ZENGROUP: 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.
ZENGROUP
Largest movements
- Receivables within one year -€53,800
down €53,800 (-46.2%), from €116,411 to €62,611
of which Trade receivables: -€52,845
- Cash +€46,960
up €46,960 (+31,956%), from €147 to €47,107
mainly Receivables within one year (+€53,800) and Debts after one year (+€25,923)
- Tangible fixed assets +€31,464
up €31,464 (+422%), from €7,458 to €38,922
of which Furniture and vehicles: +€32,593
- Trade debts -€26,853
down €26,853 (-97.7%), from €27,477 to €624
of which Suppliers: -€25,410
- Debts after one year +€25,923
new in 2025: €25,923
- Profit (loss) carried forward +€19,026
up €19,026 (+21.3%), from €89,521 to €108,548
- Current portion of long-term debt +€6,745
up €6,745 (+552%), from €1,222 to €7,967
- Gross operating margin +€7,979
up €7,979 (+26.8%), from €29,733 to €37,711
- Financial charges +€3,209
up €3,209 (+741%), from €433 to €3,642
- Depreciation -€1,550
down €1,550 (-15.3%), from €10,153 to €8,603
- Taxes +€1,283
up €1,283 (+32.6%), from €3,937 to €5,220
- Other operating charges -€554
down €554 (-31.2%), from €1,774 to €1,220
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 | €128,992 | €153,616 | +€24,624 | +19.1% |
| Fixed assets | 21/28 | €12,434 | €43,898 | +€31,464 | +253% |
| Tangible fixed assets | 22/27 | €7,458 | €38,922 | +€31,464 | +422% |
| Plant, machinery and equipment | 23 | €1,876 | €747 | -€1,129 | -60.2% |
| Furniture and vehicles | 24 | €5,582 | €38,175 | +€32,593 | +584% |
| Financial fixed assets | 28 | €4,976 | €4,976 | = | 0.0% |
| Current assets | 29/58 | €116,558 | €109,718 | -€6,840 | -5.9% |
| Amounts receivable within one year | 40/41 | €116,411 | €62,611 | -€53,800 | -46.2% |
| Trade receivables | 40 | €109,501 | €56,657 | -€52,845 | -48.3% |
| Other amounts receivable | 41 | €6,910 | €5,954 | -€956 | -13.8% |
| Cash at bank and in hand | 54/58 | €147 | €47,107 | +€46,960 | +31,956% |
| Total equity and liabilities | 10/49 | €128,992 | €153,616 | +€24,624 | +19.1% |
| Equity | 10/15 | €97,581 | €116,608 | +€19,026 | +19.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €89,521 | €108,548 | +€19,026 | +21.3% |
| Amounts payable | 17/49 | €31,411 | €37,008 | +€5,598 | +17.8% |
| Amounts payable after more than one year | 17 | - | €25,923 | +€25,923 | |
| Financial debts | 170/4 | - | €25,923 | +€25,923 | |
| Amounts payable within one year | 42/48 | €31,411 | €11,086 | -€20,325 | -64.7% |
| Current portion of amounts payable after more than one year | 42 | €1,222 | €7,967 | +€6,745 | +552% |
| Trade debts | 44 | €27,477 | €624 | -€26,853 | -97.7% |
| Suppliers | 440/4 | €25,977 | €567 | -€25,410 | -97.8% |
| Bills of exchange payable | 441 | €1,500 | €57 | -€1,443 | -96.2% |
| Taxes, remuneration and social security | 45 | €337 | €120 | -€217 | -64.3% |
| Taxes | 450/3 | €337 | €120 | -€217 | -64.3% |
| Other amounts payable | 47/48 | €2,374 | €2,374 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,153 | €8,603 | -€1,550 | -15.3% |
| Other operating charges | 640/8 | €1,774 | €1,220 | -€554 | -31.2% |
| Gross operating margin | 9900 | €29,733 | €37,711 | +€7,979 | +26.8% |
| Operating profit (loss) | 9901 | €17,805 | €27,889 | +€10,083 | +56.6% |
| Financial charges | 65/66B | €433 | €3,642 | +€3,209 | +741% |
| Recurring financial charges | 65 | €433 | €3,642 | +€3,209 | +741% |
| Profit (loss) for the period before taxes | 9903 | €17,372 | €24,247 | +€6,875 | +39.6% |
| Income taxes | 67/77 | €3,937 | €5,220 | +€1,283 | +32.6% |
| Profit (loss) for the period | 9904 | €13,435 | €19,026 | +€5,592 | +41.6% |
| Profit (loss) for the period to be appropriated | 9905 | €13,435 | €19,026 | +€5,592 | +41.6% |
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 25 October 2026 via checked.be.