ZENIT19: 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.
ZENIT19
Largest movements
- Tangible fixed assets -€86,733
down €86,733 (-5.6%), from €1.6m to €1.5m
of which Land and buildings: -€77,054
- Receivables within one year +€21,914
up €21,914 (+6.6%), from €331,990 to €353,904
of which Trade receivables: +€25,349
- Debts after one year -€84,979
down €84,979 (-15.0%), from €567,291 to €482,312
- Other debts +€24,964
up €24,964 (+2.0%), from €1.2m to €1.2m
- Gross operating margin -€2,494
down €2,494 (-2.2%), from €113,738 to €111,244
- Financial charges -€1,652
down €1,652 (-18.5%), from €8,952 to €7,300
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 | €1,922,240 | €1,857,103 | -€65,137 | -3.4% |
| Fixed assets | 21/28 | €1,580,208 | €1,493,476 | -€86,733 | -5.5% |
| Tangible fixed assets | 22/27 | €1,557,528 | €1,470,796 | -€86,733 | -5.6% |
| Land and buildings | 22 | €1,520,316 | €1,443,261 | -€77,054 | -5.1% |
| Plant, machinery and equipment | 23 | €36,661 | €27,010 | -€9,651 | -26.3% |
| Furniture and vehicles | 24 | €552 | €524 | -€27 | -5.0% |
| Financial fixed assets | 28 | €22,680 | €22,680 | = | 0.0% |
| Current assets | 29/58 | €342,032 | €363,627 | +€21,596 | +6.3% |
| Amounts receivable within one year | 40/41 | €331,990 | €353,904 | +€21,914 | +6.6% |
| Trade receivables | 40 | €319,306 | €344,655 | +€25,349 | +7.9% |
| Other amounts receivable | 41 | €12,684 | €9,249 | -€3,434 | -27.1% |
| Cash at bank and in hand | 54/58 | €8,347 | €7,955 | -€392 | -4.7% |
| Deferred charges and accrued income | 490/1 | €1,695 | €1,768 | +€73 | +4.3% |
| Total equity and liabilities | 10/49 | €1,922,240 | €1,857,103 | -€65,137 | -3.4% |
| Equity | 10/15 | €20,661 | €29,879 | +€9,218 | +44.6% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,339 | €4,879 | +€9,218 | |
| Amounts payable | 17/49 | €1,901,579 | €1,827,224 | -€74,355 | -3.9% |
| Amounts payable after more than one year | 17 | €567,291 | €482,312 | -€84,979 | -15.0% |
| Financial debts | 170/4 | €567,291 | €482,312 | -€84,979 | -15.0% |
| Amounts payable within one year | 42/48 | €1,334,162 | €1,344,912 | +€10,750 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | €84,275 | €84,979 | +€703 | +0.8% |
| Trade debts | 44 | €24,980 | €10,317 | -€14,663 | -58.7% |
| Suppliers | 440/4 | €24,980 | €10,317 | -€14,663 | -58.7% |
| Taxes, remuneration and social security | 45 | €6,961 | €6,706 | -€254 | -3.7% |
| Taxes | 450/3 | €6,961 | €6,706 | -€254 | -3.7% |
| Other amounts payable | 47/48 | €1,217,946 | €1,242,910 | +€24,964 | +2.0% |
| Accrued charges and deferred income | 492/3 | €126 | - | -€126 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,495 | €86,733 | -€762 | -0.9% |
| Other operating charges | 640/8 | €7,921 | €7,789 | -€131 | -1.7% |
| Gross operating margin | 9900 | €113,738 | €111,244 | -€2,494 | -2.2% |
| Operating profit (loss) | 9901 | €18,322 | €16,722 | -€1,600 | -8.7% |
| Financial charges | 65/66B | €8,952 | €7,300 | -€1,652 | -18.5% |
| Recurring financial charges | 65 | €8,952 | €7,300 | -€1,652 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | €9,370 | €9,422 | +€51 | +0.5% |
| Income taxes | 67/77 | €166 | €204 | +€38 | +23.1% |
| Profit (loss) for the period | 9904 | €9,205 | €9,218 | +€13 | +0.1% |
| Profit (loss) for the period to be appropriated | 9905 | €9,205 | €9,218 | +€13 | +0.1% |
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 23 October 2026 via checked.be.