Z&Z Management: what changed
Z&Z Management
Largest movements
- Cash -€36,759
down €36,759 (-71.5%), from €51,433 to €14,674
mainly Trade debts (-€143,097) and Tax, wage and social debts (-€22,566)
- Receivables within one year +€20,576
up €20,576 (+193%), from €10,661 to €31,237
of which Trade receivables: +€20,661
- Tangible fixed assets +€12,871
new in 2025: €12,871
- Trade debts -€143,097
down €143,097 (-48.3%), from €296,463 to €153,366
- Other debts +€126,870
new in 2025: €126,870
- Reserves +€34,511
up €34,511 (+59.2%), from €58,267 to €92,778
- Tax, wage and social debts -€22,566
down €22,566 (-53.9%), from €41,841 to €19,275
- Gross operating margin -€24,074
down €24,074 (-32.7%), from €73,635 to €49,561
- Taxes -€5,123
down €5,123 (-35.2%), from €14,567 to €9,444
- Depreciation +€4,337
new in 2025: €4,337
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 | €596,571 | €593,259 | -€3,312 | -0.6% |
| Fixed assets | 21/28 | €534,477 | €547,348 | +€12,871 | +2.4% |
| Tangible fixed assets | 22/27 | - | €12,871 | +€12,871 | |
| Furniture and vehicles | 24 | - | €12,871 | +€12,871 | |
| Financial fixed assets | 28 | €534,477 | €534,477 | = | 0.0% |
| Current assets | 29/58 | €62,094 | €45,911 | -€16,183 | -26.1% |
| Amounts receivable within one year | 40/41 | €10,661 | €31,237 | +€20,576 | +193% |
| Trade receivables | 40 | - | €20,661 | +€20,661 | |
| Other amounts receivable | 41 | €10,661 | €10,576 | -€85 | -0.8% |
| Cash at bank and in hand | 54/58 | €51,433 | €14,674 | -€36,759 | -71.5% |
| Total equity and liabilities | 10/49 | €596,571 | €593,259 | -€3,312 | -0.6% |
| Equity | 10/15 | €58,267 | €92,778 | +€34,511 | +59.2% |
| Reserves | 13 | €58,267 | €92,778 | +€34,511 | +59.2% |
| Distributable reserves | 133 | €58,267 | €92,778 | +€34,511 | +59.2% |
| Amounts payable | 17/49 | €538,304 | €500,480 | -€37,824 | -7.0% |
| Amounts payable after more than one year | 17 | €200,000 | €200,000 | = | 0.0% |
| Financial debts | 170/4 | €200,000 | €200,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €338,304 | €299,510 | -€38,793 | -11.5% |
| Trade debts | 44 | €296,463 | €153,366 | -€143,097 | -48.3% |
| Suppliers | 440/4 | €296,463 | €153,366 | -€143,097 | -48.3% |
| Taxes, remuneration and social security | 45 | €41,841 | €19,275 | -€22,566 | -53.9% |
| Taxes | 450/3 | €41,841 | €19,275 | -€22,566 | -53.9% |
| Other amounts payable | 47/48 | - | €126,870 | +€126,870 | |
| Accrued charges and deferred income | 492/3 | - | €970 | +€970 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €4,337 | +€4,337 | |
| Other operating charges | 640/8 | €705 | €1,025 | +€320 | +45.3% |
| Gross operating margin | 9900 | €73,635 | €49,561 | -€24,074 | -32.7% |
| Operating profit (loss) | 9901 | €72,930 | €44,198 | -€28,731 | -39.4% |
| Financial charges | 65/66B | €96 | €244 | +€148 | +155% |
| Recurring financial charges | 65 | €96 | €244 | +€148 | +155% |
| Profit (loss) for the period before taxes | 9903 | €72,834 | €43,955 | -€28,880 | -39.7% |
| Income taxes | 67/77 | €14,567 | €9,444 | -€5,123 | -35.2% |
| Profit (loss) for the period | 9904 | €58,267 | €34,511 | -€23,756 | -40.8% |
| Profit (loss) for the period to be appropriated | 9905 | €58,267 | €34,511 | -€23,756 | -40.8% |
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 4 November 2026 via checked.be.