ZENAIDA: 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.
ZENAIDA
Largest movements
- Receivables within one year -€88,060
down €88,060 (-11.8%), from €744,904 to €656,844
of which Trade receivables: -€87,506
- Advances received -€84,252
down €84,252 (-69.9%), from €120,586 to €36,334
- Debts after one year -€65,000
no longer reported in 2025 (was €65,000)
- Reserves +€45,000
up €45,000 (+14.9%), from €301,859 to €346,859
of which Distributable reserves: +€45,000
- Trade debts +€9,067
up €9,067 (+4.4%), from €206,491 to €215,558
- Gross operating margin +€95,016
up €95,016, from -€66,680 to €28,336
- Write-downs -€30,385
new in 2025: -€30,385
- Taxes +€5,083
up €5,083 (+812.0%), from €626 to €5,709
- Financial charges +€1,759
up €1,759 (+371.1%), from €474 to €2,233
- Depreciation -€1,419
down €1,419 (-45.9%), from €3,092 to €1,673
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €768,331 | €672,681 | -€95,650 | -12.4% |
| Fixed assets | 21/28 | €2,714 | €1,042 | -€1,672 | -61.6% |
| Tangible fixed assets | 22/27 | €2,429 | €757 | -€1,672 | -68.8% |
| Plant, machinery and equipment | 23 | €614 | - | -€614 | |
| Furniture and vehicles | 24 | €513 | €187 | -€326 | -63.5% |
| Other tangible fixed assets | 26 | €1,302 | €570 | -€732 | -56.2% |
| Financial fixed assets | 28 | €285 | €285 | = | 0.0% |
| Current assets | 29/58 | €765,617 | €671,639 | -€93,978 | -12.3% |
| Amounts receivable within one year | 40/41 | €744,904 | €656,844 | -€88,060 | -11.8% |
| Trade receivables | 40 | €283,050 | €195,544 | -€87,506 | -30.9% |
| Other amounts receivable | 41 | €461,854 | €461,300 | -€554 | -0.1% |
| Deferred charges and accrued income | 490/1 | €20,713 | €14,795 | -€5,918 | -28.6% |
| Total equity and liabilities | 10/49 | €768,331 | €672,681 | -€95,650 | -12.4% |
| Equity | 10/15 | €319,852 | €365,461 | +€45,609 | +14.3% |
| Contributions | 10/11 | €6,198 | €6,198 | = | 0.0% |
| Outside capital | 11 | €6,198 | €6,198 | = | 0.0% |
| Share premium | 1100/10 | €6,198 | €6,198 | = | 0.0% |
| Reserves | 13 | €301,859 | €346,859 | +€45,000 | +14.9% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €300,000 | €345,000 | +€45,000 | +15.0% |
| Profit (loss) carried forward | 14 | €11,795 | €12,404 | +€609 | +5.2% |
| Amounts payable | 17/49 | €448,479 | €307,220 | -€141,259 | -31.5% |
| Amounts payable after more than one year | 17 | €65,000 | - | -€65,000 | |
| Financial debts | 170/4 | €65,000 | - | -€65,000 | |
| Amounts payable within one year | 42/48 | €347,279 | €266,700 | -€80,579 | -23.2% |
| Financial debts | 43 | €4,727 | €824 | -€3,903 | -82.6% |
| Credit institutions | 430/8 | €4,727 | €824 | -€3,903 | -82.6% |
| Trade debts | 44 | €206,491 | €215,558 | +€9,067 | +4.4% |
| Suppliers | 440/4 | €206,491 | €215,558 | +€9,067 | +4.4% |
| Advances received on contracts in progress | 46 | €120,586 | €36,334 | -€84,252 | -69.9% |
| Taxes, remuneration and social security | 45 | €15,475 | €13,984 | -€1,491 | -9.6% |
| Taxes | 450/3 | €15,475 | €13,984 | -€1,491 | -9.6% |
| Accrued charges and deferred income | 492/3 | €36,200 | €40,520 | +€4,320 | +11.9% |
| Non-recurring operating income | 76A | - | €28,000 | +€28,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,092 | €1,673 | -€1,419 | -45.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€30,385 | -€30,385 | |
| Other operating charges | 640/8 | €3,482 | €3,497 | +€15 | +0.4% |
| Gross operating margin | 9900 | -€66,680 | €28,336 | +€95,016 | |
| Operating profit (loss) | 9901 | -€73,254 | €53,551 | +€126,805 | |
| Financial charges | 65/66B | €474 | €2,233 | +€1,759 | +371.1% |
| Recurring financial charges | 65 | €474 | €2,233 | +€1,759 | +371.1% |
| Profit (loss) for the period before taxes | 9903 | -€73,728 | €51,318 | +€125,046 | |
| Income taxes | 67/77 | €626 | €5,709 | +€5,083 | +812.0% |
| Profit (loss) for the period | 9904 | -€74,354 | €45,609 | +€119,963 | |
| Profit (loss) for the period to be appropriated | 9905 | -€74,354 | €45,609 | +€119,963 |
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.