ZENGIN: 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.
ZENGIN
Largest movements
- Stocks and contracts -€234,261
down €234,261 (-24.2%), from €969,325 to €735,064
- Receivables within one year -€163,987
down €163,987 (-72.0%), from €227,789 to €63,802
of which Other amounts receivable: -€130,648
- Cash +€92,713
up €92,713 (+170%), from €54,408 to €147,120
mainly Stocks and contracts (+€234,261) and Receivables within one year (+€163,987)
- Tangible fixed assets +€71,819
up €71,819 (+23.4%), from €306,457 to €378,276
of which Plant, machinery and equipment: +€70,964
- Profit (loss) carried forward -€393,693
new in 2025: -€393,693
- Debts after one year +€67,744
up €67,744 (+67.2%), from €100,803 to €168,546
- Trade debts +€52,676
up €52,676 (+7.1%), from €741,139 to €793,815
- Current portion of long-term debt +€27,730
up €27,730 (+37.8%), from €73,412 to €101,142
- Short-term financial debts -€25,393
down €25,393 (-100%), from €25,393 to €0
- Gross operating margin -€299,496
down €299,496 (-77.3%), from €387,328 to €87,832
- Other operating charges +€75,601
up €75,601 (+614%), from €12,313 to €87,915
- Staff costs +€70,618
up €70,618 (+37.6%), from €187,815 to €258,433
- Taxes -€21,979
down €21,979 (-96.2%), from €22,847 to €868
- Depreciation +€15,140
up €15,140 (+19.4%), from €78,103 to €93,243
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 | €1,574,472 | €1,337,079 | -€237,392 | -15.1% |
| Fixed assets | 21/28 | €318,527 | €388,947 | +€70,420 | +22.1% |
| Intangible fixed assets | 21 | €6,070 | €4,671 | -€1,399 | -23.1% |
| Tangible fixed assets | 22/27 | €306,457 | €378,276 | +€71,819 | +23.4% |
| Land and buildings | 22 | €43,094 | €28,673 | -€14,420 | -33.5% |
| Plant, machinery and equipment | 23 | €163,653 | €234,617 | +€70,964 | +43.4% |
| Furniture and vehicles | 24 | €64,584 | €24,318 | -€40,265 | -62.3% |
| Other tangible fixed assets | 26 | €35,126 | €90,667 | +€55,541 | +158% |
| Financial fixed assets | 28 | €6,000 | €6,000 | = | 0.0% |
| Current assets | 29/58 | €1,255,945 | €948,133 | -€307,812 | -24.5% |
| Stocks and contracts in progress | 3 | €969,325 | €735,064 | -€234,261 | -24.2% |
| Stocks | 30/36 | €969,325 | €735,064 | -€234,261 | -24.2% |
| Amounts receivable within one year | 40/41 | €227,789 | €63,802 | -€163,987 | -72.0% |
| Trade receivables | 40 | €50,682 | €17,342 | -€33,340 | -65.8% |
| Other amounts receivable | 41 | €177,108 | €46,460 | -€130,648 | -73.8% |
| Cash at bank and in hand | 54/58 | €54,408 | €147,120 | +€92,713 | +170% |
| Deferred charges and accrued income | 490/1 | €4,422 | €2,146 | -€2,276 | -51.5% |
| Total equity and liabilities | 10/49 | €1,574,472 | €1,337,079 | -€237,392 | -15.1% |
| Equity | 10/15 | €399,707 | -€3,384 | -€403,092 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €381,107 | €371,709 | -€9,399 | -2.5% |
| Distributable reserves | 133 | €381,107 | €371,709 | -€9,399 | -2.5% |
| Profit (loss) carried forward | 14 | - | -€393,693 | -€393,693 | |
| Amounts payable | 17/49 | €1,174,764 | €1,340,464 | +€165,699 | +14.1% |
| Amounts payable after more than one year | 17 | €100,803 | €168,546 | +€67,744 | +67.2% |
| Financial debts | 170/4 | €100,803 | €168,546 | +€67,744 | +67.2% |
| Amounts payable within one year | 42/48 | €1,042,283 | €1,122,640 | +€80,357 | +7.7% |
| Current portion of amounts payable after more than one year | 42 | €73,412 | €101,142 | +€27,730 | +37.8% |
| Financial debts | 43 | €25,393 | €0 | -€25,393 | -100% |
| Credit institutions | 430/8 | €25,393 | €0 | -€25,393 | -100% |
| Trade debts | 44 | €741,139 | €793,815 | +€52,676 | +7.1% |
| Suppliers | 440/4 | €741,139 | €793,815 | +€52,676 | +7.1% |
| Advances received on contracts in progress | 46 | €200 | €200 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €26,820 | €49,657 | +€22,837 | +85.1% |
| Taxes | 450/3 | €5,070 | €23,915 | +€18,845 | +372% |
| Remuneration and social security | 454/9 | €21,750 | €25,742 | +€3,992 | +18.4% |
| Other amounts payable | 47/48 | €175,319 | €177,825 | +€2,506 | +1.4% |
| Accrued charges and deferred income | 492/3 | €31,679 | €49,278 | +€17,599 | +55.6% |
| Remuneration, social security and pensions | 62 | €187,815 | €258,433 | +€70,618 | +37.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,103 | €93,243 | +€15,140 | +19.4% |
| Other operating charges | 640/8 | €12,313 | €87,915 | +€75,601 | +614% |
| Gross operating margin | 9900 | €387,328 | €87,832 | -€299,496 | -77.3% |
| Operating profit (loss) | 9901 | €109,097 | -€351,759 | -€460,856 | |
| Financial income | 75/76B | €171 | €219 | +€48 | +27.9% |
| Recurring financial income | 75 | €171 | €219 | +€48 | +27.9% |
| Financial charges | 65/66B | €43,832 | €50,684 | +€6,851 | +15.6% |
| Recurring financial charges | 65 | €43,832 | €50,684 | +€6,851 | +15.6% |
| Profit (loss) for the period before taxes | 9903 | €65,436 | -€402,223 | -€467,659 | |
| Income taxes | 67/77 | €22,847 | €868 | -€21,979 | -96.2% |
| Profit (loss) for the period | 9904 | €42,589 | -€403,092 | -€445,681 | |
| Profit (loss) for the period to be appropriated | 9905 | €42,589 | -€403,092 | -€445,681 |
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 27 October 2026 via checked.be.