Z33: 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.
Z33
Largest movements
- Cash -€482,417
down €482,417 (-64.7%), from €745,186 to €262,769
mainly Investment in fixed assets (net) (-€474,420) and Receivables within one year (-€106,091)
- Tangible fixed assets +€358,801
up €358,801 (+74.4%), from €482,134 to €840,935
of which Other tangible fixed assets: +€286,037
- Receivables within one year +€106,091
up €106,091 (+17.3%), from €611,634 to €717,725
of which Trade receivables: +€159,501
- Profit (loss) carried forward -€74,116
down €74,116 (-100%), from €74,116 to €0
- Investment grants -€57,821
down €57,821 (-11.9%), from €486,547 to €428,726
- Tax, wage and social debts +€57,752
up €57,752 (+35.2%), from €164,236 to €221,988
of which Remuneration and social security: +€39,181
- Accrued charges and deferred income +€32,282
up €32,282 (+16.3%), from €197,460 to €229,742
- Trade debts +€19,933
up €19,933 (+29.7%), from €67,102 to €87,035
- Purchases and services +€2.0m
new in 2025: €2.0m
- Turnover +€570,039
up €570,039 (+127%), from €449,560 to €1.0m
- Staff costs +€168,326
up €168,326 (+10.5%), from €1.6m to €1.8m
- Gross operating margin +€89,565
up €89,565 (+5.2%), from €1.7m to €1.8m
- Depreciation +€28,883
up €28,883 (+35.1%), from €82,362 to €111,245
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 | €1,967,690 | €1,950,965 | -€16,725 | -0.8% |
| Fixed assets | 21/28 | €597,160 | €960,335 | +€363,175 | +60.8% |
| Tangible fixed assets | 22/27 | €482,134 | €840,935 | +€358,801 | +74.4% |
| Plant, machinery and equipment | 23 | €45,004 | €108,511 | +€63,507 | +141% |
| Furniture and vehicles | 24 | €122,604 | €131,861 | +€9,257 | +7.6% |
| Other tangible fixed assets | 26 | €314,526 | €600,563 | +€286,037 | +90.9% |
| Financial fixed assets | 28 | €115,026 | €119,400 | +€4,374 | +3.8% |
| Current assets | 29/58 | €1,370,530 | €990,630 | -€379,900 | -27.7% |
| Amounts receivable within one year | 40/41 | €611,634 | €717,725 | +€106,091 | +17.3% |
| Trade receivables | 40 | €215,824 | €375,325 | +€159,501 | +73.9% |
| Other amounts receivable | 41 | €395,810 | €342,400 | -€53,410 | -13.5% |
| Cash at bank and in hand | 54/58 | €745,186 | €262,769 | -€482,417 | -64.7% |
| Deferred charges and accrued income | 490/1 | €13,710 | €10,136 | -€3,574 | -26.1% |
| Total equity and liabilities | 10/49 | €1,967,690 | €1,950,965 | -€16,725 | -0.8% |
| Equity | 10/15 | €1,538,892 | €1,412,200 | -€126,692 | -8.2% |
| Reserves | 13 | €978,229 | €983,474 | +€5,245 | +0.5% |
| Profit (loss) carried forward | 14 | €74,116 | €0 | -€74,116 | -100% |
| Investment grants | 15 | €486,547 | €428,726 | -€57,821 | -11.9% |
| Amounts payable | 17/49 | €428,798 | €538,765 | +€109,967 | +25.6% |
| Amounts payable within one year | 42/48 | €231,338 | €309,023 | +€77,685 | +33.6% |
| Trade debts | 44 | €67,102 | €87,035 | +€19,933 | +29.7% |
| Suppliers | 440/4 | €67,102 | €87,035 | +€19,933 | +29.7% |
| Taxes, remuneration and social security | 45 | €164,236 | €221,988 | +€57,752 | +35.2% |
| Taxes | 450/3 | €8,927 | €27,498 | +€18,571 | +208% |
| Remuneration and social security | 454/9 | €155,309 | €194,490 | +€39,181 | +25.2% |
| Accrued charges and deferred income | 492/3 | €197,460 | €229,742 | +€32,282 | +16.3% |
| Turnover | 70 | €449,560 | €1,019,599 | +€570,039 | +127% |
| Membership fees, donations, legacies and grants | 73 | €2,737,546 | €2,732,775 | -€4,771 | -0.2% |
| Goods, raw materials, services and sundry goods | 60/61 | - | €1,952,344 | +€2.0m | |
| Remuneration, social security and pensions | 62 | €1,603,341 | €1,771,667 | +€168,326 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,362 | €111,245 | +€28,883 | +35.1% |
| Other operating charges | 640/8 | €48,849 | €41,562 | -€7,287 | -14.9% |
| Non-recurring operating charges | 66A | €4,315 | - | -€4,315 | |
| Gross operating margin | 9900 | €1,710,770 | €1,800,335 | +€89,565 | +5.2% |
| Operating profit (loss) | 9901 | -€28,097 | -€124,139 | -€96,042 | -342% |
| Financial income | 75/76B | €40,663 | €57,885 | +€17,222 | +42.4% |
| Recurring financial income | 75 | €40,663 | €57,885 | +€17,222 | +42.4% |
| Financial charges | 65/66B | €1,998 | €2,617 | +€619 | +31.0% |
| Recurring financial charges | 65 | €1,998 | €2,617 | +€619 | +31.0% |
| Profit (loss) for the period before taxes | 9903 | €10,568 | -€68,871 | -€79,439 | |
| Profit (loss) for the period | 9904 | €10,568 | -€68,871 | -€79,439 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,568 | -€68,871 | -€79,439 |
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 14 October 2026 via checked.be.