ZENITEL: what changed
Two fiscal 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
ZENITEL
NACE 26.300, Manufacture of computer, electronic and optical products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€15.2m
2024 · €23.9m-€8.7m
Equity
€38.3m
2024 · €39.1m-€813,981
Cash
€370,915
2024 · €3.7m-€3.3m
Balance sheet total
€56.7m
2024 · €58.2m-€1.5m
Largest movements
Assets
- Cash -€3.3m
down €3.3m (-90.0%), from €3.7m to €370,915
mainly Contributions, distributions and other (-€16.0m) and Debts after one year (-€2.7m)
- Current investments +€1.3m
up €1.3m (+262.3%), from €504,121 to €1.8m
Equity and liabilities
- Other debts +€2.9m
up €2.9m (+82.8%), from €3.5m to €6.4m
- Debts after one year -€2.7m
down €2.7m (-28.6%), from €9.5m to €6.8m
- Provisions -€2.1m
down €2.1m (-74.5%), from €2.8m to €713,858
- Short-term financial debts +€1.2m
new in 2025: €1.2m
- Profit (loss) carried forward -€813,981
down €813,981 (-43.5%), from €1.9m to €1.1m
Income statement
- Financial income -€8.5m
down €8.5m (-36.0%), from €23.5m to €15.0m
- Provisions -€2.9m
down €2.9m, from €789,939 to -€2.1m
- Services and other goods +€2.6m
up €2.6m (+63.3%), from €4.1m to €6.8m
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
€23.9m
Staff costs
+€3,289
Depreciation
-€253,582
Provisions
+€2.9m
Other operating charges
+€12,167
Other operating items
-€2.8m
Financial income
-€8.5m
Financial charges
-€3,040
Taxes
-€38,705
Result 2025
€15.2m
Cash bridge derived
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
+€16.3m
Investment
-€2.2m
Financing
-€17.5m
Cash 2024
€3.7m
From operations (derived)
+€16.3m
Net result for the year
+€15.2m
Depreciation
+€291,351
Receivables within one year
+€181,617
Deferred charges and accrued income
-€90,455
Provisions
-€2.1m
Trade debts
-€99,012
Tax, wage and social debts
+€38,705
Other debts
+€2.9m
Investment (derived)
-€2.2m
Investment in fixed assets (net)
-€864,283
Current investments
-€1.3m
Financing
-€17.5m
Debts after one year
-€2.7m
Short-term financial debts
+€1.2m
Contributions, distributions and other
-€16.0m
Cash 2025
€370,915
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €58,235,616 | €56,717,448 | -€1.5m | -2.6% |
| Fixed assets | 21/28 | €51,781,555 | €52,354,487 | +€572,932 | +1.1% |
| Intangible fixed assets | 21 | €1,627,585 | €2,200,517 | +€572,932 | +35.2% |
| Financial fixed assets | 28 | €50,153,970 | €50,153,970 | = | 0.0% |
| Affiliated companies | 280/1 | €50,137,117 | €50,137,117 | = | 0.0% |
| Participating interests | 280 | €50,137,117 | €50,137,117 | = | 0.0% |
| Other financial fixed assets | 284/8 | €16,852 | €16,852 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €16,852 | €16,852 | = | 0.0% |
| Current assets | 29/58 | €6,454,061 | €4,362,962 | -€2.1m | -32.4% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €2,148,038 | €1,966,421 | -€181,617 | -8.5% |
| Trade receivables | 40 | €2,061,667 | €1,866,447 | -€195,219 | -9.5% |
| Other amounts receivable | 41 | €86,371 | €99,973 | +€13,602 | +15.7% |
| Current investments | 50/53 | €504,121 | €1,826,229 | +€1.3m | +262.3% |
| Other investments | 51/53 | €504,121 | €1,826,229 | +€1.3m | +262.3% |
| Cash at bank and in hand | 54/58 | €3,692,960 | €370,915 | -€3.3m | -90.0% |
| Deferred charges and accrued income | 490/1 | €108,942 | €199,397 | +€90,455 | +83.0% |
| Total equity and liabilities | 10/49 | €58,235,616 | €56,717,448 | -€1.5m | -2.6% |
| Equity | 10/15 | €39,065,277 | €38,251,296 | -€813,981 | -2.1% |
| Contributions | 10/11 | €25,623,849 | €25,623,849 | = | 0.0% |
| Capital | 10 | €20,000,000 | €20,000,000 | = | 0.0% |
| Issued capital | 100 | €20,000,000 | €20,000,000 | = | 0.0% |
