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
- Cash -€95,625
down €95,625 (-86.4%), from €110,655 to €15,029
mainly Other debts (-€94,000) and Net result for the year (-€14,131)
- Tangible fixed assets -€24,249
down €24,249 (-3.3%), from €729,359 to €705,110
- Other debts -€94,000
down €94,000 (-12.7%), from €741,443 to €647,443
- Profit (loss) carried forward -€14,131
down €14,131 (-32.7%), from -€43,250 to -€57,381
- Taxes +€30,296
up €30,296 (+466.1%), from €6,500 to €36,796
- Gross operating margin -€3,422
down €3,422 (-7.8%), from €43,600 to €40,178
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 | €848,838 | €728,964 | -€119,874 | -14.1% |
| Fixed assets | 21/28 | €729,359 | €705,110 | -€24,249 | -3.3% |
| Tangible fixed assets | 22/27 | €729,359 | €705,110 | -€24,249 | -3.3% |
| Land and buildings | 22 | €729,359 | €705,110 | -€24,249 | -3.3% |
| Current assets | 29/58 | €119,480 | €23,854 | -€95,625 | -80.0% |
| Amounts receivable within one year | 40/41 | €8,825 | €8,825 | = | 0.0% |
| Other amounts receivable | 41 | €8,825 | €8,825 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €110,655 | €15,029 | -€95,625 | -86.4% |
| Total equity and liabilities | 10/49 | €848,838 | €728,964 | -€119,874 | -14.1% |
| Equity | 10/15 | €66,805 | €45,307 | -€21,499 | -32.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €91,456 | €84,088 | -€7,368 | -8.1% |
| Tax-exempt reserves | 132 | €91,456 | €84,088 | -€7,368 | -8.1% |
| Profit (loss) carried forward | 14 | -€43,250 | -€57,381 | -€14,131 | -32.7% |
| Provisions and deferred taxes | 16 | €30,485 | €28,029 | -€2,456 | -8.1% |
| Deferred taxes | 168 | €30,485 | €28,029 | -€2,456 | -8.1% |
| Amounts payable | 17/49 | €751,548 | €655,628 | -€95,920 | -12.8% |
| Amounts payable after more than one year | 17 | €980 | €980 | = | 0.0% |
| Other amounts payable | 178/9 | €980 | €980 | = | 0.0% |
| Amounts payable within one year | 42/48 | €750,568 | €654,539 | -€96,029 | -12.8% |
| Trade debts | 44 | €2,624 | €3,885 | +€1,261 | +48.0% |
| Suppliers | 440/4 | €2,624 | €3,885 | +€1,261 | +48.0% |
| Taxes, remuneration and social security | 45 | €6,500 | €3,210 | -€3,290 | -50.6% |
| Taxes | 450/3 | €6,500 | €3,210 | -€3,290 | -50.6% |
| Other amounts payable | 47/48 | €741,443 | €647,443 | -€94,000 | -12.7% |
| Accrued charges and deferred income | 492/3 | - | €109 | +€109 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,249 | €24,249 | = | 0.0% |
| Other operating charges | 640/8 | €2,800 | €3,028 | +€228 | +8.1% |
| Gross operating margin | 9900 | €43,600 | €40,178 | -€3,422 | -7.8% |
| Operating profit (loss) | 9901 | €16,551 | €12,902 | -€3,649 | -22.0% |
| Financial charges | 65/66B | €60 | €60 | = | 0.0% |
| Recurring financial charges | 65 | €60 | €60 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €16,491 | €12,842 | -€3,649 | -22.1% |
| Transfer from deferred taxes | 780 | - | €9,824 | +€9,824 | |
| Income taxes | 67/77 | €6,500 | €36,796 | +€30,296 | +466.1% |
| Profit (loss) for the period | 9904 | €9,991 | -€14,131 | -€24,122 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,991 | -€14,131 | -€24,122 |
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 7 October 2026 via checked.be.