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
- Current investments -€15,000
no longer reported in 2025 (was €15,000)
- Cash -€2,387
down €2,387 (-10.2%), from €23,393 to €21,006
mainly Contributions, distributions and other (-€37,231) and Receivables within one year (-€1,953)
- Receivables within one year +€1,953
up €1,953 (+1333.7%), from €146 to €2,099
of which Other amounts receivable: +€1,623
- Tangible fixed assets -€1,326
down €1,326 (-50.2%), from €2,640 to €1,314
- Reserves -€15,000
no longer reported in 2025 (was €15,000)
- Contributions -€10,000
down €10,000 (-66.7%), from €15,000 to €5,000
- Other debts +€6,498
up €6,498 (+68.5%), from €9,492 to €15,990
- Tax, wage and social debts +€996
up €996 (+55.6%), from €1,792 to €2,788
- Trade debts +€978
new in 2025: €978
- Other operating charges -€3,247
no longer reported in 2025 (was €3,247)
- Depreciation +€529
up €529 (+66.3%), from €797 to €1,326
- Taxes +€343
up €343 (+10.7%), from €3,219 to €3,562
- Gross operating margin +€267
up €267 (+1.6%), from €16,890 to €17,157
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 | €41,284 | €24,756 | -€16,528 | -40.0% |
| Fixed assets | 21/28 | €2,640 | €1,314 | -€1,326 | -50.2% |
| Tangible fixed assets | 22/27 | €2,640 | €1,314 | -€1,326 | -50.2% |
| Furniture and vehicles | 24 | €2,640 | €1,314 | -€1,326 | -50.2% |
| Current assets | 29/58 | €38,644 | €23,442 | -€15,202 | -39.3% |
| Amounts receivable within one year | 40/41 | €146 | €2,099 | +€1,953 | +1333.7% |
| Trade receivables | 40 | €82 | €411 | +€329 | +401.8% |
| Other amounts receivable | 41 | €64 | €1,688 | +€1,623 | +2519.7% |
| Current investments | 50/53 | €15,000 | - | -€15,000 | |
| Cash at bank and in hand | 54/58 | €23,393 | €21,006 | -€2,387 | -10.2% |
| Deferred charges and accrued income | 490/1 | €104 | €336 | +€232 | +222.2% |
| Total equity and liabilities | 10/49 | €41,284 | €24,756 | -€16,528 | -40.0% |
| Equity | 10/15 | €30,000 | €5,000 | -€25,000 | -83.3% |
| Contributions | 10/11 | €15,000 | €5,000 | -€10,000 | -66.7% |
| Reserves | 13 | €15,000 | - | -€15,000 | |
| Non-distributable reserves | 130/1 | €15,000 | - | -€15,000 | |
| Own shares acquired | 1312 | €15,000 | - | -€15,000 | |
| Amounts payable | 17/49 | €11,284 | €19,756 | +€8,472 | +75.1% |
| Amounts payable within one year | 42/48 | €11,284 | €19,756 | +€8,472 | +75.1% |
| Trade debts | 44 | - | €978 | +€978 | |
| Suppliers | 440/4 | - | €978 | +€978 | |
| Taxes, remuneration and social security | 45 | €1,792 | €2,788 | +€996 | +55.6% |
| Taxes | 450/3 | €1,792 | €2,788 | +€996 | +55.6% |
| Other amounts payable | 47/48 | €9,492 | €15,990 | +€6,498 | +68.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €797 | €1,326 | +€529 | +66.3% |
| Other operating charges | 640/8 | €3,247 | - | -€3,247 | |
| Gross operating margin | 9900 | €16,890 | €17,157 | +€267 | +1.6% |
| Operating profit (loss) | 9901 | €12,845 | €15,831 | +€2,986 | +23.2% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €135 | €38 | -€98 | -72.2% |
| Recurring financial charges | 65 | €135 | €38 | -€98 | -72.2% |
| Profit (loss) for the period before taxes | 9903 | €12,712 | €15,793 | +€3,082 | +24.2% |
| Income taxes | 67/77 | €3,219 | €3,562 | +€343 | +10.7% |
| Profit (loss) for the period | 9904 | €9,492 | €12,231 | +€2,739 | +28.8% |
| Profit (loss) for the period to be appropriated | 9905 | €9,492 | €12,231 | +€2,739 | +28.8% |
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 5 October 2026 via checked.be.