ZENITH: 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.
ZENITH
Largest movements
- Cash +€43,600
up €43,600 (+23,768%), from €183 to €43,784
mainly Receivables within one year (+€30,467) and Depreciation (+€14,427)
- Receivables within one year -€30,467
down €30,467 (-62.2%), from €48,994 to €18,527
of which Other amounts receivable: -€29,545
- Tangible fixed assets -€7,740
down €7,740 (-18.1%), from €42,782 to €35,042
of which Furniture and vehicles: -€10,080
- Reserves -€11,275
down €11,275 (-21.2%), from €53,208 to €41,932
of which Distributable reserves: -€11,275
- Trade debts +€7,655
up €7,655 (+131%), from €5,848 to €13,503
- Other debts +€7,086
up €7,086 (+27.2%), from €26,078 to €33,165
- Tax, wage and social debts +€1,552
up €1,552 (+20.0%), from €7,748 to €9,300
- Taxes -€31,039
down €31,039 (-100.0%), from €31,047 to €7
- Gross operating margin +€3,039
up €3,039 (+95.5%), from €3,183 to €6,222
- Depreciation -€1,795
down €1,795 (-11.1%), from €16,222 to €14,427
- Other operating charges -€1,028
down €1,028 (-30.9%), from €3,324 to €2,296
- Financial charges +€490
up €490 (+162%), from €302 to €792
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 | €92,883 | €98,106 | +€5,223 | +5.6% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €42,782 | €35,042 | -€7,740 | -18.1% |
| Tangible fixed assets | 22/27 | €42,782 | €35,042 | -€7,740 | -18.1% |
| Plant, machinery and equipment | 23 | €6,039 | €8,745 | +€2,706 | +44.8% |
| Furniture and vehicles | 24 | €33,796 | €23,716 | -€10,080 | -29.8% |
| Other tangible fixed assets | 26 | €2,947 | €2,581 | -€366 | -12.4% |
| Current assets | 29/58 | €50,101 | €63,064 | +€12,963 | +25.9% |
| Amounts receivable within one year | 40/41 | €48,994 | €18,527 | -€30,467 | -62.2% |
| Trade receivables | 40 | €18,532 | €17,610 | -€922 | -5.0% |
| Other amounts receivable | 41 | €30,462 | €917 | -€29,545 | -97.0% |
| Cash at bank and in hand | 54/58 | €183 | €43,784 | +€43,600 | +23,768% |
| Deferred charges and accrued income | 490/1 | €924 | €753 | -€170 | -18.4% |
| Total equity and liabilities | 10/49 | €92,883 | €98,106 | +€5,223 | +5.6% |
| Equity | 10/15 | €53,209 | €41,933 | -€11,275 | -21.2% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €53,208 | €41,932 | -€11,275 | -21.2% |
| Non-distributable reserves | 130/1 | €246 | €246 | = | 0.0% |
| Reserves not available under the articles | 1311 | €246 | €246 | = | 0.0% |
| Distributable reserves | 133 | €52,962 | €41,687 | -€11,275 | -21.3% |
| Amounts payable | 17/49 | €39,674 | €56,172 | +€16,498 | +41.6% |
| Amounts payable within one year | 42/48 | €39,674 | €55,968 | +€16,294 | +41.1% |
| Trade debts | 44 | €5,848 | €13,503 | +€7,655 | +131% |
| Suppliers | 440/4 | €5,848 | €13,503 | +€7,655 | +131% |
| Taxes, remuneration and social security | 45 | €7,748 | €9,300 | +€1,552 | +20.0% |
| Taxes | 450/3 | €7,748 | €9,300 | +€1,552 | +20.0% |
| Other amounts payable | 47/48 | €26,078 | €33,165 | +€7,086 | +27.2% |
| Accrued charges and deferred income | 492/3 | - | €204 | +€204 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,222 | €14,427 | -€1,795 | -11.1% |
| Other operating charges | 640/8 | €3,324 | €2,296 | -€1,028 | -30.9% |
| Gross operating margin | 9900 | €3,183 | €6,222 | +€3,039 | +95.5% |
| Operating profit (loss) | 9901 | -€16,363 | -€10,501 | +€5,862 | +35.8% |
| Financial income | 75/76B | - | €25 | +€25 | |
| Recurring financial income | 75 | - | €25 | +€25 | |
| Financial charges | 65/66B | €302 | €792 | +€490 | +162% |
| Recurring financial charges | 65 | €302 | €792 | +€490 | +162% |
| Profit (loss) for the period before taxes | 9903 | -€16,665 | -€11,268 | +€5,397 | +32.4% |
| Income taxes | 67/77 | €31,047 | €7 | -€31,039 | -100.0% |
| Profit (loss) for the period | 9904 | -€47,712 | -€11,275 | +€36,436 | +76.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€47,712 | -€11,275 | +€36,436 | +76.4% |
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 25 October 2026 via checked.be.