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 +€88,173
up €88,173 (+423%), from €20,865 to €109,038
mainly Other debts (+€99,914) and Investment in fixed assets (net) (+€39,197)
- Financial fixed assets -€50,966
down €50,966 (-83.6%), from €60,966 to €10,000
- Receivables within one year +€18,116
up €18,116 (+215%), from €8,424 to €26,540
of which Trade receivables: +€11,020
- Tangible fixed assets +€10,801
up €10,801 (+415%), from €2,600 to €13,401
- Other debts +€99,914
up €99,914 (+136%), from €73,334 to €173,248
- Profit (loss) carried forward -€41,945
down €41,945 (-73.9%), from -€56,776 to -€98,721
- Trade debts +€12,307
up €12,307 (+245%), from €5,018 to €17,325
- Tax, wage and social debts -€4,145
down €4,145 (-53.0%), from €7,821 to €3,676
- Gross operating margin -€68,548
down €68,548, from €5,475 to -€63,073
- Financial income +€24,378
up €24,378, from €0 to €24,378
- Financial charges -€3,635
down €3,635 (-80.9%), from €4,491 to €856
- Depreciation +€967
new in 2025: €967
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 | €93,206 | €159,337 | +€66,131 | +71.0% |
| Fixed assets | 21/28 | €63,566 | €23,401 | -€40,165 | -63.2% |
| Tangible fixed assets | 22/27 | €2,600 | €13,401 | +€10,801 | +415% |
| Furniture and vehicles | 24 | €2,600 | €13,401 | +€10,801 | +415% |
| Financial fixed assets | 28 | €60,966 | €10,000 | -€50,966 | -83.6% |
| Current assets | 29/58 | €29,641 | €135,937 | +€106,296 | +359% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €8,424 | €26,540 | +€18,116 | +215% |
| Trade receivables | 40 | €8,424 | €19,444 | +€11,020 | +131% |
| Other amounts receivable | 41 | - | €7,096 | +€7,096 | |
| Cash at bank and in hand | 54/58 | €20,865 | €109,038 | +€88,173 | +423% |
| Deferred charges and accrued income | 490/1 | €351 | €358 | +€7 | +2.0% |
| Total equity and liabilities | 10/49 | €93,206 | €159,337 | +€66,131 | +71.0% |
| Equity | 10/15 | €7,034 | -€34,911 | -€41,945 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €45,209 | €45,209 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €45,209 | €45,209 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€56,776 | -€98,721 | -€41,945 | -73.9% |
| Amounts payable | 17/49 | €86,173 | €194,249 | +€108,076 | +125% |
| Amounts payable within one year | 42/48 | €86,173 | €194,249 | +€108,076 | +125% |
| Trade debts | 44 | €5,018 | €17,325 | +€12,307 | +245% |
| Suppliers | 440/4 | €5,018 | €17,325 | +€12,307 | +245% |
| Taxes, remuneration and social security | 45 | €7,821 | €3,676 | -€4,145 | -53.0% |
| Taxes | 450/3 | €7,821 | €3,676 | -€4,145 | -53.0% |
| Other amounts payable | 47/48 | €73,334 | €173,248 | +€99,914 | +136% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €967 | +€967 | |
| Other operating charges | 640/8 | €897 | €751 | -€146 | -16.3% |
| Gross operating margin | 9900 | €5,475 | -€63,073 | -€68,548 | |
| Operating profit (loss) | 9901 | €4,578 | -€64,792 | -€69,369 | |
| Financial income | 75/76B | €0 | €24,378 | +€24,378 | |
| Recurring financial income | 75 | €0 | €24,378 | +€24,378 | |
| Financial charges | 65/66B | €4,491 | €856 | -€3,635 | -80.9% |
| Recurring financial charges | 65 | €4,491 | €856 | -€3,635 | -80.9% |
| Profit (loss) for the period before taxes | 9903 | €87 | -€41,269 | -€41,356 | |
| Income taxes | 67/77 | €511 | €676 | +€165 | +32.4% |
| Profit (loss) for the period | 9904 | -€424 | -€41,945 | -€41,521 | -9,799% |
| Profit (loss) for the period to be appropriated | 9905 | -€424 | -€41,945 | -€41,521 | -9,799% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.