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
- Tangible fixed assets +€27,523
up €27,523 (+433%), from €6,351 to €33,874
of which Leasing and similar rights: +€30,699
- Receivables within one year -€1,914
down €1,914 (-75.6%), from €2,531 to €618
of which Trade receivables: -€2,376
- Stocks and contracts -€1,649
down €1,649 (-39.6%), from €4,166 to €2,517
- Deferred charges and accrued income -€644
no longer reported in 2025 (was €644)
- Debts after one year +€21,981
up €21,981 (+765%), from €2,872 to €24,854
- Other debts +€8,881
up €8,881 (+54.4%), from €16,327 to €25,207
- Profit (loss) carried forward -€7,828
down €7,828 (-20.9%), from -€37,509 to -€45,336
- Current portion of long-term debt +€5,907
up €5,907 (+145%), from €4,070 to €9,976
- Trade debts -€5,505
down €5,505 (-43.4%), from €12,686 to €7,181
- Gross operating margin +€5,898
up €5,898, from -€1,925 to €3,973
- Depreciation +€3,609
up €3,609 (+114%), from €3,175 to €6,785
- Financial charges +€1,398
up €1,398 (+71.7%), from €1,950 to €3,348
- Other operating charges +€640
up €640 (+120%), from €534 to €1,174
- Taxes +€334
up €334 (+162%), from €206 to €540
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,692 | €37,008 | +€23,316 | +170% |
| Fixed assets | 21/28 | €6,351 | €33,874 | +€27,523 | +433% |
| Tangible fixed assets | 22/27 | €6,351 | €33,874 | +€27,523 | +433% |
| Furniture and vehicles | 24 | €6,351 | €3,175 | -€3,175 | -50.0% |
| Leasing and similar rights | 25 | - | €30,699 | +€30,699 | |
| Current assets | 29/58 | €7,342 | €3,134 | -€4,207 | -57.3% |
| Stocks and contracts in progress | 3 | €4,166 | €2,517 | -€1,649 | -39.6% |
| Stocks | 30/36 | €4,166 | €2,517 | -€1,649 | -39.6% |
| Amounts receivable within one year | 40/41 | €2,531 | €618 | -€1,914 | -75.6% |
| Trade receivables | 40 | €2,485 | €109 | -€2,376 | -95.6% |
| Other amounts receivable | 41 | €47 | €509 | +€462 | +990% |
| Deferred charges and accrued income | 490/1 | €644 | - | -€644 | |
| Total equity and liabilities | 10/49 | €13,692 | €37,008 | +€23,316 | +170% |
| Equity | 10/15 | -€34,009 | -€41,836 | -€7,828 | -23.0% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€37,509 | -€45,336 | -€7,828 | -20.9% |
| Amounts payable | 17/49 | €47,701 | €78,845 | +€31,143 | +65.3% |
| Amounts payable after more than one year | 17 | €2,872 | €24,854 | +€21,981 | +765% |
| Financial debts | 170/4 | €2,872 | €24,854 | +€21,981 | +765% |
| Amounts payable within one year | 42/48 | €44,829 | €53,991 | +€9,162 | +20.4% |
| Current portion of amounts payable after more than one year | 42 | €4,070 | €9,976 | +€5,907 | +145% |
| Financial debts | 43 | €7,757 | €10,406 | +€2,649 | +34.2% |
| Credit institutions | 430/8 | €7,757 | €10,406 | +€2,649 | +34.2% |
| Trade debts | 44 | €12,686 | €7,181 | -€5,505 | -43.4% |
| Suppliers | 440/4 | €12,686 | €7,181 | -€5,505 | -43.4% |
| Taxes, remuneration and social security | 45 | €3,990 | €1,220 | -€2,770 | -69.4% |
| Taxes | 450/3 | €3,990 | €1,220 | -€2,770 | -69.4% |
| Other amounts payable | 47/48 | €16,327 | €25,207 | +€8,881 | +54.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,175 | €6,785 | +€3,609 | +114% |
| Other operating charges | 640/8 | €534 | €1,174 | +€640 | +120% |
| Gross operating margin | 9900 | -€1,925 | €3,973 | +€5,898 | |
| Operating profit (loss) | 9901 | -€5,634 | -€3,986 | +€1,649 | +29.3% |
| Financial income | 75/76B | €8 | €46 | +€38 | +503% |
| Recurring financial income | 75 | €8 | €46 | +€38 | +503% |
| Financial charges | 65/66B | €1,950 | €3,348 | +€1,398 | +71.7% |
| Recurring financial charges | 65 | €1,950 | €3,348 | +€1,398 | +71.7% |
| Profit (loss) for the period before taxes | 9903 | -€7,577 | -€7,287 | +€289 | +3.8% |
| Income taxes | 67/77 | €206 | €540 | +€334 | +162% |
| Profit (loss) for the period | 9904 | -€7,783 | -€7,828 | -€45 | -0.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,783 | -€7,828 | -€45 | -0.6% |
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 21 October 2026 via checked.be.