| Outside capital | 11 | €5,623,849 | €5,623,849 | = | 0.0% |
| Share premium | 1100/10 | €5,623,849 | €5,623,849 | = | 0.0% |
| Reserves | 13 | €11,569,867 | €11,569,867 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000,000 | €2,000,000 | = | 0.0% |
| Legal reserve | 130 | €2,000,000 | €2,000,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,543,901 | €9,543,901 | = | 0.0% |
| Distributable reserves | 133 | €25,967 | €25,967 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,871,560 | €1,057,579 | -€813,981 | -43.5% |
| Provisions and deferred taxes | 16 | €2,794,938 | €713,858 | -€2.1m | -74.5% |
| Provisions for liabilities and charges | 160/5 | €2,794,938 | €713,858 | -€2.1m | -74.5% |
| Pensions and similar obligations | 160 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €2,794,938 | €713,858 | -€2.1m | -74.5% |
| Amounts payable | 17/49 | €16,375,401 | €17,752,295 | +€1.4m | +8.4% |
| Amounts payable after more than one year | 17 | €9,450,000 | €6,750,000 | -€2.7m | -28.6% |
| Financial debts | 170/4 | €9,450,000 | €6,750,000 | -€2.7m | -28.6% |
| Credit institutions | 173 | €9,450,000 | €6,750,000 | -€2.7m | -28.6% |
| Amounts payable within one year | 42/48 | €6,925,401 | €11,002,295 | +€4.1m | +58.9% |
| Current portion of amounts payable after more than one year | 42 | €2,700,000 | €2,700,000 | = | 0.0% |
| Financial debts | 43 | - | €1,238,657 | +€1.2m | |
| Credit institutions | 430/8 | - | €1,238,657 | +€1.2m | |
| Trade debts | 44 | €725,401 | €626,390 | -€99,012 | -13.6% |
| Suppliers | 440/4 | €725,401 | €626,390 | -€99,012 | -13.6% |
| Taxes, remuneration and social security | 45 | - | €38,705 | +€38,705 | |
| Taxes | 450/3 | - | €38,705 | +€38,705 | |
| Other amounts payable | 47/48 | €3,500,000 | €6,398,543 | +€2.9m | +82.8% |
| Operating income | 70/76A | €6,114,331 | €6,086,566 | -€27,765 | -0.5% |
| Other operating income | 74 | €6,114,331 | €6,086,566 | -€27,765 | -0.5% |
| Operating charges | 60/66A | €5,099,443 | €5,244,822 | +€145,379 | +2.9% |
| Services and other goods | 61 | €4,145,756 | €6,770,078 | +€2.6m | +63.3% |
| Remuneration, social security and pensions | 62 | €5,960 | €2,671 | -€3,289 | -55.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,769 | €291,351 | +€253,582 | +671.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €789,939 | -€2,081,080 | -€2.9m | |
| Other operating charges | 640/8 | €120,020 | €107,853 | -€12,167 | -10.1% |
| Non-recurring operating charges | 66A | €0 | €153,950 | +€153,950 | |
| Operating profit (loss) | 9901 | €1,014,888 | €841,744 | -€173,144 | -17.1% |
| Financial income | 75/76B | €23,513,437 | €15,042,785 | -€8.5m | -36.0% |
| Recurring financial income | 75 | €23,513,437 | €15,042,785 | -€8.5m | -36.0% |
| Income from financial fixed assets | 750 | €23,500,000 | €15,000,000 | -€8.5m | -36.2% |
| Income from current assets | 751 | €4,960 | €33,826 | +€28,866 | +582.0% |
| Other financial income | 752/9 | €8,477 | €8,959 | +€482 | +5.7% |
| Financial charges | 65/66B | €656,764 | €659,804 | +€3,040 | +0.5% |
| Recurring financial charges | 65 | €656,764 | €659,804 | +€3,040 | +0.5% |
| Debt charges | 650 | €422,683 | €594,921 | +€172,239 | +40.7% |
| Other financial charges | 652/9 | €234,081 | €64,882 | -€169,199 | -72.3% |
| Profit (loss) for the period before taxes | 9903 | €23,871,560 | €15,224,724 | -€8.6m | -36.2% |
| Income taxes | 67/77 | €0 | €38,705 | +€38,705 | |
| Taxes | 670/3 | - | €38,705 | +€38,705 | |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €23,871,560 | €15,186,019 | -€8.7m | -36.4% |
| Profit (loss) for the period to be appropriated | 9905 | €23,871,560 | €15,186,019 | -€8.7m | -36.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.