CHRISTOPH ZENNER: what changed
What changed
CHRISTOPH ZENNER
NACE 69.201, Certified accountants and tax accountants
filed annual accounts (NBB)
Net result for the year
€797,086
31-12-2024 · €748,914+€48,173
Equity
€2.2m
31-12-2024 · €2.8m-€638,185
Cash
€709,821
31-12-2024 · €304,343+€405,478
Balance sheet total
€3.3m
31-12-2024 · €3.7m-€356,339
Largest movements
Assets
- Tangible fixed assets -€905,438
down €905,438 (-37.1%), from €2.4m to €1.5m
of which Land and buildings: -€877,780
- Cash +€405,478
up €405,478 (+133%), from €304,343 to €709,821
mainly Net result for the year (+€797,086) and Investment in fixed assets (net) (+€787,291)
- Receivables within one year +€132,835
up €132,835 (+63.3%), from €209,705 to €342,540
of which Trade receivables: +€130,764
Equity and liabilities
- Reserves -€638,185
down €638,185 (-22.7%), from €2.8m to €2.2m
- Other debts +€410,809
up €410,809 (+10,725%), from €3,830 to €414,639
- Debts after one year -€89,165
down €89,165 (-21.6%), from €413,019 to €323,853
- Current portion of long-term debt -€72,499
down €72,499 (-44.8%), from €161,664 to €89,165
Income statement
- Other operating charges -€126,500
down €126,500 (-89.6%), from €141,211 to €14,711
- Financial income -€45,801
down €45,801 (-46.1%), from €99,355 to €53,554
- Taxes +€38,522
up €38,522 (+12.3%), from €314,105 to €352,626
Change in the result, 31-12-2024 to 31-12-2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 31-12-2024
€748,914
Gross operating margin
+€6,714
Depreciation
-€2,472
Other operating charges
+€126,500
Financial income
-€45,801
Financial charges
+€1,754
Taxes
-€38,522
Result 31-12-2025
€797,086
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€1.2m
Investment
+€778,933
Financing
-€1.6m
Cash 31-12-2024
€304,343
From operations (derived)
+€1.2m
Net result for the year
+€797,086
Depreciation
+€118,146
Receivables within one year
-€132,835
Deferred charges and accrued income
-€2,427
Trade debts
-€4,045
Tax, wage and social debts
+€36,747
Other debts
+€410,809
Investment (derived)
+€778,933
Investment in fixed assets (net)
+€787,291
Current investments
-€8,359
Financing
-€1.6m
Debts after one year
-€89,165
Current portion of long-term debt
-€72,499
Contributions, distributions and other
-€1.4m
Cash 31-12-2025
€709,821
brings cash intakes cash out
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,677,361 | €3,321,022 | -€356,339 | -9.7% |
| Fixed assets | 21/28 | €2,440,318 | €1,534,880 | -€905,438 | -37.1% |
| Tangible fixed assets | 22/27 | €2,440,318 | €1,534,880 | -€905,438 | -37.1% |
| Land and buildings | 22 | €2,299,165 | €1,421,385 | -€877,780 | -38.2% |
| Plant, machinery and equipment | 23 | €5,138 | €3,835 | -€1,303 | -25.4% |
| Furniture and vehicles | 24 | €136,015 | €109,660 | -€26,355 | -19.4% |
| Current assets | 29/58 | €1,237,043 | €1,786,141 | +€549,098 | +44.4% |
| Amounts receivable after more than one year | 29 | €190,000 | €190,000 | = | 0.0% |
| Other amounts receivable | 291 | €190,000 | €190,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €209,705 | €342,540 | +€132,835 | +63.3% |
| Trade receivables | 40 | €208,381 | €339,146 | +€130,764 | +62.8% |
| Other amounts receivable | 41 | €1,324 | €3,395 | +€2,071 | +156% |
| Current investments | 50/53 | €532,995 | €541,354 | +€8,359 | +1.6% |
| Cash at bank and in hand | 54/58 | €304,343 | €709,821 | +€405,478 | +133% |
| Deferred charges and accrued income | 490/1 | - | €2,427 | +€2,427 | |
| Total equity and liabilities | 10/49 | €3,677,361 | €3,321,022 | -€356,339 | -9.7% |
| Equity | 10/15 | €2,825,675 | €2,187,490 | -€638,185 | -22.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,805,675 | €2,167,490 | -€638,185 | -22.7% |
| Distributable reserves | 133 | €2,805,675 | €2,167,490 | -€638,185 | -22.7% |
| Amounts payable | 17/49 | €851,686 | €1,133,532 | +€281,846 | +33.1% |
| Amounts payable after more than one year | 17 | €413,019 | €323,853 | -€89,165 | -21.6% |
| Financial debts | 170/4 | €413,019 | €323,853 | -€89,165 | -21.6% |
| Amounts payable within one year | 42/48 | €438,667 | €809,678 | +€371,011 | +84.6% |
| Current portion of amounts payable after more than one year | 42 | €161,664 | €89,165 | -€72,499 | -44.8% |
| Trade debts | 44 | €13,310 | €9,265 | -€4,045 | -30.4% |
| Suppliers | 440/4 | €13,310 | €9,265 | -€4,045 | -30.4% |
| Taxes, remuneration and social security | 45 | €259,863 | €296,609 | +€36,747 | +14.1% |
| Taxes | 450/3 | €259,863 | €296,609 | +€36,747 | +14.1% |
| Other amounts payable | 47/48 | €3,830 | €414,639 | +€410,809 | +10,725% |
| Non-recurring operating income | 76A | - | €4,294 | +€4,294 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,674 | €118,146 | +€2,472 | +2.1% |
| Other operating charges | 640/8 | €141,211 | €14,711 | -€126,500 | -89.6% |
| Gross operating margin | 9900 | €1,226,991 | €1,233,705 | +€6,714 | +0.5% |
| Operating profit (loss) | 9901 | €970,106 | €1,100,848 | +€130,742 | +13.5% |
| Financial income | 75/76B | €99,355 | €53,554 | -€45,801 | -46.1% |
| Recurring financial income | 75 | €99,355 | €53,554 | -€45,801 | -46.1% |
| Financial charges | 65/66B | €6,443 | €4,689 | -€1,754 | -27.2% |
| Recurring financial charges | 65 | €6,443 | €4,689 | -€1,754 | -27.2% |
| Profit (loss) for the period before taxes | 9903 | €1,063,018 | €1,149,713 | +€86,694 | +8.2% |
| Income taxes | 67/77 | €314,105 | €352,626 | +€38,522 | +12.3% |
| Profit (loss) for the period | 9904 | €748,914 | €797,086 | +€48,173 | +6.4% |
| Profit (loss) for the period to be appropriated | 9905 | €748,914 | €797,086 | +€48,173 | +6.4% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.