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
- Deferred charges and accrued income -€10,422
no longer reported in 2025 (was €10,422)
- Tangible fixed assets +€9,501
new in 2025: €9,501
- Stocks and contracts +€8,583
up €8,583 (+3.7%), from €230,230 to €238,813
- Receivables within one year -€4,461
down €4,461 (-92.2%), from €4,839 to €379
- Profit (loss) carried forward +€25,323
up €25,323 (+14.1%), from €179,486 to €204,808
- Trade debts -€14,314
down €14,314 (-96.9%), from €14,779 to €465
- Other debts -€4,241
down €4,241 (-21.8%), from €19,448 to €15,207
- Gross operating margin -€6,009
down €6,009 (-14.0%), from €42,813 to €36,803
- Taxes -€5,045
down €5,045 (-42.3%), from €11,919 to €6,874
- Depreciation +€2,499
new in 2025: €2,499
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 | €272,287 | €277,111 | +€4,824 | +1.8% |
| Fixed assets | 21/28 | €12,500 | €22,001 | +€9,501 | +76.0% |
| Tangible fixed assets | 22/27 | - | €9,501 | +€9,501 | |
| Furniture and vehicles | 24 | - | €9,501 | +€9,501 | |
| Financial fixed assets | 28 | €12,500 | €12,500 | = | 0.0% |
| Current assets | 29/58 | €259,787 | €255,110 | -€4,677 | -1.8% |
| Stocks and contracts in progress | 3 | €230,230 | €238,813 | +€8,583 | +3.7% |
| Stocks | 30/36 | €230,230 | €238,813 | +€8,583 | +3.7% |
| Amounts receivable within one year | 40/41 | €4,839 | €379 | -€4,461 | -92.2% |
| Trade receivables | 40 | €4,839 | €379 | -€4,461 | -92.2% |
| Cash at bank and in hand | 54/58 | €14,295 | €15,918 | +€1,624 | +11.4% |
| Deferred charges and accrued income | 490/1 | €10,422 | - | -€10,422 | |
| Total equity and liabilities | 10/49 | €272,287 | €277,111 | +€4,824 | +1.8% |
| Equity | 10/15 | €198,086 | €223,408 | +€25,323 | +12.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | - | €18,600 | +€18,600 | |
| Other | 1109/19 | - | €18,600 | +€18,600 | |
| Profit (loss) carried forward | 14 | €179,486 | €204,808 | +€25,323 | +14.1% |
| Amounts payable | 17/49 | €74,201 | €53,703 | -€20,498 | -27.6% |
| Amounts payable within one year | 42/48 | €74,201 | €53,703 | -€20,498 | -27.6% |
| Trade debts | 44 | €14,779 | €465 | -€14,314 | -96.9% |
| Suppliers | 440/4 | €14,779 | €465 | -€14,314 | -96.9% |
| Taxes, remuneration and social security | 45 | €39,974 | €38,031 | -€1,944 | -4.9% |
| Taxes | 450/3 | €38,874 | €29,831 | -€9,044 | -23.3% |
| Remuneration and social security | 454/9 | €1,100 | €8,200 | +€7,100 | +645% |
| Other amounts payable | 47/48 | €19,448 | €15,207 | -€4,241 | -21.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,499 | +€2,499 | |
| Other operating charges | 640/8 | €1,865 | €1,813 | -€52 | -2.8% |
| Gross operating margin | 9900 | €42,813 | €36,803 | -€6,009 | -14.0% |
| Operating profit (loss) | 9901 | €40,948 | €32,492 | -€8,456 | -20.7% |
| Financial charges | 65/66B | €270 | €295 | +€25 | +9.3% |
| Recurring financial charges | 65 | €270 | €295 | +€25 | +9.3% |
| Profit (loss) for the period before taxes | 9903 | €40,678 | €32,197 | -€8,481 | -20.8% |
| Income taxes | 67/77 | €11,919 | €6,874 | -€5,045 | -42.3% |
| Profit (loss) for the period | 9904 | €28,759 | €25,323 | -€3,437 | -11.9% |
| Profit (loss) for the period to be appropriated | 9905 | €28,759 | €25,323 | -€3,437 | -11.9% |
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 18 October 2026 via checked.be.