ALFREDO ZENONI: 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.
ALFREDO ZENONI
Largest movements
- Cash +€9,577
up €9,577 (+11.6%), from €82,877 to €92,453
mainly Net result for the year (+€7,710) and Tax, wage and social debts (+€3,050)
- Profit (loss) carried forward +€7,710
up €7,710 (+17.1%), from €45,011 to €52,721
- Other debts -€3,384
down €3,384 (-22.6%), from €14,947 to €11,563
- Tax, wage and social debts +€3,050
up €3,050 (+305%), from €1,000 to €4,050
- Trade debts +€2,200
up €2,200 (+151%), from €1,459 to €3,659
- Gross operating margin +€6,082
up €6,082 (+92.6%), from €6,569 to €12,651
- Depreciation -€5,483
no longer reported in 2025 (was €5,483)
- Taxes +€2,527
up €2,527 (+154%), from €1,639 to €4,166
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 | €82,877 | €92,453 | +€9,577 | +11.6% |
| Current assets | 29/58 | €82,877 | €92,453 | +€9,577 | +11.6% |
| Cash at bank and in hand | 54/58 | €82,877 | €92,453 | +€9,577 | +11.6% |
| Total equity and liabilities | 10/49 | €82,877 | €92,453 | +€9,577 | +11.6% |
| Equity | 10/15 | €65,471 | €73,181 | +€7,710 | +11.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €45,011 | €52,721 | +€7,710 | +17.1% |
| Amounts payable | 17/49 | €17,406 | €19,272 | +€1,867 | +10.7% |
| Amounts payable within one year | 42/48 | €17,406 | €19,272 | +€1,867 | +10.7% |
| Trade debts | 44 | €1,459 | €3,659 | +€2,200 | +151% |
| Suppliers | 440/4 | €1,459 | €3,659 | +€2,200 | +151% |
| Taxes, remuneration and social security | 45 | €1,000 | €4,050 | +€3,050 | +305% |
| Taxes | 450/3 | €1,000 | €4,050 | +€3,050 | +305% |
| Other amounts payable | 47/48 | €14,947 | €11,563 | -€3,384 | -22.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,483 | - | -€5,483 | |
| Other operating charges | 640/8 | €564 | €582 | +€18 | +3.3% |
| Non-recurring operating charges | 66A | - | €96 | +€96 | |
| Gross operating margin | 9900 | €6,569 | €12,651 | +€6,082 | +92.6% |
| Operating profit (loss) | 9901 | €522 | €11,973 | +€11,451 | +2,193% |
| Financial income | 75/76B | - | €20 | +€20 | |
| Recurring financial income | 75 | - | €20 | +€20 | |
| Financial charges | 65/66B | €53 | €116 | +€63 | +118% |
| Recurring financial charges | 65 | €53 | €116 | +€63 | +118% |
| Profit (loss) for the period before taxes | 9903 | €469 | €11,876 | +€11,408 | +2,433% |
| Income taxes | 67/77 | €1,639 | €4,166 | +€2,527 | +154% |
| Profit (loss) for the period | 9904 | -€1,170 | €7,710 | +€8,881 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,170 | €7,710 | +€8,881 |
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 28 October 2026 via checked.be.