ZEN-ART: 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-ART
Largest movements
- Current investments -€200,000
down €200,000 (-100%), from €200,000 to €0
- Cash +€137,718
up €137,718 (+621%), from €22,190 to €159,907
mainly Net result for the year (+€207,082) and Current investments (+€200,000)
- Tangible fixed assets -€39,741
down €39,741 (-6.4%), from €617,141 to €577,400
of which Furniture and vehicles: -€33,461
- Other debts -€212,461
down €212,461 (-44.8%), from €474,224 to €261,763
- Debts after one year +€134,568
up €134,568 (+207%), from €64,937 to €199,505
- Reserves -€49,698
down €49,698 (-19.4%), from €256,780 to €207,082
- Trade debts +€17,742
up €17,742 (+331%), from €5,368 to €23,109
- Gross operating margin -€122,914
down €122,914 (-27.4%), from €448,153 to €325,239
- Financial income -€19,233
down €19,233 (-91.3%), from €21,056 to €1,823
of which Non-recurring financial income: -€20,584
- Depreciation +€16,731
up €16,731 (+72.7%), from €23,011 to €39,741
- Taxes -€15,122
down €15,122 (-18.1%), from €83,578 to €68,457
- Staff costs +€4,911
new in 2025: €4,911
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 | €912,192 | €810,047 | -€102,145 | -11.2% |
| Fixed assets | 21/28 | €617,141 | €577,400 | -€39,741 | -6.4% |
| Tangible fixed assets | 22/27 | €617,141 | €577,400 | -€39,741 | -6.4% |
| Land and buildings | 22 | €454,148 | €454,148 | = | 0.0% |
| Plant, machinery and equipment | 23 | €14,898 | €8,618 | -€6,280 | -42.2% |
| Furniture and vehicles | 24 | €148,095 | €114,634 | -€33,461 | -22.6% |
| Current assets | 29/58 | €295,051 | €232,647 | -€62,404 | -21.2% |
| Amounts receivable within one year | 40/41 | €72,862 | €72,740 | -€122 | -0.2% |
| Trade receivables | 40 | €72,862 | €72,740 | -€122 | -0.2% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100% |
| Cash at bank and in hand | 54/58 | €22,190 | €159,907 | +€137,718 | +621% |
| Total equity and liabilities | 10/49 | €912,192 | €810,047 | -€102,145 | -11.2% |
| Equity | 10/15 | €275,380 | €225,682 | -€49,698 | -18.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €256,780 | €207,082 | -€49,698 | -19.4% |
| Distributable reserves | 133 | €256,780 | €207,082 | -€49,698 | -19.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €636,812 | €584,365 | -€52,448 | -8.2% |
| Amounts payable after more than one year | 17 | €64,937 | €199,505 | +€134,568 | +207% |
| Financial debts | 170/4 | €64,937 | €199,505 | +€134,568 | +207% |
| Amounts payable within one year | 42/48 | €571,876 | €378,438 | -€193,438 | -33.8% |
| Current portion of amounts payable after more than one year | 42 | €43,550 | €45,432 | +€1,882 | +4.3% |
| Trade debts | 44 | €5,368 | €23,109 | +€17,742 | +331% |
| Suppliers | 440/4 | €5,368 | €23,109 | +€17,742 | +331% |
| Taxes, remuneration and social security | 45 | €48,734 | €48,134 | -€600 | -1.2% |
| Taxes | 450/3 | €48,734 | €48,134 | -€600 | -1.2% |
| Other amounts payable | 47/48 | €474,224 | €261,763 | -€212,461 | -44.8% |
| Accrued charges and deferred income | 492/3 | - | €6,422 | +€6,422 | |
| Remuneration, social security and pensions | 62 | - | €4,911 | +€4,911 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,011 | €39,741 | +€16,731 | +72.7% |
| Other operating charges | 640/8 | €3,070 | €2,827 | -€243 | -7.9% |
| Gross operating margin | 9900 | €448,153 | €325,239 | -€122,914 | -27.4% |
| Operating profit (loss) | 9901 | €422,072 | €277,759 | -€144,313 | -34.2% |
| Financial income | 75/76B | €21,056 | €1,823 | -€19,233 | -91.3% |
| Recurring financial income | 75 | €472 | €1,823 | +€1,351 | +286% |
| Non-recurring financial income | 76B | €20,584 | €0 | -€20,584 | -100% |
| Financial charges | 65/66B | €6,393 | €4,044 | -€2,349 | -36.7% |
| Recurring financial charges | 65 | €6,393 | €4,044 | -€2,349 | -36.7% |
| Profit (loss) for the period before taxes | 9903 | €436,736 | €275,539 | -€161,197 | -36.9% |
| Income taxes | 67/77 | €83,578 | €68,457 | -€15,122 | -18.1% |
| Profit (loss) for the period | 9904 | €353,157 | €207,082 | -€146,075 | -41.4% |
| Profit (loss) for the period to be appropriated | 9905 | €353,157 | €207,082 | -€146,075 | -41.4% |
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 25 October 2026 via checked.be.