ZENAIR: 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.
ZENAIR
Largest movements
- Cash +€145,464
up €145,464 (+158.7%), from €91,684 to €237,148
mainly Other debts (+€97,056) and Receivables within one year (+€93,839)
- Deferred charges and accrued income +€98,924
up €98,924 (+105.7%), from €93,561 to €192,485
- Receivables within one year -€93,839
down €93,839 (-18.0%), from €519,986 to €426,146
of which Other amounts receivable: -€158,770
- Current investments -€75,075
down €75,075 (-69.7%), from €107,640 to €32,565
- Other debts +€97,056
new in 2025: €97,056
- Advances received -€86,908
down €86,908 (-18.1%), from €480,849 to €393,940
- Accrued charges and deferred income +€51,968
up €51,968 (+147.2%), from €35,307 to €87,275
- Trade debts +€48,802
up €48,802 (+196.2%), from €24,875 to €73,677
- Tax, wage and social debts -€26,099
down €26,099 (-53.2%), from €49,096 to €22,997
of which Taxes: -€35,886
- Staff costs +€41,588
up €41,588 (+84.2%), from €49,367 to €90,955
- Gross operating margin +€22,664
up €22,664 (+37.8%), from €60,021 to €82,686
- Taxes -€10,410
down €10,410, from €3,713 to -€6,697
- Other operating charges -€4,597
down €4,597 (-85.5%), from €5,375 to €778
- Depreciation +€2,278
up €2,278 (+304.9%), from €747 to €3,025
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 | €831,889 | €906,236 | +€74,347 | +8.9% |
| Fixed assets | 21/28 | €19,019 | €17,892 | -€1,127 | -5.9% |
| Tangible fixed assets | 22/27 | €14,429 | €13,302 | -€1,127 | -7.8% |
| Plant, machinery and equipment | 23 | €670 | €2,551 | +€1,881 | +280.7% |
| Furniture and vehicles | 24 | €2,412 | €1,737 | -€675 | -28.0% |
| Other tangible fixed assets | 26 | €11,347 | €9,014 | -€2,333 | -20.6% |
| Financial fixed assets | 28 | €4,590 | €4,590 | = | 0.0% |
| Current assets | 29/58 | €812,870 | €888,344 | +€75,474 | +9.3% |
| Amounts receivable within one year | 40/41 | €519,986 | €426,146 | -€93,839 | -18.0% |
| Trade receivables | 40 | €257,503 | €322,434 | +€64,931 | +25.2% |
| Other amounts receivable | 41 | €262,482 | €103,712 | -€158,770 | -60.5% |
| Current investments | 50/53 | €107,640 | €32,565 | -€75,075 | -69.7% |
| Cash at bank and in hand | 54/58 | €91,684 | €237,148 | +€145,464 | +158.7% |
| Deferred charges and accrued income | 490/1 | €93,561 | €192,485 | +€98,924 | +105.7% |
| Total equity and liabilities | 10/49 | €831,889 | €906,236 | +€74,347 | +8.9% |
| Equity | 10/15 | €241,762 | €231,291 | -€10,472 | -4.3% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €215,937 | €215,937 | = | 0.0% |
| Distributable reserves | 133 | €215,937 | €215,937 | = | 0.0% |
| Profit (loss) carried forward | 14 | €826 | -€9,646 | -€10,472 | |
| Amounts payable | 17/49 | €590,127 | €674,946 | +€84,819 | +14.4% |
| Amounts payable within one year | 42/48 | €554,820 | €587,671 | +€32,851 | +5.9% |
| Trade debts | 44 | €24,875 | €73,677 | +€48,802 | +196.2% |
| Suppliers | 440/4 | €24,875 | €73,677 | +€48,802 | +196.2% |
| Advances received on contracts in progress | 46 | €480,849 | €393,940 | -€86,908 | -18.1% |
| Taxes, remuneration and social security | 45 | €49,096 | €22,997 | -€26,099 | -53.2% |
| Taxes | 450/3 | €41,087 | €5,201 | -€35,886 | -87.3% |
| Remuneration and social security | 454/9 | €8,009 | €17,796 | +€9,787 | +122.2% |
| Other amounts payable | 47/48 | - | €97,056 | +€97,056 | |
| Accrued charges and deferred income | 492/3 | €35,307 | €87,275 | +€51,968 | +147.2% |
| Remuneration, social security and pensions | 62 | €49,367 | €90,955 | +€41,588 | +84.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €747 | €3,025 | +€2,278 | +304.9% |
| Other operating charges | 640/8 | €5,375 | €778 | -€4,597 | -85.5% |
| Non-recurring operating charges | 66A | - | €19,756 | +€19,756 | |
| Gross operating margin | 9900 | €60,021 | €82,686 | +€22,664 | +37.8% |
| Operating profit (loss) | 9901 | €4,533 | -€31,827 | -€36,360 | |
| Financial income | 75/76B | €29,591 | €27,550 | -€2,042 | -6.9% |
| Recurring financial income | 75 | €29,591 | €27,550 | -€2,042 | -6.9% |
| Non-recurring financial income | 76B | - | €27,550 | +€27,550 | |
| Financial charges | 65/66B | €13,324 | €12,891 | -€432 | -3.2% |
| Recurring financial charges | 65 | €12,724 | €12,891 | +€168 | +1.3% |
| Non-recurring financial charges | 66B | €600 | - | -€600 | |
| Profit (loss) for the period before taxes | 9903 | €20,801 | -€17,169 | -€37,970 | |
| Income taxes | 67/77 | €3,713 | -€6,697 | -€10,410 | |
| Profit (loss) for the period | 9904 | €17,088 | -€10,472 | -€27,559 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,088 | -€10,472 | -€27,559 |
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 9 October 2026 via checked.be.