ZEN: 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.
ZEN
Largest movements
- Receivables within one year +€3,428
up €3,428 (+6024.4%), from €57 to €3,485
of which Other amounts receivable: +€3,302
- Cash +€3,142
up €3,142 (+183.4%), from €1,714 to €4,856
mainly Net result for the year (+€8,029) and Depreciation (+€2,404)
- Stocks and contracts +€1,622
up €1,622 (+72.3%), from €2,243 to €3,865
- Tangible fixed assets -€1,295
down €1,295 (-16.7%), from €7,767 to €6,472
- Formation expenses -€498
no longer reported in 2025 (was €498)
- Reserves +€8,029
up €8,029 (+246.1%), from €3,263 to €11,292
- Debts after one year -€1,465
no longer reported in 2025 (was €1,465)
- Current portion of long-term debt -€979
down €979 (-91.3%), from €1,072 to €93
- Trade debts +€440
up €440 (+19.4%), from €2,270 to €2,710
- Tax, wage and social debts +€326
up €326 (+10.2%), from €3,182 to €3,508
- Gross operating margin +€1,826
up €1,826 (+15.2%), from €11,983 to €13,809
- Taxes +€900
up €900 (+58.0%), from €1,551 to €2,451
- Financial income +€177
up €177 (+7915.2%), from €2 to €179
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 | €12,321 | €18,700 | +€6,379 | +51.8% |
| Formation expenses | 20 | €498 | - | -€498 | |
| Fixed assets | 21/28 | €7,767 | €6,472 | -€1,295 | -16.7% |
| Tangible fixed assets | 22/27 | €7,767 | €6,472 | -€1,295 | -16.7% |
| Plant, machinery and equipment | 23 | €7,767 | €6,472 | -€1,295 | -16.7% |
| Current assets | 29/58 | €4,055 | €12,228 | +€8,173 | +201.5% |
| Stocks and contracts in progress | 3 | €2,243 | €3,865 | +€1,622 | +72.3% |
| Stocks | 30/36 | €2,243 | €3,865 | +€1,622 | +72.3% |
| Amounts receivable within one year | 40/41 | €57 | €3,485 | +€3,428 | +6024.4% |
| Trade receivables | 40 | €57 | €183 | +€126 | +221.4% |
| Other amounts receivable | 41 | - | €3,302 | +€3,302 | |
| Cash at bank and in hand | 54/58 | €1,714 | €4,856 | +€3,142 | +183.4% |
| Deferred charges and accrued income | 490/1 | €42 | €23 | -€19 | -45.2% |
| Total equity and liabilities | 10/49 | €12,321 | €18,700 | +€6,379 | +51.8% |
| Equity | 10/15 | €4,263 | €12,292 | +€8,029 | +188.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €3,263 | €11,292 | +€8,029 | +246.1% |
| Distributable reserves | 133 | €3,263 | €11,292 | +€8,029 | +246.1% |
| Amounts payable | 17/49 | €8,058 | €6,408 | -€1,650 | -20.5% |
| Amounts payable after more than one year | 17 | €1,465 | - | -€1,465 | |
| Financial debts | 170/4 | €1,465 | - | -€1,465 | |
| Amounts payable within one year | 42/48 | €6,593 | €6,408 | -€185 | -2.8% |
| Current portion of amounts payable after more than one year | 42 | €1,072 | €93 | -€979 | -91.3% |
| Trade debts | 44 | €2,270 | €2,710 | +€440 | +19.4% |
| Suppliers | 440/4 | €2,270 | €2,710 | +€440 | +19.4% |
| Taxes, remuneration and social security | 45 | €3,182 | €3,508 | +€326 | +10.2% |
| Taxes | 450/3 | €3,182 | €3,508 | +€326 | +10.2% |
| Other amounts payable | 47/48 | €69 | €97 | +€29 | +41.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,462 | €2,404 | -€57 | -2.3% |
| Other operating charges | 640/8 | €847 | €871 | +€24 | +2.9% |
| Gross operating margin | 9900 | €11,983 | €13,809 | +€1,826 | +15.2% |
| Operating profit (loss) | 9901 | €8,675 | €10,534 | +€1,859 | +21.4% |
| Financial income | 75/76B | €2 | €179 | +€177 | +7915.2% |
| Recurring financial income | 75 | €2 | €179 | +€177 | +7915.2% |
| Financial charges | 65/66B | €315 | €233 | -€82 | -26.1% |
| Recurring financial charges | 65 | €315 | €233 | -€82 | -26.1% |
| Profit (loss) for the period before taxes | 9903 | €8,362 | €10,480 | +€2,117 | +25.3% |
| Income taxes | 67/77 | €1,551 | €2,451 | +€900 | +58.0% |
| Profit (loss) for the period | 9904 | €6,812 | €8,029 | +€1,217 | +17.9% |
| Profit (loss) for the period to be appropriated | 9905 | €6,812 | €8,029 | +€1,217 | +17.9% |
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 7 October 2026 via checked.be.