ZENITH: 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.
ZENITH
Largest movements
- Receivables within one year -€8,065
down €8,065 (-52.6%), from €15,331 to €7,265
- Cash -€8,033
down €8,033 (-3.7%), from €214,981 to €206,948
mainly Investment in fixed assets (net) (-€7,064) and Trade debts (-€6,294)
- Tangible fixed assets +€5,740
up €5,740 (+163.5%), from €3,512 to €9,251
of which Furniture and vehicles: +€3,586
- Trade debts -€6,294
down €6,294 (-61.3%), from €10,262 to €3,968
- Tax, wage and social debts -€5,342
down €5,342 (-60.6%), from €8,812 to €3,471
- Gross operating margin -€14,230
down €14,230 (-67.0%), from €21,252 to €7,022
- Taxes -€3,481
down €3,481 (-54.2%), from €6,421 to €2,939
- Depreciation -€2,854
down €2,854 (-68.3%), from €4,178 to €1,324
- Financial income -€1,103
down €1,103 (-99.9%), from €1,104 to €1
- Other operating charges +€225
up €225 (+19.1%), from €1,177 to €1,402
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €236,300 | €225,888 | -€10,412 | -4.4% |
| Fixed assets | 21/28 | €3,872 | €9,611 | +€5,740 | +148.3% |
| Tangible fixed assets | 22/27 | €3,512 | €9,251 | +€5,740 | +163.5% |
| Furniture and vehicles | 24 | €3,512 | €7,097 | +€3,586 | +102.1% |
| Other tangible fixed assets | 26 | - | €2,154 | +€2,154 | |
| Financial fixed assets | 28 | €360 | €360 | = | 0.0% |
| Current assets | 29/58 | €232,429 | €216,276 | -€16,152 | -6.9% |
| Amounts receivable within one year | 40/41 | €15,331 | €7,265 | -€8,065 | -52.6% |
| Trade receivables | 40 | €15,331 | €7,265 | -€8,065 | -52.6% |
| Cash at bank and in hand | 54/58 | €214,981 | €206,948 | -€8,033 | -3.7% |
| Deferred charges and accrued income | 490/1 | €2,117 | €2,063 | -€54 | -2.5% |
| Total equity and liabilities | 10/49 | €236,300 | €225,888 | -€10,412 | -4.4% |
| Equity | 10/15 | €216,490 | €217,730 | +€1,241 | +0.6% |
| Contributions | 10/11 | €18,761 | €18,761 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €195,729 | €196,970 | +€1,241 | +0.6% |
| Amounts payable | 17/49 | €19,811 | €8,158 | -€11,653 | -58.8% |
| Amounts payable within one year | 42/48 | €19,811 | €8,158 | -€11,653 | -58.8% |
| Trade debts | 44 | €10,262 | €3,968 | -€6,294 | -61.3% |
| Suppliers | 440/4 | €10,262 | €3,968 | -€6,294 | -61.3% |
| Taxes, remuneration and social security | 45 | €8,812 | €3,471 | -€5,342 | -60.6% |
| Taxes | 450/3 | €8,812 | €3,471 | -€5,342 | -60.6% |
| Other amounts payable | 47/48 | €737 | €719 | -€17 | -2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,178 | €1,324 | -€2,854 | -68.3% |
| Other operating charges | 640/8 | €1,177 | €1,402 | +€225 | +19.1% |
| Gross operating margin | 9900 | €21,252 | €7,022 | -€14,230 | -67.0% |
| Operating profit (loss) | 9901 | €15,898 | €4,296 | -€11,602 | -73.0% |
| Financial income | 75/76B | €1,104 | €1 | -€1,103 | -99.9% |
| Recurring financial income | 75 | €1,104 | €1 | -€1,103 | -99.9% |
| Financial charges | 65/66B | €190 | €117 | -€73 | -38.6% |
| Recurring financial charges | 65 | €190 | €117 | -€73 | -38.6% |
| Profit (loss) for the period before taxes | 9903 | €16,812 | €4,180 | -€12,632 | -75.1% |
| Income taxes | 67/77 | €6,421 | €2,939 | -€3,481 | -54.2% |
| Profit (loss) for the period | 9904 | €10,391 | €1,241 | -€9,150 | -88.1% |
| Profit (loss) for the period to be appropriated | 9905 | €10,391 | €1,241 | -€9,150 | -88.1% |
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.