VAN VAEK ZENITH IMMO: 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.
VAN VAEK ZENITH IMMO
Largest movements
- Current investments +€1.5m
new in 2025: €1.5m
- Cash -€1.2m
down €1.2m (-84.5%), from €1.4m to €217,899
mainly Current investments (-€1.5m) and Contributions, distributions and other (-€945,000)
- Tangible fixed assets -€413,745
down €413,745 (-5.5%), from €7.5m to €7.1m
- Profit (loss) carried forward -€300,442
down €300,442 (-99.8%), from €301,050 to €608
- Other debts +€175,893
up €175,893 (+22.9%), from €769,107 to €945,000
- Gross operating margin -€112,156
down €112,156 (-6.7%), from €1.7m to €1.6m
- Taxes -€35,184
down €35,184 (-14.5%), from €243,015 to €207,832
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 | €9,002,217 | €8,876,094 | -€126,122 | -1.4% |
| Fixed assets | 21/28 | €7,497,416 | €7,083,671 | -€413,745 | -5.5% |
| Tangible fixed assets | 22/27 | €7,497,416 | €7,083,671 | -€413,745 | -5.5% |
| Land and buildings | 22 | €7,497,416 | €7,083,671 | -€413,745 | -5.5% |
| Current assets | 29/58 | €1,504,801 | €1,792,424 | +€287,623 | +19.1% |
| Amounts receivable within one year | 40/41 | €10,985 | €9,968 | -€1,017 | -9.3% |
| Trade receivables | 40 | €10,985 | €8,806 | -€2,179 | -19.8% |
| Other amounts receivable | 41 | - | €1,163 | +€1,163 | |
| Current investments | 50/53 | - | €1,500,000 | +€1.5m | |
| Cash at bank and in hand | 54/58 | €1,405,489 | €217,899 | -€1.2m | -84.5% |
| Deferred charges and accrued income | 490/1 | €88,326 | €64,556 | -€23,770 | -26.9% |
| Total equity and liabilities | 10/49 | €9,002,217 | €8,876,094 | -€126,122 | -1.4% |
| Equity | 10/15 | €8,188,061 | €7,887,618 | -€300,442 | -3.7% |
| Contributions | 10/11 | €6,018,987 | €6,018,987 | = | 0.0% |
| Capital | 10 | €6,000,000 | €6,000,000 | = | 0.0% |
| Issued capital | 100 | €6,000,000 | €6,000,000 | = | 0.0% |
| Contributions outside capital | 11 | €18,987 | €18,987 | = | 0.0% |
| Share premium | 1100/10 | €18,987 | €18,987 | = | 0.0% |
| Revaluation surpluses | 12 | €1,268,024 | €1,268,024 | = | 0.0% |
| Reserves | 13 | €600,000 | €600,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €600,000 | €600,000 | = | 0.0% |
| Legal reserve | 130 | €600,000 | €600,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €301,050 | €608 | -€300,442 | -99.8% |
| Amounts payable | 17/49 | €814,156 | €988,476 | +€174,320 | +21.4% |
| Amounts payable within one year | 42/48 | €814,068 | €988,388 | +€174,320 | +21.4% |
| Trade debts | 44 | €17,141 | €36,918 | +€19,778 | +115% |
| Suppliers | 440/4 | €17,141 | €36,918 | +€19,778 | +115% |
| Taxes, remuneration and social security | 45 | €27,821 | €6,470 | -€21,351 | -76.7% |
| Taxes | 450/3 | €27,821 | €6,470 | -€21,351 | -76.7% |
| Other amounts payable | 47/48 | €769,107 | €945,000 | +€175,893 | +22.9% |
| Accrued charges and deferred income | 492/3 | €88 | €88 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €546,802 | €554,452 | +€7,650 | +1.4% |
| Other operating charges | 640/8 | €172,629 | €173,723 | +€1,095 | +0.6% |
| Gross operating margin | 9900 | €1,662,166 | €1,550,010 | -€112,156 | -6.7% |
| Operating profit (loss) | 9901 | €942,735 | €821,835 | -€120,901 | -12.8% |
| Financial income | 75/76B | €36,002 | €30,609 | -€5,393 | -15.0% |
| Recurring financial income | 75 | €36,002 | €30,609 | -€5,393 | -15.0% |
| Financial charges | 65/66B | €204 | €54 | -€150 | -73.5% |
| Recurring financial charges | 65 | €204 | €54 | -€150 | -73.5% |
| Profit (loss) for the period before taxes | 9903 | €978,533 | €852,389 | -€126,144 | -12.9% |
| Income taxes | 67/77 | €243,015 | €207,832 | -€35,184 | -14.5% |
| Profit (loss) for the period | 9904 | €735,518 | €644,558 | -€90,961 | -12.4% |
| Profit (loss) for the period to be appropriated | 9905 | €735,518 | €644,558 | -€90,961 | -12.4% |
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 17 October 2026 via checked.be.