ZENESOR: 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.
ZENESOR
Largest movements
- Stocks and contracts +€36,282
up €36,282 (+117.7%), from €30,826 to €67,108
- Tangible fixed assets +€12,032
up €12,032 (+186.4%), from €6,455 to €18,487
of which Plant, machinery and equipment: +€13,781
- Receivables within one year +€5,507
up €5,507 (+70.0%), from €7,865 to €13,372
of which Trade receivables: +€5,084
- Cash -€5,386
down €5,386 (-65.0%), from €8,289 to €2,904
mainly Stocks and contracts (-€36,282) and Debts after one year (-€22,210)
- Financial fixed assets +€1,200
up €1,200 (+60.8%), from €1,975 to €3,175
- Other debts +€49,881
up €49,881 (+474.1%), from €10,521 to €60,402
- Debts after one year -€22,210
down €22,210 (-40.5%), from €54,877 to €32,667
- Trade debts +€16,764
up €16,764 (+156.3%), from €10,724 to €27,488
- Contributions +€6,250
up €6,250 (+100.0%), from €6,250 to €12,500
- Profit (loss) carried forward -€1,546
down €1,546 (-3.1%), from -€49,175 to -€50,721
- Gross operating margin +€35,990
up €35,990, from -€31,715 to €4,275
- Depreciation +€1,247
up €1,247 (+42.1%), from €2,961 to €4,208
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 | €55,410 | €105,046 | +€49,636 | +89.6% |
| Fixed assets | 21/28 | €8,430 | €21,662 | +€13,232 | +157.0% |
| Tangible fixed assets | 22/27 | €6,455 | €18,487 | +€12,032 | +186.4% |
| Plant, machinery and equipment | 23 | €3,264 | €17,045 | +€13,781 | +422.3% |
| Furniture and vehicles | 24 | €3,191 | €1,442 | -€1,750 | -54.8% |
| Financial fixed assets | 28 | €1,975 | €3,175 | +€1,200 | +60.8% |
| Current assets | 29/58 | €46,980 | €83,384 | +€36,404 | +77.5% |
| Stocks and contracts in progress | 3 | €30,826 | €67,108 | +€36,282 | +117.7% |
| Stocks | 30/36 | €30,826 | €67,108 | +€36,282 | +117.7% |
| Amounts receivable within one year | 40/41 | €7,865 | €13,372 | +€5,507 | +70.0% |
| Trade receivables | 40 | €5,856 | €10,940 | +€5,084 | +86.8% |
| Other amounts receivable | 41 | €2,009 | €2,432 | +€423 | +21.1% |
| Cash at bank and in hand | 54/58 | €8,289 | €2,904 | -€5,386 | -65.0% |
| Total equity and liabilities | 10/49 | €55,410 | €105,046 | +€49,636 | +89.6% |
| Equity | 10/15 | -€42,925 | -€38,221 | +€4,704 | +11.0% |
| Contributions | 10/11 | €6,250 | €12,500 | +€6,250 | +100.0% |
| Profit (loss) carried forward | 14 | -€49,175 | -€50,721 | -€1,546 | -3.1% |
| Amounts payable | 17/49 | €98,335 | €143,267 | +€44,932 | +45.7% |
| Amounts payable after more than one year | 17 | €54,877 | €32,667 | -€22,210 | -40.5% |
| Financial debts | 170/4 | €54,877 | €32,667 | -€22,210 | -40.5% |
| Amounts payable within one year | 42/48 | €43,458 | €110,600 | +€67,142 | +154.5% |
| Current portion of amounts payable after more than one year | 42 | €21,873 | €22,210 | +€337 | +1.5% |
| Trade debts | 44 | €10,724 | €27,488 | +€16,764 | +156.3% |
| Suppliers | 440/4 | €10,724 | €27,488 | +€16,764 | +156.3% |
| Advances received on contracts in progress | 46 | - | €100 | +€100 | |
| Taxes, remuneration and social security | 45 | €340 | €400 | +€60 | +17.6% |
| Taxes | 450/3 | €340 | €400 | +€60 | +17.6% |
| Other amounts payable | 47/48 | €10,521 | €60,402 | +€49,881 | +474.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,961 | €4,208 | +€1,247 | +42.1% |
| Other operating charges | 640/8 | €427 | €369 | -€58 | -13.6% |
| Gross operating margin | 9900 | -€31,715 | €4,275 | +€35,990 | |
| Operating profit (loss) | 9901 | -€35,103 | -€303 | +€34,800 | +99.1% |
| Financial income | 75/76B | €178 | €4 | -€174 | -97.7% |
| Recurring financial income | 75 | €178 | €4 | -€174 | -97.7% |
| Financial charges | 65/66B | €1,558 | €1,247 | -€310 | -19.9% |
| Recurring financial charges | 65 | €1,558 | €1,247 | -€310 | -19.9% |
| Profit (loss) for the period before taxes | 9903 | -€36,483 | -€1,546 | +€34,937 | +95.8% |
| Profit (loss) for the period | 9904 | -€36,483 | -€1,546 | +€34,937 | +95.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,483 | -€1,546 | +€34,937 | +95.8% |
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 5 October 2026 via checked.be.