | 10/15 | €343,340 | €419,808 | +€76,468 | +22.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €323,340 | €399,808 | +€76,468 | +23.6% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €321,340 | €397,808 | +€76,468 | +23.8% |
| Amounts payable | 17/49 | €83,103 | €123,862 | +€40,759 | +49.0% |
| Amounts payable after more than one year | 17 | €47,672 | €39,157 | -€8,514 | -17.9% |
| Financial debts | 170/4 | €47,672 | €39,157 | -€8,514 | -17.9% |
| Amounts payable within one year | 42/48 | €35,201 | €84,474 | +€49,273 | +140% |
| Current portion of amounts payable after more than one year | 42 | €7,218 | €8,514 | +€1,296 | +18.0% |
| Trade debts | 44 | €6,021 | €27,470 | +€21,449 | +356% |
| Suppliers | 440/4 | €6,021 | €27,470 | +€21,449 | +356% |
| Taxes, remuneration and social security | 45 | €21,961 | €48,490 | +€26,529 | +121% |
| Taxes | 450/3 | €21,961 | €48,490 | +€26,529 | +121% |
| Accrued charges and deferred income | 492/3 | €230 | €230 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €34,747 | €30,844 | -€3,904 | -11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,375 | €29,327 | -€6,047 | -17.1% |
| Other operating charges | 640/8 | €4,850 | €1,697 | -€3,153 | -65.0% |
| Gross operating margin | 9900 | €152,577 | €172,145 | +€19,569 | +12.8% |
| Operating profit (loss) | 9901 | €77,605 | €110,277 | +€32,672 | +42.1% |
| Financial income | 75/76B | €550 | €391 | -€159 | -28.9% |
| Recurring financial income | 75 | €550 | €391 | -€159 | -28.9% |
| Financial charges | 65/66B | €5,250 | €5,888 | +€638 | +12.2% |
| Recurring financial charges | 65 | €5,250 | €5,888 | +€638 | +12.2% |
| Profit (loss) for the period before taxes | 9903 | €72,905 | €104,780 | +€31,875 | +43.7% |
| Income taxes | 67/77 | €21,097 | €28,312 | +€7,215 | +34.2% |
| Profit (loss) for the period | 9904 | €51,808 | €76,468 | +€24,659 | +47.6% |
| Profit (loss) for the period to be appropriated | 9905 | €51,808 | €76,468 | +€24,659 | +47.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.