ZENEOR: 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.
ZENEOR
Largest movements
- Cash +€268,828
up €268,828 (+83.6%), from €321,693 to €590,521
mainly Other debts (+€316,983) and Receivables within one year (+€135,525)
- Receivables within one year -€135,525
down €135,525 (-71.1%), from €190,536 to €55,011
of which Trade receivables: -€135,535
- Other debts +€316,983
up €316,983 (+412%), from €76,870 to €393,853
- Reserves -€224,957
down €224,957 (-62.7%), from €358,949 to €133,992
- Tax, wage and social debts +€35,421
up €35,421 (+52.6%), from €67,287 to €102,709
- Accrued charges and deferred income +€7,905
up €7,905 (+194%), from €4,072 to €11,977
- Financial charges +€8,657
up €8,657 (+176%), from €4,926 to €13,583
- Gross operating margin -€6,036
down €6,036 (-3.6%), from €167,402 to €161,366
- Taxes +€2,401
up €2,401 (+6.1%), from €39,628 to €42,028
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 | €512,229 | €645,532 | +€133,303 | +26.0% |
| Current assets | 29/58 | €512,229 | €645,532 | +€133,303 | +26.0% |
| Amounts receivable within one year | 40/41 | €190,536 | €55,011 | -€135,525 | -71.1% |
| Trade receivables | 40 | €190,536 | €55,001 | -€135,535 | -71.1% |
| Other amounts receivable | 41 | €0 | €10 | +€10 | |
| Cash at bank and in hand | 54/58 | €321,693 | €590,521 | +€268,828 | +83.6% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €512,229 | €645,532 | +€133,303 | +26.0% |
| Equity | 10/15 | €361,949 | €136,992 | -€224,957 | -62.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €358,949 | €133,992 | -€224,957 | -62.7% |
| Distributable reserves | 133 | €358,949 | €133,992 | -€224,957 | -62.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €150,280 | €508,540 | +€358,260 | +238% |
| Amounts payable within one year | 42/48 | €146,207 | €496,562 | +€350,355 | +240% |
| Trade debts | 44 | €2,050 | €0 | -€2,050 | -100% |
| Suppliers | 440/4 | €2,050 | €0 | -€2,050 | -100% |
| Taxes, remuneration and social security | 45 | €67,287 | €102,709 | +€35,421 | +52.6% |
| Taxes | 450/3 | €67,287 | €102,709 | +€35,421 | +52.6% |
| Other amounts payable | 47/48 | €76,870 | €393,853 | +€316,983 | +412% |
| Accrued charges and deferred income | 492/3 | €4,072 | €11,977 | +€7,905 | +194% |
| Other operating charges | 640/8 | €272 | €720 | +€448 | +165% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €167,402 | €161,366 | -€6,036 | -3.6% |
| Operating profit (loss) | 9901 | €167,130 | €160,646 | -€6,484 | -3.9% |
| Financial income | 75/76B | €170 | €9 | -€162 | -95.0% |
| Recurring financial income | 75 | €170 | €9 | -€162 | -95.0% |
| Financial charges | 65/66B | €4,926 | €13,583 | +€8,657 | +176% |
| Recurring financial charges | 65 | €4,926 | €13,583 | +€8,657 | +176% |
| Profit (loss) for the period before taxes | 9903 | €162,374 | €147,071 | -€15,303 | -9.4% |
| Income taxes | 67/77 | €39,628 | €42,028 | +€2,401 | +6.1% |
| Profit (loss) for the period | 9904 | €122,746 | €105,043 | -€17,703 | -14.4% |
| Profit (loss) for the period to be appropriated | 9905 | €122,746 | €105,043 | -€17,703 | -14.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.