ZTH: 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.
ZTH
Largest movements
- Receivables within one year +€28,149
up €28,149 (+1564.0%), from €1,800 to €29,949
of which Trade receivables: +€28,431
- Cash +€20,425
up €20,425 (+48.6%), from €42,060 to €62,485
mainly Other debts (+€50,522) and Net result for the year (+€44,241)
- Tangible fixed assets -€4,625
down €4,625 (-25.0%), from €18,500 to €13,875
- Deferred charges and accrued income +€3,773
new in 2025: €3,773
- Financial fixed assets +€2,925
new in 2025: €2,925
- Other debts +€50,522
up €50,522 (+781.4%), from €6,466 to €56,988
- Tax, wage and social debts +€19,117
up €19,117 (+641.8%), from €2,978 to €22,095
of which Taxes: +€17,217
- Profit (loss) carried forward -€15,759
down €15,759 (-54.0%), from €29,208 to €13,449
- Trade debts -€3,633
down €3,633 (-16.7%), from €21,708 to €18,075
- Gross operating margin +€48,860
up €48,860 (+325.2%), from €15,025 to €63,886
- Taxes +€8,148
up €8,148 (+270.7%), from €3,009 to €11,157
- Depreciation +€4,625
new in 2025: €4,625
- Staff costs +€3,243
new in 2025: €3,243
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 | €62,360 | €113,007 | +€50,647 | +81.2% |
| Fixed assets | 21/28 | €18,500 | €16,800 | -€1,700 | -9.2% |
| Tangible fixed assets | 22/27 | €18,500 | €13,875 | -€4,625 | -25.0% |
| Furniture and vehicles | 24 | €18,500 | €13,875 | -€4,625 | -25.0% |
| Financial fixed assets | 28 | - | €2,925 | +€2,925 | |
| Current assets | 29/58 | €43,860 | €96,207 | +€52,347 | +119.3% |
| Amounts receivable within one year | 40/41 | €1,800 | €29,949 | +€28,149 | +1564.0% |
| Trade receivables | 40 | - | €28,431 | +€28,431 | |
| Other amounts receivable | 41 | €1,800 | €1,518 | -€282 | -15.7% |
| Cash at bank and in hand | 54/58 | €42,060 | €62,485 | +€20,425 | +48.6% |
| Deferred charges and accrued income | 490/1 | - | €3,773 | +€3,773 | |
| Total equity and liabilities | 10/49 | €62,360 | €113,007 | +€50,647 | +81.2% |
| Equity | 10/15 | €31,208 | €15,449 | -€15,759 | -50.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,208 | €13,449 | -€15,759 | -54.0% |
| Amounts payable | 17/49 | €31,152 | €97,558 | +€66,406 | +213.2% |
| Amounts payable within one year | 42/48 | €31,152 | €97,158 | +€66,006 | +211.9% |
| Trade debts | 44 | €21,708 | €18,075 | -€3,633 | -16.7% |
| Suppliers | 440/4 | €21,708 | €18,075 | -€3,633 | -16.7% |
| Taxes, remuneration and social security | 45 | €2,978 | €22,095 | +€19,117 | +641.8% |
| Taxes | 450/3 | €2,978 | €20,195 | +€17,217 | +578.1% |
| Remuneration and social security | 454/9 | - | €1,899 | +€1,899 | |
| Other amounts payable | 47/48 | €6,466 | €56,988 | +€50,522 | +781.4% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Remuneration, social security and pensions | 62 | - | €3,243 | +€3,243 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €4,625 | +€4,625 | |
| Other operating charges | 640/8 | €10 | €458 | +€448 | +4477.3% |
| Gross operating margin | 9900 | €15,025 | €63,886 | +€48,860 | +325.2% |
| Operating profit (loss) | 9901 | €15,015 | €55,559 | +€40,544 | +270.0% |
| Financial income | 75/76B | - | €25 | +€25 | |
| Recurring financial income | 75 | - | €25 | +€25 | |
| Financial charges | 65/66B | €133 | €186 | +€53 | +39.5% |
| Recurring financial charges | 65 | €133 | €186 | +€53 | +39.5% |
| Profit (loss) for the period before taxes | 9903 | €14,882 | €55,398 | +€40,517 | +272.3% |
| Income taxes | 67/77 | €3,009 | €11,157 | +€8,148 | +270.7% |
| Profit (loss) for the period | 9904 | €11,872 | €44,241 | +€32,369 | +272.6% |
| Profit (loss) for the period to be appropriated | 9905 | €11,872 | €44,241 | +€32,369 | +272.6% |
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 28 September 2026 via checked.be.