ZEN’ERE: 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’ERE
Largest movements
- Tangible fixed assets -€24,101
down €24,101 (-4.5%), from €540,441 to €516,340
- Cash -€6,697
down €6,697 (-61.6%), from €10,871 to €4,174
mainly Debts after one year (-€40,668) and Receivables within one year (-€3,006)
- Debts after one year -€40,668
down €40,668 (-8.1%), from €499,519 to €458,851
of which Other amounts payable: -€21,000
- Reserves +€8,700
up €8,700 (+64.7%), from €13,450 to €22,150
- Gross operating margin -€25,829
down €25,829 (-31.6%), from €81,706 to €55,877
- Financial charges -€9,100
down €9,100 (-34.6%), from €26,284 to €17,184
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 | €553,298 | €525,554 | -€27,744 | -5.0% |
| Fixed assets | 21/28 | €540,441 | €516,340 | -€24,101 | -4.5% |
| Tangible fixed assets | 22/27 | €540,441 | €516,340 | -€24,101 | -4.5% |
| Land and buildings | 22 | €540,441 | €516,340 | -€24,101 | -4.5% |
| Current assets | 29/58 | €12,857 | €9,214 | -€3,642 | -28.3% |
| Amounts receivable within one year | 40/41 | €1,663 | €4,670 | +€3,006 | +181% |
| Trade receivables | 40 | €1,663 | €4,663 | +€3,000 | +180% |
| Other amounts receivable | 41 | €0 | €6 | +€6 | |
| Cash at bank and in hand | 54/58 | €10,871 | €4,174 | -€6,697 | -61.6% |
| Deferred charges and accrued income | 490/1 | €322 | €371 | +€49 | +15.1% |
| Total equity and liabilities | 10/49 | €553,298 | €525,554 | -€27,744 | -5.0% |
| Equity | 10/15 | €33,459 | €42,188 | +€8,728 | +26.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €13,450 | €22,150 | +€8,700 | +64.7% |
| Distributable reserves | 133 | €13,450 | €22,150 | +€8,700 | +64.7% |
| Profit (loss) carried forward | 14 | €9 | €38 | +€28 | +300% |
| Amounts payable | 17/49 | €519,838 | €483,366 | -€36,472 | -7.0% |
| Amounts payable after more than one year | 17 | €499,519 | €458,851 | -€40,668 | -8.1% |
| Financial debts | 170/4 | €462,668 | €443,000 | -€19,668 | -4.3% |
| Other amounts payable | 178/9 | €36,851 | €15,851 | -€21,000 | -57.0% |
| Amounts payable within one year | 42/48 | €20,103 | €19,787 | -€316 | -1.6% |
| Current portion of amounts payable after more than one year | 42 | €18,975 | €19,668 | +€692 | +3.6% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €1,128 | €120 | -€1,009 | -89.4% |
| Taxes | 450/3 | €1,128 | €120 | -€1,009 | -89.4% |
| Accrued charges and deferred income | 492/3 | €216 | €4,728 | +€4,512 | +2,088% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,310 | €24,101 | +€791 | +3.4% |
| Other operating charges | 640/8 | €2,833 | €2,594 | -€239 | -8.4% |
| Gross operating margin | 9900 | €81,706 | €55,877 | -€25,829 | -31.6% |
| Operating profit (loss) | 9901 | €55,563 | €29,182 | -€26,381 | -47.5% |
| Financial charges | 65/66B | €26,284 | €17,184 | -€9,100 | -34.6% |
| Recurring financial charges | 65 | €26,284 | €17,184 | -€9,100 | -34.6% |
| Profit (loss) for the period before taxes | 9903 | €29,279 | €11,998 | -€17,281 | -59.0% |
| Income taxes | 67/77 | €3,128 | €3,270 | +€141 | +4.5% |
| Profit (loss) for the period | 9904 | €26,151 | €8,728 | -€17,423 | -66.6% |
| Profit (loss) for the period to be appropriated | 9905 | €26,151 | €8,728 | -€17,423 | -66.6% |
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 14 October 2026 via checked.be.