ZT4W: 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.
ZT4W
Largest movements
- Tangible fixed assets -€21,490
down €21,490 (-7.7%), from €279,365 to €257,875
- Debts after one year -€20,944
down €20,944 (-13.9%), from €150,872 to €129,928
- Financial charges -€725
down €725 (-10.8%), from €6,715 to €5,990
- Other operating charges +€409
up €409 (+28.9%), from €1,412 to €1,821
- Gross operating margin -€350
down €350 (-1.3%), from €26,979 to €26,629
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 | €303,142 | €279,778 | -€23,364 | -7.7% |
| Fixed assets | 21/28 | €279,365 | €257,875 | -€21,490 | -7.7% |
| Tangible fixed assets | 22/27 | €279,365 | €257,875 | -€21,490 | -7.7% |
| Land and buildings | 22 | €279,365 | €257,875 | -€21,490 | -7.7% |
| Current assets | 29/58 | €23,777 | €21,902 | -€1,875 | -7.9% |
| Amounts receivable within one year | 40/41 | €21 | €276 | +€255 | +1,241% |
| Other amounts receivable | 41 | €21 | €276 | +€255 | +1,241% |
| Cash at bank and in hand | 54/58 | €23,756 | €21,626 | -€2,130 | -9.0% |
| Total equity and liabilities | 10/49 | €303,142 | €279,778 | -€23,364 | -7.7% |
| Equity | 10/15 | €28,723 | €26,224 | -€2,498 | -8.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €10,123 | €7,624 | -€2,498 | -24.7% |
| Distributable reserves | 133 | €10,123 | €7,624 | -€2,498 | -24.7% |
| Amounts payable | 17/49 | €274,419 | €253,553 | -€20,866 | -7.6% |
| Amounts payable after more than one year | 17 | €150,872 | €129,928 | -€20,944 | -13.9% |
| Financial debts | 170/4 | €150,872 | €129,928 | -€20,944 | -13.9% |
| Amounts payable within one year | 42/48 | €123,547 | €123,625 | +€78 | +0.1% |
| Current portion of amounts payable after more than one year | 42 | €20,192 | €20,944 | +€752 | +3.7% |
| Trade debts | 44 | €982 | €1,096 | +€115 | +11.7% |
| Suppliers | 440/4 | €982 | €1,096 | +€115 | +11.7% |
| Taxes, remuneration and social security | 45 | €789 | - | -€789 | |
| Taxes | 450/3 | €789 | - | -€789 | |
| Other amounts payable | 47/48 | €101,585 | €101,585 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,490 | €21,490 | = | 0.0% |
| Other operating charges | 640/8 | €1,412 | €1,821 | +€409 | +28.9% |
| Gross operating margin | 9900 | €26,979 | €26,629 | -€350 | -1.3% |
| Operating profit (loss) | 9901 | €4,077 | €3,318 | -€759 | -18.6% |
| Financial income | 75/76B | €69 | €174 | +€105 | +153% |
| Recurring financial income | 75 | €69 | €174 | +€105 | +153% |
| Financial charges | 65/66B | €6,715 | €5,990 | -€725 | -10.8% |
| Recurring financial charges | 65 | €6,715 | €5,990 | -€725 | -10.8% |
| Profit (loss) for the period before taxes | 9903 | -€2,569 | -€2,498 | +€71 | +2.8% |
| Profit (loss) for the period | 9904 | -€2,569 | -€2,498 | +€71 | +2.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,569 | -€2,498 | +€71 | +2.8% |
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 19 October 2026 via checked.be.