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.
ZEN
Largest movements
- Cash -€326,341
down €326,341 (-83.3%), from €391,799 to €65,458
mainly Deferred charges and accrued income (-€98,341) and Net result for the year (-€75,522)
- Deferred charges and accrued income +€98,341
new in 2025: €98,341
- Tangible fixed assets -€28,624
down €28,624 (-8.2%), from €348,875 to €320,251
- Receivables within one year +€26,250
up €26,250 (+55.4%), from €47,361 to €73,611
of which Trade receivables: +€21,915
- Financial fixed assets +€26,000
new in 2025: €26,000
- Other debts -€72,147
no longer reported in 2025 (was €72,147)
- Reserves -€68,049
down €68,049 (-20.0%), from €339,842 to €271,794
of which Distributable reserves: -€68,049
- Debts after one year -€40,530
down €40,530 (-10.8%), from €375,506 to €334,976
- Gross operating margin -€89,746
down €89,746, from €46,579 to -€43,167
- Financial charges -€5,005
down €5,005 (-52.0%), from €9,622 to €4,618
- Other operating charges -€1,784
down €1,784 (-21.0%), from €8,505 to €6,721
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 | €1,041,515 | €843,141 | -€198,375 | -19.0% |
| Fixed assets | 21/28 | €348,875 | €346,251 | -€2,624 | -0.8% |
| Tangible fixed assets | 22/27 | €348,875 | €320,251 | -€28,624 | -8.2% |
| Land and buildings | 22 | €91,011 | €84,219 | -€6,792 | -7.5% |
| Furniture and vehicles | 24 | €10,920 | €1,353 | -€9,567 | -87.6% |
| Other tangible fixed assets | 26 | €246,944 | €234,679 | -€12,265 | -5.0% |
| Financial fixed assets | 28 | - | €26,000 | +€26,000 | |
| Current assets | 29/58 | €692,640 | €496,890 | -€195,750 | -28.3% |
| Amounts receivable within one year | 40/41 | €47,361 | €73,611 | +€26,250 | +55.4% |
| Trade receivables | 40 | €10,807 | €32,723 | +€21,915 | +202.8% |
| Other amounts receivable | 41 | €36,554 | €40,888 | +€4,334 | +11.9% |
| Current investments | 50/53 | €253,481 | €259,480 | +€6,000 | +2.4% |
| Cash at bank and in hand | 54/58 | €391,799 | €65,458 | -€326,341 | -83.3% |
| Deferred charges and accrued income | 490/1 | - | €98,341 | +€98,341 | |
| Total equity and liabilities | 10/49 | €1,041,515 | €843,141 | -€198,375 | -19.0% |
| Equity | 10/15 | €527,827 | €452,304 | -€75,522 | -14.3% |
| Contributions | 10/11 | €180,511 | €180,511 | = | 0.0% |
| Contributions outside capital | 11 | €180,511 | €180,511 | = | 0.0% |
| Other | 1109/19 | €180,511 | €180,511 | = | 0.0% |
| Reserves | 13 | €339,842 | €271,794 | -€68,049 | -20.0% |
| 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 | €337,982 | €269,934 | -€68,049 | -20.1% |
| Profit (loss) carried forward | 14 | €7,474 | - | -€7,474 | |
| Amounts payable | 17/49 | €513,689 | €390,836 | -€122,852 | -23.9% |
| Amounts payable after more than one year | 17 | €375,506 | €334,976 | -€40,530 | -10.8% |
| Financial debts | 170/4 | €375,506 | €334,976 | -€40,530 | -10.8% |
| Amounts payable within one year | 42/48 | €138,182 | €55,386 | -€82,796 | -59.9% |
| Current portion of amounts payable after more than one year | 42 | €55,728 | €48,274 | -€7,454 | -13.4% |
| Trade debts | 44 | €10,170 | €6,975 | -€3,196 | -31.4% |
| Suppliers | 440/4 | €10,170 | €6,975 | -€3,196 | -31.4% |
| Taxes, remuneration and social security | 45 | €138 | €138 | = | 0.0% |
| Taxes | 450/3 | €138 | €138 | = | 0.0% |
| Other amounts payable | 47/48 | €72,147 | - | -€72,147 | |
| Accrued charges and deferred income | 492/3 | - | €474 | +€474 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,546 | €28,624 | +€78 | +0.3% |
| Other operating charges | 640/8 | €8,505 | €6,721 | -€1,784 | -21.0% |
| Gross operating margin | 9900 | €46,579 | -€43,167 | -€89,746 | |
| Operating profit (loss) | 9901 | €9,527 | -€78,512 | -€88,040 | |
| Financial income | 75/76B | €8,016 | €7,661 | -€355 | -4.4% |
| Recurring financial income | 75 | €8,016 | €7,661 | -€355 | -4.4% |
| Financial charges | 65/66B | €9,622 | €4,618 | -€5,005 | -52.0% |
| Recurring financial charges | 65 | €9,622 | €4,618 | -€5,005 | -52.0% |
| Profit (loss) for the period before taxes | 9903 | €7,921 | -€75,469 | -€83,390 | |
| Income taxes | 67/77 | €448 | €54 | -€394 | -88.0% |
| Profit (loss) for the period | 9904 | €7,474 | -€75,522 | -€82,996 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,474 | -€75,522 | -€82,996 |
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 12 October 2026 via checked.be.