ZENITH CAPITAL: 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 CAPITAL
Largest movements
- Tangible fixed assets +€2.1m
up €2.1m (+178%), from €1.2m to €3.2m
of which Land and buildings: +€2.1m
- Cash +€87,401
up €87,401 (+343%), from €25,516 to €112,918
mainly Debts after one year (+€1.2m) and Contributions, distributions and other (+€724,456)
- Debts after one year +€1.2m
up €1.2m (+225%), from €538,994 to €1.8m
- Revaluation surpluses +€724,456
new in 2025: €724,456
- Short-term financial debts +€89,625
new in 2025: €89,625
- Current portion of long-term debt +€62,999
up €62,999 (+255%), from €24,659 to €87,658
- Gross operating margin +€48,930
up €48,930 (+37.0%), from €132,326 to €181,256
- Depreciation +€38,536
up €38,536 (+56.8%), from €67,874 to €106,410
- Other operating charges +€10,460
new in 2025: €10,460
- Financial charges +€3,122
up €3,122 (+8.6%), from €36,306 to €39,428
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 | €1,293,443 | €3,431,783 | +€2.1m | +165% |
| Fixed assets | 21/28 | €1,160,776 | €3,221,831 | +€2.1m | +178% |
| Tangible fixed assets | 22/27 | €1,160,776 | €3,221,831 | +€2.1m | +178% |
| Land and buildings | 22 | €1,159,336 | €3,217,438 | +€2.1m | +178% |
| Plant, machinery and equipment | 23 | €1,440 | €4,393 | +€2,953 | +205% |
| Current assets | 29/58 | €132,667 | €209,952 | +€77,285 | +58.3% |
| Stocks and contracts in progress | 3 | €72,654 | €39,361 | -€33,293 | -45.8% |
| Stocks | 30/36 | €72,654 | €39,361 | -€33,293 | -45.8% |
| Amounts receivable within one year | 40/41 | €33,511 | €54,558 | +€21,047 | +62.8% |
| Trade receivables | 40 | €33,511 | €33,893 | +€382 | +1.1% |
| Other amounts receivable | 41 | - | €20,665 | +€20,665 | |
| Cash at bank and in hand | 54/58 | €25,516 | €112,918 | +€87,401 | +343% |
| Deferred charges and accrued income | 490/1 | €986 | €3,116 | +€2,130 | +216% |
| Total equity and liabilities | 10/49 | €1,293,443 | €3,431,783 | +€2.1m | +165% |
| Equity | 10/15 | €92,759 | €836,182 | +€743,424 | +801% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €724,456 | +€724,456 | |
| Profit (loss) carried forward | 14 | €82,759 | €101,726 | +€18,967 | +22.9% |
| Amounts payable | 17/49 | €1,200,684 | €2,595,601 | +€1.4m | +116% |
| Amounts payable after more than one year | 17 | €538,994 | €1,753,680 | +€1.2m | +225% |
| Financial debts | 170/4 | €538,994 | €1,753,680 | +€1.2m | +225% |
| Amounts payable within one year | 42/48 | €661,690 | €836,321 | +€174,631 | +26.4% |
| Current portion of amounts payable after more than one year | 42 | €24,659 | €87,658 | +€62,999 | +255% |
| Financial debts | 43 | - | €89,625 | +€89,625 | |
| Other loans | 439 | - | €89,625 | +€89,625 | |
| Trade debts | 44 | €81,612 | €93,137 | +€11,525 | +14.1% |
| Suppliers | 440/4 | €81,612 | €93,137 | +€11,525 | +14.1% |
| Taxes, remuneration and social security | 45 | €7,920 | €7,444 | -€476 | -6.0% |
| Taxes | 450/3 | €7,920 | €7,444 | -€476 | -6.0% |
| Other amounts payable | 47/48 | €547,500 | €558,458 | +€10,958 | +2.0% |
| Accrued charges and deferred income | 492/3 | - | €5,600 | +€5,600 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,874 | €106,410 | +€38,536 | +56.8% |
| Other operating charges | 640/8 | - | €10,460 | +€10,460 | |
| Gross operating margin | 9900 | €132,326 | €181,256 | +€48,930 | +37.0% |
| Operating profit (loss) | 9901 | €64,452 | €64,386 | -€66 | -0.1% |
| Financial income | 75/76B | €81 | €436 | +€355 | +440% |
| Recurring financial income | 75 | €81 | €436 | +€355 | +440% |
| Financial charges | 65/66B | €36,306 | €39,428 | +€3,122 | +8.6% |
| Recurring financial charges | 65 | €36,306 | €39,428 | +€3,122 | +8.6% |
| Profit (loss) for the period before taxes | 9903 | €28,227 | €25,393 | -€2,833 | -10.0% |
| Income taxes | 67/77 | €7,793 | €6,426 | -€1,367 | -17.5% |
| Profit (loss) for the period | 9904 | €20,434 | €18,967 | -€1,467 | -7.2% |
| Profit (loss) for the period to be appropriated | 9905 | €20,434 | €18,967 | -€1,467 | -7.2% |
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 18 October 2026 via checked.be.