ZENIAN: 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.
What changed
ZENIAN
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€6.3m
2024 · €10.8m-€4.5m
Equity
€24.2m
2024 · €23.8m+€421,186
Cash
€1.3m
2024 · €4.7m-€3.3m
Balance sheet total
€24.4m
2024 · €24.1m+€358,982
Largest movements
Assets
- Current investments +€5.1m
up €5.1m (+48.0%), from €10.5m to €15.6m
- Cash -€3.3m
down €3.3m (-71.2%), from €4.7m to €1.3m
mainly Contributions, distributions and other (-€5.9m) and Current investments (-€5.1m)
- Receivables within one year -€1.4m
down €1.4m (-19.7%), from €6.9m to €5.5m
of which Other amounts receivable: -€1.3m
Equity and liabilities
- Reserves +€421,186
up €421,186 (+1.8%), from €23.6m to €24.0m
of which Distributable reserves: +€421,186
Income statement
- Financial income -€4.8m
down €4.8m (-44.0%), from €10.9m to €6.1m
- Turnover +€214,663
up €214,663 (+16.8%), from €1.3m to €1.5m
- Financial charges -€118,227
down €118,227 (-86.4%), from €136,866 to €18,640
- Taxes +€111,502
up €111,502 (+357%), from €31,191 to €142,693
- Goods and materials +€101,452
up €101,452 (+122%), from €83,308 to €184,760
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.
Result 2024
€10.8m
Turnover
+€214,663
Other operating income
+€15,872
Goods and materials
-€101,452
Services and other goods
-€24,420
Staff costs
-€93,558
Depreciation
-€3,121
Other operating charges
+€6,452
Other operating items
+€347,167
Financial income
-€4.8m
Financial charges
+€118,227
Taxes
-€111,502
Result 2025
€6.3m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€7.7m
Investment
-€5.1m
Financing
-€5.9m
Cash 2024
€4.7m
From operations (derived)
+€7.7m
Net result for the year
+€6.3m
Depreciation
+€67,285
Receivables within one year
+€1.4m
Smaller working-capital items
-€1,597
Tax, wage and social debts
+€18,813
Other debts
-€81,391
Investment (derived)
-€5.1m
Investment in fixed assets (net)
-€36,173
Current investments
-€5.1m
Financing
-€5.9m
Contributions, distributions and other
-€5.9m
Cash 2025
€1.3m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €24,077,420 | €24,436,402 | +€358,982 | +1.5% |
| Fixed assets | 21/28 | €2,024,233 | €1,993,121 | -€31,112 | -1.5% |
| Tangible fixed assets | 22/27 | €641,402 | €610,290 | -€31,112 | -4.9% |
| Land and buildings | 22 | €471,564 | €467,530 | -€4,034 | -0.9% |
| Plant, machinery and equipment | 23 | €1,263 | €1,022 | -€241 | -19.1% |
| Furniture and vehicles | 24 | €168,575 | €141,738 | -€26,837 | -15.9% |
| Financial fixed assets | 28 | €1,382,831 | €1,382,831 | = | 0.0% |
| Affiliated companies | 280/1 | €1,382,581 | €1,382,581 | = | 0.0% |
| Participating interests | 280 | €1,382,581 | €1,382,581 | = | 0.0% |
| Other financial fixed assets | 284/8 | €250 | €250 | = | 0.0% |
| Shares | 284 | - | €0 | = | |
| Amounts receivable and cash guarantees | 285/8 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €22,053,187 | €22,443,281 | +€390,094 | +1.8% |
| Amounts receivable within one year | 40/41 | €6,854,101 | €5,500,646 | -€1.4m | -19.7% |
| Trade receivables | 40 | €208,940 | €154,229 | -€54,711 | -26.2% |
| Other amounts receivable | 41 | €6,645,161 | €5,346,417 | -€1.3m | -19.5% |
| Current investments | 50/53 | €10,535,746 | €15,592,471 | +€5.1m | +48.0% |
| Other investments | 51/53 | €10,535,746 | €15,592,471 | +€5.1m | +48.0% |
