ZENBOC: 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.
ZENBOC
Largest movements
- Tangible fixed assets +€1.2m
up €1.2m (+64636.1%), from €1,879 to €1.2m
of which Land and buildings: +€971,907
- Stocks and contracts -€309,539
down €309,539 (-99.8%), from €310,039 to €500
- Receivables within one year -€221,033
down €221,033 (-77.3%), from €285,904 to €64,872
of which Other amounts receivable: -€215,903
- Cash -€72,680
down €72,680 (-87.6%), from €82,993 to €10,313
mainly Investment in fixed assets (net) (-€1.4m) and Current portion of long-term debt (-€256,581)
- Debts after one year +€996,581
new in 2025: €996,581
- Current portion of long-term debt -€256,581
down €256,581 (-82.8%), from €310,000 to €53,419
- Profit (loss) carried forward -€121,057
down €121,057 (-337.2%), from -€35,903 to -€156,960
- Depreciation +€158,647
up €158,647 (+13948.3%), from €1,137 to €159,784
- Gross operating margin +€107,032
up €107,032, from -€31,974 to €75,059
- Financial charges +€7,161
up €7,161 (+22.5%), from €31,787 to €38,948
- Financial income -€5,019
no longer reported in 2025 (was €5,019)
- Other operating charges +€3,345
up €3,345 (+360.0%), from €929 to €4,274
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 | €767,047 | €1,378,510 | +€611,462 | +79.7% |
| Fixed assets | 21/28 | €11,879 | €1,226,392 | +€1.2m | +10224.0% |
| Tangible fixed assets | 22/27 | €1,879 | €1,216,392 | +€1.2m | +64636.1% |
| Land and buildings | 22 | - | €971,907 | +€971,907 | |
| Plant, machinery and equipment | 23 | - | €243,763 | +€243,763 | |
| Furniture and vehicles | 24 | €1,879 | €722 | -€1,157 | -61.6% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €755,168 | €152,118 | -€603,050 | -79.9% |
| Amounts receivable after more than one year | 29 | €76,000 | €76,000 | = | 0.0% |
| Other amounts receivable | 291 | €76,000 | €76,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €310,039 | €500 | -€309,539 | -99.8% |
| Stocks | 30/36 | €310,039 | €500 | -€309,539 | -99.8% |
| Amounts receivable within one year | 40/41 | €285,904 | €64,872 | -€221,033 | -77.3% |
| Trade receivables | 40 | €5,130 | - | -€5,130 | |
| Other amounts receivable | 41 | €280,774 | €64,872 | -€215,903 | -76.9% |
| Cash at bank and in hand | 54/58 | €82,993 | €10,313 | -€72,680 | -87.6% |
| Deferred charges and accrued income | 490/1 | €231 | €433 | +€201 | +87.0% |
| Total equity and liabilities | 10/49 | €767,047 | €1,378,510 | +€611,462 | +79.7% |
| Equity | 10/15 | €191,892 | €63,835 | -€128,057 | -66.7% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Reserves | 13 | €137,795 | €130,795 | -€7,000 | -5.1% |
| Distributable reserves | 133 | €137,795 | €130,795 | -€7,000 | -5.1% |
| Profit (loss) carried forward | 14 | -€35,903 | -€156,960 | -€121,057 | -337.2% |
| Amounts payable | 17/49 | €575,156 | €1,314,675 | +€739,519 | +128.6% |
| Amounts payable after more than one year | 17 | - | €996,581 | +€996,581 | |
| Financial debts | 170/4 | - | €996,581 | +€996,581 | |
| Amounts payable within one year | 42/48 | €575,156 | €318,094 | -€257,062 | -44.7% |
| Current portion of amounts payable after more than one year | 42 | €310,000 | €53,419 | -€256,581 | -82.8% |
| Trade debts | 44 | €5,247 | €255 | -€4,992 | -95.1% |
| Suppliers | 440/4 | €5,247 | €255 | -€4,992 | -95.1% |
| Taxes, remuneration and social security | 45 | €5,617 | €109 | -€5,508 | -98.1% |
| Taxes | 450/3 | €5,617 | €109 | -€5,508 | -98.1% |
| Other amounts payable | 47/48 | €254,292 | €264,311 | +€10,020 | +3.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,137 | €159,784 | +€158,647 | +13948.3% |
| Other operating charges | 640/8 | €929 | €4,274 | +€3,345 | +360.0% |
| Gross operating margin | 9900 | -€31,974 | €75,059 | +€107,032 | |
| Operating profit (loss) | 9901 | -€34,040 | -€89,000 | -€54,960 | -161.5% |
| Financial income | 75/76B | €5,019 | - | -€5,019 | |
| Recurring financial income | 75 | €5,019 | - | -€5,019 | |
| Financial charges | 65/66B | €31,787 | €38,948 | +€7,161 | +22.5% |
| Recurring financial charges | 65 | €31,787 | €38,948 | +€7,161 | +22.5% |
| Profit (loss) for the period before taxes | 9903 | -€60,809 | -€127,948 | -€67,140 | -110.4% |
| Income taxes | 67/77 | €136 | €109 | -€27 | -20.2% |
| Profit (loss) for the period | 9904 | -€60,945 | -€128,057 | -€67,112 | -110.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€60,945 | -€128,057 | -€67,112 | -110.1% |
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 6 October 2026 via checked.be.