ZTL GROUP: 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.
ZTL GROUP
Largest movements
- Receivables within one year -€110,134
down €110,134 (-76.6%), from €143,688 to €33,554
- Cash +€8,434
up €8,434 (+391.6%), from €2,154 to €10,587
mainly Receivables within one year (+€110,134) and Tax, wage and social debts (+€19,476)
- Deferred charges and accrued income +€7,768
new in 2025: €7,768
- Tangible fixed assets +€4,098
up €4,098 (+54.5%), from €7,524 to €11,623
of which Plant, machinery and equipment: +€2,512
- Financial fixed assets +€2,000
up €2,000 (+40.0%), from €5,000 to €7,000
- Trade debts -€78,099
down €78,099 (-70.2%), from €111,262 to €33,164
- Profit (loss) carried forward -€23,362
down €23,362 (-546.0%), from -€4,279 to -€27,641
- Tax, wage and social debts +€19,476
up €19,476 (+87.9%), from €22,152 to €41,629
of which Taxes: +€17,086
- Other debts -€5,850
down €5,850 (-20.0%), from €29,230 to €23,381
- Staff costs +€87,291
up €87,291 (+54.8%), from €159,393 to €246,684
- Gross operating margin +€51,666
up €51,666 (+28.8%), from €179,288 to €230,955
- Other operating charges -€6,805
down €6,805 (-80.3%), from €8,477 to €1,672
- Depreciation +€2,474
up €2,474 (+107.7%), from €2,298 to €4,771
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 | €158,366 | €70,532 | -€87,834 | -55.5% |
| Fixed assets | 21/28 | €12,524 | €18,623 | +€6,098 | +48.7% |
| Tangible fixed assets | 22/27 | €7,524 | €11,623 | +€4,098 | +54.5% |
| Plant, machinery and equipment | 23 | - | €2,512 | +€2,512 | |
| Furniture and vehicles | 24 | €7,524 | €9,110 | +€1,586 | +21.1% |
| Financial fixed assets | 28 | €5,000 | €7,000 | +€2,000 | +40.0% |
| Current assets | 29/58 | €145,841 | €51,909 | -€93,932 | -64.4% |
| Amounts receivable within one year | 40/41 | €143,688 | €33,554 | -€110,134 | -76.6% |
| Trade receivables | 40 | €143,688 | €33,554 | -€110,134 | -76.6% |
| Cash at bank and in hand | 54/58 | €2,154 | €10,587 | +€8,434 | +391.6% |
| Deferred charges and accrued income | 490/1 | - | €7,768 | +€7,768 | |
| Total equity and liabilities | 10/49 | €158,366 | €70,532 | -€87,834 | -55.5% |
| Equity | 10/15 | -€4,279 | -€27,641 | -€23,362 | -546.0% |
| Profit (loss) carried forward | 14 | -€4,279 | -€27,641 | -€23,362 | -546.0% |
| Amounts payable | 17/49 | €162,645 | €98,173 | -€64,472 | -39.6% |
| Amounts payable within one year | 42/48 | €162,645 | €98,173 | -€64,472 | -39.6% |
| Trade debts | 44 | €111,262 | €33,164 | -€78,099 | -70.2% |
| Suppliers | 440/4 | €111,262 | €33,164 | -€78,099 | -70.2% |
| Taxes, remuneration and social security | 45 | €22,152 | €41,629 | +€19,476 | +87.9% |
| Taxes | 450/3 | €13,349 | €30,435 | +€17,086 | +128.0% |
| Remuneration and social security | 454/9 | €8,804 | €11,194 | +€2,390 | +27.1% |
| Other amounts payable | 47/48 | €29,230 | €23,381 | -€5,850 | -20.0% |
| Non-recurring operating income | 76A | €11 | - | -€11 | |
| Remuneration, social security and pensions | 62 | €159,393 | €246,684 | +€87,291 | +54.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,298 | €4,771 | +€2,474 | +107.7% |
| Other operating charges | 640/8 | €8,477 | €1,672 | -€6,805 | -80.3% |
| Non-recurring operating charges | 66A | €3,581 | - | -€3,581 | |
| Gross operating margin | 9900 | €179,288 | €230,955 | +€51,666 | +28.8% |
| Operating profit (loss) | 9901 | €5,540 | -€22,173 | -€27,713 | |
| Financial income | 75/76B | €3 | €1 | -€2 | -74.9% |
| Recurring financial income | 75 | €3 | €1 | -€2 | -74.9% |
| Financial charges | 65/66B | €347 | €1,190 | +€843 | +242.6% |
| Recurring financial charges | 65 | €347 | €1,190 | +€843 | +242.6% |
| Profit (loss) for the period before taxes | 9903 | €5,195 | -€23,362 | -€28,557 | |
| Income taxes | 67/77 | €1,850 | - | -€1,850 | |
| Profit (loss) for the period | 9904 | €3,345 | -€23,362 | -€26,707 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,345 | -€23,362 | -€26,707 |
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 1 October 2026 via checked.be.