| Cash at bank and in hand | 54/58 | €4,658,604 | €1,343,459 | -€3.3m | -71.2% |
| Deferred charges and accrued income | 490/1 | €4,736 | €6,706 | +€1,971 | +41.6% |
| Total equity and liabilities | 10/49 | €24,077,420 | €24,436,402 | +€358,982 | +1.5% |
| Equity | 10/15 | €23,803,201 | €24,224,387 | +€421,186 | +1.8% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €23,603,201 | €24,024,387 | +€421,186 | +1.8% |
| Tax-exempt reserves | 132 | €124 | €124 | = | 0.0% |
| Distributable reserves | 133 | €23,603,077 | €24,024,264 | +€421,186 | +1.8% |
| Amounts payable | 17/49 | €274,219 | €212,015 | -€62,204 | -22.7% |
| Amounts payable within one year | 42/48 | €274,219 | €212,015 | -€62,204 | -22.7% |
| Trade debts | 44 | €1,488 | €1,861 | +€373 | +25.1% |
| Suppliers | 440/4 | €1,488 | €1,861 | +€373 | +25.1% |
| Taxes, remuneration and social security | 45 | €136,116 | €154,929 | +€18,813 | +13.8% |
| Taxes | 450/3 | €76,080 | €75,492 | -€588 | -0.8% |
| Remuneration and social security | 454/9 | €60,036 | €79,438 | +€19,401 | +32.3% |
| Other amounts payable | 47/48 | €136,615 | €55,224 | -€81,391 | -59.6% |
| Operating income | 70/76A | €1,291,239 | €1,525,628 | +€234,390 | +18.2% |
| Turnover | 70 | €1,277,889 | €1,492,552 | +€214,663 | +16.8% |
| Other operating income | 74 | €13,350 | €29,222 | +€15,872 | +119% |
| Non-recurring operating income | 76A | - | €3,855 | +€3,855 | |
| Operating charges | 60/66A | €1,306,235 | €1,179,022 | -€127,214 | -9.7% |
| Goods for resale, raw materials and consumables | 60 | €83,308 | €184,760 | +€101,452 | +122% |
| Purchases | 600/8 | €83,308 | €184,760 | +€101,452 | +122% |
| Services and other goods | 61 | €192,791 | €217,211 | +€24,420 | +12.7% |
| Remuneration, social security and pensions | 62 | €613,296 | €706,854 | +€93,558 | +15.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,164 | €67,285 | +€3,121 | +4.9% |
| Other operating charges | 640/8 | €9,364 | €2,911 | -€6,452 | -68.9% |
| Non-recurring operating charges | 66A | €343,313 | - | -€343,313 | |
| Operating profit (loss) | 9901 | -€14,997 | €346,606 | +€361,603 | |
| Financial income | 75/76B | €10,946,904 | €6,127,057 | -€4.8m | -44.0% |
| Recurring financial income | 75 | €10,946,904 | €6,127,057 | -€4.8m | -44.0% |
| Income from financial fixed assets | 750 | €10,166,623 | €3,996,800 | -€6.2m | -60.7% |
| Income from current assets | 751 | €714,381 | €2,094,646 | +€1.4m | +193% |
| Other financial income | 752/9 | €65,900 | €35,611 | -€30,289 | -46.0% |
| Financial charges | 65/66B | €136,866 | €18,640 | -€118,227 | -86.4% |
| Recurring financial charges | 65 | €136,866 | €18,640 | -€118,227 | -86.4% |
| Debt charges | 650 | €136,615 | €12,568 | -€124,047 | -90.8% |
| Other financial charges | 652/9 | €252 | €6,072 | +€5,821 | +2,312% |
| Profit (loss) for the period before taxes | 9903 | €10,795,041 | €6,455,024 | -€4.3m | -40.2% |
| Income taxes | 67/77 | €31,191 | €142,693 | +€111,502 | +357% |
| Taxes | 670/3 | €31,191 | €142,693 | +€111,502 | +357% |
| Profit (loss) for the period | 9904 | €10,763,850 | €6,312,331 | -€4.5m | -41.4% |
| Profit (loss) for the period to be appropriated | 9905 | €10,763,850 | €6,312,331 | -€4.5m | -41.4% |
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.