ZEN GROUP: 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 GROUP
Largest movements
- Receivables within one year -€3,708
down €3,708 (-88.7%), from €4,181 to €474
of which Trade receivables: -€4,109
- Intangible fixed assets -€1,825
no longer reported in 2025 (was €1,825)
- Cash +€241
up €241 (+39.5%), from €610 to €851
mainly Receivables within one year (+€3,708) and Depreciation (+€1,825)
- Profit (loss) carried forward -€4,663
down €4,663 (-64.6%), from -€7,217 to -€11,881
- Trade debts -€628
no longer reported in 2025 (was €628)
- Other operating charges +€1,192
new in 2025: €1,192
- Gross operating margin +€641
up €641 (+30.8%), from -€2,083 to -€1,442
- Depreciation -€175
down €175 (-8.8%), from €2,000 to €1,825
- Financial charges +€32
up €32 (+18.7%), from €172 to €205
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 | €20,376 | €15,085 | -€5,291 | -26.0% |
| Fixed assets | 21/28 | €1,825 | - | -€1,825 | |
| Intangible fixed assets | 21 | €1,825 | - | -€1,825 | |
| Current assets | 29/58 | €18,552 | €15,085 | -€3,467 | -18.7% |
| Stocks and contracts in progress | 3 | €13,760 | €13,760 | = | 0.0% |
| Stocks | 30/36 | €13,760 | €13,760 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €4,181 | €474 | -€3,708 | -88.7% |
| Trade receivables | 40 | €4,158 | €49 | -€4,109 | -98.8% |
| Other amounts receivable | 41 | €24 | €424 | +€401 | +1704.5% |
| Cash at bank and in hand | 54/58 | €610 | €851 | +€241 | +39.5% |
| Total equity and liabilities | 10/49 | €20,376 | €15,085 | -€5,291 | -26.0% |
| Equity | 10/15 | €10,983 | €6,319 | -€4,663 | -42.5% |
| Contributions | 10/11 | €18,200 | €18,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,217 | -€11,881 | -€4,663 | -64.6% |
| Amounts payable | 17/49 | €9,394 | €8,766 | -€628 | -6.7% |
| Amounts payable within one year | 42/48 | €9,394 | €8,766 | -€628 | -6.7% |
| Trade debts | 44 | €628 | - | -€628 | |
| Suppliers | 440/4 | €628 | - | -€628 | |
| Other amounts payable | 47/48 | €8,766 | €8,766 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,000 | €1,825 | -€175 | -8.8% |
| Other operating charges | 640/8 | - | €1,192 | +€1,192 | |
| Gross operating margin | 9900 | -€2,083 | -€1,442 | +€641 | +30.8% |
| Operating profit (loss) | 9901 | -€4,083 | -€4,459 | -€376 | -9.2% |
| Financial charges | 65/66B | €172 | €205 | +€32 | +18.7% |
| Recurring financial charges | 65 | €172 | €205 | +€32 | +18.7% |
| Profit (loss) for the period before taxes | 9903 | -€4,255 | -€4,663 | -€408 | -9.6% |
| Profit (loss) for the period | 9904 | -€4,255 | -€4,663 | -€408 | -9.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,255 | -€4,663 | -€408 | -9.6% |
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 4 October 2026 via checked.be.