ZENDA: 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.
ZENDA
Largest movements
- Stocks and contracts -€118,622
down €118,622 (-29.3%), from €404,588 to €285,967
- Cash +€107,067
up €107,067 (+99.9%), from €107,132 to €214,200
mainly Other debts (+€128,286) and Stocks and contracts (+€118,622)
- Tangible fixed assets -€14,663
down €14,663 (-3.4%), from €433,308 to €418,644
of which Land and buildings: -€14,833
- Debts after one year -€146,360
down €146,360 (-100%), from €146,360 to €0
- Other debts +€128,286
up €128,286 (+46.9%), from €273,722 to €402,008
- Accrued charges and deferred income -€10,618
down €10,618 (-93.2%), from €11,394 to €776
- Tax, wage and social debts +€10,204
up €10,204 (+35.8%), from €28,508 to €38,712
- Gross operating margin +€17,932
up €17,932 (+54.5%), from €32,901 to €50,833
- Financial charges +€8,949
up €8,949 (+66.4%), from €13,484 to €22,433
- Provisions -€4,068
down €4,068, from €0 to -€4,068
- Other operating charges +€1,619
up €1,619 (+46.1%), from €3,509 to €5,128
- Financial income +€523
up €523 (+24.0%), from €2,177 to €2,700
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €987,706 | €966,749 | -€20,957 | -2.1% |
| Fixed assets | 21/28 | €434,308 | €419,644 | -€14,663 | -3.4% |
| Tangible fixed assets | 22/27 | €433,308 | €418,644 | -€14,663 | -3.4% |
| Land and buildings | 22 | €366,875 | €352,042 | -€14,833 | -4.0% |
| Plant, machinery and equipment | 23 | €4,146 | €4,997 | +€851 | +20.5% |
| Furniture and vehicles | 24 | €62,287 | €61,605 | -€682 | -1.1% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €553,399 | €547,105 | -€6,293 | -1.1% |
| Stocks and contracts in progress | 3 | €404,588 | €285,967 | -€118,622 | -29.3% |
| Stocks | 30/36 | €404,588 | €285,967 | -€118,622 | -29.3% |
| Amounts receivable within one year | 40/41 | €21,626 | €26,633 | +€5,007 | +23.2% |
| Trade receivables | 40 | €15,273 | €1,162 | -€14,111 | -92.4% |
| Other amounts receivable | 41 | €6,353 | €25,471 | +€19,118 | +301% |
| Cash at bank and in hand | 54/58 | €107,132 | €214,200 | +€107,067 | +99.9% |
| Deferred charges and accrued income | 490/1 | €20,052 | €20,306 | +€254 | +1.3% |
| Total equity and liabilities | 10/49 | €987,706 | €966,749 | -€20,957 | -2.1% |
| Equity | 10/15 | €516,560 | €511,563 | -€4,997 | -1.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €124,508 | €122,842 | -€1,666 | -1.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €124,508 | €122,842 | -€1,666 | -1.3% |
| Profit (loss) carried forward | 14 | €373,452 | €370,121 | -€3,331 | -0.9% |
| Provisions and deferred taxes | 16 | €4,068 | €0 | -€4,068 | -100% |
| Provisions for liabilities and charges | 160/5 | €4,068 | €0 | -€4,068 | -100% |
| Other liabilities and charges | 164/5 | €4,068 | €0 | -€4,068 | -100% |
| Amounts payable | 17/49 | €467,078 | €455,186 | -€11,892 | -2.5% |
| Amounts payable after more than one year | 17 | €146,360 | €0 | -€146,360 | -100% |
| Other amounts payable | 178/9 | €146,360 | €0 | -€146,360 | -100% |
| Amounts payable within one year | 42/48 | €309,324 | €454,410 | +€145,086 | +46.9% |
| Trade debts | 44 | €7,094 | €13,690 | +€6,596 | +93.0% |
| Suppliers | 440/4 | €7,094 | €13,690 | +€6,596 | +93.0% |
| Taxes, remuneration and social security | 45 | €28,508 | €38,712 | +€10,204 | +35.8% |
| Taxes | 450/3 | €28,508 | €38,712 | +€10,204 | +35.8% |
| Other amounts payable | 47/48 | €273,722 | €402,008 | +€128,286 | +46.9% |
| Accrued charges and deferred income | 492/3 | €11,394 | €776 | -€10,618 | -93.2% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,774 | €32,608 | -€165 | -0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €506 | +€506 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | -€4,068 | -€4,068 | |
| Other operating charges | 640/8 | €3,509 | €5,128 | +€1,619 | +46.1% |
| Gross operating margin | 9900 | €32,901 | €50,833 | +€17,932 | +54.5% |
| Operating profit (loss) | 9901 | -€3,382 | €16,659 | +€20,041 | |
| Financial income | 75/76B | €2,177 | €2,700 | +€523 | +24.0% |
| Recurring financial income | 75 | €2,177 | €2,700 | +€523 | +24.0% |
| Financial charges | 65/66B | €13,484 | €22,433 | +€8,949 | +66.4% |
| Recurring financial charges | 65 | €13,484 | €22,433 | +€8,949 | +66.4% |
| Profit (loss) for the period before taxes | 9903 | -€14,688 | -€3,074 | +€11,614 | +79.1% |
| Income taxes | 67/77 | €163 | €257 | +€94 | +57.6% |
| Profit (loss) for the period | 9904 | -€14,851 | -€3,331 | +€11,520 | +77.6% |
| Transfer from tax-exempt reserves | 789 | €4,233 | €0 | -€4,233 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,619 | -€3,331 | +€7,287 | +68.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.