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 +€13,830
up €13,830 (+30.3%), from €45,689 to €59,519
mainly Net result for the year (+€13,186) and Depreciation (+€8,044)
- Reserves +€13,186
up €13,186 (+17.6%), from €74,742 to €87,928
- Tax, wage and social debts +€2,709
up €2,709 (+100%), from €2,709 to €5,418
- Depreciation +€4,206
up €4,206 (+110%), from €3,838 to €8,044
- Gross operating margin +€1,583
up €1,583 (+6.1%), from €25,758 to €27,341
- Taxes +€1,107
up €1,107 (+26.7%), from €4,146 to €5,252
- Other operating charges -€482
down €482 (-88.1%), from €547 to €65
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 | €84,978 | €100,725 | +€15,747 | +18.5% |
| Fixed assets | 21/28 | €19,266 | €19,755 | +€488 | +2.5% |
| Tangible fixed assets | 22/27 | €19,266 | €19,755 | +€488 | +2.5% |
| Land and buildings | 22 | €554 | €234 | -€321 | -57.8% |
| Plant, machinery and equipment | 23 | €301 | €98 | -€204 | -67.6% |
| Furniture and vehicles | 24 | - | €4,301 | +€4,301 | |
| Other tangible fixed assets | 26 | €18,411 | €15,122 | -€3,289 | -17.9% |
| Current assets | 29/58 | €65,712 | €80,970 | +€15,258 | +23.2% |
| Amounts receivable within one year | 40/41 | €18,594 | €19,441 | +€847 | +4.6% |
| Other amounts receivable | 41 | €18,594 | €19,441 | +€847 | +4.6% |
| Cash at bank and in hand | 54/58 | €45,689 | €59,519 | +€13,830 | +30.3% |
| Deferred charges and accrued income | 490/1 | €1,429 | €2,010 | +€582 | +40.7% |
| Total equity and liabilities | 10/49 | €84,978 | €100,725 | +€15,747 | +18.5% |
| Equity | 10/15 | €80,942 | €94,128 | +€13,186 | +16.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €74,742 | €87,928 | +€13,186 | +17.6% |
| Distributable reserves | 133 | €74,742 | €87,928 | +€13,186 | +17.6% |
| Amounts payable | 17/49 | €4,036 | €6,597 | +€2,561 | +63.5% |
| Amounts payable within one year | 42/48 | €3,651 | €6,597 | +€2,945 | +80.7% |
| Trade debts | 44 | €942 | €1,179 | +€236 | +25.1% |
| Suppliers | 440/4 | €942 | €1,179 | +€236 | +25.1% |
| Taxes, remuneration and social security | 45 | €2,709 | €5,418 | +€2,709 | +100% |
| Taxes | 450/3 | €2,709 | €5,418 | +€2,709 | +100% |
| Accrued charges and deferred income | 492/3 | €384 | - | -€384 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,838 | €8,044 | +€4,206 | +110% |
| Other operating charges | 640/8 | €547 | €65 | -€482 | -88.1% |
| Gross operating margin | 9900 | €25,758 | €27,341 | +€1,583 | +6.1% |
| Operating profit (loss) | 9901 | €21,374 | €19,232 | -€2,142 | -10.0% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €827 | €793 | -€34 | -4.1% |
| Recurring financial charges | 65 | €827 | €793 | -€34 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | €20,547 | €18,438 | -€2,108 | -10.3% |
| Income taxes | 67/77 | €4,146 | €5,252 | +€1,107 | +26.7% |
| Profit (loss) for the period | 9904 | €16,401 | €13,186 | -€3,215 | -19.6% |
| Profit (loss) for the period to be appropriated | 9905 | €16,401 | €13,186 | -€3,215 | -19.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.