TrueZeno: 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.
TrueZeno
Largest movements
- Receivables within one year +€56,387
up €56,387 (+676.8%), from €8,331 to €64,717
of which Trade receivables: +€58,209
- Cash +€48,396
up €48,396 (+46.7%), from €103,630 to €152,026
mainly Other debts (+€122,406) and Net result for the year (+€107,624)
- Tangible fixed assets -€8,407
down €8,407 (-30.6%), from €27,489 to €19,082
of which Furniture and vehicles: -€7,707
- Other debts +€122,406
up €122,406 (+14694.5%), from €833 to €123,239
- Profit (loss) carried forward -€40,376
down €40,376 (-39.2%), from €103,017 to €62,641
- Tax, wage and social debts +€17,898
up €17,898 (+259.9%), from €6,887 to €24,786
- Debts after one year -€5,116
down €5,116 (-40.1%), from €12,746 to €7,630
- Gross operating margin +€126,926
up €126,926 (+420.1%), from €30,216 to €157,143
- Taxes +€33,433
up €33,433 (+666.5%), from €5,016 to €38,449
- Depreciation -€1,650
down €1,650 (-16.4%), from €10,057 to €8,407
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 | €139,450 | €235,826 | +€96,376 | +69.1% |
| Fixed assets | 21/28 | €27,489 | €19,082 | -€8,407 | -30.6% |
| Tangible fixed assets | 22/27 | €27,489 | €19,082 | -€8,407 | -30.6% |
| Plant, machinery and equipment | 23 | €1,399 | €699 | -€700 | -50.0% |
| Furniture and vehicles | 24 | €26,090 | €18,383 | -€7,707 | -29.5% |
| Current assets | 29/58 | €111,961 | €216,744 | +€104,783 | +93.6% |
| Amounts receivable within one year | 40/41 | €8,331 | €64,717 | +€56,387 | +676.8% |
| Trade receivables | 40 | €6,509 | €64,717 | +€58,209 | +894.3% |
| Other amounts receivable | 41 | €1,822 | - | -€1,822 | |
| Cash at bank and in hand | 54/58 | €103,630 | €152,026 | +€48,396 | +46.7% |
| Total equity and liabilities | 10/49 | €139,450 | €235,826 | +€96,376 | +69.1% |
| Equity | 10/15 | €113,017 | €72,641 | -€40,376 | -35.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €103,017 | €62,641 | -€40,376 | -39.2% |
| Amounts payable | 17/49 | €26,432 | €163,184 | +€136,752 | +517.4% |
| Amounts payable after more than one year | 17 | €12,746 | €7,630 | -€5,116 | -40.1% |
| Financial debts | 170/4 | €12,746 | €7,630 | -€5,116 | -40.1% |
| Amounts payable within one year | 42/48 | €13,687 | €155,555 | +€141,868 | +1036.5% |
| Current portion of amounts payable after more than one year | 42 | €4,904 | €5,116 | +€213 | +4.3% |
| Trade debts | 44 | €1,063 | €2,414 | +€1,352 | +127.2% |
| Suppliers | 440/4 | €1,063 | €2,414 | +€1,352 | +127.2% |
| Taxes, remuneration and social security | 45 | €6,887 | €24,786 | +€17,898 | +259.9% |
| Taxes | 450/3 | €6,887 | €24,786 | +€17,898 | +259.9% |
| Other amounts payable | 47/48 | €833 | €123,239 | +€122,406 | +14694.5% |
| Remuneration, social security and pensions | 62 | - | €264 | +€264 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,057 | €8,407 | -€1,650 | -16.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €285 | - | -€285 | |
| Other operating charges | 640/8 | €173 | €179 | +€6 | +3.4% |
| Gross operating margin | 9900 | €30,216 | €157,143 | +€126,926 | +420.1% |
| Operating profit (loss) | 9901 | €19,701 | €148,293 | +€128,592 | +652.7% |
| Financial income | 75/76B | - | €21 | +€21 | |
| Recurring financial income | 75 | - | €21 | +€21 | |
| Financial charges | 65/66B | €965 | €2,240 | +€1,275 | +132.2% |
| Recurring financial charges | 65 | €965 | €2,240 | +€1,275 | +132.2% |
| Profit (loss) for the period before taxes | 9903 | €18,736 | €146,073 | +€127,337 | +679.6% |
| Income taxes | 67/77 | €5,016 | €38,449 | +€33,433 | +666.5% |
| Profit (loss) for the period | 9904 | €13,720 | €107,624 | +€93,904 | +684.4% |
| Profit (loss) for the period to be appropriated | 9905 | €13,720 | €107,624 | +€93,904 | +684.4% |
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 6 October 2026 via checked.be.