ZENITAD: 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.
ZENITAD
Largest movements
- Current investments -€50,000
down €50,000 (-100%), from €50,000 to €0
- Receivables within one year +€43,851
up €43,851 (+405%), from €10,821 to €54,672
of which Trade receivables: +€48,703
- Cash +€38,051
up €38,051 (+230%), from €16,569 to €54,620
mainly Current investments (+€50,000) and Other debts (+€43,732)
- Stocks and contracts +€14,313
new in 2025: €14,313
- Tangible fixed assets -€13,701
down €13,701 (-3.6%), from €383,448 to €369,747
of which Land and buildings: -€11,823
- Other debts +€43,732
up €43,732 (+35.4%), from €123,365 to €167,097
- Reserves -€20,927
down €20,927 (-9.2%), from €227,667 to €206,739
of which Distributable reserves: -€20,927
- Debts after one year -€17,130
down €17,130 (-24.6%), from €69,539 to €52,409
- Tax, wage and social debts +€11,229
up €11,229 (+178%), from €6,300 to €17,529
- Accrued charges and deferred income +€8,656
up €8,656 (+130%), from €6,672 to €15,328
- Gross operating margin +€8,339
up €8,339 (+21.5%), from €38,839 to €47,178
- Depreciation -€5,882
down €5,882 (-30.0%), from €19,583 to €13,701
- Financial charges +€3,549
up €3,549 (+30.0%), from €11,832 to €15,382
- Taxes +€2,528
up €2,528 (+95.7%), from €2,641 to €5,170
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 | €476,156 | €503,133 | +€26,977 | +5.7% |
| Fixed assets | 21/28 | €383,448 | €369,747 | -€13,701 | -3.6% |
| Tangible fixed assets | 22/27 | €383,448 | €369,747 | -€13,701 | -3.6% |
| Land and buildings | 22 | €379,349 | €367,526 | -€11,823 | -3.1% |
| Plant, machinery and equipment | 23 | €3,606 | €2,222 | -€1,384 | -38.4% |
| Furniture and vehicles | 24 | €494 | €0 | -€494 | -100% |
| Current assets | 29/58 | €92,708 | €133,386 | +€40,678 | +43.9% |
| Stocks and contracts in progress | 3 | - | €14,313 | +€14,313 | |
| Stocks | 30/36 | - | €14,313 | +€14,313 | |
| Amounts receivable within one year | 40/41 | €10,821 | €54,672 | +€43,851 | +405% |
| Trade receivables | 40 | €0 | €48,703 | +€48,703 | |
| Other amounts receivable | 41 | €10,821 | €5,969 | -€4,852 | -44.8% |
| Current investments | 50/53 | €50,000 | €0 | -€50,000 | -100% |
| Cash at bank and in hand | 54/58 | €16,569 | €54,620 | +€38,051 | +230% |
| Deferred charges and accrued income | 490/1 | €15,318 | €9,781 | -€5,537 | -36.1% |
| Total equity and liabilities | 10/49 | €476,156 | €503,133 | +€26,977 | +5.7% |
| Equity | 10/15 | €246,267 | €225,339 | -€20,927 | -8.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €227,667 | €206,739 | -€20,927 | -9.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €227,667 | €206,739 | -€20,927 | -9.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €229,889 | €277,794 | +€47,904 | +20.8% |
| Amounts payable after more than one year | 17 | €69,539 | €52,409 | -€17,130 | -24.6% |
| Financial debts | 170/4 | €69,539 | €52,409 | -€17,130 | -24.6% |
| Amounts payable within one year | 42/48 | €153,678 | €210,056 | +€56,378 | +36.7% |
| Current portion of amounts payable after more than one year | 42 | €22,953 | €23,588 | +€635 | +2.8% |
| Financial debts | 43 | €0 | €747 | +€747 | |
| Credit institutions | 430/8 | €0 | €747 | +€747 | |
| Trade debts | 44 | €1,060 | €1,095 | +€35 | +3.3% |
| Suppliers | 440/4 | €1,060 | €1,095 | +€35 | +3.3% |
| Taxes, remuneration and social security | 45 | €6,300 | €17,529 | +€11,229 | +178% |
| Taxes | 450/3 | €6,300 | €17,529 | +€11,229 | +178% |
| Other amounts payable | 47/48 | €123,365 | €167,097 | +€43,732 | +35.4% |
| Accrued charges and deferred income | 492/3 | €6,672 | €15,328 | +€8,656 | +130% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,583 | €13,701 | -€5,882 | -30.0% |
| Other operating charges | 640/8 | €3,919 | €3,610 | -€309 | -7.9% |
| Gross operating margin | 9900 | €38,839 | €47,178 | +€8,339 | +21.5% |
| Operating profit (loss) | 9901 | €15,336 | €29,867 | +€14,531 | +94.7% |
| Financial income | 75/76B | €132 | €484 | +€352 | +268% |
| Recurring financial income | 75 | €132 | €484 | +€352 | +268% |
| Financial charges | 65/66B | €11,832 | €15,382 | +€3,549 | +30.0% |
| Recurring financial charges | 65 | €11,832 | €15,382 | +€3,549 | +30.0% |
| Profit (loss) for the period before taxes | 9903 | €3,636 | €14,969 | +€11,334 | +312% |
| Income taxes | 67/77 | €2,641 | €5,170 | +€2,528 | +95.7% |
| Profit (loss) for the period | 9904 | €994 | €9,800 | +€8,805 | +886% |
| Profit (loss) for the period to be appropriated | 9905 | €994 | €9,800 | +€8,805 | +886% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.