ZENDICS: 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.
ZENDICS
Largest movements
- Current investments +€126,967
up €126,967 (+26.2%), from €484,805 to €611,772
- Receivables within one year +€121,447
up €121,447 (+36.3%), from €334,938 to €456,384
of which Other amounts receivable: +€165,906
- Cash +€68,988
up €68,988 (+153.3%), from €44,991 to €113,979
mainly Net result for the year (+€394,858) and Depreciation (+€64,673)
- Stocks and contracts -€41,411
down €41,411 (-62.3%), from €66,470 to €25,059
- Reserves +€265,413
up €265,413 (+24.4%), from €1.1m to €1.4m
of which Distributable reserves: +€267,288
- Other debts +€19,030
up €19,030 (+15.8%), from €120,269 to €139,299
- Gross operating margin +€150,895
up €150,895 (+29.4%), from €514,047 to €664,942
- Taxes +€46,544
up €46,544 (+33.5%), from €139,001 to €185,545
- Financial income +€20,552
up €20,552 (+1122.1%), from €1,832 to €22,384
- Depreciation +€16,245
up €16,245 (+33.5%), from €48,428 to €64,673
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 | €1,360,329 | €1,634,284 | +€273,954 | +20.1% |
| Fixed assets | 21/28 | €429,013 | €421,770 | -€7,242 | -1.7% |
| Tangible fixed assets | 22/27 | €429,013 | €421,770 | -€7,242 | -1.7% |
| Land and buildings | 22 | €266,011 | €255,767 | -€10,243 | -3.9% |
| Plant, machinery and equipment | 23 | €284 | €11,127 | +€10,843 | +3822.0% |
| Furniture and vehicles | 24 | €99,503 | €78,104 | -€21,399 | -21.5% |
| Other tangible fixed assets | 26 | €63,215 | €76,772 | +€13,556 | +21.4% |
| Current assets | 29/58 | €931,317 | €1,212,513 | +€281,197 | +30.2% |
| Stocks and contracts in progress | 3 | €66,470 | €25,059 | -€41,411 | -62.3% |
| Stocks | 30/36 | €66,470 | €25,059 | -€41,411 | -62.3% |
| Amounts receivable within one year | 40/41 | €334,938 | €456,384 | +€121,447 | +36.3% |
| Trade receivables | 40 | €84,865 | €40,406 | -€44,459 | -52.4% |
| Other amounts receivable | 41 | €250,072 | €415,978 | +€165,906 | +66.3% |
| Current investments | 50/53 | €484,805 | €611,772 | +€126,967 | +26.2% |
| Cash at bank and in hand | 54/58 | €44,991 | €113,979 | +€68,988 | +153.3% |
| Deferred charges and accrued income | 490/1 | €112 | €5,319 | +€5,207 | +4636.4% |
| Total equity and liabilities | 10/49 | €1,360,329 | €1,634,284 | +€273,954 | +20.1% |
| Equity | 10/15 | €1,092,770 | €1,358,182 | +€265,413 | +24.3% |
| Contributions | 10/11 | €6,250 | €6,250 | = | 0.0% |
| Reserves | 13 | €1,086,520 | €1,351,932 | +€265,413 | +24.4% |
| Non-distributable reserves | 130/1 | €1,875 | €0 | -€1,875 | -100.0% |
| Reserves not available under the articles | 1311 | €1,875 | €0 | -€1,875 | -100.0% |
| Distributable reserves | 133 | €1,084,645 | €1,351,932 | +€267,288 | +24.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €267,560 | €276,102 | +€8,542 | +3.2% |
| Amounts payable within one year | 42/48 | €267,560 | €276,102 | +€8,542 | +3.2% |
| Financial debts | 43 | €6,400 | €1,122 | -€5,278 | -82.5% |
| Credit institutions | 430/8 | €6,400 | €1,122 | -€5,278 | -82.5% |
| Trade debts | 44 | €26,475 | €10,740 | -€15,735 | -59.4% |
| Suppliers | 440/4 | €26,475 | €10,740 | -€15,735 | -59.4% |
| Taxes, remuneration and social security | 45 | €114,415 | €124,940 | +€10,525 | +9.2% |
| Taxes | 450/3 | €109,679 | €118,160 | +€8,481 | +7.7% |
| Remuneration and social security | 454/9 | €4,736 | €6,780 | +€2,043 | +43.1% |
| Other amounts payable | 47/48 | €120,269 | €139,299 | +€19,030 | +15.8% |
| Remuneration, social security and pensions | 62 | €33,025 | €33,522 | +€497 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,428 | €64,673 | +€16,245 | +33.5% |
| Other operating charges | 640/8 | €3,816 | €5,811 | +€1,995 | +52.3% |
| Non-recurring operating charges | 66A | - | €1,736 | +€1,736 | |
| Gross operating margin | 9900 | €514,047 | €664,942 | +€150,895 | +29.4% |
| Operating profit (loss) | 9901 | €428,778 | €559,200 | +€130,421 | +30.4% |
| Financial income | 75/76B | €1,832 | €22,384 | +€20,552 | +1122.1% |
| Recurring financial income | 75 | €1,832 | €22,384 | +€20,552 | +1122.1% |
| Financial charges | 65/66B | €178 | €1,181 | +€1,003 | +562.3% |
| Recurring financial charges | 65 | €178 | €1,181 | +€1,003 | +562.3% |
| Profit (loss) for the period before taxes | 9903 | €430,431 | €580,403 | +€149,971 | +34.8% |
| Income taxes | 67/77 | €139,001 | €185,545 | +€46,544 | +33.5% |
| Profit (loss) for the period | 9904 | €291,431 | €394,858 | +€103,427 | +35.5% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €291,431 | €394,858 | +€103,427 | +35.5% |
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 4 October 2026 via checked.be.