ZEN IMMO: 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 IMMO
Largest movements
- Tangible fixed assets -€1.7m
down €1.7m (-36.2%), from €4.6m to €2.9m
of which Land and buildings: -€1.7m
- Cash -€160,731
down €160,731 (-100.0%), from €160,739 to €8
mainly Contributions, distributions and other (-€1.5m) and Debts after one year (-€1.5m)
- Financial fixed assets +€87,682
up €87,682 (+3.8%), from €2.3m to €2.4m
- Revaluation surpluses -€1.5m
down €1.5m (-63.9%), from €2.4m to €850,000
- Debts after one year -€1.5m
down €1.5m (-60.2%), from €2.4m to €964,594
of which Financial debts: -€1.4m
- Reserves +€1.2m
up €1.2m (+125.3%), from €936,683 to €2.1m
of which Tax-exempt reserves: +€1.2m
- Provisions +€385,015
up €385,015 (+109.5%), from €351,571 to €736,586
- Profit (loss) carried forward -€277,240
down €277,240 (-38.4%), from -€722,154 to -€999,394
- Gross operating margin +€1.1m
up €1.1m (+217.2%), from €485,848 to €1.5m
- Financial charges -€543,413
down €543,413 (-84.2%), from €645,148 to €101,736
of which Non-recurring financial charges: -€483,000
- Depreciation -€190,266
down €190,266 (-65.4%), from €291,119 to €100,853
- Other operating charges -€45,318
down €45,318 (-46.1%), from €98,349 to €53,030
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 | €7,354,073 | €5,622,361 | -€1.7m | -23.5% |
| Fixed assets | 21/28 | €6,923,283 | €5,335,702 | -€1.6m | -22.9% |
| Tangible fixed assets | 22/27 | €4,624,560 | €2,949,297 | -€1.7m | -36.2% |
| Land and buildings | 22 | €4,501,021 | €2,839,795 | -€1.7m | -36.9% |
| Plant, machinery and equipment | 23 | €1,154 | €864 | -€290 | -25.2% |
| Furniture and vehicles | 24 | €47,131 | €43,668 | -€3,463 | -7.3% |
| Other tangible fixed assets | 26 | €60,514 | €52,139 | -€8,375 | -13.8% |
| Assets under construction and advance payments | 27 | €14,739 | €12,831 | -€1,908 | -12.9% |
| Financial fixed assets | 28 | €2,298,723 | €2,386,405 | +€87,682 | +3.8% |
| Current assets | 29/58 | €430,790 | €286,659 | -€144,131 | -33.5% |
| Stocks and contracts in progress | 3 | €108,230 | €127,397 | +€19,166 | +17.7% |
| Stocks | 30/36 | €108,230 | €127,397 | +€19,166 | +17.7% |
| Amounts receivable within one year | 40/41 | €153,740 | €156,324 | +€2,584 | +1.7% |
| Trade receivables | 40 | €152,985 | €156,055 | +€3,070 | +2.0% |
| Other amounts receivable | 41 | €754 | €269 | -€485 | -64.4% |
| Cash at bank and in hand | 54/58 | €160,739 | €8 | -€160,731 | -100.0% |
| Deferred charges and accrued income | 490/1 | €8,081 | €2,930 | -€5,151 | -63.7% |
| Total equity and liabilities | 10/49 | €7,354,073 | €5,622,361 | -€1.7m | -23.5% |
| Equity | 10/15 | €4,410,229 | €3,801,689 | -€608,540 | -13.8% |
| Contributions | 10/11 | €1,840,700 | €1,840,700 | = | 0.0% |
| Capital | 10 | €1,840,700 | €1,840,700 | = | 0.0% |
| Issued capital | 100 | €1,840,700 | €1,840,700 | = | 0.0% |
| Revaluation surpluses | 12 | €2,355,000 | €850,000 | -€1.5m | -63.9% |
| Reserves | 13 | €936,683 | €2,110,383 | +€1.2m | +125.3% |
| Tax-exempt reserves | 132 | €686,683 | €1,860,383 | +€1.2m | +170.9% |
| Distributable reserves | 133 | €250,000 | €250,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€722,154 | -€999,394 | -€277,240 | -38.4% |
| Provisions and deferred taxes | 16 | €351,571 | €736,586 | +€385,015 | +109.5% |
| Deferred taxes | 168 | €351,571 | €736,586 | +€385,015 | +109.5% |
| Amounts payable | 17/49 | €2,592,272 | €1,084,085 | -€1.5m | -58.2% |
| Amounts payable after more than one year | 17 | €2,423,945 | €964,594 | -€1.5m | -60.2% |
| Financial debts | 170/4 | €2,389,301 | €940,966 | -€1.4m | -60.6% |
| Other amounts payable | 178/9 | €34,644 | €23,628 | -€11,016 | -31.8% |
| Amounts payable within one year | 42/48 | €162,302 | €113,552 | -€48,750 | -30.0% |
| Current portion of amounts payable after more than one year | 42 | €18,174 | €65,788 | +€47,613 | +262.0% |
| Trade debts | 44 | €102,397 | €40,537 | -€61,860 | -60.4% |
| Suppliers | 440/4 | €102,397 | €40,537 | -€61,860 | -60.4% |
| Advances received on contracts in progress | 46 | €27,100 | - | -€27,100 | |
| Taxes, remuneration and social security | 45 | - | €1,919 | +€1,919 | |
| Taxes | 450/3 | - | €1,919 | +€1,919 | |
| Other amounts payable | 47/48 | €14,631 | €5,308 | -€9,322 | -63.7% |
| Accrued charges and deferred income | 492/3 | €6,025 | €5,939 | -€86 | -1.4% |
| Non-recurring operating income | 76A | - | €1,610,590 | +€1.6m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €291,119 | €100,853 | -€190,266 | -65.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,000 | +€4,000 | |
| Other operating charges | 640/8 | €98,349 | €53,030 | -€45,318 | -46.1% |
| Gross operating margin | 9900 | €485,848 | €1,541,087 | +€1.1m | +217.2% |
| Operating profit (loss) | 9901 | €96,380 | €1,383,204 | +€1.3m | +1335.2% |
| Financial income | 75/76B | €6 | €7 | +€1 | +9.2% |
| Recurring financial income | 75 | €6 | €7 | +€1 | +9.2% |
| Financial charges | 65/66B | €645,148 | €101,736 | -€543,413 | -84.2% |
| Recurring financial charges | 65 | €162,148 | €101,736 | -€60,413 | -37.3% |
| Non-recurring financial charges | 66B | €483,000 | - | -€483,000 | |
| Profit (loss) for the period before taxes | 9903 | -€548,762 | €1,281,475 | +€1.8m | |
| Transfer from deferred taxes | 780 | €24,637 | €17,632 | -€7,005 | -28.4% |
| Transfer to deferred taxes | 680 | - | €402,647 | +€402,647 | |
| Profit (loss) for the period | 9904 | -€524,125 | €896,460 | +€1.4m | |
| Transfer from tax-exempt reserves | 789 | €47,846 | €34,243 | -€13,603 | -28.4% |
| Transfer to tax-exempt reserves | 689 | - | €1,207,942 | +€1.2m | |
| Profit (loss) for the period to be appropriated | 9905 | -€476,279 | -€277,240 | +€199,040 | +41.8% |
Source: filed annual accounts (NBB), fiscal years ended 10 January 2024 and 10 January 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.