ZENARGOS: 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.
ZENARGOS
Largest movements
- Cash -€30,102
down €30,102 (-38.2%), from €78,786 to €48,683
mainly Investment in fixed assets (net) (-€28,681) and Contributions, distributions and other (-€17,845)
- Tangible fixed assets +€25,923
up €25,923 (+1023.8%), from €2,532 to €28,455
of which Furniture and vehicles: +€20,388
- Deferred charges and accrued income +€5,006
up €5,006 (+508.4%), from €985 to €5,991
- Receivables within one year +€2,865
up €2,865 (+26.1%), from €10,978 to €13,843
of which Trade receivables: +€1,606
- Debts after one year +€15,968
new in 2025: €15,968
- Reserves -€12,089
down €12,089 (-18.0%), from €67,203 to €55,113
- Current portion of long-term debt +€3,727
new in 2025: €3,727
- Short-term financial debts -€2,272
down €2,272 (-100.0%), from €2,272 to €0
- Tax, wage and social debts -€1,492
down €1,492 (-47.9%), from €3,114 to €1,622
- Gross operating margin -€29,520
down €29,520 (-71.0%), from €41,578 to €12,058
- Taxes -€8,702
down €8,702 (-74.3%), from €11,712 to €3,010
- Depreciation -€636
down €636 (-18.7%), from €3,394 to €2,758
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 | €93,281 | €96,972 | +€3,692 | +4.0% |
| Fixed assets | 21/28 | €2,532 | €28,455 | +€25,923 | +1023.8% |
| Tangible fixed assets | 22/27 | €2,532 | €28,455 | +€25,923 | +1023.8% |
| Furniture and vehicles | 24 | €2,532 | €22,920 | +€20,388 | +805.2% |
| Other tangible fixed assets | 26 | - | €5,535 | +€5,535 | |
| Current assets | 29/58 | €90,749 | €68,517 | -€22,231 | -24.5% |
| Amounts receivable within one year | 40/41 | €10,978 | €13,843 | +€2,865 | +26.1% |
| Trade receivables | 40 | €10,978 | €12,584 | +€1,606 | +14.6% |
| Other amounts receivable | 41 | - | €1,259 | +€1,259 | |
| Cash at bank and in hand | 54/58 | €78,786 | €48,683 | -€30,102 | -38.2% |
| Deferred charges and accrued income | 490/1 | €985 | €5,991 | +€5,006 | +508.4% |
| Total equity and liabilities | 10/49 | €93,281 | €96,972 | +€3,692 | +4.0% |
| Equity | 10/15 | €85,803 | €73,713 | -€12,089 | -14.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €67,203 | €55,113 | -€12,089 | -18.0% |
| Distributable reserves | 133 | €67,203 | €55,113 | -€12,089 | -18.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €7,478 | €23,259 | +€15,781 | +211.0% |
| Amounts payable after more than one year | 17 | - | €15,968 | +€15,968 | |
| Financial debts | 170/4 | - | €15,968 | +€15,968 | |
| Amounts payable within one year | 42/48 | €7,386 | €7,291 | -€95 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | - | €3,727 | +€3,727 | |
| Financial debts | 43 | €2,272 | €0 | -€2,272 | -100.0% |
| Credit institutions | 430/8 | €2,272 | €0 | -€2,272 | -100.0% |
| Trade debts | 44 | €1,281 | €1,299 | +€18 | +1.4% |
| Suppliers | 440/4 | €1,281 | €1,299 | +€18 | +1.4% |
| Taxes, remuneration and social security | 45 | €3,114 | €1,622 | -€1,492 | -47.9% |
| Taxes | 450/3 | €3,114 | €1,622 | -€1,492 | -47.9% |
| Other amounts payable | 47/48 | €719 | €643 | -€76 | -10.6% |
| Accrued charges and deferred income | 492/3 | €92 | €0 | -€92 | -100.0% |
| Non-recurring operating income | 76A | - | €2,130 | +€2,130 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,394 | €2,758 | -€636 | -18.7% |
| Other operating charges | 640/8 | €451 | €465 | +€14 | +3.2% |
| Gross operating margin | 9900 | €41,578 | €12,058 | -€29,520 | -71.0% |
| Operating profit (loss) | 9901 | €37,733 | €8,835 | -€28,898 | -76.6% |
| Financial income | 75/76B | €353 | €67 | -€286 | -80.9% |
| Recurring financial income | 75 | €353 | €67 | -€286 | -80.9% |
| Financial charges | 65/66B | €132 | €137 | +€5 | +3.6% |
| Recurring financial charges | 65 | €132 | €137 | +€5 | +3.6% |
| Profit (loss) for the period before taxes | 9903 | €37,954 | €8,766 | -€29,189 | -76.9% |
| Income taxes | 67/77 | €11,712 | €3,010 | -€8,702 | -74.3% |
| Profit (loss) for the period | 9904 | €26,242 | €5,756 | -€20,486 | -78.1% |
| Profit (loss) for the period to be appropriated | 9905 | €26,242 | €5,756 | -€20,486 | -78.1% |
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 12 October 2026 via checked.be.