Z8R: 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.
Z8R
Largest movements
- Cash +€74,005
up €74,005 (+5,253%), from €1,409 to €75,414
mainly Net result for the year (+€68,697) and Trade debts (+€33,827)
- Tangible fixed assets -€20,553
down €20,553 (-13.4%), from €153,685 to €133,132
of which Assets under construction and advance payments: -€36,459
- Deferred charges and accrued income +€13,139
new in 2025: €13,139
- Receivables within one year +€12,419
up €12,419 (+576%), from €2,158 to €14,577
of which Trade receivables: +€12,399
- Profit (loss) carried forward +€68,697
up €68,697 (+86.5%), from -€79,448 to -€10,752
- Trade debts +€33,827
up €33,827 (+4,441%), from €762 to €34,588
- Other debts -€21,928
down €21,928 (-37.8%), from €58,013 to €36,085
- Debts after one year -€17,788
down €17,788 (-12.6%), from €141,266 to €123,478
- Tax, wage and social debts +€15,495
up €15,495 (+683%), from €2,269 to €17,764
of which Taxes: +€11,345
- Gross operating margin +€82,510
up €82,510 (+532%), from €15,512 to €98,022
- Write-downs -€15,750
no longer reported in 2025 (was €15,750)
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 | €160,041 | €239,051 | +€79,011 | +49.4% |
| Fixed assets | 21/28 | €153,685 | €133,132 | -€20,553 | -13.4% |
| Tangible fixed assets | 22/27 | €153,685 | €133,132 | -€20,553 | -13.4% |
| Land and buildings | 22 | €114,812 | €98,455 | -€16,357 | -14.2% |
| Furniture and vehicles | 24 | €2,414 | €1,469 | -€945 | -39.1% |
| Other tangible fixed assets | 26 | - | €33,208 | +€33,208 | |
| Assets under construction and advance payments | 27 | €36,459 | - | -€36,459 | |
| Current assets | 29/58 | €6,356 | €105,920 | +€99,564 | +1,566% |
| Stocks and contracts in progress | 3 | €2,790 | €2,790 | = | 0.0% |
| Stocks | 30/36 | €2,790 | €2,790 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,158 | €14,577 | +€12,419 | +576% |
| Trade receivables | 40 | €2,158 | €14,557 | +€12,399 | +575% |
| Other amounts receivable | 41 | - | €20 | +€20 | |
| Cash at bank and in hand | 54/58 | €1,409 | €75,414 | +€74,005 | +5,253% |
| Deferred charges and accrued income | 490/1 | - | €13,139 | +€13,139 | |
| Total equity and liabilities | 10/49 | €160,041 | €239,051 | +€79,011 | +49.4% |
| Equity | 10/15 | -€59,348 | €9,349 | +€68,697 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,500 | €1,500 | = | 0.0% |
| Distributable reserves | 133 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€79,448 | -€10,752 | +€68,697 | +86.5% |
| Amounts payable | 17/49 | €219,389 | €229,703 | +€10,314 | +4.7% |
| Amounts payable after more than one year | 17 | €141,266 | €123,478 | -€17,788 | -12.6% |
| Financial debts | 170/4 | €141,266 | €123,478 | -€17,788 | -12.6% |
| Amounts payable within one year | 42/48 | €78,123 | €106,225 | +€28,102 | +36.0% |
| Current portion of amounts payable after more than one year | 42 | €17,079 | €17,788 | +€708 | +4.1% |
| Trade debts | 44 | €762 | €34,588 | +€33,827 | +4,441% |
| Suppliers | 440/4 | €762 | €34,588 | +€33,827 | +4,441% |
| Taxes, remuneration and social security | 45 | €2,269 | €17,764 | +€15,495 | +683% |
| Taxes | 450/3 | €2,269 | €13,614 | +€11,345 | +500% |
| Remuneration and social security | 454/9 | - | €4,150 | +€4,150 | |
| Other amounts payable | 47/48 | €58,013 | €36,085 | -€21,928 | -37.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,500 | €20,553 | +€53 | +0.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €15,750 | - | -€15,750 | |
| Other operating charges | 640/8 | €2,060 | €2,126 | +€65 | +3.2% |
| Gross operating margin | 9900 | €15,512 | €98,022 | +€82,510 | +532% |
| Operating profit (loss) | 9901 | -€22,799 | €75,344 | +€98,142 | |
| Financial income | 75/76B | €25 | €21 | -€3 | -13.2% |
| Recurring financial income | 75 | €25 | €21 | -€3 | -13.2% |
| Financial charges | 65/66B | €7,216 | €6,460 | -€756 | -10.5% |
| Recurring financial charges | 65 | €7,216 | €6,460 | -€756 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | -€29,990 | €68,905 | +€98,895 | |
| Income taxes | 67/77 | €177 | €209 | +€31 | +17.6% |
| Profit (loss) for the period | 9904 | -€30,167 | €68,697 | +€98,864 | |
| Profit (loss) for the period to be appropriated | 9905 | -€30,167 | €68,697 | +€98,864 |
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 26 October 2026 via checked.be.