Zenas: 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.
Zenas
Largest movements
- Cash +€164,223
up €164,223 (+192.3%), from €85,380 to €249,603
mainly Current investments (+€105,196) and Net result for the year (+€77,161)
- Current investments -€105,196
down €105,196 (-47.9%), from €219,813 to €114,617
- Receivables within one year -€6,026
down €6,026 (-21.8%), from €27,646 to €21,620
- Other debts +€57,508
up €57,508 (+195.4%), from €29,432 to €86,940
- Reserves -€9,757
down €9,757 (-3.3%), from €292,209 to €282,452
- Tax, wage and social debts +€7,562
up €7,562 (+104.4%), from €7,245 to €14,807
of which Taxes: +€5,262
- Trade debts -€4,017
down €4,017 (-54.2%), from €7,408 to €3,391
- Gross operating margin +€21,361
up €21,361 (+24.4%), from €87,603 to €108,964
- Taxes +€6,296
up €6,296 (+26.5%), from €23,797 to €30,093
- Financial income +€3,378
up €3,378 (+103.9%), from €3,252 to €6,630
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 | €342,494 | €393,790 | +€51,296 | +15.0% |
| Fixed assets | 21/28 | €9,655 | €6,943 | -€2,712 | -28.1% |
| Tangible fixed assets | 22/27 | €9,405 | €6,693 | -€2,712 | -28.8% |
| Plant, machinery and equipment | 23 | €421 | - | -€421 | |
| Furniture and vehicles | 24 | €2,198 | €1,263 | -€934 | -42.5% |
| Other tangible fixed assets | 26 | €6,787 | €5,430 | -€1,357 | -20.0% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €332,839 | €386,847 | +€54,008 | +16.2% |
| Amounts receivable within one year | 40/41 | €27,646 | €21,620 | -€6,026 | -21.8% |
| Trade receivables | 40 | €27,646 | €21,620 | -€6,026 | -21.8% |
| Current investments | 50/53 | €219,813 | €114,617 | -€105,196 | -47.9% |
| Cash at bank and in hand | 54/58 | €85,380 | €249,603 | +€164,223 | +192.3% |
| Deferred charges and accrued income | 490/1 | - | €1,006 | +€1,006 | |
| Total equity and liabilities | 10/49 | €342,494 | €393,790 | +€51,296 | +15.0% |
| Equity | 10/15 | €298,409 | €288,652 | -€9,757 | -3.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €292,209 | €282,452 | -€9,757 | -3.3% |
| Distributable reserves | 133 | €292,209 | €282,452 | -€9,757 | -3.3% |
| Amounts payable | 17/49 | €44,085 | €105,138 | +€61,053 | +138.5% |
| Amounts payable within one year | 42/48 | €44,085 | €105,138 | +€61,053 | +138.5% |
| Trade debts | 44 | €7,408 | €3,391 | -€4,017 | -54.2% |
| Suppliers | 440/4 | €7,408 | €3,391 | -€4,017 | -54.2% |
| Taxes, remuneration and social security | 45 | €7,245 | €14,807 | +€7,562 | +104.4% |
| Taxes | 450/3 | €7,245 | €12,507 | +€5,262 | +72.6% |
| Remuneration and social security | 454/9 | - | €2,300 | +€2,300 | |
| Other amounts payable | 47/48 | €29,432 | €86,940 | +€57,508 | +195.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,307 | €4,184 | -€123 | -2.9% |
| Other operating charges | 640/8 | €527 | €516 | -€12 | -2.2% |
| Gross operating margin | 9900 | €87,603 | €108,964 | +€21,361 | +24.4% |
| Operating profit (loss) | 9901 | €82,768 | €104,264 | +€21,495 | +26.0% |
| Financial income | 75/76B | €3,252 | €6,630 | +€3,378 | +103.9% |
| Recurring financial income | 75 | €3,252 | €6,630 | +€3,378 | +103.9% |
| Financial charges | 65/66B | €3,922 | €3,640 | -€283 | -7.2% |
| Recurring financial charges | 65 | €3,922 | €3,640 | -€283 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €82,098 | €107,254 | +€25,156 | +30.6% |
| Income taxes | 67/77 | €23,797 | €30,093 | +€6,296 | +26.5% |
| Profit (loss) for the period | 9904 | €58,301 | €77,161 | +€18,860 | +32.3% |
| Profit (loss) for the period to be appropriated | 9905 | €58,301 | €77,161 | +€18,860 | +32.3% |
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 8 October 2026 via checked.be.