ZENAB: 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.
ZENAB
Largest movements
- Cash -€45,403
down €45,403 (-32.6%), from €139,243 to €93,840
mainly Debts after one year (-€35,000) and Net result for the year (-€30,990)
- Tangible fixed assets -€30,705
down €30,705 (-2.0%), from €1.5m to €1.5m
of which Land and buildings: -€27,097
- Debts after one year -€35,000
down €35,000 (-12.7%), from €275,000 to €240,000
- Profit (loss) carried forward -€19,396
down €19,396 (-90.7%), from -€21,391 to -€40,787
- Depreciation -€9,375
down €9,375 (-15.3%), from €61,289 to €51,914
- Gross operating margin -€2,274
down €2,274 (-5.9%), from €38,429 to €36,155
- Financial charges -€1,589
down €1,589 (-13.2%), from €12,045 to €10,456
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 | €1,649,733 | €1,572,292 | -€77,441 | -4.7% |
| Fixed assets | 21/28 | €1,505,535 | €1,474,830 | -€30,705 | -2.0% |
| Tangible fixed assets | 22/27 | €1,504,420 | €1,473,714 | -€30,705 | -2.0% |
| Land and buildings | 22 | €1,478,251 | €1,451,153 | -€27,097 | -1.8% |
| Plant, machinery and equipment | 23 | €17,852 | €18,032 | +€180 | +1.0% |
| Furniture and vehicles | 24 | €8,317 | €4,529 | -€3,788 | -45.5% |
| Financial fixed assets | 28 | €1,116 | €1,116 | = | 0.0% |
| Current assets | 29/58 | €144,198 | €97,462 | -€46,736 | -32.4% |
| Amounts receivable within one year | 40/41 | €1,487 | €1,487 | = | 0.0% |
| Other amounts receivable | 41 | €1,487 | €1,487 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €139,243 | €93,840 | -€45,403 | -32.6% |
| Deferred charges and accrued income | 490/1 | €3,467 | €2,134 | -€1,333 | -38.4% |
| Total equity and liabilities | 10/49 | €1,649,733 | €1,572,292 | -€77,441 | -4.7% |
| Equity | 10/15 | €1,116,774 | €1,083,095 | -€33,679 | -3.0% |
| Contributions | 10/11 | €515,856 | €515,856 | = | 0.0% |
| Reserves | 13 | €614,243 | €602,648 | -€11,594 | -1.9% |
| Non-distributable reserves | 130/1 | €30,000 | €30,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €30,000 | €30,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €299,064 | €287,470 | -€11,594 | -3.9% |
| Distributable reserves | 133 | €285,179 | €285,179 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€21,391 | -€40,787 | -€19,396 | -90.7% |
| Investment grants | 15 | €8,066 | €5,378 | -€2,689 | -33.3% |
| Provisions and deferred taxes | 16 | €98,367 | €94,502 | -€3,865 | -3.9% |
| Deferred taxes | 168 | €98,367 | €94,502 | -€3,865 | -3.9% |
| Amounts payable | 17/49 | €434,593 | €394,695 | -€39,898 | -9.2% |
| Amounts payable after more than one year | 17 | €275,000 | €240,000 | -€35,000 | -12.7% |
| Financial debts | 170/4 | €275,000 | €240,000 | -€35,000 | -12.7% |
| Amounts payable within one year | 42/48 | €154,399 | €149,262 | -€5,137 | -3.3% |
| Trade debts | 44 | €6,417 | €5,880 | -€537 | -8.4% |
| Suppliers | 440/4 | €6,417 | €5,880 | -€537 | -8.4% |
| Taxes, remuneration and social security | 45 | €3,664 | €3,095 | -€569 | -15.5% |
| Taxes | 450/3 | €3,664 | €3,095 | -€569 | -15.5% |
| Other amounts payable | 47/48 | €144,318 | €140,287 | -€4,031 | -2.8% |
| Accrued charges and deferred income | 492/3 | €5,193 | €5,433 | +€240 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,289 | €51,914 | -€9,375 | -15.3% |
| Other operating charges | 640/8 | €11,178 | €11,437 | +€259 | +2.3% |
| Gross operating margin | 9900 | €38,429 | €36,155 | -€2,274 | -5.9% |
| Operating profit (loss) | 9901 | -€34,038 | -€27,196 | +€6,842 | +20.1% |
| Financial income | 75/76B | €3,069 | €2,933 | -€136 | -4.4% |
| Recurring financial income | 75 | €3,069 | €2,933 | -€136 | -4.4% |
| Financial charges | 65/66B | €12,045 | €10,456 | -€1,589 | -13.2% |
| Recurring financial charges | 65 | €12,045 | €10,456 | -€1,589 | -13.2% |
| Profit (loss) for the period before taxes | 9903 | -€43,014 | -€34,719 | +€8,295 | +19.3% |
| Transfer from deferred taxes | 780 | €3,865 | €3,865 | = | 0.0% |
| Income taxes | 67/77 | €99 | €136 | +€37 | +37.2% |
| Profit (loss) for the period | 9904 | -€39,248 | -€30,990 | +€8,258 | +21.0% |
| Transfer from tax-exempt reserves | 789 | €11,594 | €11,594 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,654 | -€19,396 | +€8,258 | +29.9% |
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 11 October 2026 via checked.be.