HOLDING ZEN: 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.
HOLDING ZEN
Largest movements
- Tangible fixed assets -€6,557
down €6,557 (-8.5%), from €76,957 to €70,400
of which Land and buildings: -€3,300
- Receivables within one year +€6,076
up €6,076 (+163%), from €3,736 to €9,812
of which Trade receivables: +€9,035
- Cash -€2,488
down €2,488 (-16.0%), from €15,581 to €13,093
mainly Other debts (-€22,459) and Debts after one year (-€8,446)
- Reserves +€25,011
up €25,011 (+25.5%), from €98,253 to €123,264
of which Distributable reserves: +€25,011
- Other debts -€22,459
down €22,459 (-83.2%), from €27,002 to €4,543
- Debts after one year -€8,446
down €8,446 (-22.5%), from €37,591 to €29,145
- Tax, wage and social debts +€4,261
up €4,261 (+41.2%), from €10,338 to €14,599
- Current portion of long-term debt -€3,012
down €3,012 (-26.3%), from €11,458 to €8,446
- Depreciation -€6,549
down €6,549 (-66.5%), from €9,849 to €3,300
- Gross operating margin +€3,966
up €3,966 (+10.1%), from €39,134 to €43,100
- Taxes +€2,356
up €2,356 (+27.6%), from €8,548 to €10,904
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 | €197,487 | €196,005 | -€1,481 | -0.8% |
| Fixed assets | 21/28 | €176,957 | €170,400 | -€6,557 | -3.7% |
| Tangible fixed assets | 22/27 | €76,957 | €70,400 | -€6,557 | -8.5% |
| Land and buildings | 22 | €73,700 | €70,400 | -€3,300 | -4.5% |
| Furniture and vehicles | 24 | €3,257 | €0 | -€3,257 | -100% |
| Financial fixed assets | 28 | €100,000 | €100,000 | = | 0.0% |
| Current assets | 29/58 | €20,530 | €25,605 | +€5,076 | +24.7% |
| Amounts receivable within one year | 40/41 | €3,736 | €9,812 | +€6,076 | +163% |
| Trade receivables | 40 | - | €9,035 | +€9,035 | |
| Other amounts receivable | 41 | €3,736 | €777 | -€2,959 | -79.2% |
| Cash at bank and in hand | 54/58 | €15,581 | €13,093 | -€2,488 | -16.0% |
| Deferred charges and accrued income | 490/1 | €1,213 | €2,701 | +€1,488 | +123% |
| Total equity and liabilities | 10/49 | €197,487 | €196,005 | -€1,481 | -0.8% |
| Equity | 10/15 | €110,753 | €135,764 | +€25,011 | +22.6% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €98,253 | €123,264 | +€25,011 | +25.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €96,393 | €121,404 | +€25,011 | +25.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €86,733 | €60,241 | -€26,492 | -30.5% |
| Amounts payable after more than one year | 17 | €37,591 | €29,145 | -€8,446 | -22.5% |
| Financial debts | 170/4 | €37,591 | €29,145 | -€8,446 | -22.5% |
| Amounts payable within one year | 42/48 | €49,082 | €30,876 | -€18,206 | -37.1% |
| Current portion of amounts payable after more than one year | 42 | €11,458 | €8,446 | -€3,012 | -26.3% |
| Trade debts | 44 | €285 | €3,288 | +€3,003 | +1,055% |
| Suppliers | 440/4 | €285 | €3,288 | +€3,003 | +1,055% |
| Taxes, remuneration and social security | 45 | €10,338 | €14,599 | +€4,261 | +41.2% |
| Taxes | 450/3 | €10,338 | €14,599 | +€4,261 | +41.2% |
| Other amounts payable | 47/48 | €27,002 | €4,543 | -€22,459 | -83.2% |
| Accrued charges and deferred income | 492/3 | €60 | €220 | +€160 | +267% |
| Non-recurring operating income | 76A | - | €4,313 | +€4,313 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,849 | €3,300 | -€6,549 | -66.5% |
| Other operating charges | 640/8 | €1,658 | €1,791 | +€133 | +8.0% |
| Gross operating margin | 9900 | €39,134 | €43,100 | +€3,966 | +10.1% |
| Operating profit (loss) | 9901 | €27,627 | €38,010 | +€10,383 | +37.6% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €2,404 | €2,095 | -€309 | -12.8% |
| Recurring financial charges | 65 | €2,404 | €2,095 | -€309 | -12.8% |
| Profit (loss) for the period before taxes | 9903 | €25,223 | €35,915 | +€10,691 | +42.4% |
| Income taxes | 67/77 | €8,548 | €10,904 | +€2,356 | +27.6% |
| Profit (loss) for the period | 9904 | €16,676 | €25,011 | +€8,335 | +50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €16,676 | €25,011 | +€8,335 | +50.0% |
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 23 October 2026 via checked.be.