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 +€11,362
up €11,362 (+21.7%), from €52,301 to €63,664
mainly Net result for the year (+€8,913) and Tax, wage and social debts (+€4,393)
- Receivables within one year +€6,153
up €6,153 (+72.8%), from €8,457 to €14,610
of which Trade receivables: +€8,698
- Deferred charges and accrued income -€2,370
down €2,370 (-51.1%), from €4,636 to €2,266
- Reserves +€8,800
up €8,800 (+23.1%), from €38,060 to €46,860
of which Distributable reserves: +€8,800
- Tax, wage and social debts +€4,393
up €4,393 (+118.4%), from €3,711 to €8,103
of which Taxes: +€5,654
- Gross operating margin +€10,076
up €10,076 (+143.8%), from €7,005 to €17,081
- Taxes +€5,975
up €5,975 (+583.8%), from €1,023 to €6,998
- Other operating charges -€715
down €715 (-38.3%), from €1,868 to €1,153
- Financial income +€257
up €257 (+111.7%), from €230 to €486
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 | €65,564 | €80,540 | +€14,976 | +22.8% |
| Fixed assets | 21/28 | €170 | €0 | -€170 | -100.0% |
| Tangible fixed assets | 22/27 | €170 | €0 | -€170 | -100.0% |
| Land and buildings | 22 | €170 | €0 | -€170 | -100.0% |
| Current assets | 29/58 | €65,395 | €80,540 | +€15,145 | +23.2% |
| Amounts receivable within one year | 40/41 | €8,457 | €14,610 | +€6,153 | +72.8% |
| Trade receivables | 40 | €5,898 | €14,596 | +€8,698 | +147.5% |
| Other amounts receivable | 41 | €2,560 | €15 | -€2,545 | -99.4% |
| Cash at bank and in hand | 54/58 | €52,301 | €63,664 | +€11,362 | +21.7% |
| Deferred charges and accrued income | 490/1 | €4,636 | €2,266 | -€2,370 | -51.1% |
| Total equity and liabilities | 10/49 | €65,564 | €80,540 | +€14,976 | +22.8% |
| Equity | 10/15 | €59,739 | €68,652 | +€8,913 | +14.9% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €38,060 | €46,860 | +€8,800 | +23.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €0 | - | = | |
| Distributable reserves | 133 | €36,200 | €45,000 | +€8,800 | +24.3% |
| Profit (loss) carried forward | 14 | €9,179 | €9,292 | +€113 | +1.2% |
| Amounts payable | 17/49 | €5,825 | €11,888 | +€6,063 | +104.1% |
| Amounts payable within one year | 42/48 | €5,825 | €11,303 | +€5,478 | +94.0% |
| Trade debts | 44 | €2,062 | €2,464 | +€402 | +19.5% |
| Suppliers | 440/4 | €2,062 | €2,464 | +€402 | +19.5% |
| Taxes, remuneration and social security | 45 | €3,711 | €8,103 | +€4,393 | +118.4% |
| Taxes | 450/3 | €2,449 | €8,103 | +€5,654 | +230.9% |
| Remuneration and social security | 454/9 | €1,262 | €0 | -€1,262 | -100.0% |
| Other amounts payable | 47/48 | €53 | €736 | +€683 | +1284.2% |
| Accrued charges and deferred income | 492/3 | - | €585 | +€585 | |
| Remuneration, social security and pensions | 62 | €250 | €250 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €170 | €170 | = | 0.0% |
| Other operating charges | 640/8 | €1,868 | €1,153 | -€715 | -38.3% |
| Gross operating margin | 9900 | €7,005 | €17,081 | +€10,076 | +143.8% |
| Operating profit (loss) | 9901 | €4,717 | €15,509 | +€10,791 | +228.8% |
| Financial income | 75/76B | €230 | €486 | +€257 | +111.7% |
| Recurring financial income | 75 | €230 | €486 | +€257 | +111.7% |
| Financial charges | 65/66B | €100 | €84 | -€16 | -16.0% |
| Recurring financial charges | 65 | €100 | €84 | -€16 | -16.0% |
| Profit (loss) for the period before taxes | 9903 | €4,847 | €15,911 | +€11,064 | +228.3% |
| Income taxes | 67/77 | €1,023 | €6,998 | +€5,975 | +583.8% |
| Profit (loss) for the period | 9904 | €3,824 | €8,913 | +€5,089 | +133.1% |
| Profit (loss) for the period to be appropriated | 9905 | €3,824 | €8,913 | +€5,089 | +133.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.