ZEN SHUI: 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 SHUI
Largest movements
- Tangible fixed assets +€35,707
up €35,707 (+38.3%), from €93,169 to €128,876
of which Plant, machinery and equipment: +€43,037
- Cash +€9,492
up €9,492 (+5649.2%), from €168 to €9,660
mainly Other debts (+€135,289) and Depreciation (+€28,524)
- Receivables within one year +€3,812
up €3,812 (+26.0%), from €14,655 to €18,467
of which Other amounts receivable: +€2,308
- Other debts +€135,289
up €135,289 (+388.8%), from €34,801 to €170,089
- Debts after one year -€109,057
down €109,057 (-86.6%), from €126,000 to €16,943
of which Other amounts payable: -€126,000
- Profit (loss) carried forward +€19,191
up €19,191 (+28.8%), from -€66,707 to -€47,516
- Trade debts -€7,169
down €7,169 (-72.0%), from €9,963 to €2,793
- Current portion of long-term debt +€4,689
new in 2025: €4,689
- Gross operating margin +€25,630
up €25,630 (+114.0%), from €22,474 to €48,104
- Depreciation +€7,676
up €7,676 (+36.8%), from €20,848 to €28,524
- Financial income +€2,059
up €2,059 (+24337.7%), from €8 to €2,067
- Financial charges +€876
up €876 (+1806.6%), from €48 to €925
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 | €111,004 | €158,844 | +€47,839 | +43.1% |
| Fixed assets | 21/28 | €93,169 | €128,876 | +€35,707 | +38.3% |
| Tangible fixed assets | 22/27 | €93,169 | €128,876 | +€35,707 | +38.3% |
| Plant, machinery and equipment | 23 | €60,093 | €103,131 | +€43,037 | +71.6% |
| Furniture and vehicles | 24 | €33,075 | €25,745 | -€7,330 | -22.2% |
| Current assets | 29/58 | €17,836 | €29,968 | +€12,132 | +68.0% |
| Amounts receivable within one year | 40/41 | €14,655 | €18,467 | +€3,812 | +26.0% |
| Trade receivables | 40 | €13,461 | €14,965 | +€1,504 | +11.2% |
| Other amounts receivable | 41 | €1,194 | €3,502 | +€2,308 | +193.3% |
| Cash at bank and in hand | 54/58 | €168 | €9,660 | +€9,492 | +5649.2% |
| Deferred charges and accrued income | 490/1 | €3,013 | €1,841 | -€1,172 | -38.9% |
| Total equity and liabilities | 10/49 | €111,004 | €158,844 | +€47,839 | +43.1% |
| Equity | 10/15 | -€60,507 | -€41,316 | +€19,191 | +31.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€66,707 | -€47,516 | +€19,191 | +28.8% |
| Amounts payable | 17/49 | €171,511 | €200,160 | +€28,649 | +16.7% |
| Amounts payable after more than one year | 17 | €126,000 | €16,943 | -€109,057 | -86.6% |
| Financial debts | 170/4 | - | €16,943 | +€16,943 | |
| Other amounts payable | 178/9 | €126,000 | - | -€126,000 | |
| Amounts payable within one year | 42/48 | €45,511 | €182,345 | +€136,834 | +300.7% |
| Current portion of amounts payable after more than one year | 42 | - | €4,689 | +€4,689 | |
| Financial debts | 43 | - | €3,368 | +€3,368 | |
| Other loans | 439 | - | €3,368 | +€3,368 | |
| Trade debts | 44 | €9,963 | €2,793 | -€7,169 | -72.0% |
| Suppliers | 440/4 | €9,963 | €2,793 | -€7,169 | -72.0% |
| Taxes, remuneration and social security | 45 | €747 | €1,404 | +€657 | +87.9% |
| Taxes | 450/3 | €747 | €1,404 | +€657 | +87.9% |
| Other amounts payable | 47/48 | €34,801 | €170,089 | +€135,289 | +388.8% |
| Accrued charges and deferred income | 492/3 | - | €873 | +€873 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,848 | €28,524 | +€7,676 | +36.8% |
| Other operating charges | 640/8 | €1,348 | €1,462 | +€115 | +8.5% |
| Non-recurring operating charges | 66A | - | €71 | +€71 | |
| Gross operating margin | 9900 | €22,474 | €48,104 | +€25,630 | +114.0% |
| Operating profit (loss) | 9901 | €279 | €18,048 | +€17,769 | +6378.0% |
| Financial income | 75/76B | €8 | €2,067 | +€2,059 | +24337.7% |
| Recurring financial income | 75 | €8 | €2,067 | +€2,059 | +24337.7% |
| Financial charges | 65/66B | €48 | €925 | +€876 | +1806.6% |
| Recurring financial charges | 65 | €48 | €925 | +€876 | +1806.6% |
| Profit (loss) for the period before taxes | 9903 | €239 | €19,191 | +€18,952 | +7944.0% |
| Profit (loss) for the period | 9904 | €239 | €19,191 | +€18,952 | +7944.0% |
| Profit (loss) for the period to be appropriated | 9905 | €239 | €19,191 | +€18,952 | +7944.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.