Sun & 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.
Sun & Zen
Largest movements
- Tangible fixed assets +€314,235
up €314,235 (+507.0%), from €61,977 to €376,211
of which Assets under construction and advance payments: +€193,689
- Cash -€91,561
down €91,561 (-29.6%), from €309,297 to €217,737
mainly Investment in fixed assets (net) (-€352,001) and Receivables within one year (-€45,009)
- Deferred charges and accrued income -€60,183
down €60,183 (-72.6%), from €82,842 to €22,659
- Receivables within one year +€45,009
up €45,009 (+3663.4%), from €1,229 to €46,238
of which Other amounts receivable: +€38,474
- Intangible fixed assets +€9,601
new in 2025: €9,601
- Debts after one year +€207,914
up €207,914 (+744.5%), from €27,927 to €235,841
- Trade debts +€37,890
up €37,890 (+173.5%), from €21,834 to €59,723
- Tax, wage and social debts -€15,769
down €15,769 (-24.5%), from €64,336 to €48,567
of which Taxes: -€12,041
- Contributions -€10,000
down €10,000 (-50.0%), from €20,000 to €10,000
- Profit (loss) carried forward -€8,557
down €8,557, from €1,294 to -€7,263
- Gross operating margin -€190,138
down €190,138 (-50.7%), from €375,352 to €185,214
- Taxes -€41,439
down €41,439 (-93.0%), from €44,539 to €3,100
- Staff costs -€18,900
down €18,900 (-11.4%), from €165,905 to €147,005
- Other operating charges +€6,651
up €6,651 (+252.6%), from €2,632 to €9,283
- Depreciation +€5,980
up €5,980 (+27.0%), from €22,185 to €28,165
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 | €455,656 | €672,757 | +€217,101 | +47.6% |
| Fixed assets | 21/28 | €62,288 | €386,123 | +€323,836 | +519.9% |
| Intangible fixed assets | 21 | - | €9,601 | +€9,601 | |
| Tangible fixed assets | 22/27 | €61,977 | €376,211 | +€314,235 | +507.0% |
| Plant, machinery and equipment | 23 | €48,975 | €132,038 | +€83,063 | +169.6% |
| Furniture and vehicles | 24 | €3,651 | €5,197 | +€1,546 | +42.4% |
| Other tangible fixed assets | 26 | €9,351 | €45,287 | +€35,936 | +384.3% |
| Assets under construction and advance payments | 27 | - | €193,689 | +€193,689 | |
| Financial fixed assets | 28 | €311 | €311 | = | 0.0% |
| Current assets | 29/58 | €393,368 | €286,633 | -€106,735 | -27.1% |
| Amounts receivable within one year | 40/41 | €1,229 | €46,238 | +€45,009 | +3663.4% |
| Trade receivables | 40 | €1,229 | €7,764 | +€6,535 | +531.9% |
| Other amounts receivable | 41 | €0 | €38,474 | +€38,474 | |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €309,297 | €217,737 | -€91,561 | -29.6% |
| Deferred charges and accrued income | 490/1 | €82,842 | €22,659 | -€60,183 | -72.6% |
| Total equity and liabilities | 10/49 | €455,656 | €672,757 | +€217,101 | +47.6% |
| Equity | 10/15 | €268,694 | €250,137 | -€18,557 | -6.9% |
| Contributions | 10/11 | €20,000 | €10,000 | -€10,000 | -50.0% |
| Reserves | 13 | €247,400 | €247,400 | = | 0.0% |
| Distributable reserves | 133 | €247,400 | €247,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,294 | -€7,263 | -€8,557 | |
| Amounts payable | 17/49 | €186,962 | €422,620 | +€235,658 | +126.0% |
| Amounts payable after more than one year | 17 | €27,927 | €235,841 | +€207,914 | +744.5% |
| Financial debts | 170/4 | €27,927 | €235,841 | +€207,914 | +744.5% |
| Amounts payable within one year | 42/48 | €159,035 | €186,779 | +€27,744 | +17.4% |
| Current portion of amounts payable after more than one year | 42 | €28,113 | €34,086 | +€5,973 | +21.2% |
| Trade debts | 44 | €21,834 | €59,723 | +€37,890 | +173.5% |
| Suppliers | 440/4 | €21,834 | €59,723 | +€37,890 | +173.5% |
| Taxes, remuneration and social security | 45 | €64,336 | €48,567 | -€15,769 | -24.5% |
| Taxes | 450/3 | €45,403 | €33,363 | -€12,041 | -26.5% |
| Remuneration and social security | 454/9 | €18,932 | €15,204 | -€3,728 | -19.7% |
| Other amounts payable | 47/48 | €44,754 | €44,404 | -€350 | -0.8% |
| Remuneration, social security and pensions | 62 | €165,905 | €147,005 | -€18,900 | -11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,185 | €28,165 | +€5,980 | +27.0% |
| Other operating charges | 640/8 | €2,632 | €9,283 | +€6,651 | +252.6% |
| Non-recurring operating charges | 66A | €27,847 | €0 | -€27,847 | -100.0% |
| Gross operating margin | 9900 | €375,352 | €185,214 | -€190,138 | -50.7% |
| Operating profit (loss) | 9901 | €156,783 | €761 | -€156,022 | -99.5% |
| Financial income | 75/76B | €2,144 | €2,975 | +€831 | +38.7% |
| Recurring financial income | 75 | €2,144 | €2,975 | +€831 | +38.7% |
| Financial charges | 65/66B | €8,580 | €9,193 | +€613 | +7.1% |
| Recurring financial charges | 65 | €8,580 | €9,193 | +€613 | +7.1% |
| Profit (loss) for the period before taxes | 9903 | €150,347 | -€5,457 | -€155,805 | |
| Income taxes | 67/77 | €44,539 | €3,100 | -€41,439 | -93.0% |
| Profit (loss) for the period | 9904 | €105,808 | -€8,557 | -€114,365 | |
| Profit (loss) for the period to be appropriated | 9905 | €105,808 | -€8,557 | -€114,365 |
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 10 October 2026 via checked.be.