ZENCIR: 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.
ZENCIR
Largest movements
- Cash +€77,311
up €77,311 (+556%), from €13,912 to €91,223
mainly Net result for the year (+€113,798) and Current portion of long-term debt (+€22,518)
- Receivables within one year +€65,398
up €65,398 (+24.0%), from €272,705 to €338,103
of which Other amounts receivable: +€120,806
- Tangible fixed assets -€18,057
down €18,057 (-23.3%), from €77,464 to €59,407
of which Plant, machinery and equipment: -€77,464
- Profit (loss) carried forward +€113,798
up €113,798 (+46.7%), from €243,460 to €357,258
- Debts after one year -€30,121
down €30,121 (-58.0%), from €51,892 to €21,771
- Current portion of long-term debt +€22,518
up €22,518 (+47.3%), from €47,603 to €70,121
- Trade debts +€19,248
up €19,248 (+5,746%), from €335 to €19,583
- Gross operating margin -€282,874
down €282,874 (-38.6%), from €732,774 to €449,900
- Staff costs -€113,917
down €113,917 (-27.7%), from €411,952 to €298,035
- Taxes +€11,370
no longer reported in 2025 (was -€11,370)
- Depreciation -€10,155
down €10,155 (-31.3%), from €32,442 to €22,287
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.
Derived cash bridge
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 | €364,081 | €488,733 | +€124,652 | +34.2% |
| Fixed assets | 21/28 | €77,464 | €59,407 | -€18,057 | -23.3% |
| Tangible fixed assets | 22/27 | €77,464 | €59,407 | -€18,057 | -23.3% |
| Plant, machinery and equipment | 23 | €77,464 | - | -€77,464 | |
| Furniture and vehicles | 24 | - | €59,407 | +€59,407 | |
| Current assets | 29/58 | €286,617 | €429,326 | +€142,709 | +49.8% |
| Amounts receivable within one year | 40/41 | €272,705 | €338,103 | +€65,398 | +24.0% |
| Trade receivables | 40 | €187,040 | €131,632 | -€55,408 | -29.6% |
| Other amounts receivable | 41 | €85,665 | €206,471 | +€120,806 | +141% |
| Cash at bank and in hand | 54/58 | €13,912 | €91,223 | +€77,311 | +556% |
| Total equity and liabilities | 10/49 | €364,081 | €488,733 | +€124,652 | +34.2% |
| Equity | 10/15 | €263,460 | €377,258 | +€113,798 | +43.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Capital | 10 | €20,000 | €20,000 | = | 0.0% |
| Issued capital | 100 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €243,460 | €357,258 | +€113,798 | +46.7% |
| Amounts payable | 17/49 | €100,621 | €111,475 | +€10,854 | +10.8% |
| Amounts payable after more than one year | 17 | €51,892 | €21,771 | -€30,121 | -58.0% |
| Financial debts | 170/4 | €51,892 | €21,771 | -€30,121 | -58.0% |
| Amounts payable within one year | 42/48 | €48,729 | €89,704 | +€40,975 | +84.1% |
| Current portion of amounts payable after more than one year | 42 | €47,603 | €70,121 | +€22,518 | +47.3% |
| Trade debts | 44 | €335 | €19,583 | +€19,248 | +5,746% |
| Suppliers | 440/4 | €335 | €19,583 | +€19,248 | +5,746% |
| Other amounts payable | 47/48 | €791 | - | -€791 | |
| Remuneration, social security and pensions | 62 | €411,952 | €298,035 | -€113,917 | -27.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,442 | €22,287 | -€10,155 | -31.3% |
| Other operating charges | 640/8 | €4,896 | €3,064 | -€1,832 | -37.4% |
| Non-recurring operating charges | 66A | €34,425 | - | -€34,425 | |
| Gross operating margin | 9900 | €732,774 | €449,900 | -€282,874 | -38.6% |
| Operating profit (loss) | 9901 | €249,059 | €126,514 | -€122,545 | -49.2% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €16,969 | €12,717 | -€4,252 | -25.1% |
| Recurring financial charges | 65 | €16,969 | €12,717 | -€4,252 | -25.1% |
| Profit (loss) for the period before taxes | 9903 | €232,090 | €113,798 | -€118,292 | -51.0% |
| Income taxes | 67/77 | -€11,370 | - | +€11,370 | |
| Profit (loss) for the period | 9904 | €243,460 | €113,798 | -€129,662 | -53.3% |
| Profit (loss) for the period to be appropriated | 9905 | €243,460 | €113,798 | -€129,662 | -53.3% |
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 19 October 2026 via checked.be.