Z9: what changed
Two fiscal 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.
Z9
Largest movements
- Tangible fixed assets -€217,718
down €217,718 (-17.6%), from €1.2m to €1.0m
of which Other tangible fixed assets: -€130,999
- Receivables within one year +€138,679
up €138,679 (+47.4%), from €292,293 to €430,973
of which Trade receivables: +€131,665
- Stocks and contracts +€122,558
up €122,558 (+14.2%), from €863,893 to €986,451
- Cash -€87,693
down €87,693 (-95.0%), from €92,325 to €4,632
mainly Receivables within one year (-€138,679) and Stocks and contracts (-€122,558)
- Tax, wage and social debts +€203,139
up €203,139 (+94.4%), from €215,104 to €418,242
of which Taxes: +€114,861
- Trade debts -€116,640
down €116,640 (-18.4%), from €635,030 to €518,390
- Debts after one year -€83,996
down €83,996 (-21.3%), from €394,179 to €310,182
- Short-term financial debts -€74,200
no longer reported in 2025 (was €74,200)
- Profit (loss) carried forward +€27,819
up €27,819 (+3.4%), from €828,033 to €855,852
- Staff costs -€112,339
down €112,339 (-10.3%), from €1.1m to €982,678
- Gross operating margin -€73,449
down €73,449 (-5.0%), from €1.5m to €1.4m
- Taxes +€37,164
up €37,164 (+956.2%), from €3,887 to €41,051
- Depreciation -€19,939
down €19,939 (-6.6%), from €300,644 to €280,705
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.
Cash bridge derived
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 | €2,493,789 | €2,440,812 | -€52,977 | -2.1% |
| Fixed assets | 21/28 | €1,236,475 | €1,018,757 | -€217,718 | -17.6% |
| Tangible fixed assets | 22/27 | €1,234,075 | €1,016,357 | -€217,718 | -17.6% |
| Plant, machinery and equipment | 23 | €291,666 | €270,847 | -€20,819 | -7.1% |
| Furniture and vehicles | 24 | €186,401 | €120,501 | -€65,900 | -35.4% |
| Other tangible fixed assets | 26 | €756,007 | €625,008 | -€130,999 | -17.3% |
| Financial fixed assets | 28 | €2,400 | €2,400 | = | 0.0% |
| Current assets | 29/58 | €1,257,315 | €1,422,056 | +€164,741 | +13.1% |
| Stocks and contracts in progress | 3 | €863,893 | €986,451 | +€122,558 | +14.2% |
| Stocks | 30/36 | €863,893 | €986,451 | +€122,558 | +14.2% |
| Amounts receivable within one year | 40/41 | €292,293 | €430,973 | +€138,679 | +47.4% |
| Trade receivables | 40 | €9,246 | €140,911 | +€131,665 | +1424.0% |
| Other amounts receivable | 41 | €283,047 | €290,062 | +€7,015 | +2.5% |
| Cash at bank and in hand | 54/58 | €92,325 | €4,632 | -€87,693 | -95.0% |
| Deferred charges and accrued income | 490/1 | €8,803 | - | -€8,803 | |
| Total equity and liabilities | 10/49 | €2,493,789 | €2,440,812 | -€52,977 | -2.1% |
| Equity | 10/15 | €941,363 | €969,182 | +€27,819 | +3.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €13,330 | €13,330 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €11,330 | €11,330 | = | 0.0% |
| Profit (loss) carried forward | 14 | €828,033 | €855,852 | +€27,819 | +3.4% |
| Amounts payable | 17/49 | €1,552,426 | €1,471,630 | -€80,796 | -5.2% |
| Amounts payable after more than one year | 17 | €394,179 | €310,182 | -€83,996 | -21.3% |
| Financial debts | 170/4 | €394,179 | €310,182 | -€83,996 | -21.3% |
| Amounts payable within one year | 42/48 | €1,158,248 | €1,158,948 | +€701 | +0.1% |
| Current portion of amounts payable after more than one year | 42 | €233,914 | €222,316 | -€11,598 | -5.0% |
| Financial debts | 43 | €74,200 | - | -€74,200 | |
| Credit institutions | 430/8 | €74,200 | - | -€74,200 | |
| Trade debts | 44 | €635,030 | €518,390 | -€116,640 | -18.4% |
| Suppliers | 440/4 | €635,030 | €518,390 | -€116,640 | -18.4% |
| Taxes, remuneration and social security | 45 | €215,104 | €418,242 | +€203,139 | +94.4% |
| Taxes | 450/3 | €101,731 | €216,592 | +€114,861 | +112.9% |
| Remuneration and social security | 454/9 | €113,373 | €201,650 | +€88,277 | +77.9% |
| Accrued charges and deferred income | 492/3 | - | €2,500 | +€2,500 | |
| Non-recurring operating income | 76A | €9,357 | - | -€9,357 | |
| Remuneration, social security and pensions | 62 | €1,095,017 | €982,678 | -€112,339 | -10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €300,644 | €280,705 | -€19,939 | -6.6% |
| Other operating charges | 640/8 | €4,383 | €4,251 | -€132 | -3.0% |
| Gross operating margin | 9900 | €1,461,280 | €1,387,831 | -€73,449 | -5.0% |
| Operating profit (loss) | 9901 | €61,236 | €120,197 | +€58,961 | +96.3% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €51,003 | €51,327 | +€324 | +0.6% |
| Recurring financial charges | 65 | €51,003 | €51,327 | +€324 | +0.6% |
| Profit (loss) for the period before taxes | 9903 | €10,233 | €68,870 | +€58,637 | +573.0% |
| Income taxes | 67/77 | €3,887 | €41,051 | +€37,164 | +956.2% |
| Profit (loss) for the period | 9904 | €6,346 | €27,819 | +€21,473 | +338.4% |
| Profit (loss) for the period to be appropriated | 9905 | €6,346 | €27,819 | +€21,473 | +338.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.